{"id":10278,"date":"2017-03-03T01:00:26","date_gmt":"2017-03-03T06:00:26","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=10278"},"modified":"2018-04-13T12:01:48","modified_gmt":"2018-04-13T16:01:48","slug":"priced-out-of-the-detached-home-market-consider-townhouses","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/priced-out-of-the-detached-home-market-consider-townhouses\/","title":{"rendered":"Priced Out of the Detached Home Market? Consider Townhouses"},"content":{"rendered":"

The number of homes for sale is scarcer \u2013 and more expensive – than ever before in Toronto\u2019s real estate<\/a> market, but that doesn\u2019t seem to dissuade buyers. Regardless of rising prices, mortgage rules and tight supply, they\u2019re determined to enter the market at any cost. It\u2019s a dichotomy frequently played out in housing headlines, as new data sheds light on the factors behind heating markets.<\/p>\n

So what is the emerging real estate reality for buyers \u2013 and will they continue to enter the market in droves? A few new reports illustrate the latest challenges for would-be homeowners \u2013 and their options.<\/p>\n

New GTA Low\u2013Rise Homes Hit Million Mark<\/h2>\n

Does your wish list include a brand-new, single-family home with yard? You can expect to pay more than $1 million for that dream home in the Greater Toronto Area , whether it\u2019s detached, semi-detached or a townhouse, reveals the latest report from the Building Industry and Land Development Association<\/a> (BILD). According to their findings, which were gathered by Altus Group, the average price for all newly-built \u201cground-oriented\u201d homes hit a new record of $1,028,395 in January.<\/p>\n

BILD\u2019s numbers highlight the sheer growth seen in new build prices over the last decade. For example, new detached homes, which now cost on average of $1,316,325, went for only $444,368 in January 2007. The average price of a newly-built GTA townhouse has hit $879,619, up from $328,989 a decade ago.<\/p>\n

BILD President and CEO Brian Tuckey emphasizes that a sharp decline in the number of new homes is responsible for spiralling prices. There were only 1,524 new ground-oriented homes available for purchase in January \u2013 a record low \u2013 compared to a whopping 18,400 in January 2007. That\u2019s a 1,107% decrease! There were even fewer new detached homes available for sale, at 534, compared to 12,242 in 2007.<\/p>\n

\u201cThe GTA is facing a severe shortage of housing supply particularly for single-family homes, which sell as soon as they come to market. When there aren\u2019t enough homes to satisfy demand, prices increase and that is exactly what has been happening in our region over the last decade,\u201d he stated in BILD\u2019s release. He adds there are a number of reasons behind the shrinkage, including \u201cLack of serviceable land, excessive red tape, and frequent delays in the development approval process,\u201d as well as an increased builder focus on higher-density housing as per the province\u2019s mandate.<\/p>\n

\u201cOur industry is implementing provincial policy by building more condominium apartments and less ground-oriented housing. A decade ago, condominiums represented just 42% of available inventory compared to 88% in 2017,\u201d he says.<\/p>\n

Demand for condos has also surged, up 11% in January, at 1,199 units sold. Patricia Arsenault, executive vice president of research consulting services at Altus Group, says rising single-family home prices has contributed to the increase in condo buyers, among other factors.<\/p>\n

\u201cAmong them, end users who prefer the locations and amenities afforded by condominium apartments; families who might have opted for a single-family home, but have been shut out of that segment due to lack of available product; and investors who are the key providers of new rental supply for the GTA\u2019s growing population,\u201d she states.<\/p>\n

Townhouses: An Answer for the Missing Middle?<\/h2>\n

One of the most pressing issues for prospective buyers is the lack of affordable middle ground between condos and the detached market. While the Toronto Real Estate Board<\/a> reports the average resale condo can still be had for $407,409 in the 416, compared to $1,336,640 for a detached home, most units have too-small square footage for move-up buyers\u2019 needs.<\/p>\n

Toronto townhouses<\/a> are growing increasingly popular for this group, according to 2016 sales data recently compiled by Zoocasa, with the average unit (including new and resale) available for $562,187, which is still within the realm of affordability for many buyers. Check out the map below for the most affordable Toronto neighbourhoods for townhouses<\/a> (See our full list below).<\/p>\n

<\/p>\n

\"Detached<\/p>\n

High Prices Don\u2019t Scare Millennials<\/h2>\n

Despite these dire warnings of high prices and slim pickings, today\u2019s crop of buyers \u2013 and particularly those in the millennial generation \u2013 remain determined to enter the market. A new global survey released by HSBC finds that while 34% of Canadian millennials own homes \u2013 slightly lower than the 40% global average \u2013 as many as 82% intend to buy a home within the next five years.<\/p>\n

