If you look at the real estate listings for Toronto and the surrounding suburbs, you could be forgiven for thinking you'll find the same types of real estate everywhere. However, if you look closer, you'll see that the options you have in Cabbagetown or Mississauga aren't the same as the options you'll have if you choose Ajax or Stouffville. For those who are considering buying real estate, it can be helpful to know just what exactly is out there to buy. This article will help you get a handle on your options.
Condos - condos are one of the more ubiquitous types of real estate in Toronto, but you'll find very few of them here. With a population of just 25,000 and a low population density, some areas are still very much a town, not a city.
Town Houses - like condos, town houses are the hallmark of more densely populated areas. They usually come from high density modern developments or are leftover from a neighborhood's early days as a home for factory workers, but some have a farming and grist mill community, so you'll see few town and row houses.
Detached Homes - these types of homes are overwhelmingly dominant in suburban areas, as the suburbanites who are taking over like to have their space, and because the area is not yet densely populated, they can have it. These homes tend to be newer and located in the urbanized area around Main Street, though you can also get more rural (and more private) homes on large lots.
For any of the above options, a traditional mortgage will work fine -- although you likely won't get the best deal from your local bank. For a farm mortgage, have a chat with the folks at Farm Credit Canada.
Farms - unlike many of the suburbs, have managed to hang on to a lot of its farmland acreage, so if you dream of raising horses and cows or growing grain and potatoes, you can do that. Farms come in many sizes, from small hobby farms to larger commercial enterprises.
Undeveloped Land - still has a very low population density and retains much of its undeveloped land, meaning that if you have a hankering to build your own house you can find the vacant land to do that here; however, getting a piece of property severed can be an expensive endeavor. Existing building lots and tear-downs are a lower cost option. We would also caution you to be extra vigilant in deciding on which property to buy, no matter what type it is or where it is. The home may look perfect but there could be several issues hiding behind the walls. Be sure you call in a home inspector from HouseMaster or another inspection company that can look in every nook and cranny to assess the building and report back to you.