Are Condo Townhouses The New Entry Level “Family Home?”

Are Condo Townhouses The New Entry Level “Family Home?”

In February, 2015 the average price of a Detached Toronto Freehold property made its head north to $ 1,040,018 for the first time ever.

But the question arises, not every buyer is looking for a Detached home, it is becoming very difficult to find a single-family house in the central core for under $ 600,000.

In my opinion, it is best to look for a Condo Townhouse if you’re looking for a starter home.

There is no question that there is a huge difference between a condominium townhouse and a freehold townhouse, but since the prices are getting higher and higher in Toronto, I think that Condo Townhouses will be the best choice for future home buyers.

In a typical condo townhouse usually, the main floor of the unit has a fair sized living/dining/kitchen and then two bedrooms both above average in size. The master usually has a huge walk in closet. Downstairs the unit are split level. You cannot call the second level “basement” at all as the window is at eye length. The massive space downstairs allows you to have numerous options like child’s plan room, party room etc.

This, ladies and gentlemen, is a fantastic alternative for those who cannot afford a single family dwelling.

A condo townhouse in Toronto gives freedom of keeping the location downtown, but moving away from high-rise, and into what feels like a “Home”

In a perfect world every Torontonian would be able to afford a freehold property, but the “price floor” in the city continues to rise. Hence, if you are a single person, small family or a young couple with a baby this is an inexpensive and stress free property option.

PROS:

·         Multi-Level layout with the traditional house “feel”

·         2-bedroom, 2-bathroom floor plan with 2nd bedroom more than big enough for a nursery

·         Quiet street, leafy, tree-lined, with street parking if we need a second car or for parents

·         Red brick construction “like” a house

·         $150,000 cheaper than XX House (something you had also considered around $700K)

·         Lower taxes offset high(er) maintenance fees

·         Zero maintenance and upkeep needed; spend more time with the babe

·         Rooftop terrace is “urban backyard”

CONS:

·         Not a house

·         Appreciation potential not as good as a house

So I’m not saying you can’t have a child in a high-rise condo, but many of my first-time house-buyers come to me because they want to start a family, and they think that it just can’t be done in a high-rise condo.

To each, their own.

But if you don’t want to have a child in a high-rise condo, and you can’t afford $800,000 for what you “want” in a freehold house, then consider a condominium townhouse.

Editor: Neha Charan