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Norman Hathaway

Bungalows, High Prices and Seniors

Ever wonder why bungalows (detached and semi-detached) are so expensive in Toronto?

Well, here's the thing. Land in TO continues to become more valuable by the day and if you haven't noticed, they're not making any more of it. The limits to Toronto's urban expansion outward or "urban sprawl" has also been very effective in driving upward value on existing land in TO.

So, property lots with small single storey dwellings called bungalows are underutilized in the eyes of developers and consumers. This is why we see so many smaller homes being knocked down in favour of the ever popular miniature Versaille mansions. I'll hold off on my disdain for those structures to stay on topic.

These smaller homes are often sold by seniors who have raised their families in them and are now passing on or moving to retirement homes etc. Builders and speculators snap them up and build multi-storey dwellings on the lot, selling them off for well into the 7 figures.

The irony here is that many seniors are looking to downsize into these single storey dwellings precisely for the reasons that there are fewer if any stairs, usually 2 bedrooms, max 3 bedrooms and used to be affordable!

Toronto has seen its stock of affordable bungalows, especially close to downtown or easy TTC access, virtually disappear. Easy access to TTC means a very short walk- ideally to the subway. Those that remain are coveted and consequently moving higher in value all the time.

Seniors who are looking to get out of their multi-storey family home, who are not interested in the condo option yet, are looking for the very thing that is becoming harder to get.

Ah, the fun of supply and demand!!

 

 

 

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Keith Osborne said:

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April 30, 2018 11:09 AM

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