Canadian homes come in a variety of shapes, sizes and costs.
Condominiums (also called “condos”) are a type of ownership rather than a type of home. Most commonly, condos exist in multi-unit buildings. These buildings might consist of only a handful of units or they could be high-rise towers. The idea is that you own the condo unit, but not the rest of the building or the land. You pay monthly fees to a condo corporation that handles maintenance and repairs as required. Condominiums are attractive to first-time homebuyers because they are usually one of the less expensive options. Get more information from CMHC. Simply visit www.cmhc.ca and type “condominium buyer’s guide” in the search box.
A townhouse is a home attached side by side to a series of other homes. Each unit has its own outside entrance but shares a common wall.
Semi-detached homes have separate land and separate entrances but share a common wall and sometimes common parking. Owners are responsible for their side of the property.
A single/detached home is free-standing. You own the land and the home. Because you are responsible for all related costs yourself, it tends to be the most expensive type of housing. The benefit is that you have more space and more control.
A duplex/triplex looks like a single home but has been reconfigured into multiple units. One individual typically owns the property and the additional units are rented out. Many buyers see this as an opportunity to earn immediate income from the house they own.