Each week, we have been sharing a brief overview of the different types of housing options available to home buyers in the city of Toronto and its suburbs. The RE/MAX Royal Team Sachdeva Realty team has over two decades of experience in the region’s real estate market, helping first-time and returning buyers and real estate investors make the right choices in the GTA’s fast-changing property landscape.

For many first-time buyers, the GTA’s real-estate market seems difficult to navigate given the current and predominant narrative around affordability and the lack of viable housing options available in the market. While this is true to some extent, we would like to reassure our readers that the GTA still offers some great options to families—small and large—who want to live and build a successful future here.

If you are looking to buy a detached home with an old-world charm and interesting architecture, many neighborhoods in the city of Toronto offer a range of options that would pique your interest. Alternatively, if you are looking to buy a home with more modern construction and design, an open-concept layout, or a property that offers more value for money, then you should consider exploring the housing options available in Toronto’s suburbs, which are also varied and plentiful.

Buying a Detached Home in the GTA

Perhaps now more so than ever, owning a detached home in the GTA seems to be an insurmountable challenge for most families. However, market conditions are expected to favor buyers in 2024 so read on to find out a little more about the detached housing options available in the region before you take a final home-buying decision.

Detached homes make up nearly half of the housing stock available in many neighborhoods across Toronto and its suburbs and stand out based on the fact that they do not share any walls with the neighboring property. This not only lends detached homes an air of exclusivity but also allows homeowners to enjoy more privacy and independence, compared with a semi-detached home or a condominium townhouse

For this reason, and the fact that detached homes also have larger outdoor and indoor spaces, they are more expensive than all other housing types, and continue to reign at the top of the housing pyramid as the most sought-after option by homeowners. At the same time, owning a detached home comes with its own set of responsibilities. One should seriously consider these factors before choosing to take on this “expensive undertaking.”

Some Key Advantages of Detached Homes

  • Size and space: Detached homes offer the perfect environment for growing families, given their abundance of space—both external and internal.
  • Privacy: Unless located near a thoroughfare or a densely populated or commercial area, detached homes usually offer immense privacy and independence to homeowners.
  • Ownership: A detached home affords owners the luxury of complete control over the maintenance and upkeep of the house, with little to no interference from a homeowner’s association or a condominium corporation.
  • Better ROI: Becoming a detached homeowner usually offers significant returns on investment, especially in the GTA real-estate ecosystem, which has been booming for a considerable period now and is expected to appreciate further given the continuing influx of immigrants into the region.
  • Strong sense of ownership and family: Despite the current tumultuous economic climate, home ownership continues to be one of the most aspirational endeavors for most families and an enduring social marker of family legacy and belonging.

Some Key Disadvantages of Detached Homes

  • Maintenance costs: While detached homes offer a lot of independence, they also come with the added responsibility of the homeowner being the sole bearer of all near- and long-term maintenance costs.
  • Higher property taxes: Since detached homes cost more, given that homeowners typically also own the land on which the house is located, they end up paying more in property taxes to the government.
  • Affordability: For the reasons listed above coupled with the considerable surge in home prices during the pre- and post-pandemic years, owning a detached home in the GTA has become increasingly out of reach for many families.

Detached Homes—Price and Expenses

According to data from the Toronto Regional Real Estate Board (TRREB), the average price of a detached home in Toronto was pegged at $1,418,323 (As of 2023-end). Assuming that you would need a minimum 20% percent or $283,665 in down payment to consider buying this kind of property, we are sharing below a breakdown of some of the core expenses you will incur during the buying process. If you have more questions or need more clarification, get in touch with us for more information.

The RE/MAX Royal Team Sachdeva Realty team also offers free home evaluations to residential property owners. If you are looking to sell your detached home or buy a new one, contact us for a detailed evaluation of the property you are interested in.