FOR IMMEDIATE RELEASE:
Bidding Wars Becoming More Common For Toronto-Area Townhouses
May 15, 2015
Toronto area townhouses are in high demand, with recent market trends indicating an increased interest in moderate to low-end price ranged townhouses beating the demand for traditional apartments and condos in the same price range.
Increasingly rare listings lead to bidding wars among townhouse, which signal a hot commodity for current townhouse owners. Real Estate Sales Representative Davelle Morrison cites shorter listing durations as one of the main factors for townhouses emerging as one of the top choices among many of her clients.
"The price range for townhouses can be anywhere from $300K+ to well over $1.5mill. The challenge is that townhouses on the cheaper end of the scale are so popular because they simply don’t come up for sale very often,” Morrison said. “According to TREB, the average number of days on market for a condo apartment in Toronto is 28 days whereas a condo townhouse is generally only 18 days. The number of listings for condo apartments is over 16,000 while there are only 3,500 condo townhouses on the market since January.”
Morrison observed many of the condo townhouses in prime locations with sale prices coming in 14%-21% of the asking price.
“I can definitely see the values of condo townhouses increasing as those who currently live in condos want to move up but don’t love the idea of moving into 100-year-old house which happens to be most of the housing stock of most homes in Toronto these days” Morrison said. “Of course the challenge with creating more condo townhouses is that the land costs are high, so it’s difficult for developers to justify building more of them.”
For more information contact Davelle Morrison of Bosley Real Estate Ltd., Brokerage at 416-481-6137