Historically, it has been difficult for home buyers to make the jump from an attached home to a detached home, as houses have almost always outperformed condos and townhouses. This past year (click here for a 2017 recap) has offered an opportunity to make that jump more easily.

In 2017, condo prices saw a 26% increase, while townhouses went up 18%. For condo owners looking to upsize, these numbers definitely fall in their favour. For example, if you owned a condo last year worth $400,000, your market value has gone up just over $100,000 to bring it to $504,000 (congratulations!). The more money you have made on your condo, the easier it will be to enter the townhouse (or house) market.

Why make the move from a condo to a townhouse? What’s the difference? Well, typically you will get more square footage in a townhouse. This is ideal for growing families, couples who need more space or professionals seeking a more useable home office space. Another bonus is that many townhouses come with private garages, allowing you to skip fobbing into your underground and catching the elevator up. A garage also provides convenient storage space that is easy to access. Townhouses also offer multiple levels of living space, and often lower maintenance fees (depending on the complex) as there are typically fewer units and fewer amenities offered.

For those who own townhouses, townhouse prices went up 18% in 2017, while houses only saw an 8% increase in pricing. So, generally speaking, if your townhouse was worth $600,000 last year, your market value now sits around $708,000. If you own a house that was worth $1,000,000 last year, your market value now sits around $1,080,000. As you can see, the gap between the two is much smaller than what we typically see.

Why make the move from a townhouse to a detached home? Owning land has always been the most lucrative form of home ownership. Ever heard Mark Twain’s famous quote “buy land, they aren’t making it anymore”? Usually buying a house means upsizing to more space with a bigger yard. It also means getting rid of strata fees (unless you buy a strata home) and gaining the ability to alter and renovate your home without obtaining strata approval. Don’t forget to buy a lawn mower! That’s your job now!

Your condo or townhouse could be worth more than you think. Contact us anytime for a complimentary, no-obligation market evaluation.