Toronto and cheap real estate are rarely ever used in the same sentence, but it turns out that there are still some pockets of the city where you could snap up some decent square footage for an affordable price. A new report by Strata.ca says that there are 5 neighbourhoods where the price of a townhome is way less than the city’s average.
In August, Strata says that the average townhouse sold for roughly $730,000 — in these 5 areas, though, you’ll find spacious homes for nearly $200,000 less. That’s because many homebuyers are opting for condo townhomes as opposed to freehold.
Condo townhomes are not only more affordable than freehold, but they’re also easier to maintain. According to Strata realtor Galina Sheveleva, the price difference between the two is $367,000. Condo corporations are also responsible for the upkeep of common elements and exteriors, which means less work for the property owners who live there.
Strata also provides a few listings that showcase the value you could get in some of these neighbourhoods. For example, This 3-bedroom townhome in Scarborough is on the market for $549,900. A home in Mount Dennis with the same number of bedrooms is listed for $499,900.
Here are the 5 most affordable neighbourhoods in Toronto for buying a townhome, according to the report.
- Scarborough Village-Guildwood – Average Price: $565,000
- York University Heights – Average Price: $591,500
- Mount Dennis – Average Price: $641,000
- Westminster-Branson – Average Price: $708,000
- Jane and Finch– Average Price: $510,000