As I continue to research various properties across communities and neighbourhoods it has become clear that Attached Townhomes or Townhouses are very popular.
I have researched 2 specific areas in Oshawa and Whitby for Townhomes and the basis for the research is a bit easier as there is a common benchmark for these types of homes. Most of the recent builds in the area provide 3 Bedroom and 3 Washrooms and provide roughly 1400 – 1700 square feet. There are some Townhomes that provide additional upgrades such as a lucky few that have a walk out or walk up basement. This feature is truly valuable as accessing the back yard is much easier and and so is storing your garden tools or patio furniture.
In the areas I have researched, there is a consistent increase in the values of these types of homes – It’s not affected by the overall price of the Home as the percentage increase seems to be the same not matter if you are talking about a $240,000 home or $300,000 (yes some Townhomes are selling in excess of $300,000 – just look at Brooklin and the area of Williamsburg in the western portion of Whitby). These homes have experienced growth on average of roughly 5% – 7% over the last 2 years. Now this is not an exact science but it’s close as I can get based on recent sales. I went one step further and have broken down some of the research to the individual streets in a certain neighbourhood. My best example would be some research I did in Whitby where 3 streets had a variation of $4,500.00 from street to street. This is most likely due to small neighbourhood influences such as location of the street. The main street that is the feeder from the major street such as Thickson, Harmony or Rossland usually has a slightly lesser value because it is a busier street and sometimes can be a nosier street.
Back to the research – Lets say you Purchased a Townhome from a builder 4 years ago for $230,000 if we only calculate a 5% increase over the past 2 years, your value has increased to $253,575 (calculated using a 5% increase for 2 years) and that is on the conservative side. Now factor in we are in a bit of sellers market you might realize a bit more increase in value.
Townhomes are also very popular because they appeal to the widest cross section of buyers – First time home buyers like them because they are manageable and affordale to maintain. People retiring also like them because most are downsizing from a larger 2 Storey home but do not want to give up on some of the conveniences they have had over the last 15 – 20 years. Townhouses today quite often have Master En-suites and Walk-In Closets, Not to mention most have larger, modern and well laid out kitchens. Townhomes are quite often built in very convenient locations – Close to Shopping, Public Transit and recreation areas.
For More Information on Townhomes – whether you are looking to purchase one or move up from your existing Townhome please contact me and I will provide you the appropriate research and information so you can make a well informed decision.
RE/MAX JAZZ Inc.
21 Drew Streeet
(905) 435-7355 Direct
Side Note: If anyone can tell me the exact or correct spelling of Townhome / Townhouse I would sincerely appreciate the feedback. It would appear spell check and my proof reader don’t like either version