Have you taken a drive through Toronto recently? If so, you’ve undoubtedly noticed a sense of excitement and vitality that reverberates through the city. The streets are always bustling, and there’s always something to look forward to. You may have also noticed the diverse and unique architecture, from the gorgeous century-old homes of High Park to the sleek modern condos in Bloor West Village. The one thing you won’t see is the cookie-cutter-style homes that are prevalent in other areas. No matter what style of house you’re looking for, there is a place for you that can become uniquely your own.
Now that prices are down, it is a great time to look for your new “Forever Home.” Let’s take a look at the four categories that are available to you.
Detached Family Homes
Detached homes are highly coveted because they provide maximum living space and are ideal for families and larger households. Often, you can convert the basement into a secondary apartment to generate income to help cover your mortgage.
There are many types of detached homes sprinkled throughout the West End. You’ll find bungalows, back splits, spacious two-storeys and even architectural wonders like the historic Victorian, Edwardian, and Tudor styles.
Detached homes in Toronto are well-known for their oversized front porches. Imagine relaxing outside while socializing with your friends and neighbours. If you feel like some alone time, sit back with a hot chocolate or coffee and watch the world go by.
Some of the top benefits of owning a detached home include:
- More privacy
- A quieter living space
- The freedom to renovate and upgrade as you desire
- Large outdoor spaces
Here are some other things to consider before buying a detached home:
- Your property taxes could be higher
- Detached homes are the most expensive option
- You are responsible for all maintenance and must keep the driveway and sidewalk free of snow and ice
Ready to buy your first home in Toronto? Here are some tips to help you enjoy a successful purchase:
- Innovative Strategies to Make Toronto Real Estate More Affordable
- Should You Turn Your House into an Income Property?
- Semi-Detached or Detached: Which Has the Best Resale Value?
Townhouses
As the population of Toronto grows, many developers are turning to townhouses to fulfill the need. Townhouses are less expensive than detached homes and can still offer spacious living and an outdoor patio or small backyard.
The two types of townhouses you’ll find in Toronto include:
- Freehold Townhomes. These have no management fees or condo fees. On the flip side, you are responsible for all maintenance on your home, including snow removal, cutting the grass, and any repairs.
- Condo Townhomes. A townhouse offers more space than a condo but still has monthly management or condo fees. Plus, the rules are often stricter regarding what you can and cannot do to upgrade your home. You’ll have to consult with the building management company for permission for any renovations. On a positive note, you can enjoy a carefree lifestyle where everything is done for you. If you wake up to ten inches of snow one morning, you can stay warm and cozy inside while management takes care of it.
Semi-Detached
A semi-detached home is a cross between a single-family home and a townhouse. The unit is shared with one other homeowner, and there is only one shared wall between you and your neighbour. This lends itself to more privacy and tends to be larger than a condo, with the added benefit of outdoor living space.
Value-wise, it’s more expensive than a townhouse but costs less than a fully detached home. With a semi-detached home, you have far more freedom to renovate than in a townhouse or a condo. However, checking with your neighbour before doing anything significant is always wise. Some repairs, such as replacing the roof, can often be shared between you and the other owner. As a result, your maintenance costs can be more affordable than with a detached home.
A semi-detached home is often an excellent choice for first-time buyers and those wishing to upgrade from their condo.
Deciding to buy is the first step. The next decision is what neighbourhood should you live in? Check out some of our community posts below:
- Best Toronto Neighbourhoods For Active Retirees
- Best Neighbourhoods in Toronto for Young Families
- 4 West End Neighbourhoods Perfect For Young Professionals
Condos
Of all the housing types you’ll find in Toronto, condos offer the most options. You can find an entry-level studio or one-bedroom unit starting as low as $600,000. On the other hand, some luxurious, high-end penthouses sell for as much as 15 million dollars.
The benefits of condo life are well-known. You don’t have to worry about any maintenance at all. The ability to pick up and go at a moment’s notice makes condos the go-to choice for single professionals, downsizers, or anyone with the travel bug.
Of course, this carefree lifestyle does have a price attached in the form of condo fees. However, these include the cost of repairs and maintenance. Sometimes, they even cover utilities such as heat and water.
Should You Buy Resale or New?
Toronto’s population is growing, and the city is busy at work building new homes in nearly every neighbourhood to keep up with the demand for housing. The first quarter of 2022 saw a record number of pre-construction sales, with 8253 units sold, according to Urbanation. Should you consider it?
The Downsides of Pre-Construction
- You may have a long wait. Pre-construction projects can take years to complete, and delays are common.
- It can take longer for your home to appreciate in value. You should plan to stay in the house for at least five years if you want to sell it later at a profit.
- New homes often lack the character and greenery you’ll find in older, more established neighbourhoods.
The Pros of Buying Pre-Construction
- If you can wait, buying pre-construction allows you to lock in today’s prices to secure your new home.
- The price is set, and you won’t have to face bidding wars that drive up the cost of your home.
- Once completed, you’ll have a beautiful, brand-new house built with the latest technology and covered by a Tarion warranty.
- You can custom order many of the features you want, like granite countertops and hardwood flooring.
Do you want first dibs on houses for sale in the West End? Sign up to get early access to our listings right here.
