Toronto Townhomes see 14.5% price growth! | Comments Off on Toronto Townhomes see 14.5% price growth!

Townhomes offer an attractive lifestyle that is increasingly attracting varying types of buyers and has fuelled tremendous price growth over the last year.  As noted in the January edition of the Toronto Real Estate Board’s Market Watch, the price of townhomes in Toronto has risen by 14.5% year-over-year.  That’s more than double the price increase of semi-detached and detached homes.

Turn-key Living
Like condo apartments, townhomes offer a relatively stress-free roof over your head.  In many cases, there is underground parking – like in a condo building.  The majority of townhouse developments with underground parking feature multiple staircases that connect the parking garage to the common areas, but some newer developers are building the properties with basements that not only offer additional living space, but a direct access to the owners’ parking spots.  There is generally no lawn to maintain and any gardening is often maintained by a professional landscaping company.  Suites with rooftop decks provide a private opportunity to bask in the sun and BBQ.

Functional Layout
The layout of a townhome is often preferred to that of a condo apartment, as there is greater division of entertaining and sleeping spaces.  With bedrooms often 1 or 2 floors above the living area, these layouts are perfect for couples or young families who sometimes require privacy.  While stairs can be a challenge for some downsizers, developers have been quick to adapt with private elevators built into many new luxury townhouse projects.

Low Overhead
There are varying styles of ownership, when it comes to townhomes.  Some are 100% freehold – just like a semi-detached or detached home.  Others are 100% condo ownership.  Others are freehold ownership with common elements (the parking garage, exterior walk-ways and gardens).  In the later grouping, owners maintain their individual properties but benefit from services such as snow shovelling, gardening, window washing, etc.  This ownership style allows for monthly condo fees often in the $150 – $300 range – a huge discount to condo apartment fees that could be $800 – $1,000 for a similar size suite.

What does all this mean?

For Townhome Owners:
If you have been looking to move into a traditional semi-detached or detached home, the timing couldn’t be better!  With the price of your townhouse rising quickly, the price gap from your townhouse to a semi-detached or detached home is narrowing – making it more affordable for you to make that move.  For owners looking to move into a condo apartment, the value of your suite is risen substantially and so a move to a less expensive condo will allow you more money in your pocket for living expenses.

For Condo Owners looking to Buy a Town Home:
The price gap between condo apartments and townhomes is growing.  Now is the time to look at making this move, as each year that passes will only be less affordable than the year prior.

If you are looking to buy or sell a townhome in Toronto, please complete the contact form on the right of this page and one of our experienced sales representatives will be in touch to assist you in your transition!

With over 25 years of selling home in Toronto, we have the experience and knowledge necessary to help you make a smart move.

Here are only a few of the townhomes we have sold:

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