If you're looking to buy a home in Toronto, you might get confused with real estate jargon identifying the 5 main types of properties. While there are many, here are the main ones you should know: condo apartments, condo townhomes, freehold townhomes, semi-detached, and detached homes. I'll explain each category in more detail below!
1) Condo Apartments
This is what most people will refer to as a "condo". It is one unit within a multi level building, with maintenance fees, common elements (amenities, hallways, underground garage etc) and neighbours above, below, and beside you. Most people are familiar with this property type.
2) Condo Townhomes
This is where it gets a bit tricky! Condo townhomes are multi-level units, typically with ground floor entry that are attached on one or both sides to a neighbour. If it is a stacked townhome you can also have a neighbour below or above you. Condo towns can often get mistaken for a freehold property, however a condo town belongs to a condo corporation, and has a maintenance fee. The maintenance fee in these property types usually go towards servicing the complex in terms of snow removal, lawn care (cutting grass etc) and in some cases they will actually cover outdoor repairs (roof, windows, porch). If there is underground parking, maintenance fees will also cover the servicing of that as well. Every condo townhome community will cover different elements, and the maintenance fee is usually less expensive than one you'd see in a condo apartment. This property type is a nice stepping stone into home ownership if you are moving from a condo apartment and want to do less maintenance on your home.
3) Freehold Townhome
This property type is a freehold home (you own 100%, no condo corp), but you are connected to your neighbours on each side using shared walls. It is unlikely for a freehold townhome to be stacked (homes above or below you). This can also be referred to as a rowhome. You are responsible for all maintenance and repairs of your property, and you do not pay maintenance fees.
4) Semi-Detached Home
This property type is also a freehold home, however unlike a townhome where you are joined to your neighbors on both sides, with a semi you are only attached by one wall. This is seen as more desirable as you have more windows in your home along the unattached side, and it's one step closer to a fully detached property.
5) Detached Home
This is what most people strive for, a fully detached home. This means you are not connected to any neighbours, and usually have your own home on a piece of land. This is the most expensive property type and the most desirable for privacy and space purposes.
While there are further variations of all of these property types, knowing which one(s) you can afford will keep you on track!
When I start working with a buyer, I pull the average price points per property type in the neighbourhoods that they are focused on to give us an idea of what they qualify for based on their budget. If these numbers would be helpful to you, feel free to get in touch and I can do the same for you.
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