There are several options available to home-seekers and investors when it comes to Toronto’s real estate housing options. There are a variety of factors that will help to narrow down and isolate which of these options work best for you, your needs and your immediate and long-term goals. Variables such as use (personal-use purchase or investment), budget and location are just a few items you’ll be exploring when you begin your search.
Three of the most popular housing options in Toronto are condominiums, townhomes and detached homes. These housing options are all readily available in Toronto, with properties for sale at a wide range of price points, both as new construction and as re-sale. There are pros and cons to every property style, but the one common denominator is that investment in any property in Toronto is almost always a great move.
We’re taking a look at the three Toronto housing options – condominiums, townhomes and detached homes – and filling you in on the basics you need to know when exploring these property styles.
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All you have to do is look at the Toronto skyline to see how the city is growing – up!
Forecasts may have suggested a cooling down of the market for 2022, but, as stats released by Urbanation show, the first Q1 of 2022 marked the “hottest on record” – with new condo sales showing a 55% jump compared to last year’s Q1.
The new condo market in the city is ripe for investment, There are no shortage of buildings going up, and new construction is always a hot pick and attractive option for both end-users and investors.
Affordability factors in here, as new construction offers buyers the opportunity to pick and choose from a variety of options within the build at different price points. This also leaves buyers with the room to customize and, if desired, upgrade features of their unit. For investors looking to eventually sell or rent their property, the ability to note “new” as a unit feature is appealing to buyers looking for a fresh space, new appliances, and blank canvas to make their own.
Re-sale condominiums for purchase and rent in the city are also in high-demand, and they present a more “immediate” move-in option and eliminate some of the risks in delays and potential headaches of new construction projects.
Existing buildings will also already have things like their condominium board in place, and be equipped to provide their current condo status, fees and day-to-day operations to interested potential purchasers.
Overall, whether you’re buying new construction or existing, there are many benefits to condo living, such as flexibility in lifestyle, a safe and steady place to hold and grow your money, as well as an opportunity to improve your credit. This is easily the most “hands-off” avenue to home ownership.
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Townhomes in Toronto have always presented a unique set of benefits to purchasers on the hunt for a property, as they supply a mid-way property offering that sits between the size and scale of a home and condo, delivers on some of the home-ownership benefits of a detached home, but also often provides some of the “community” incentives of a condominium within that townhouse community.
It really is the best of both world’s when it comes to townhomes in Toronto. They often involve multiple floors, designated parking, shared communal spacing and some kind of homeowners’ association in place, which offers relief in the way of area maintenance and even security – as many townhome communities are often outfitted with security of some kind (cameras, even patrol in some cases) both in the underground and at property level.
You’ll also find that townhomes generally fall into a less expensive bracket than single-family detached homes, which translates to an opportunity for buyers to get into certain areas of interest at a more affordable purchase price. Towns, much like condos, tend to also be situated in central areas, offering proximity to transit systems, dining, retail, schools, parks and other recreation and entertainment areas, and more.
Get started on your search today by checking out our current collection of residential homes for sale.
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One of the biggest – and most obvious – benefits to detached homes as a housing option in Toronto is size. Detached homes offer significantly more size and space to purchasers than condominium and townhome properties. These single structures are situated on private lots as the surrounding property, which leaves room for added outdoor space, future expansion or changes to the property, and more.
Securing the financing and locking in your ideal detached home property in today’s market can be challenging, but well worth the effort if you can make it work. This is also where a Royal LePage Your Community real estate professional can come in and facilitate the process, connecting you with the resources you need and guiding you through the buying process at every stage – and for any housing type that aligns with your needs.
While the cost of a detached home in Toronto is significantly higher than any of the other housing options on our list, this property type is also the one with the highest appreciation of value. The initial steep cost will serve as an excellent investment in the long-term.
Check out our property search tool and have a look at what’s available in your areas of interest.
First-time buyers should also make use of our buyer guide for some great tips and resources.
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Whether your preference is for a condominium, townhouse or detached home, the City of Toronto is constantly rolling out new inventory for prospective buyers, with something to cater to every price point and wishlist.
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When selling your home, it’s important to enlist the help of a professional real estate agent who can effectively help you to navigate the ins and outs of the selling process. This is where a seasoned agent, backed by an award-winning brokerage, like the team at Royal LePage Your Community Realty will make all the difference.
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