To manage it, they\u2019re resorting to a few different tactics including borrowing from the \u201cbank of mom and dad\u201d; 37% of millennials turning to parents to help fund their down payments, and 21% returned to live with their parents in order to save up for a home purchase. The 2016 edition of RateHub\u2019s Digital Money Trends report also found 44% of millennial first-time buyers relied on family to help fund their down payments.<\/p>\n

They\u2019re also willing to break the bank, with 27% not having a set budget and 53% reporting they only have an approximate amount in mind. Of those who had purchased within the last two years, 42% reported going over budget \u2013 whatever it takes to achieve homeownership!<\/p>\n

Probably most telling, 37% said they would consider buying a smaller-than-ideal home (compared to 21% globally).<\/p>\n

\u201cDespite a strong desire to take the homeownership journey, the findings also suggest that Canadian millennials face some significant barriers, with more than two thirds (70%) saying they haven\u2019t saved enough for a deposit, nor do they have a firm budget in mind,\u201d stated Larry Tomei, executive vice president and head of retail banking and wealth management at HSBC Bank Canada. \u201cThe reality is, it\u2019s a challenge \u2013 and so I can\u2019t stress enough the importance of having a good plan that includes getting the right financial services advice and support before and after you buy.\u201d<\/p>\n

Top Affordable Neighbourhoods for Townhouses<\/h2>\n

Media Toronto household income =\u00a0$76,216<\/strong><\/p>\n

Maximum Home Affordability based on that income =\u00a0$636,886<\/strong><\/p>\n

Average Toronto Townhouse priced $300,000 to $400,00<\/h3>\n

(1) South Steeles<\/p>\n

Sold Price (2016):\u00a0$306,287<\/strong><\/p>\n

Sold over asking:\u00a0-$3,285<\/strong><\/p>\n

Five Year price change (2011):\u00a087%<\/strong><\/p>\n

(2) Downsview<\/p>\n

Sold price (2016):\u00a0$323,324<\/strong><\/p>\n

Avg sold over asking:\u00a0$7,971<\/strong><\/p>\n

Five Year price change (2011):\u00a0n\/a\u00a0<\/strong>(no townhouses sold in 2011)
\n(3) Morningside:<\/p>\n

Sold price (2016):\u00a0$383,190<\/strong><\/p>\n

Avg sold over asking:\u00a0$10,347<\/strong><\/p>\n

Five Year price change (2011):\u00a0n\/a<\/strong>
\n(4) Malvern<\/p>\n

Sold price (2016):\u00a0$401,032<\/strong><\/p>\n

Avg sold over asking:\u00a0$19,095<\/strong><\/p>\n

Five year price change (2011):\u00a046%<\/strong><\/p>\n

Average Townhouse prices $400,000 to $495,000<\/h3>\n

(5) Clairlea<\/p>\n

Sold price (2016): $442,652<\/p>\n

Avg sold over asking:\u00a0$13,204<\/strong><\/p>\n

Five year price change (2011):\u00a046%<\/strong>
\n(6) Tam O’Shanter-Sullivan<\/p>\n

