The latest RAHB statistics reported that the sales in May 2018 were down close to 30%.
The average price of freehold properties as well as condos declined.
TYPE OF HOMES SOLD IN HAMILTON ONTARIO IN JANUARY 2018
What Type of Home Should You Buy?
What types of homes will you be visiting with the idea of buying? Do you see yourself living in a detached single-family home? Or, perhaps a townhouse? Maybe, a duplex?
A single-family detached home is one dwelling unit. It stands alone, and sits on its own lot. This often gives the family a greater degree of privacy.
A semi-detached home is a single-family home that is joined on one side to another home. It can offer many of the advantages of a single-family detached home. It is often less expensive to buy and maintain.
A duplex is a building containing two single-family homes, located one above the other. Sometimes, the owner lives in one unit and rents the other.
Row House (Townhouse)
Row houses (also called townhouses) are several similar single-family homes, side-by-side, joined by common walls. They can be freehold or condominiums. They offer less privacy than a single-family detached home, although each has a separate outdoor space. These homes can cost less to buy and maintain, even though some are large, luxury units.
Stacked townhouses are usually two-storey homes. Two two-story homes are stacked one on top of the other. The buildings are usually attached in groups of four or more. Each unit has direct access from the outside.
Link or Carriage Home
A link, or carriage home, is joined by a garage or carport. The garage or carport gives access to the front and back yards. Builders sometimes join basement walls so that link houses appear to be single-family homes on small lots. These houses can be less expensive than single-family detached homes.
A manufactured home is a factory-built, single-family home. It is transported to a chosen location, and placed onto a foundation.
A modular home is also a factory-built, single-family home. The home is typically shipped to a location in two, or more, sections (or modules).
Mobile homes, like manufactured or modular homes, are built in factories, and then taken to the place where they will be occupied. While these homes are usually placed in one location and left there permanently, they do retain the ability to be moved.
A self-contained unit in part of a building consisting of a room or set of rooms including kitchen and bathroom facilities.
Forms of Ownership
People who do not rent their home, own it. There are two forms of ownership.
Freehold means that one person (or two, such as joint ownership by spouses) owns the land and house outright. There is no space co-owned or co-managed with owners of other units.
Freehold owners can do what they want with their property — up to a point. They must obey municipal bylaws, subdivision agreements, building codes and federal and provincial laws, such as those protecting the environment.
Detached and semi-detached homes, duplexes and townhouses are usually owned freehold.
Condominium ownership means you own the unit you live in and share ownership rights for the common space of the building. Common space includes areas such as corridors, the grounds around the building, and facilities such as a swimming pool and recreation rooms. Condominium owners together control the common areas through an owners’ association. The association makes decisions about using and maintaining the common space.
Condominium ownership is ownership of a unit, usually in a highrise but can also be a townhouse or in a lowrise.