11/14/2023
Amid the many interest rate hikes and ever-changing conditions we’ve seen in markets across the country, there are other stories interwoven. A big one is about the affordability of townhomes.
Some markets are still hot and relatively affordable (such as Calgary), whereas others, like Toronto, may be heading toward a 20-year record low.
A report* by Zoocasa dives into the affordability of townhouses across the country and what a down payment today looks like vs five years back.
Home price drop may open up townhome market
To paint an overall picture, home prices dipped by 1.2 per cent monthly last month to just over $740,000, though this doesn’t reflect prices as low as we saw in 2018. Many Canadian cities saw huge price increases and affordability issues over the past few years, so, this drop will hopefully open up markets to interested buyers waiting in the sidelines.
Wide range of prices and increases
The country’s price growth proved to be quite varied. While most of the analyzed markets saw required townhome down payment increases of under-$20,000 and six saw less than $5,000, one stood out with an increase of over $160,000.
