Looking for a home in the greater Toronto area? There are many different styles and ownership options for you to choose from. Below is a short list with brief descriptions to get you started on your search. Good luck and happy hunting!
Ownership Options
There are three ownership options to choose from: the Freehold home, the Condominium, and the Cooperative. The Freehold is a home whose structure and the land on which it sits, are both purchased in full by the homeowners. This option gives the most freedom to the owners but also comes with complete responsibility for property upkeep and maintenance.
The Condominium is an option where the homeowner purchases the interior space of the home, commonly known as being “from the plaster in”. With a condo, homeowners are responsible for all interior maintenance and repairs, while responsibility for the exterior and grounds is the responsibility of the homeowner’s association. This option is less costly but comes at the high price of less freedom. Condominium homeowner’s associations tend to have strict rules regarding what can and cannot be done with the property, and owners pay annual fees to the association. The Cooperative option is almost identical to the condo, except that instead of owning the individual unit, homeowner’s purchase shares in the entire building. Most of the other characteristics of the condo apply to the Cooperative.
As for the styles, Freehold homes will be free standing, single units. Free standing homes come in 5 basic styles:
Ranch - average of 5 rooms (kitchen/dining, living, 3 bed) all on a single level; basement or crawl space, attic
Raised Ranch - same as the ranch but elevated with a walk-in basement
Bungalow - small with 3 rooms (kitchen, living, bed) with no basement or attic
Cape Cod - two-story with basic five rooms; 2 bedrooms upstairs w/no attic
Colonial - two-story with 5 or more rooms; also with full basement and attic
Condominiums and Cooperatives come in four basic styles:
Rowhouse or Townhouse - One of several units joined by one or more common walls; can be a subdivided free standing house, or a building similar to an apartment building
Link - Condominiums or stand alone units joined by garages or carports; units usually have exterior access to back yards
Highrise Condo - Multi-story buildings with multiple units on all floors; some highrise buildings provide interior access to units while others have exterior access
Loft - A single unit in a renovated commercial building; the earmark of a loft is an open space divided into different areas using furniture, curtains, or other non-structural means
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