Types of Houses in Canada: A Comprehensive Guide
When it comes to finding your perfect home in Canada, there are a variety of popular housing types to choose from. From detached houses to downtown condos, the options are diverse and cater to the unique needs of individuals and families alike. Homeowners typically consider a combination of factors such as location, space, ability to renovate, and aesthetics when selecting their ideal home.
Traditionally, Canada is home to a handful of popular home types, including detached, semi-detached, condos, and townhomes. Detached houses offer more space and privacy, while semi-detached houses provide good privacy and space with fewer direct neighbors. Condos are unique in that a condo corporation owns and maintains the building’s common areas and exterior, but residents own what is inside their suite. Townhomes are popular based on their affordability, style, location, and flexibility. Bungalows, split-level homes, and plex properties are also options to consider when searching for your dream home.
Average Home Prices in Canada
Home buying sans the stress.
If you’re looking to buy a home in Canada, it’s important to understand the average home prices in the country’s largest cities. According to Statistics Canada’s 2021 Census, the average price of a Canadian home in April 2022 was $746,146, a year-on-year increase of 7%. However, the average home price dropped by almost $50,000 in just one month, from $796,068 in March 2022.
When it comes to the average home prices in Canada’s 10 largest cities, Toronto and Vancouver are the most expensive places to buy real estate across all residential categories, with average prices of $1,254,436 and $1,374,500, respectively. On the other hand, Calgary and Edmonton are some of the most affordable major cities to buy any property type in Canada, with average prices of $532,093 and $417,465, respectively.
Here are the average home prices in Canada’s 10 largest cities:
|Average Home Price April 2022
When it comes to buying a home in Canada, it’s important to start your mortgage application early to avoid any stress. You can get your rate by contacting a mortgage broker or lender and providing them with your financial information and credit score. With the right preparation and knowledge of the average home prices in your desired city, you can make an informed decision and find your dream home without the added stress.
Getting a Mortgage to Finance Your Home
If you’re planning to buy a home, getting a mortgage is a popular way to finance it. With a mortgage, you’ll need to save up enough for a downpayment and then apply for a loan to cover the remaining value of the home. The loan will accrue interest every year, and you’ll typically have a term of 5 years to pay it off, with a much longer amortization period.
In Canada, there are various lenders and types of lenders that offer different mortgage solutions. When looking for a mortgage, it’s important to find the right lender for your situation. Each lender has its own lending criteria, and some may be more specific or strict than others. For example, A-lenders typically require proof of income and employment, evidence of your existing debt-to-income ratio, and a solid credit score.
To apply for a mortgage, you’ll also need to provide several documents, such as proof of income, employment, and identity. Some lenders may even allow you to get pre-approved for a mortgage before you’ve chosen a specific property.
At nesto, we offer a simple and convenient way to compare the best rates available and even lend directly. Our team of experts can help you find the right lender and mortgage solution that fits your needs.
Frequently Asked Questions
Which home type is most popular?
The most popular type of home in Canada is the detached house. This is due to the privacy, space, and control that homeowners have over structural and aesthetic decisions. Detached houses are the only type of home where owners have complete control over the changes they want to make to their property, assuming they have the required permits to do so.
How many types of homes are there?
There are various types of homes, but Canadians are most familiar with six or seven traditional house types: detached, semi-detached, condos, townhouses, duplexes, split-levels, and bungalows. However, tiny homes are becoming increasingly popular due to the increasing cost of living, while outdoor space and location become bigger priorities for homeowners. It’s difficult to determine the exact number of home types since people describe them in different ways.
Can you get a mortgage for every home type?
You can obtain a mortgage for most conventional property types, as long as you meet the approval criteria. However, there are speciality lenders for things like boat and marine loans, which could technically be used as homes, but do not qualify for conventional mortgages. If you plan on building a brand new home, you’ll need to apply for a construction loan.
Ready to Get Started?
Now that you have a better understanding of the different types of homes available in Canada, you may be ready to take the next step towards buying your dream home. Nesto can help you compare the best rates and even lend directly to you.
In just a few clicks, you can view our current rates and apply for a mortgage online in minutes. Our trained mortgage professionals are available to discuss your goals and help you find the right home for your situation and preferences.
Don’t let the home buying process overwhelm you. With Nesto’s help, you can confidently navigate the market and find the perfect home for you. So what are you waiting for? Get started today and take the first step towards owning your dream home.
Frequently Asked Questions
What are the common architectural styles of homes found in Canada?
Canada has a diverse range of architectural styles when it comes to homes. Some of the most common styles include:
- Victorian: These homes are known for their ornate details and steep-pitched roofs.
- Craftsman: Craftsman homes feature natural materials like wood and stone, and often have front porches.
- Contemporary: Contemporary homes have clean lines and often feature large windows to let in natural light.
- Colonial: Colonial homes are symmetrical and often have a central front door and chimney.
Can you list the various types of apartments available in Canadian cities?
Apartments in Canada come in many different styles, including:
- Studio: A small apartment with a single room that serves as the living area, bedroom, and kitchen.
- One-Bedroom: An apartment with a separate bedroom and living area.
- Two-Bedroom: An apartment with two separate bedrooms and a living area.
- Loft: An apartment with an open floor plan and high ceilings.
What distinguishes a townhouse from other housing options in Canada?
A townhouse is a type of housing that shares one or more walls with neighboring units. Unlike apartments, townhouses have multiple floors and often have a small yard or patio. They are typically larger than condos and offer more privacy than apartments.
How do semi-detached houses in Canada differ from other residential structures?
A semi-detached house is a type of housing that shares one wall with a neighboring unit. Unlike townhouses, semi-detached houses only have two units and are often smaller in size. They offer more privacy than apartments but less than detached houses.
What are the characteristics of a condo house in the Canadian housing market?
A condo, short for condominium, is a type of housing where individuals own their living space but share ownership of common areas like hallways and elevators. Condos often have amenities like a gym or pool and are typically located in urban areas. They are popular among young professionals and retirees.
Which type of residential property is most prevalent across Canadian provinces?
Detached houses are the most prevalent type of residential property across Canadian provinces. These homes are not attached to any other unit and offer the most privacy and space. They are often found in suburban areas and offer a yard or outdoor space.