Soooo... who else is renting for life?
Buying a townhouse in Toronto is pretty much a pipe dream these days, and since most people are well aware of that fact, they've been looking outside of the big city to find something more affordable. Now because of that, even Toronto's suburbs are getting sucked into the pricy real-estate bubble.
A new Strata report explains that since detached homes in the 6ix are over $1 million on average, more people "chase after the next best thing" and look for a townhouse to buy (especially since they average out to be $730,000 in the GTA.)
The real estate site has used their data to show the effect of Toronto's expensive AF housing market and what it's done to neighbouring areas outside of downtown.
In order to determine these rankings, they've considered three key criteria: the number of days a house spends on the market before it gets bought, the appreciation rate of the home over the last couple of years, and how much a homeowner spends in relation to the original asking price.
More and more Ontarians have been GTFOing from the GTA since the start of the pandemic in order to look for more affordable homes, but Strata said they didn't expect suburban townhouses to be the cream of the crop for real estate choices.
"Buys are looking for the best mix of space and affordability, which is more easily found in the suburbs," Ben Lavrysen, a Strata realtor, said in the report. "Expect competition to increase even further for this limited housing category as we continue to see the lowest active MLS listings in 25 years."
Ontario home buyers are now paying an average of 8.5% above the listing price for townhouses. For example, one townhouse in Lakeview Park in Oshawa spent just six days on the market before getting bought out at 32% over the asking price. Another home in the area of Bowmanville in Clarington spent seven days on the market before homebuyers spent 24% more than what the homeowners originally asked for.
Housing markets in smaller Ontario towns like Brantford have also had their housing markets boom over the course of the pandemic, too.
According to Strate, the most in-demand condos right now include:
- 960 Glen St., Oshawa
- 1765 Queen St. E., Toronto
- 1300 Oxford St., Oshawa
- 72 Martin Rd., Clarington
- 611 Galahad Dr., Oshawa
- 901-945 Burns St. W., Whitby
- 1270 Gainsborough Dr., Oakville
- 2035 South Millway, Mississauga
- 3050 Rotary Way, Burlington
- 1905 Broad Hollow Gate, Mississauga
This article's cover image was used for illustrative purposes only.
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