Is a Toronto Townhouse The Right Space For You?

 Toronto Row Houses and Townhouses The Right Space For You?

newtownhouses

Row houses or townhouses as they are now called are defined as several similar single family homes which are located side-by-side and joined by common walls.   Now some are freehold, with no monthly maintenance fee, while others are townhouses which charge a monthly maintenance fee to cover off common elements such as landscaping/snow removal and possibly recreational facilities.

First off, here is a quick look at what you can expect in a row house or townhouse lifestyle:

  • either one or two shared walls
  • private entrance
  • less privacy than a detached or semi-detached property
  • possible maintenance fees
  • shared common elements
  • multi-level living space
  • access to a private deck or green space
  • more affordable than detached and semi-detached homes

What I have done is pull monthly sales for 2013 as they relate to the overall City of Toronto and then comparing it to Toronto Central, Toronto West and Toronto East.

Toronto Townhouse Monthly Sales 2013Geographic AreaMonthly SalesAverage PriceMedian PriceAverage Selling Price to Listing PriceAverage Days on Market
January 2013City of Toronto56$537,370$515,500100%28
 Toronto Central16$737,712$750,000100%48
 Toronto West16$511,328$515,500100%25
 Toronto East24$421,171$382,00099%17
February 2013City of Toronto74$585,670$547,500101%21
 Toronto Central 23$803,355$685,000100%25
 Toronto West15$534,387$545,000102%23
 Toronto East36$467,961$427,800101%18
March 2013City of Toronto99$595,644$558,000100%18
 Toronto Central26$851,658$760,000100%20
 Toronto West24$538,870$530,000100%23
 Toronto East49$487,607$466,500100%14
April 2013City of Toronto140$559,635$510,500101%16
 Toronto Central 39$735,387$655,100101%12
 Toronto West46$539,112$545,750101%16
 Toronto East55$452,176$429,990102%18
May 2013City of Toronto142$566,076$533,500101%18
 Toronto Central40$738,446$698,250101%15
 Toronto West39$555,938$545,00010017
 Toronto East63$462,911$455,000101%20
June 2013City of Toronto115$562,920$545,000101%19
 Toronto Central36$706,215$656,500100%19
 Toronto West29$546,707$571,000101%19
 Toronto East50$468,570$433,000101%18
July 2013City of Toronto102$577,599$522,00099%26
 Toronto Central23$826,315$721,00099%22
 Toronto West27$561,593$517,0098%26
 Toronto East52$475,902$459,000100%29
August 2013City of Toronto81$533,692$500,000100%20
 Toronto Central16$706,692$666,50099%35
 Toronto West26$575,435$592,500100%21
 Toronto East39$434,890$418,000100%14
September 2013City of Toronto99$600,432$545,000100%17
 Toronto Central29$836,686$761,000101%16
 Toronto West28$552,229$576,300100%16
 Toronto East42$469,439$467,750100%19
October 2013City of Toronto120$604,963$557,500101%17
 Toronto Central26$795,712$772,500103%16
 Toronto West40$586,009$576,000100%20
 Toronto East54$527,161$457,000100%16
November 2013City of Toronto73$614,435$575,000100%21
 Toronto Central23$808,646$770,000100%20
 Toronto West25$566,966$567,000100%18
 Toronto East25$483,200$430,000101%24
December 2013City of Toronto47$583,593$550,200101%23
 Toronto Central12$751,317$702,900101%17
 Toronto West15$585,219$568,800101%31
 Toronto East20$481,739$451,500100%20

It should be noted that the statistics I used were pulled directly from the Toronto Real Estate Board (TREB) and do not include condominium townhouses.

If you are looking to buy a row house or townhouse in central Toronto you will find that they are the most expensive.  What’s unique to this area is you will have older row houses in Cabbagetown or The Annex which sell for more than a detached or semi-detached anywhere else in the city.   However with land values in Toronto’s central at a premium, developers are building new townhouses in neighbourhoods such as Bayview, Dufferin Grove and Niagara.  If you would have purchased a townhouse in January of 2013 you would have paid on average $737,712, however if you had waited until the end of the year the average selling price was $751,317.

With row houses and townhouses in Toronto’s west-end you are looking at neigbourhoods like High Park, The Junction and Stonegate/Queensway.  You will see active townhouse construction in the west-end as buyers are attracted to the price as well as the easy access to Toronto’s core.   Toronto’s west-end is second behind Toronto Central for having the highest average prices.   If you were purchasing in January you would have paid out $511,328 and if you bought in December expect it to cost on average $585,219.

Toronto east continues to be the most affordable in buying a row house or townhouse. It should be said that there is a diversity of this type of house when you consider established neighbourhoods like Riverdale, Danforth Village and Upper Beaches are setting the benchmark in attracting higher prices due to proximity to Toronto’s core.    Neighbourhoods further east such as Guildwood, Highland Creek and Malvern are areas where townhouses sell for considerably less than those closer to the city.   A Toronto East row house/townhouse in January of 2013 sold for $421,171 and at the end of year these units were selling for $481,739.

Freehold row houses and townhouses are always attractive to most buyers as they want to avoid those monthly maintenance fees.    In our city we are fortunate to have such a range of older and new properties throughout the city to meet any buyer’s criteria and lifestyle.