What is the difference between a freehold and a condo townhouse?
In a freehold you own the land and the building and maintain everything yourself. In a condo townhouse you own the unit and pay monthly common expenses toward shared elements, and you are bound by the corporation's rules.
They can look identical from the street and behave very differently.
Freehold: no monthly fee, no rules about your door colour, and every repair is yours. Budget for the roof, the windows and the driveway because nobody is saving for them but you. Some freehold townhouses sit in a parcel of tied land arrangement with a small fee for shared private roads, so check.
Condo townhouse: a monthly fee covering some combination of exterior maintenance, roof, windows, landscaping, snow clearing and the reserve fund. You get predictability and you accept rules and a shared budget, including exposure to a special assessment if the reserve is underfunded.
A common-element condo is a third variant: you own the land freehold but share ownership of private roads or amenities, with a fee for those.
Before buying either condo variant, read the status certificate. That is where the reserve fund, the rules and any pending assessment actually live.
Next questions
What is a status certificate and what is in it?
The condo corporation's disclosure package about the unit and the corporation: fees, arrears, budget, reserve fund, insurance, litigation, rules and any planned special assessment. The corporation must produce it within ten days and the fee is capped by regulation.
Ontario
What is a special assessment and can I be hit with one?
A one-time charge levied on every owner when the reserve fund cannot cover necessary work. It is not optional, it is a lien on your unit if unpaid, and nothing in this app can size one for you: the amount depends on the work and on your unit's share of it, and the status certificate is where any figure for your building exists.
Ontario