Toronto has recently seen many townhomes enter the housing market at a rapid pace. Townhomes offer a more appealing option for larger families or couples looking to grow. Surprisingly, with the advancement of construction materials, builders are now able to produce quality townhomes with sizes that can easily reach over 1000 sqft. What’s more interesting is the entry price, what could cost almost double in a high-rise condominium a developer can easily replicate a similar unit with equal or more square footage at just over half the price.
The Luxury and Modern Toronto townhome sector is also strong, buyers can easily enter high quality established neighbourhoods like Forest Hill and Leslieville while only paying a fraction of the price of a home in the area.
Located at Midland and Lawrence MILA is a newly released development by Madison.
Need more space? Parking? Growing family and can’t let go of the City? Toronto has the best places to live.
Easy Access to downtown core, perfect transit and schools, one of the most prestigious neighbourhoods in Toronto.
The most desired neighbourhood on the east side, restaurants, Parks, and transit all available locally.
With so many different townhomes and neighbourhoods to choose from, you’ll have plenty of options when it’s time to narrow down your selection for new Toronto homes.
Another reason to consider purchasing a townhouse stems from the fact that they are becoming more and more rare. Of the Toronto housing stock, just about 40% consists of single-family homes while 30% belongs to condo high-rises. Approximately 10% of the remaining stock consists of townhomes. With less inventory available, the demand remains strong, making townhouses a more infrequent but valuable find.
In Toronto, space utilization is at an all-time high as developers are building vertically whenever and wherever possible. Townhouses are a more spacious investment and the perfect stepping-stone for people who have outgrown their tiny condos but simply can’t afford to move up to a single detached home.
Toronto townhouse prices vary and in comparison to condo prices are often much more reasonable when you evaluate the entire offer. In terms of value, you may find purchasing instead of renting is a viable option and may find yourself surprised at how high your ROI for a townhouse is.
The increased price value of Toronto townhomes have kept pace with the rise experienced by single family homes. Fortunately it’s expected that townhomes will see healthy annual increases in the upcoming future and will remain an asset class that is highly profitable.
Townhomes come in a wide-range of styles from stacked, back to back, 4-storey town manors and loft houses, there are countless designs that you will find. However, there are two main categories that have key differences are “freehold” and “condominium”.
Freehold towns are structures that the owner is responsible entirely to maintain, condos (parcel of tied land) on the other hand are managed properties that are subject to a monthly maintenance fee. The fee is often based on the interior square footage or a flat fee which covers building and landscaping maintenance, amenities and utilities if any.
Lanehouses and Stacked Townhomes are a popular and more affordable option in Toronto. These types of properties are a hybrid of a condo and a single family dwelling. Residents have the advantage of having a house-like layout with two floors but structured like a condominium with a more cost effective option than a house.
See What’s trending Now in Toronto’s Top Neighbourhoods for Condos.