In the face of a pandemic, the allure of a downtown condo or hip urban apartment suddenly is not so appealing. Not when there are cramped elevators, limited space, and no direct outdoor access.
Many renters want out of their tiny living spaces, but either cannot afford to buy a single-family home, do not qualify for a large mortgage, or do not want to relocate hours outside of the city to where a home MIGHT be within their grasp.
Townhomes and the “missing middle”
While many more just do not want the responsibilities or permanence of home ownership, with all the repairs and shovelling and mowing that go along with it.
This is where new townhomes in Toronto and townhomes in Mississauga are an excellent investment opportunity.
Townhomes satisfy a growing need for a specific type of housing in Toronto by addressing the issue of what the Canadian Centre for Economic analysis called in its 2018 report, “the missing middle”.
“Townhouses, stacked townhouses or semis—products for people who don’t want to be in condos and can’t afford detached—fill the gap, and it’s been an issue for years,” Dunpar Homes COO Michael DiPasquale recently explained to Canadian Real Estate Magazine.
“COVID has ramped up focus on solving the missing middle because it’s nice to have two or three bedrooms and 1,500-2,000 sq ft as opposed to 500-600 sq ft in a condo.”
Pandemic changes living priorities
Potential buyers and renters are looking to live in a home with an open concept design and one with versatile living spaces that can be used for everything from a home office to a yoga studio, a nursery to a home classroom.
They also want direct access to the outdoors; a front door and entry of their own, a bit of garden, rooftop terraces and walkout balconies and eating areas. They want natural light and surfaces that are easily cleaned and disinfected. They also want access to nearby trails and their own dedicated parking. They want the homeowner experience, without owning the home.
Return on Investment
A new townhome in Toronto or townhome in Mississauga is an exceptional income opportunity. A Dunpar Homes luxury townhome is a smart financial investment. Dunpar Homes always completes its projects and our homes invariably appreciate in value. You will benefit from the increased value of your property, gaining equity as time progresses, while having tenants whose rental income will most likely cover your mortgage. Historically, townhomes in Toronto have appreciated faster than condos, and therefore are a sounder investment. Dunpar takes care of your investment’s exterior seasonal maintenance (no shovelling or mowing for you!), while you retain full control over the interior and exterior of the home itself. Dunpar’s maintenance fees are highly competitive and include parking.
Another perk of purchasing a new townhome in Toronto or new townhome in Mississauga as opposed to purchasing an existing home is that much of Toronto’s housing stock is more than 100 years old. And with older homes come old problems. A new townhome in Toronto has new finishes, heating, and A/C and none of the dodgy pipes, old electrical or termite issues of an older home. Plus, your new townhome is backed by a full Tarion warranty.
With historically low interest rates expected to continue into the foreseeable future as well as a rampant demand for more space and outdoor access, the time to invest in new townhomes in Toronto as an income property to build equity has never been better.
To find out more about our townhomes for sale in Toronto and our townhomes for sale in Mississauga, please visit www.dunparhomes.com