The demand for high-rise buildings in Toronto has taken a hit during the pandemic, where densely packed city life is not as desirable as it was before. Changes in what people want out of a home have fostered an exodus to the suburbs.
Still, most of us have our feet firmly planted in the city and look at the range of city options like townhouses that offer a little more space for social distance than sleek glass towers with long elevator rides.
New data from the apartment listing website Strata highlights a handful of Toronto neighborhoods with the cheapest townhouses nearby, though the word cheap is relative at best. Average townhouse prices in the city soared to about $ 730,000 in August, or about $ 640 per square foot. Square foot (PSF), as many are looking for alternatives to condominiums.
“Townhouses provide at least some separation of space between work and private life, as many of them are spread over two or three floors,” says Strata.ca real estate agent Galina Sheveleva.
There are two main options for townhouses in the city; owner-occupied towns and condominium. These two types of cities have some pretty significant price differences.
A gap in the average price between condominiums and condominiums looks more like a chasm, with condominiums selling prices averaging about $ 367,000 more than condominiums.
Even with these significant differences in average price, a few pockets in the city still offer relatively low prices on condominiums in townhouses, including a few in upcoming areas with new and upcoming transit connections.
Without further ado, here are five Toronto neighborhoods where townhouse prices are still relatively low.
Average price: $ 708,000
Centered around the intersection of Bathurst and Finch, the Westminster-Branson area of North York offers easy access to major arteries with local treasures such as G. Ross Lord Park
Average price: $ 641,000
This forward-thinking neighborhood will benefit from a new station on the Eglinton Crosstown LRT next year, and property values are likely to increase when the new line opens to commuter traffic. Easy access to highways is a big selling point for those less likely to take the train.
York University Heights
Average price: $ 591,500
This area already got its new metro station a few years back, but relatively low prices continue to attract buyers to the area. Still, there are neighborhoods with even lower average prices, including one just around the corner from York U Heights.
Average Price: $ 565,000
These friendly neighborhoods, halved by a stretch of Kingston Road, are among the last places in town where a townhouse can be purchased for less than $ 500,000, slightly below the area’s average price. Eglinton GO Station offers quick commutes to the heart of downtown, although there are plenty to see nearby such as The Guild Inn Estate and Bluffs.
Jane and Finch
Average Price: $ 510,000
Surprisingly absolutely no, Jane and Finch is the cheapest area to buy a townhouse, although buying into the area can be a prudent investment as the local area sees some of the highest appreciation rates in Toronto. At an average price of $ 510,000, townhouse prices in the neighborhood are about $ 220,000 below the average across the city.