If you thought a townhome might be an affordable alternative that offers a little more space than a condo, think again.
Even in the Greater Toronto Area’s suburbs, the average price of a townhome is currently $617 per square foot or roughly $730,000, according to real estate analyst Strata. Though this is still far cheaper than the $1 million average detached home cost the region is hovering at, it’s still a hefty price to pay for a space that isn’t that much bigger than a large condo.
Far outside the downtown Toronto core, homebuyers are paying an average of 8.5 percent above the listing price on average due to the limited supply of townhomes.
Even condos are in high-demand right now, and not just in downtown Toronto. Strata compiled a list of the top 10 condos/townhomes across the region, and only one Toronto The Beaches low rise home made the list.
All of the other properties are located in areas far outside of the city, including Oshawa, Burlington, Bowmanville and more. One Oshawa townhome complex even has an average selling price of 32 percent above asking and just six days on the market.