458 BEECHWOOD Place Unit# 5, Waterloo, N2T1Y9
458 BEECHWOOD Place, Waterloo, Ontario N2T1Y9
402 LINDEN Drive, Cambridge, N3H5L5
402 LINDEN Drive, Cambridge, Ontario N3H5L5
85 BANKSIDE Drive Unit# A7, Kitchener, N2N3M4
85 BANKSIDE Drive, Kitchener, Ontario N2N3M4
#86 -121 UNIVERSITY AVE E, Waterloo, N2J4J1
121 University, Waterloo, Ontario N2J4J1
402 LINDEN DR, Cambridge, N3H5L5
402 Linden Drive, Cambridge, Ontario N3H5L5
476 KINGSCOURT Drive Unit# 25, Waterloo, N2K3R3
476 KINGSCOURT Drive, Waterloo, Ontario N2K3R3
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Townhouses in Kitchener-Waterloo
Greetings! Welcome to the WRX Property Group blog and website. Today, we’re rolling along with our in-depth series on the specific types of homes for sale in Kitchener-Waterloo. We’ll be looking at what each type of house looks like, common features, advantages and disadvantages, and the specific market within Kitchener-Waterloo (including location and pricing). Let’s get started!
See Townhouses for Sale in Kitchener-Waterloo
In our previous analysis of Common Types of Home for Sale in Kitchener-Waterloo, we gave Townhouses the succinct description of: “Townhouses come in groups of three or more; properties share sides (occasionally back walls) with other townhouses in their overall unit.”
Additionally, we described a common variety of Townhouses (Stacked Townhouses) thusly: “Stacked townhouses are three or four-level buildings with multiple townhouses stacked on one another; these differ from apartment-style condominiums insofar as each has its own separate entrance and front door.”
Townhouses, by virtue of building up rather than out, are typically much more space-efficient than detached and even semi-detached houses. Townhouses typically feature more floors than the average house, and most townhouse units in a row will share two walls with adjoining townhouses (the ones on the far sides naturally share only one wall).
Differentiating a Townhouse from a unit in a multiplex, however, is the fact that Townhouses feature their own, private entrances (and also, it’s much less common for multiplex units to feature multiple storeys, whereas it is the norm for townhouses).
Freehold Townhomes versus Condominium-Style Townhomes
Before we dive into the Kitchener-Waterloo particulars, there’s one final facet to Townhouses that we need to consider. That is the difference between Freehold Townhomes and Condominium Townhomes. Let’s take a quick look at the main points of our past definitions:
Freehold – “In the simplest of terms, this means you own your property (and the land on which it’s located) rather than living there under the terms of a lease.”
Condominium – “You own the interior of your specific condominium, but not the overall building, nor the land upon which it all sits.”
When you purchase a Freehold Townhouse, you are purchasing the property and your portion of the land. You are the owner outright, which means you have more control over the property, but also more responsibility. Because you will own more, Freehold Townhouses can involve higher overall prices, though not necessarily higher prices per square foot (including lawn).
When you purchase a Condominium Townhouse, you are purchasing it as a ‘unit’ – you do not own the building itself, or the land, but rather the interior (the home, as it were). Many condos involve condo fees, which go toward maintaining the overall structures and the land.
Before we move on to Townhouse prices in Kitchener-Waterloo, it’s worth noting that Freehold Townhouses are not only good options for first-time buyers, families, and people looking for a lower average price than those available in semi-detached and detached homes. Freehold Townhouses can also be worthwhile for investors, whether purchasing the property to join in the Kitchener-Waterloo real estate market (prices still show an upward trend), but also to convert into a Condominium Townhouse that they, in turn, rent out.
Price of Townhouses in Kitchener-Waterloo
Prices range from just under $170,000 to up to around the $600,000 – $700,000 range. Townhouses on either side of that range tend to be a bit harder to come by, but in the case of the higher-price point Townhouses, most can be in particular areas (northeast Waterloo and southeast Kitchener, for example). While there are townhouses on both the higher and the lower end of that scale, the most fall somewhere in between.
Looking through recent sales data, it’s clear that Townhouses continue to appreciate in value, while also offering a lower price point for those looking to join the Kitchener-Waterloo real estate market as homeowners. The lower price Townhomes are primarily Condominium-style: essentially, homes under $250,000 are almost all Condominium Townhouses as opposed to Freehold. Freehold Townhouses become more common as prices climb past the $300,000 mark.
Let’s look at the difference a year makes: in November 2017, there were 27 Freehold Townhouses sold in Kitchener-Waterloo; in November 2018, there were 31 Freehold Townhouses sold. In terms of average price, Freehold Townhomes went for an average of $369,678 in November 2017. That price actually went down in November 2018, to an average of $361,177. Prices and quantities sold can fluctuate month to month, but they’re a good indicator of both the health and stability of the market.
Moving to the first stats release of 2019, the sales figures from January 2019, we see a total of 17 Freehold Townhomes sold, at an average price of $368,227. As noted previously, the price range for Townhomes in Kitchener-Waterloo runs from around $170,000 to $600,000+, and this average falls fairly close to dead centre between them.
Size is a factor in the price of a Townhouse, as are location and date of construction. Whether you’re looking for something on the higher end of the spectrum or the lower end of the spectrum, you can often find clusters of similarly-priced options, particularly by narrowing your search to specific areas of Kitchener-Waterloo. Let’s take a look.
Location of Townhouses in Kitchener-Waterloo
Over the course of a year, there will be hundreds of Townhouse sales in Kitchener-Waterloo, of both the Freehold and Condominium variety. Owing to their efficiency and abundance, they can be found in many different neighbourhoods and areas of the cities. Their popularity – particularly owing to their lower price point, which makes them a great option especially for first-time home buyers – however means that there can be competition.
In general, there tend to be more lower-priced options towards the centre of Kitchener-Waterloo, and more higher-priced options toward the periphery. Lower price Townhouses can often be found in the Stanley Park and Centreville neighbourhoods of eastern Kitchener, as well as the neighbourhoods around Block Line Road in central Kitchener (Laurentian and Country Hills, for example). There are options toward southern Kitchener, too, particularly by the intersection of Homer Watson Boulevard and Doon Village Road.
Lower price Townhouses in Waterloo can be found in Beechwood, particularly along or off of Keats Way, and also off of and west of the Conestoga Parkway (Highway 85), especially in Lincoln Heights. In terms of higher priced Townhouses, the key areas to look include northeast Waterloo (Country Squire and Eastbridge, price typically climbing in proximity to the Grand River), and southern Kitchener, where spacious, brand new Townhouses are quite popular.
Whether you’re looking for a Freehold Townhouse, a Condominium, or a Stacked Townhouse, WRX Property Group would be happy to help you on your real estate journey. Please don’t hesitate to contact us if there’s anything else you’d like to know!
Written by Will Kummer