There is no better time to buy a bungalow!
Buy a bungalow. There is no better time!
There is no better time to buy a bungalow in Toronto since the 2017 real estate price correction. Freehold detached home prices have adjusted. Buyers can now find urban bungalow lots with 25ft to 40ft lot frontage for a reasonable price. This is equivalent to buying land with a structure with the option to build to highest and best use.
Pros of living in a bungalow
With an aging population, active seniors and empty-nestors are downsizing to bungalows as a retirement living alternative instead of condos. Amongst move-up condo dwellers, bungalows are a good entry level option to get into the freehold market. A house with a yard and green space is still the preferred choice for young families and seniors. Having an open concept plan with all the living spaces on one level is well-suited for young children and seniors. Not having to accomodate a staircase to another floor gives more usable floor space. A typical 1960s bungalow in Toronto would sometimes include a side entrance to the house. This offer the option to rent out the basement as a separate rental unit.
Cons of living in a bungalow
If you are thinking of buying a fixer-upper, be prepared to spend up to $100k-$150k to meet the modern building code. A typical 1960s bungalow may have no insulation, wall and ceilings are likely plaster. Bungalows tend to have a bigger roof surface to repair and maintain compared to houses with stacked floors. Private and entertaining space are shared on one level, so bedrooms and washroom locations may have less privacy.
Just like any real estate purchase, buyers need to decide on how long one will be living in the property. This will help determine improvement costs as well as avoid over investing in the short term. If the area zoning permits, you can consider adding a second storey to increase square footage.
If you are looking to buy a bungalow, the old suburbs still offer plenty of good options. They range from two to three bedrooms. Locations such as East York, Woodbine Corridor, Main and Danforth, Bathurst Manor, Birchcliffe, Willowdale, North York, Don Mills, Long Branch, Royal York, Stonegate are just 30min to the Downtown core.
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Thinking of buying a mid-century modern bungalow, raised bungalow or modern one storey home, EMAIL ME HERE to get a valuation on where to buy based on your home purchase goals. you can also browse Toronto Bungalows for Sale here.
Anne Lok is a Toronto Real Estate Broker with over 14 years of experience in all aspect of residential real estate from modern houses, infill development from acquisition to design and construction, condos, lofts and rental properties in urban Toronto neighbourhoods. Anne aims to provide not only the best client service, but also a genuine authentic experience that will match your expectations. You can search modern listings and learn more about Anne at urburbia.ca or linkedin.