Burlington townhome complex on list of GTA’s highest valued properties
A Burlington property is among the top 10 townhouses for value in the GTA.
A report from Strata.ca listed the most in-demand properties in the GTA and all of them, except one, were in the suburbs outside Toronto.
The Burlington property that finished ninth on the list is at 3050 Rotary Way, in Millcroft-Uptown neighbourhood.
Other communities represeented on the list include Oshawa, Whitby, Mississauga, Oakville and Clarington.
To rank properties based on their demand, Strata.ca looked at three criteria:
- Number of days a unit spends on market before it’s sold
- Appreciation rate over past two years
- Average sale-to-list-price ratio (how much a buyer typically pays in relation to the original asking price)
According to Strata.ca’s Broker of Record Robert Van Rhijn, Ontarians had always known a mass migration of sorts was taking place as homebuyers looked outside the city for affordability. But still, his team didn’t expect suburban townhomes to dominate the list as much as they did.
“With the average price of a detached home now above $1 million, it only makes sense for people to chase after the next best thing,” said Van Rhijn, noting the average price of a GTA townhome is $617 per square foot, or roughly $730,000.
Strata.ca realtor Ben Lavrysen agrees, saying the battle for townhomes is being largely fuelled by low inventory.
“Expect competition to increase even further for this limited housing category as we continue to see the lowest active MLS listings in 25 years.”
That low inventory also means homebuyers on average are paying a stunning 8.5 per cent above the list price for townhomes.
“Expect competition to increase even further for this limited housing category as we continue to see the lowest active MLS listings in 25 years,” Lavrysen said.
- 3050 Rotary Way | Millcroft-Uptown, Burlington | Townhomes
- Average DOM: 4 days
- Appreciation Rate: +19%
- List vs. Selling Price: 12% above asking