For every action, there is a reaction. In my 33 years in real estate marketing I’ve seen trends come and go, but none is as surprising as the rise of urban townhomes in Toronto. As the demand for box-in-the-sky condos grows, so does the demand for an alternative.
The condominium, as we know it, seems to be getting smaller and more expensive in the GTA, while a traditional detached home within the city tends to be out of most people’s price range. At the moment, the urban townhome fills the need for ground oriented living while being more economical than a detached home. Many of these townhomes are reasonably priced, and are a great option for move-up buyers moving out of condos. The only drawback I fear is the inability to meet the demands of the market, ultimately upping the price. For every townhome community BAM is involved with, and for the many projects I read and keep an eye on, these homes are sold at lightning speeds.
Take for example Villagio by Empire Communities. The BAM team put our heart and soul into this project and we are happy to say it’s a great success, with occupancy slated to begin in 2014.
The reality is, the demand is there but the need is not being fulfilled. Where land is such a sought after commodity, building up isn’t always the answer. Ground oriented homes at affordable prices are selling fast and BAM would like to fill that need by bridging the gap between buyers and builder, moving forward.