Toronto is a large and very diverse city, so it is no surprise that luxury homes in Toronto come in many forms, from single-family houses to condos, and many types in between.
Understanding all the various types of housing available on the luxury real estate Toronto market is useful before beginning your search for your dream home or a property to invest in.
A detached house, which is a unit all on its own, is what most people think of when they picture single-family homes. The owner owns it completely, including the land, and is free to modify it as they choose. Of course, they also have to pay for all utilities, repairs, and construction costs. Fully detached homes are typically the most expensive option.
A semi-detached home shares a wall with an adjacent house, but on the side feels just like a single-family home
Duplexes and Triplexes
Unlike a semi-detached home, duplexes and triplexes occupy a single multistory unit, but each residence has separate entrances. All residents share the same property. Often the owner of the property lives in one residence and rents the other unit out.
A condo is similar in concept to an apartment building, except the residents own their units. A unit within a duplex or triplex could also be referred to as a condo. Often condo buildings feature shared amenities.
Buildings that were originally manufacturing facilities, warehouses, or some other industrial uses are often converted into modern condo buildings. Lofts usually feature high ceilings, sometimes exposed brick and structural members, and generally retain some of the original industrial feel of the building.
Areas of the city that affect pricing
Pricing varies depending on the home type—typically single-family dwellings are the most expensive, while condos are the most affordable—but a property’s location within the city also has a substantial impact.
For example, waterfront properties are very desirable, so no matter the housing type they will carry a larger price tag than their landlocked counterparts in most cases.
Naturally, properties that are located near the downtown area and within desirable neighborhoods that have a short commute to downtown will cost more than properties located on the outskirts of the city.
Determining which type is right for you
Not sure which type of home you should be looking for? First, consider your budget, as this may preclude some housing types. Also, consider in which part of the GTA you’d like to be, as certain housing types are more prevalent in specific areas. Finally, evaluate your lifestyle. Do you need outdoor space and have the ability to maintain the upkeep?
Looking for a luxury home in the GTA?
Invidiata Realty has more than35 years of real estate experience in the GTA and has represented buyers and sellers for all of these property types. Our team has the expertise to help you find the right luxury Toronto home for you