September 5, 2017
The Top 3 Expensive and Most Affordable Toronto Townhouse Neighbourhoods
When you say the words “Toronto development”, condos are what come to mind. But those big glass towers aren’t the only development going on in the GTA – there is a whole category of medium density development happening in the form of Toronto townhouses and secondary suites. This “missing middle” of density often occurs in primarily low-rise residential areas and allows homebuyers to enjoy homeownership in high-demand areas without paying for an expensive fully detached home.
So where are these townhouse developments happening? We’ve picked out three neighbourhoods with high-end townhouses for sale in Toronto and three neighbourhoods where you can buy a townhouse for a great price.
Most Expensive Toronto Townhouse Neighbourhoods
Deer Park/Casa Loma/Summerhill
This exclusive midtown Toronto neighbourhood is home to the iconic Casa Loma castle and is known for large homes on tree-lined streets. This area is close to downtown and is well served by public transit and amenities. The average price for a home in this community is $877,612, but there are many luxurious townhouses available in the price range of between $1.5 and $3 million dollars. These townhouses are the pinnacle of luxury and feature spacious layouts, many bedrooms and bathrooms and every upgrade possible. They also blend well with the existing streetscape and seamlessly integrate with the surrounding fully detached homes.
Related Read: 7 of the Most Luxurious Townhouses in Toronto
Downtown waterfront living doesn’t get any more luxurious than the neighbourhoods of the Esplanade. Located on the waterfront just west of Yonge Street, this community is known for the high rises that dot its skyline, ample green space, and gorgeous views. While condos dominate the scene in the Esplanade, there are plenty of condo townhouses to be found. These townhouses tend to have modern furnishings, open concept layouts and floor to ceiling windows. The average price of homes in the Esplanade is $361,219 due to the high number of affordable one-bedroom condos, but you’re looking at one of the new townhouse developments set your budget at $600,000.
Located right next to Deer Park is the neighbourhood of Moore Park. Bordered to the north by Mount Pleasant Cemetery and to the east by the Lower Don Parklands, Moore Park is one of the greenest communities in Toronto. Here you’ll find traditional single and semi-detached brick homes, tree-lined streets, and upscale townhouses. The average property price in Moore Park is a cool $1,141,975. Townhouses in Moore Park are rare so it may take some time to find the perfect home, but living in this coveted neighbourhood is worth the wait.
Most Affordable Toronto Townhouse Neighbourhoods
While the areas mentioned above are some of the most desirable neighbourhoods in Toronto, they’re also expensive and may be out of your price range. If that’s the case, don’t despair. Affordable townhouse developments are popping up in many neighbourhoods across Toronto. Humberlea is one of those communities. Located just north of the 401, Humberlea is a quiet, family oriented area with strong ties to the Italian community (almost half of the residents being of Italian descent). The average home price in Humberlea is an affordable $351,804, and you can purchase a brand-new townhouse for $500,000.
Humber Summit is one of the most northern communities in Toronto, situated in North York. It originally sprang up around the saw mill industry and then became a popular spot to build cottages. Eventually, the city boundaries overtook Humber Summit, and it became a destination for young families looking for affordable housing prices. The average price for homes in Humber Summit is $467,849, and you’ll have your pick of condos, fully detached homes and townhouses.
Just southwest of Humber Summit and Rowntree Mills Park is the family-friendly neighbourhood of Mount Olive. In this community, you’ll find older townhouses and row houses owned by Torontonians looking to downsize. These townhouses are often in good condition and can be purchased for an affordable price and updated. The average property price in Mount Olive is a super affordable $244,067 and makes it an ideal location for first-time homebuyers looking to get on the property ladder.