Canada’s real estate trend is constantly changing, and there are different types of properties out there. It is always a question of which is the right property to buy? In this post, we are throwing some light on the basics of townhouses and its latest market trends that can help you decide whether townhouses are the right kind of property for you.
Townhouses are multi-story dwelling units that share walls with adjacent properties. In most areas, townhouses look identical, built in a row with specific amenities. If owning a single-family house is out of your budget, and you are not comfortable with the living setup of the condominium, a townhouse can be a perfect middle-ground.
You own more land by owning a townhouse compared to a condo. It also comes with amenities similar to a condo like a swimming pool, gym, community hall, and the likes. The facilities will not be as extensive as a condo. But, it is something you can let go of as you will be saving on the maintenance cost. There will be a house owner association that handles cleaning the community, garbage removal, snow removal, etc.
Townhouses are mostly gated so that it is more secure than a detached – single house. It also gives a sense of community. You often get a yard space or a garage which is not the case in a condo. Because of its aesthetic value and convenient living, townhouses are in prime locations with easy access to schools, parks, and the city] center.
Some drawbacks come with owning a Townhouse as well. To maintain the aesthetics, you will not be allowed to make any significant physical changes to the house exterior. As you share common walls, noises from the adjacent houses can be audible. Some might find the rules of the house owner association inconvenient; the monthly maintenance fee to the association is an additional expense. A townhouse might not be the property to consider for the long term if you want to settle in a more peaceful place or if you want more space like a backyard for your kids to play.
Let’s see the recent market trends of townhouses.
According to the Toronto Real Estate Board, the total townhouse sales in the month of June 2021 is 1971 for an average price of $859,411. Let’s compare it with last month.
Area Wise :
|Area||Number of Sales||Avg Price||New Listings||Active Listings|
|City of Toronto||299||$813,109||489||377|
As we said before, the real estate market trends are always changing and it impacts any kind of property. It is the individual’s responsibility to know the basics, analyze the trends and make the right decision.