A slow down in Toronto in large family homes and condos has some sellers feeling shaky but some sellers are still confidently holding off offers in hopes of a bidding war: Those would be the owners of humble, two-bedroom bungalows.
At the Mary Roy Team we have seen a large demand for bungalows in the past few year and hot spot locations are Whitby, Brooklin, North Oshawa & Newcastle. The reason for this is the large Buyers market. These homes work well as investment properties, starter homes, retirement homes, homes to live in now an dexpand or build on the lot later. Builders like to buy bungalows and either top them up or tear them down. The traditional first-time buyers continue to seek them out, and downsizing baby boomers often prefer them to condos.
Buyers should always think about the size of the potential target market if they eventually decide to sell.
Even as real estate sales in the Across Greater Toronto Area slumped 9.7 per cent in the first two weeks of May compared with the same time last year, some bungalows in popular neighbourhoods were attracting multiple offers.
Buying a Bungalow is a good strategy for first-time buyers because bungalows can be expanded and renovated in ways that semi`s,detached houses and townhouses can’t. They also tend to have larger lots and a private drive whereas a semi may have no parking at all.
Empty nesters buy bungalows because they don’t want to move again years later when they can no longer climb stairs. “For the downsizers, they are really targeting the bungalow because they want everything on one level.”
For investors, a good strategy is to buy a bungalow and rent out the basement to one renter and the main floor to another. “It’s something I have my eye on for an investment down the road,” he says.
War time homes are becoming a hot comodity and in many neighbourhoods they’re replaced with larger houses.