Facing affordability in the low-growth market and limited space in condo apartments, homebuyers in the greater Toronto area are turning to townhouses as their best option.
In 2008, single-family homes accounted for only a quarter of sales in the sector, but as of last October, townhouses accounted for 42% of sales.
“The townhouse fits between the apartments and the separate housing market, and we expect to see more demand for that asset,” said Matthew Boukall, vice president of product management and data solutions at Altus Group.
“When we look through different markets, they are generally flat.” In Toronto, the market had a difficult start to the year, where sales plummeted, but within that market of single-family houses and townhouses, the latter represented the 42%.”
The townhouses are ideal for home buyers struggling with affordability but who also resist the many compromises involved in living in a condominium.
The townhouses are the perfect point between a house and a condominium apartment, since they are still cheaper than having a house but more comfortable than having an apartment. For someone who is new to the market or owns a condo and wants to move but can not afford a house, their place of residence should be a townhouse. In addition, they represent a good investment opportunity.
Some townhouses maintenance fees, but they are usually cheaper than those of a condominium because there is no pool or concierge, which can represent up to half the cost.
In the GTA, sales of townhouses have been higher in Brampton, followed by Milton, Whitby, Vaughan and Oakville, and are expected to continue increasing by 2019.
If you are exploring the possibility of moving to a townhouse, either because you need more space or for more comfort, contact me to show you the best options in the market.