A house is often just a house. A home is where you make memories that will last a lifetime. BUT, real estate is bigger than both. In 2024, buying a house is a unique combination of smart investing AND finding a home that supports your lifestyle. Choosing your perfect home is one of the most important decisions a person can make in their lifetime – but knowing when and where to invest can also create financial security you can depend on.
For residents of Belleville, Ontario, and people looking to relocate here, we’ve done the hard work for you! We're broken down each type of home available in our backyard – and WHO they are perfect for.
Belleville Homes
Belleville is the best of both worlds: rural living and city splendor all in one. There is a generous variety of homes in Belleville and the surrounding areas up to Napanee and Brighton, with a ton of new developments underway in this highly sought after region. There’s a reason Belleville is in such high demand for people from all walks of life! You don’t have to take our word for it. The numbers speak for themselves: overall real estate value in Belleville has steadily gone up 1.91% month over month on average in 2024 alone.
Detached Single Family Home
You’ll read terms like “detached single-family home” when scrolling through realtor.ca. What does it mean? In simple terms, a detached home stands completely on its own with no shared walls to another dwelling.
Outside of cities, detached homes are the most common form of housing in Canada. Canadian rural areas have a lot of land, so small towns and suburbs are almost exclusively made up of detached housing. Considering most of the Greater Belleville Area is rural… the majority of homes are detached single-family style.
These can be found anywhere from rural suburbs to large cities. What makes this type of home attractive is the freedom it affords you- privacy, space, and agency. You, as the homeowner, own the land your home is on. You are subsequently are in charge of all the maintenance and upkeep of the house. This allows you to fully make your home your own!
Detached homes come in many layouts in Canada: bungalows, split-levels, 2 story, and cottages. Each type has its advantages and can cater closely to different stages of life and lifestyles.
Who detached homes are perfect for
Families
It’s in the name – detached single-family homes are perfect for families! These homes usually have ample indoor and outdoor space, large backyards, and provide tons of privacy. This allows families of all sizes to grow and flourish. If you’re thinking about starting a family, detached homes are a lot of people’s first choice.
People who value land and privacy
With no other houses connected to yours, a detached home offers you the greatest level of privacy. For people who value quiet and freedom to live their life as they see fit, a detached home is ideal. Detached homes tend to sit on larger plots of land than any other housing type, so if you’re looking for a great big backyard and lots of space, then a detached home will suit your needs.
Investors
It's important to think about the benefits of your real estate investment in the short and long term. The Belleville market is very hot for single-family homes. The median price of a detached home in Belleville has trended up 0.4% month over month from June 2024 to July 2024. The overall real estate value over the last 10 years has gone up 80%.
People who are self-sufficient
As the owner of a detached home, you privately own the structure and lot the home is situated on. This means all the maintenance work for the property, interior and exterior, is up to you. If you have the time and energy to maintain and customize your home to your liking, a detached home will serve you beautifully. If you plan on keeping your house for generations to come, a detached home is a great long-term investment for your children’s futures.
Semi Detached Home
A semi-detached home has all the benefits of a detached home, but you also have a shared wall with another house. This means you always have a neighbour close by for necessities and emergencies. You also still maintain a level of privacy not found in other types of housing. They usually have a private backyard with a shared fence.
These types of homes are most common in suburbs, among a community of people living in townhomes, semis, and detached homes. In Belleville these include the Corbyville, Old East Hill, and Downtown Bayshore neighbourhoods, as well as newly developing subdivisions. Semis usually have a slightly lower price-point, allowing you all the advantages of a detached home but with a decreased price-tag.
Who this type of home is perfect for
People looking for safe community and privacy
Because semis are often found in suburbs, there is a community aspect. You and your neighbours can keep an eye out for one another, while simultaneously keeping your lives as private as you wish. For anyone looking for a community in their lives, semis check that box!
Families
Whether you’re a young or growing family, a semi-detached home will work perfectly for you. Semis are often just as spacious as detached homes, making them able to accommodate most families. They feature private yards with a shared fence, and usually have an array of bedrooms and bathrooms across multiple levels. Having a neighbour close by at all times can be a big selling point for people with younger children.
Young people
As a young person or couple, a semi-detached home might be just the thing you need. Owning a home is a completely different experience than everything else in life. A semi can help you get the feel for living outside of the city, having your own space, and maintaining a property. A semi features more space than an apartment, and they also usually come at a slightly lower price point than detached homes while boasting similar features – notably an abundance of space and privacy.
Investors
Similarly to detached homes, a semi-detached home is a great investment in Belleville. The median price of semis and townhouses has been trending upwards 2.28% month over month in 2024, currently averaging around $582,226 in July 2024.
Townhouse Home
Townhouses are closely related to semi-detached homes, however they have more shared walls with other properties. These homes usually have multiple stories and are in a series of homes all attached together. Townhouses can be found closer to urban centers while still maintaining the space and privacy of a fully detached house. This makes them very appealing for people looking to have it all close to the city. In Belleville, you can find townhouses close to the city in the Foxboro and Corbyville neighbourhoods. There are two types of townhouses:
Freehold Townhouses
Owning a freehold townhouse means owning the structure itself as well as the land it’s on. This means you are responsible for all the upkeep of the property, including any outdoor tasks like manicuring the front lawn and backyard. Depending on your neighbourhood’s unique regulations, you may have some freedom customizing the exterior of your home.
Condo Townhouses
These types of townhouses are part of a condo complex. They're owned by condo corporations, who are responsible for any external upkeep and amenities. You could own the whole house or just one unit in a stack. In this type of home, you are only responsible for the inside of your unit. It’s likely you’ll be paying a maintenance fee to the condo board, but at least you don’t have to do everything yourself!
