In: Real Estate News18 May 2011
Some people love their condo. Some people only want a detached home. Some people want a semi-detached or link home. Lets look at some of the different types of homes available for sale in Canada. Here are some stats from the Toronto Real Estate Board and the approximate % of homes sold:
Detached – 48%
Semi-Detached – 11%
Condo Townhouse – 7%
Condo Apt – 22%
Link – 2%
Att/Row/Twnhouse – 7%
Detached homes for sale make up approximately 48% of home sales in the Greater Toronto Area. Detached homes are, on average, the most expensive real estate. There are generally no maintenance or condo fees associated with detached homes. Detached homes are not connected in any way to another property.
Semi-Detached homes for sale are connected to a separate property on one side. The connecting property is also only connected on one side. Or another way to define Semi-Detached homes is that they are one building divided into 2 separate living areas. In Toronto, Semi-Detached homes make up 11% of properties sold. These are usually the second most expense real estate (on average).
Condo Townhouses are identified as being 3 or more units connected together. They have typically no more than 3 levels. They will have associated condo fees that can cover such items as snow and lawn maintenance, general exterior maintenance (roof, facade). In Toronto, these make up 7% of home sales.
Link homes can be connected underground though a common basement foundation wall. However, above ground, they can appear as detached homes. They are not too common, but homebuyers need to know that their is a material difference between a link and detached home.
Very common in Toronto, tradition condos are units in a high rise building (more than 3 floors). These units come with maintenance fees that typically cover all expenses except electricity and gas. Toronto have built an incredible number of new condos in the past 10 years. They are very popular with first time homebuyers because they are affordable and often located in a convenient area of the city. In Toronto, these make up 22% of home sales.
Homes that are connected with more than 2 units can also be classified as Att/Row/Twnhouse. These transactions made up 7% of the sales in Toronto.
So which is the best type of property to buy? Feel free to leave your comments. Do you prefer the “maintenance free” condos? Do you calculate the cost/benefit of spending more for a detached than a similar sized semi-detached. There are lots of different styles of homes.
Of course for those picky buyers there are many other factors to consider including: location, age of the home, lot size, features, bedrooms, bathrooms, layout…
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Real estate news in Canada including buy and sell information, local market updates, guides, tips for Canadians in the real estate market.