Is a Detached House The Best House For You?

What’s The Best House For You?

Before you start your journey on looking for a home you have to define what is it that you want.   What type of home do you see yourself living in?   Detached?  Semi-detached? Maybe a townhouse?    Whatever your decision it is important that it works for your immediate and long-term needs.

Single Family Detached

Birchcliff home near Scarborough Bluffs

This is by far the most popular housing style.   It is defined as a one single family dwelling unit which stands alone on an individual lot.  What the primary selling point in detached homes is the greater degree of privacy.   For most of us we grew-up in a detached home and truly when we fist start looking for a home of our own this is what we want for ourselves.   It’s where for most of us we felt most comfortable.

The features a detached home offers is as follows:

  • private driveway
  • a fenced backyard
  • defined lot size
  • great potential to renovate
  • better long-term property value
  • larger interior living space

Most first time buyers start off with the intention of buying a detached home, however the reality is they are most expensive in the Toronto housing market.   Yes, you will spend a more initially, but the gains are certainly numerous.    Lets look at the numbers on how detached home prices have fared in 2013:

Geographic AreaMonthly SalesAverage PriceMedian PriceAverage Selling Price to Listing PriceAverage Days on Market
January 2013City of Toronto502$765,049$610,00098%31
 Toronto Central154$1,202,424$996,50098%30
 Toronto West148$595,780$541,50098%31
 Toronto East 200$553,528$477,5009%32
February 2013City of Toronto749$823,329$658,60099%21
 Toronto Central 257$1,246,627$1,040,00098%20
 Toronto West208$652,323$559,00099%23
 Toronto East 284$565,518$497,750100%20
March 2013City of Toronto975$846,828$680,00099%18
 Toronto Central327$1,302,359$1,125,00098%20
 Toronto West301$652,957$575,000101%20
 Toronto East 347$585,721$515,000100%16
April 2013City of Toronto1,264$852,090$690,000100%17
 Toronto Central 425$1,255,642$1,050,00099%18
 Toronto West363$724,753$625,000100%17
 Toronto East 476$588,884$522,500101%15
May 2013City of Toronto1,475$864,536$680,000100%17
 Toronto Central476$1,335,879$1,148,50099%19
 Toronto West467$709,199$625,000101%17
 Toronto East 532$579,167$519,350100%16
June 2013City of Toronto1,137$866,326$675,00099%18
 Toronto Central344$1,353,604$1,122,50098%20
 Toronto West368$729,955$611,500100%19
 Toronto East 425$589,999$525,000100%16
July 2013City of Toronto986$793,842$620,00098%22
 Toronto Central258$1,317,675$1,013,50097%26
 Toronto West326$656,164$590,00099%24
 Toronto East 402$569,301$523,00099%18
August 2013City of Toronto846$783,708$607,50098%24
 Toronto Central229$1,319,539$1,064,75097%32
 Toronto West269$644,354$563,10099%24
 Toronto East 348$538,826$495,000100%19
September 2013City of Toronto972$856,169$649,50099%22
 Toronto Central280$1,397,683$1,072,50098%25
 Toronto West302$687,589$600,000100%23
 Toronto East 390$597,931$521,500100%19
October 2013City of Toronto1,125$873,509$675,00099%20
 Toronto Central367$1,369,135$1,170,00098%22
 Toronto West333$680,845$590,000100%21
 Toronto East 425$596,480$535,000100%19
November 2013City of Toronto913$855,188$660,00099%22
 Toronto Central282$1,313,438$1,125,00098%25
 Toronto West284$676,882$584,50099%23
 Toronto East 347$628,710$550,000100%19
December 2013City of Toronto447$864,351$640,00097%28
 Toronto Central121$1,475,777$1,058,00096%38
 Toronto West144$627,506$584,25098%25
 Toronto East 182$645,246$550,00098%24

As you can see from Toronto’s monthly detached home sale our central region is the most costly, with an average price tag of well over 1 million. When I refer to Toronto Central that includes such neighbourhoods as High Park, The Annex, Don Mills and Cabbagetown.  Toronto West neighbourhoods are places like Mimico, Alderwood, West Humber and Kingsway.  For Toronto East it would include Danforth East, The Beaches, Lesliville and Guildwood.  If you are looking for affordability then you are would be considering a detached home in either Toronto’s west or east end communities.  If you are looking at detached homes the best time to look would be earlier or later in the year as housing prices are softer with fewer buyers actively looking during the colder months.

With a detached home there are more advantages to customize as opposed to any other type of housing type.  Whether it’s a simple kitchen update or a major addition is in the works, with a detached home you have few limitations other than your budget.   Over time detached homes continue to hold exceptional value.

Every quarter Royal Lepage publishes their housing statistics and detached homes posted the biggest gains.  Detached  Toronto homes saw  two-storey homes increasing 2.7% to $686,250 with detached bungalows increasing 3.9% to $580,151 compared to the previous quarter.

Royal Lepage House Price Survey