If the COVID-19 pandemic has taught us anything, it’s that many of us are realizing the need for more space. Whether it’s an extra room for that home office or a sudden desire for your own backyard — a lot of homebuyers are making square footage their biggest priority.
But with surging property values across Toronto, it may be difficult to afford all that extra space. And if it’s not feasible to buy a roomier home in the suburbs, then a condo townhouse within city limits may be the perfect choice.
Last month in Toronto, the average townhome sold for about $640 per square foot (PSF) or roughly $730,000. And with people now craving more space, townhouses have become even more attractive.
“Townhomes provide at least some separation of space between work and personal life, since many of them are spread out over two or three floors,” says Strata.ca realtor Galina Sheveleva.
She also adds that high-rise condos have been at somewhat of a disadvantage during the pandemic as residents struggle to maintain personal space, while making their way up to individual units.
“Add to that an older set of slow elevators or an elevator that’s not in service, and you’re spending what feels like half your life waiting to get up to your place.”
According to agents, the biggest reason why buyers choose to purchase a condo townhome over a freehold townhome is the price difference. Sheveleva points out that in Toronto, the gap in average price between the two is about $367,000, which is quite significant.
“Another reason for choosing condo townhouses is the lower level of upkeep on the property, since all the common elements and exteriors are maintained by the condominium corporation,” she adds.
If you’re convinced a condo townhome may be the way to go — then check out the cheapest neighbourhoods below, plus some of the properties you can find there!
Stretching along Scarborough’s beautiful waterfront, the neighbourhood of Scarborough Village-Guildwood will often land you the best bang for your dollar. With some of the lowest townhome prices in Toronto, this area offers a quieter lifestyle surrounded by nature — without having to leave the city.
91 Muir Drive, Unit 92 | 3 beds, 2 bath | Asking price: $549,900
91 Muir Drive, Unit 26 | 3 beds, 2 bath | Asking price: $629,900
50 Scarborough Golf Club Rd, Unit 133 | 3 beds, 2 bath | Asking price: $499,900
This family-friendly neighbourhood also encompasses the main campus at York University. Sometimes referred to as Northwood Park, York University Heights is a large multicultural area with lots of greenspace and recreational facilities. Residents love the easy access to popular shopping centres like Yorkgate Mall, while younger families enjoy regular outings to Black Creek Pioneer Village.
37 Four Winds Drive, Unit 20 | 3 beds, 2 bath | Asking price: $649,900
37 Four Winds Drive, Unit 40 | 2+1 beds, 2 bath | Asking price: $655,000
Mount Dennis is about to get much more accessible, thanks to the new Eglinton Crosstown LRT. Located along Eglinton Avenue between the Humber River and Kitchener GO line, residents can easily access Highway 401 with a quick journey up Black Creek Drive. Aside from its close proximity to major shopping districts, the area is also known for its vast greenspaces at Fergy Brown and Gladhurst parks.
54 Sydney Belsey Cres, Unit 103 | 3 beds, 2 bath | Asking Price: $499,900
56 Sydney Belsey Cres, Unit 204 | 3 beds, 2 bath | Asking Price: $670,000
Traditionally popular with immigrants from the former Soviet Union’s Jewish minority, this North York neighbourhood has become increasingly more diversified over the past few years. Westminster-Branson envelopes the eastern portion of G. Ross Lord Park and the northern tip of the West Don Parkland. Conveniently located at Bathurst and Finch, residents have easy access to major arteries like Highway 407 and The Allen.
Although it may have some of the lowest condo prices in the city, Jane and Finch also boasts one of the highest appreciation rates in Toronto. Located in the city’s northwest corner, the area is easily accessible to various parts of the GTA due its close proximity to Highway 400. Jane and Finch is a high-density neighbourhood with a good mix of freeholds and high-rises. But still, there are many townhomes on the market well below the city’s average.
21 Gosford Blvd, Unit 9 | 2+1 beds, 2 baths | Asking price: $599,900
75 Driftwood Ave, Unit 25 | 3 beds, 2 bath | Asking price: $699,000
2901 Jane Street, Unit 115 | 3 beds, 2 bath | Asking price: $599,000
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