Finding Your Dream Home in Toronto: Weighing the Options By: Athena Hatzis

The housing market is one of the most important things for young adults to understand. Unfortunately, young adults who are the future of the housing market don’t learn the basics in school. That is why The Youth Housing Network exists and it is why you should join our organization.

Introduction

Toronto, Canada's largest city, offers a diverse range of housing options to suit various lifestyles, budgets, and priorities. From condos to single-family homes, understanding the pros and cons of each type is crucial in making an informed decision. In this article, we'll explore the advantages and disadvantages of condos, townhouses, single-family homes, and apartments to help you find the perfect fit.

All About Condos

Condos are the best option for first-time buyers, singles adults who work in the city. Prices start from around $400,000. Condo living provides maintenance-free living, access to luxurious amenities such as pools and gyms, and top-notch security features. However, the cons of condos that owners must consider include; high monthly fees (water and electricity bills), limited control over niche decisions, such as paint colour or renovations, and potential noise from neighbours.

All About Townhouses 

Townhouses provide a happy medium between condos and single-family homes. With prices starting from around $600,000, they offer more space, typically 2-3 stories, and private entrances and outdoor spaces. Townhouse living also comes with lower monthly fees compared to condos and is ideal for families and couples seeking more space. However, townhouse owners share walls with neighbours and do not have the many amenities that condos include. 

All About Single-Family Homes 

For those seeking complete control and customization, single-family homes are the way to go. With prices starting from around $800,000, these homes offer private yards, the potential for more square footage, and no shared walls. However, owners must consider higher purchase prices, property taxes, mortgages and maintenance responsibilities. Single-family homes are ideal for families, those seeking space and privacy, and long-term residents.

All About Apartments 

First-time buyers, on the other hand, may prefer apartments for their flexibility and affordability. With rents starting from around $1,500 per month, apartments provide lower upfront costs, access to amenities, and maintenance-free living. However, renters must consider rent increases, lease restrictions, and no equity or ownership. Apartments are suitable for students and short-term residents.

My Opinion 

As students enter the housing market for the first time, my opinion is to start with apartments. They are the most budget-friendly and have the least need for loyalty. They will teach you how to meet bill payments on time and they are an amazing learning opportunity. 

Conclusion

Ultimately, finding your dream home in Toronto requires careful consideration of your priorities, budget, and lifestyle. By weighing the pros and cons of each housing option and neighbourhood, you'll be well on your way to discovering the perfect place to call home.