Buying your first home anywhere has never been an easy milestone. It’s particularly an admirable achievement in Toronto, where housing values tend to be higher than in other cities.

The traditional path is for a younger buyer to start with a condo just to get into the market. The logic makes sense; once your name is on title, you can begin building equity, then you’ll have more options later.

However, there is no rule about who can buy what, and Toronto is home to a vast number of structures that might be your perfect condo alternative. Today, we’ll explore these in more detail.

Should you start searching for your home now or wait until the timing is better? Learn more in When to Buy Your First House.

Endless Styles and Structures, From Condos, Townhouses, and More

Condos are far from your only option as a first-time buyer, and it isn’t just first-time buyers who are choosing them. However, they are a go-to path for several reasons, and relative affordability is just the start.

What are the advantages of a condo versus a house versus a townhouse? A quick summary will help you see the bigger picture:

A condo is usually (but not always) an individual unit in a high-rise apartment style building. Major upsides include convenient locations, amenities like indoor pools, roof-top terraces, party rooms or even guest suites, and best of all, no outdoor maintenance to worry about.

Price points can range from slightly affordable to absolutely exorbitant, depending in large part on the view. Some condo dwellers love the sense of community and carefree lifestyle of a shared building.

If you value your privacy (or are afraid of heights), condo life might not be for you. The major downsides of this ownership style are the condo fees and the potential for special assessments.

A crash course in real estate will help make you an informed first-time buyer. Learn more about how the market works in the posts below:

Townhouses

A townhouse can either be a “condo style” or a freehold. If it’s a condo, you pay a monthly fee and some of the maintenance is off your plate. If it’s a freehold, you’re responsible for everything, including all repairs and yardwork.

The great thing about a townhouse of either structure is that you typically have more living space, more bedrooms, and you’re on the ground level. You don’t have to walk down the hallway, wait for the elevator, and descend 18 floors to get outside. Just open the front door, and you’re out.

You typically even have a small backyard or patio for entertaining or just relaxing outside in privacy. The price point can be comparable to a condo or much more expensive depending on a variety of factors, namely age, size, condition, and location.

Examples of Houses in Toronto

A “house” in Toronto could mean nearly anything. Essentially, if it has four walls and a roof and you pay property tax, it qualifies. It’s a blanket term that covers condos, townhouses, detached homes, and semi-detached houses. If we’re being technical, we could even put rentals and apartments under this umbrella.

However, when most people think of a house, they mean a fully detached home with a front and backyard and sometimes a driveway (a huge plus if you can find it in Toronto.)

One advantage of a detached home is that it’s almost always a freehold, which means you have the most freedom to renovate and decorate. The disadvantage is that this also means you have the most responsibility; there is no landlord or condo board to call when a snowstorm hits and you need the driveway cleared. Typically, a house is also the most expensive style to purchase and maintain.

What are your first steps if you’ve decided to take the plunge and get into the market? The posts below can help guide you through the buying process:

A City of Endless Alternatives

Taking your first step onto the property ladder has never come with so many options, even if a condo or townhouse isn’t your style.

  • New developments in Toronto are a distinct possibility, thanks to an HST rebate just for first-time buyers.
  • If you’re looking for something even more attainable, you can always start with a smaller home in an older or up-and-coming neighbourhood.
  • Choosing a classic bungalow, storey-and-a-half, or split-level structure can help you stay in a more affordable range while still allowing you plenty of square footage and a high quality of life.

These styles often come with highly sought-after advantages you don’t get in larger homes. Take a bungalow, for example. They offer exceptional value, not just because of a potentially lower listing price, but also for their convenience. Just think of it, everything is all on one level, and there’s no endless traipsing up and down stairs during your busy morning routine.

A split-level means two, maybe three stairs at most from the main level to the bedrooms, with a few more steps to get downstairs to the laundry or rec room. However, the main living areas are all on one level, making them a popular choice for first-time buyers and retirees alike.

Do you want to learn even more about what types of homes you’ll find here in Toronto? Start by reading the related posts below:

Exploring Every Option

A little creativity can be the trick to getting into the market as early as possible with the least amount of investment. It could be finding the perfect entry-level condo, but other paths to homeownership may be equally viable.

Your first step is to start brainstorming multiple ideas, such as buying a larger home with friends or uncovering an affordable hidden gem in a great neighbourhood flying under the radar. When you’re ready, a local real estate agent can help you find the ideal solution for your needs.

Do you have more questions about buying a house in Toronto? Our Midtown Toronto real estate agents are here for you. Reach out to us at david@batorigroup.com, bobby@batorigroup.com or call (416) 485-7575 with any questions.