589 BEECHWOOD Drive Unit# 35, Waterloo, N2T2K9
589 BEECHWOOD Drive, Waterloo, Ontario N2T2K9
#40 -205 HIGHLAND CRES, Kitchener, N2M5L7
205 Highland Crescent, Kitchener, Ontario N2M5L7
445 PIONEER Drive Unit# 7, Kitchener, N2P1L8
445 PIONEER Drive, Kitchener, Ontario N2P1L8
#9 -55 MOOREGATE CRES, Kitchener, N2M2E9
55 Mooregate Crescent, Kitchener, Ontario N2M2E9
205 HIGHLAND Crescent Unit# 40, Kitchener, N2M5L7
205 HIGHLAND Crescent, Kitchener, Ontario N2M5L7
#5 -61 THALER AVE, Kitchener, N2A1R3
61 Thaler, Kitchener, Ontario N2A1R3
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!
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.