Sold price (2016):\u00a0$457,249<\/strong><\/p>\n

Avg sold over asking:\u00a0$13,875<\/strong><\/p>\n

Five year price change (2011):\u00a058%<\/strong>
\n(7) Rosewood<\/p>\n

Sold price (2016):\u00a0$481,425<\/strong><\/p>\n

Avg sold over asking:\u00a0$32,001<\/strong><\/p>\n

Five year price change (2011):\u00a060%<\/strong>
\n(8) Willowdale<\/p>\n

Sold price (2016):\u00a0$493,961<\/strong><\/p>\n

Avg sold over asking:\u00a0$676<\/strong><\/p>\n

Five year price change (2011):\u00a043%<\/strong><\/p>\n

Average Townhouse priced $495,000 to $540,000<\/h3>\n

(9) Parkdale<\/p>\n

Sold price (2016):\u00a0$495,957<\/strong><\/p>\n

Avg sold over asking:\u00a0$12,423<\/strong><\/p>\n

Five year price change (2011):
\n(10) Scarborough Town Centre<\/p>\n

Sold price (2016):\u00a0$496,951<\/strong><\/p>\n

Avg sold over asking:\u00a0$21,681<\/strong><\/p>\n

Five year price change (2011):\u00a055%<\/strong>
\n(11) L’amoreaux West<\/p>\n

Sold price (2016):\u00a0$509,765<\/strong><\/p>\n

Avg sold over asking:\u00a0$32,244<\/strong><\/p>\n

Five year price change (2011):\u00a073%<\/strong>
\n(12) Agincourt<\/p>\n

Sold price (2016):\u00a0$531,237<\/strong><\/p>\n

Avg sold over asking:\u00a0$29,794<\/strong><\/p>\n

Five year price change (2011):\u00a071%<\/strong><\/p>\n

Average Townhouses Priced $540,000 to $600,000<\/h3>\n

(13) Hillcrest Village<\/p>\n

Sold price (2016):\u00a0$541,595<\/strong><\/p>\n

Avg sold over asking:\u00a0$19.652<\/strong><\/p>\n

Five year price change (2011):\u00a059%<\/strong>
\n(14) Fairview Oriole<\/p>\n

Sold price (2016):\u00a0$543,407<\/strong><\/p>\n

Avg sold over asking:\u00a0$25,342<\/strong><\/p>\n

Five year price change (2011):\u00a065%<\/strong>
\n(15) High Park \/ Junction<\/p>\n

Sold price (2016):\u00a0$563,029<\/strong><\/p>\n

Avg sold over asking:\u00a0$28,332<\/strong><\/p>\n

Five year price change (2011):\u00a056%<\/strong>
\n(16) Church & Wellesley<\/p>\n

Sold price (2016):\u00a0$617,028<\/strong><\/p>\n

Avg sold over asking:\u00a0-$7,668<\/strong><\/p>\n

Five year price change (2011):\u00a052%<\/strong><\/p>\n

Average Townhouses Priced $600,000 to $640,000<\/h3>\n

(17) Leslieville<\/p>\n

Sold price (2016):\u00a0$619,493<\/strong><\/p>\n

Avg sold over asking:\u00a0$16,673<\/strong><\/p>\n

Five year price change (2011):\u00a072%<\/strong>
\n(18) The Beaches<\/p>\n

Sold price (2016):\u00a0$626,917<\/strong><\/p>\n

Avg sold over asking:\u00a0$3,537<\/strong><\/p>\n

Five year price change (2011):\u00a09%<\/strong>
\n(19) Dufferin Dovercourt<\/p>\n

Sold price (2016):\u00a0$631,744<\/strong><\/p>\n

Avg sold over asking:\u00a0$8,548<\/strong><\/p>\n

Five year price change (2011):\u00a057%<\/strong>
\n(20) Mimico South<\/p>\n

Sold price (2016):\u00a0$647,618<\/strong><\/p>\n

Avg sold over asking:\u00a0$14,339<\/strong><\/p>\n

Five year price change (2011):\u00a0n\/a\u00a0<\/strong><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The number of homes for sale is scarcer \u2013 and more expensive – than ever before in Toronto\u2019s real estate market, but that doesn\u2019t seem to dissuade buyers. Regardless of rising prices, mortgage rules and tight supply, they\u2019re determined to enter the market at any cost. It\u2019s a dichotomy frequently played out in housing headlines, […]<\/p>\n","protected":false},"author":39,"featured_media":10282,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[58,76,33],"tags":[],"class_list":["post-10278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-buying-a-home","category-real-estate-news"],"yoast_head":"\nPriced Out of the Detached Home Market? | Zoocasa Life<\/title>\n<meta name=\"description\" content=\"Townhouses can be an option for those priced out of the detached home market, according to data recently compiled by Zoocasa.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/priced-out-of-the-detached-home-market-consider-townhouses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Priced Out of the Detached Home Market? | Zoocasa Life\" \/>\n<meta property=\"og:description\" content=\"Townhouses can be an option for those priced out of the detached home market, according to data recently compiled by Zoocasa.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/priced-out-of-the-detached-home-market-consider-townhouses\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-03T06:00:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-04-13T16:01:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2017\/03\/Townhouse-Map-final-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Penelope Graham\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Penelope Graham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/priced-out-of-the-detached-home-market-consider-townhouses\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/priced-out-of-the-detached-home-market-consider-townhouses\/\"},\"author\":{\"name\":\"Penelope Graham\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/9a2554dc39c550f5ef3339b25aa1f09c\"},\"headline\":\"Priced Out of the Detached Home Market? 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Her commentary on the housing market is frequently featured on both national and local media outlets including BNN Bloomberg, CBC, The Toronto Star, National Post, and The Huffington Post. 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