Who townhouses are perfect for
People who like having neighbours and community
Townhouses are usually attached in a series of homes, meaning you have at least 3-5 neighbours around you at all times. Most neighbourhoods featuring townhouses have homeowners associations and community watches, adding a safety factor.
People looking for a good size house closer to the city
Townhouses are the perfect compromise between rural and city living. Because they are found in a series of attached homes, they mimmick the feel of a lively city community. However, they are still full houses, allowing you more space than typical city apartments. Condo townhouses are especially perfect for people relocating from big cities, who want more space than their downtown apartment but not all the responsibilities of a detached home.
Families
Families of all sizes can benefit from living in a townhouse. Townhouses are more spacious vertically than horizontally. This means they often don't have vast swaths of land. If your family doesn’t need a massive backyard but still wants plenty of indoor space, townhouses are perfect. There is also a safety factor that comes with this type of home, due to the community of neighbours around you at all times.
Investors
Townhouses have always been a great investment, and that is especially true in Belleville. The trend for the median price of townhouses, like with the rest of the real estate in Belleville, is upwards: 2.28% month over month. Impressively, townhouse prices are up over $170,000 from February 2024 to May 2024.
Young People
Townhouses are an upgrade from an apartment when it comes to personal space. If maintaining a home seems attractive, then townhouses are calling your name. They are suited for young people because they can be less intimidating than having a detached home- you still have neighbours close-by, you are usually closer to the city, and they’re more manageable. Condo townhouses are especially manageable as a first home, since the condo board will take care of the outside work for you.
Condominiums
Condominiums, or condos for short, are apartment units inside of a building. These are owned by a condo corporation that regulates and maintains communal and exterior spaces. In this instance, you as the homeowner are only able to control what’s inside your apartment. Condos can be found in any area where there are multiple story buildings, rural or urban. Downtown Belleville is a perfect example of a neighbourhood with both tall-building condos and historical style loft apartments. The size of the apartments vary widely by region and building, and there are condo maintenance fees. On the bright side, condos have amenities you don’t always get with other types of housing, like an in-building pool or gym.
Who would love a condo
People who are not interested in the maintenance of their property
Owning a condo requires the least amount of personal responsibility out of all the housing types. As a condo owner, you are only responsible for the inside of your unit inside of a larger building. A condo board is responsible for the upkeep and maintenance of the communal and exterior, taking the pressure off of you!
Single people and couples
Condos vary in size, shape, and location, and can accommodate many different lifestyles. Their variety makes it easy to choose your ideal set-up you’re looking for as a single person or couple. Whether in the city or a small town, having your own apartment is a manageable feat for singles and couples alike. These can serve as a home-owning stepping stone for future real estate purchases.
People looking for accessible shared amenities
Condos are often located inside of a building that houses shared amenities you wouldn’t otherwise get to enjoy, such as a gym and/or pool, or an in-house coffee shop or store. Having these accessible in your building is a major selling point for people who don’t want to outsource their exercise or leisure activities.
Families who want to stay in the city
If your family hub is in the heart of the city, and having a yard is not a “must have”, then a condo can serve your family very well. Condos can be found in both urban and rural areas, but they are more common in the city, allowing you to stay close to the epicenter of activity.
Investors
Condos are a lower-cost point of entry for investors than other forms of housing- you can buy one or multiple units in the same building, either for personal use or rental purposes. In Belleville, the median real estate month over month increase is 0.75%, with the median list price for condos in July 2024 being $341,095.
Plex Properties / Investment Properties
A plex structure means there are multiple units with separate entrances in the building, the number depending on the prefix: duplex being two, triplex being three, and so on. These types of homes can house multiple family units, diversifying the types of buyers who may be interested.
Who would love a plex property
Investors
Multiplex properties are often called “Investment” properties for a reason. Investing in a property that has multiple units guarantees a return on investment in the short and long term. A plex property whose units are rented out means multiple revenue income, and in Belleville the steadily rising real estate resale value brings another layer to the advantages of purchasing a plex property. With median house prices going up more than $30,000 in the last 6 months, investing in Belleville is a very attractive prospect.
People looking for extra income
An entire multiplex is not a feasible purchase for most people, but a duplex or triplex is not as unattainable. For anyone looking to make extra income, renting out the other units in your plex property can provide you with an additional revenue stream. Depending on the market in your neighbourhood, your plex property can end up paying for itself.
People looking to invest with friends or family
Owning property is a daunting task in 2024 – the real estate markets are hot, and qualifying for financial aid is not easy. This is why a duplex or triplex might be perfect for people not looking to take the plunge into home ownership alone. With multiple inhabitable units, you can “go in” on a property with friends or family – each familial unit paying for their side of the house. More collective incomes will also make it easier to get financing for a mortgage, and you may be able to afford more than you would on your own. It’s a win-win!
People who want to live with friends or family but maintain their own space
Similarly to co-owning a house with friends or family for financial reasons, many people would also like to keep their loved ones close while maintaining their own space. A duplex or triplex is perfect for that, with your family or friends a stone’s throw away in the same building, but not so close that you lack privacy.
YOUR Perfect Home
Different types of homes bring their own advantages to potential buyers. You have to center your priorities and needs when choosing what home to buy. In Belleville, there is a wide selection of homes, ranging from detached single-family units to condos and plex properties. There are so many investment opportunities in Belleville, from commercial spaces to residences. With constant new development in the area, Belleville is on the rise as a residential and lifestyle hotspot in Ontario.
Make 2024 the year you get in on the Belleville Real Estate market! Contact us today at Davies & Co. and let us help you find your perfect home in Belleville, Ontario and the surrounding area.
Here are some different listings for you to peruse in the Belleville area.
