Zoocasa <\/a>agent Carlos Moniz says the increasing popularity of townhouses outside of the city has not escaped his attention. That goes for buyers of course, but also developers.<\/p>\n\u201cLand is very scarce, especially in the city and even into the suburbs,\u201d he says. \u201cSo any developers that are buying land now, they obviously want to get the biggest returns they can. What they are doing is building townhouses to maximise their profits. If they buy a piece of land, they are able to put ten townhouses on the same space as three or four detached homes.\u201d<\/p>\n
Houses Increasingly Expensive Beyond City Limits<\/h2>\n
In the past, those electing to move to the suburbs usually did so because family homes were much more affordable. Nowadays, however, double-digit growth in terms of prices has spread way beyond the downtown core. This changes the dynamic for an increasing amount of people, so townhouses are becoming the choice of many.<\/p>\n
\u201cAffordability is a huge problem for a lot of people,\u201d says Moniz. \u201cThey might dream of having that semi-detached or detached house, but the reality is that as they are saving, the market appreciates in double digits and you\u2019re probably falling further behind. You might put away $10,000 a year in savings, but the market is appreciating by $50,000.\u201d<\/p>\n
Consider Commute Times<\/h2>\n
Of course, the downside of living outside the city is the fact that, for most people at least, you probably work downtown. The dreaded commute is the bane of many a suburbanite, and with most of Toronto\u2019s main arteries only getting worse in terms of congestion, it makes good public transport all the more important. Fortunately, things are getting better in that regard, as Moniz explains.<\/p>\n
\u201cOne area that I am highlighting is Stoney Creek,\u201d he says. \u201cYou have the GO Train there that will be expanding further west, and as that happens it is going to be a very popular area. It\u2019s a great family area but still affordable.\u201d<\/p>\n
The GTA is not renowned for its public transport, so it\u2019s good to see that positive steps are being made for the increasing number of people that travel to work everyday from outside the 416. As the ability to commute becomes less of a hardship, more and more developments will be springing up all the time.<\/p>\n
\u201cI also like Ancaster and Guelph, you see lots of townhouses being built around the transit hubs,\u201d says Moniz. \u201cCloser to the city you have Mimico, an area where there are tons of townhouses being built. If you get the GO train there you are only two stops to downtown \u2013 a commute of 15 minutes.\u201d<\/p>\n
That proximity, while convenient, doesn\u2019t come cheap, however.<\/p>\n
\u201cMimico is still in Toronto really so you are looking at Toronto prices,\u201d says Moniz. \u201cIf it\u2019s a townhouse where you own the building top to bottom, you are still looking at $800,000. If it is a stacked town you can find them in the $650,000 to $750,000 range. If you are in a basement it would probably be around $550,000 to $650,000.\u201d<\/p>\n
Townhouses a Growing Option for Urban Living<\/h2>\n
For those with a tighter budget, there are plenty of other options when it comes to townhouses. These type of residences are becoming commonplace right throughout the GTA, and because public transport is negating the need to sit in traffic every morning and evening, they will only grow in number as more and more people come round to the idea of suburban living.<\/p>\n
\u201cA more affordable area that is being gentrified is Weston,\u201d says Moniz. \u201cThe UP Express is the most convenient transit around. I have sold a full townhouse there for $550,000. If you go to Pickering or Ajax \u2013 all those areas along the GO Train are building townhouses. I just sold one to a client in Pickering where he could walk to the GO train. Around there they sell around the $500,000 to $550,000 range.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The latest release from the Toronto Real Estate Board on sales figures for November wouldn\u2019t have surprised anyone paying attention to the growth trends this year. The weather might be getting colder, but the housing market in the GTA certainly isn\u2019t, with 8,547 home sales throughout the month, representing a 16.5%increase compared to November 2015. […]<\/p>\n","protected":false},"author":47,"featured_media":8901,"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],"tags":[],"class_list":["post-8899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-buying-a-home"],"yoast_head":"\n
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