Condominiums (condos)

Condos are a form of ownership that can apply to different types of housing. Condos are commonly apartment buildings, but other types of properties, such as townhouses, may also use a condo ownership model. Condo ownership means you own the unit (or condo), but you do not own the land it is built on or any common space outside the unit. You are charged monthly fees that help pay for common condo elements that are shared by the other condo owners. These condo fees go toward the maintenance of indoor and outdoor common areas, such as parking areas, elevators and any recreation facilities. These fees are in addition to your mortgage payments.

When you purchase a condo, you also become part of the condo corporation, which makes decisions about the property that affect every owner.

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Single Family Detached

This home stands by itself and you purchase both the home and the land it is on. All repairs and maintenance must be performed by the homeowner. All utility bills, such as water and heat, is also the responsibility of the homeowner. Owners can make any changes to their home, inside and outside, provided they obey all local bylaws and regulations.

Townhouse

A townhouse is a row of similar units that look like houses, attached to each other. There will normally be a shared wall on either side with the people who live beside you.

Single Family Attached

This is a home joined on one side to another home. Home owners are only responsible for repairs and maintenance on their side, including the land it is on, like a detached home. Single family attached homes are usually less expensive that fully detached houses, depending on the area.

Duplex/Triplex

This is a building that is divided into multiple units. Each household will have its own entrance and are responsible for their own unit. Typically, you would buy the entire property and rent a unit to help offset your mortgage payments. Types of homes that are “duplexed” or divided into two or more units may be detached homes, semi-detached or even row houses.

Average days on market Average number of days that a newly listed property was on the market before it sold.
Average price Total dollar sum of all sold prices divided by the total number of units sold.
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