Oshawa townhomes take top two spots on ten most in-demand properties in GTA
Suburban townhouses are the most in-demand properties in the GTA, according to a report from Strata.ca.
With one east-end Toronto exception, the top ten townhouses for value are all in the ‘burbs, including three in Oshawa.
Oshawa took the top two spots for a pair of southside properties (960 Glen and 1300 Oxford), as well as number five on the list.
Clarington (4), Whitby (6), Mississauga (8, 10), Oakville (7), Burlington (9) and Toronto’s Beach neighbourhood (2) round out the list.
To rank properties based on their demand, Strata.ca looked at three criteria:
- Number of days that 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,” says 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 says.insauga's Editorial Standards and Policies advertising