What types of properties are available in Toronto?
The most common types of properties available in Toronto can be grouped into three categories: freehold, condominium, pre-construction homes/condominiums.
Freehold Homes is a fully detached, semi-detached or townhouse dwelling that is entirely owned by the purchaser. All maintenance is the sole responsibility of the owner. No additional fees are required.
Condominiums is a condominium (condo) unit built inside a low-high rise building, townhouse, semi-detached home or detached home. The owner is required to pay monthly maintenance fees for the upkeep of the common elements. The common elements are areas shared by the residents that can include: concierge, recreational facilities (pools, gyms, party rooms), parking, etc.
Pre-construction Homes/Condominiums is a home built on land (vacant lot) that is already owned by a prospective homeowner. The home is constructed in accordance to the contract between the homeowner and the builder. Usually a pre-construction contract will allow you to purchase a home/unit with the floor plan you want with the interior upgrades you desire. A contractor ensures the completion of the home.