Here’s when townhouses could hit $2M in the Greater Toronto Area

A new report looks at when townhouses will reach an average cost of $2 million in the Greater Toronto Area.

Townhouses are the “Goldilocks of Canadian real estate” — usually priced somewhere between an apartment and a detached home, real estate platform Zoocasa notes in a new report.

The average price for a detached home in the GTA was $1,364,204 in June, according to the latest real estate report from the Toronto Regional Real Estate Board.

Currently, townhouses are averaging below $1 million — a townhouse or row house was $912,380 in July, while an apartment condo unit was $630,688 in the GTA, according to TRREB.

Zoocasa tracked townhouse prices across 37 markets in the Greater Toronto Area and 16 in Metro Vancouver from May 2016 to May 2026, then projected how long each market will take to reach a $2 million average at its current rate of growth.

In the GTA, Innisfil is projected to have the fastest price jump. Townhome prices rose from $348,414 to $874,480, an increase of $526,066, and putting the market just four years from a $2 million average, the report notes.

Taking a look at the east end of Toronto, townhome prices climbed from $695,949 in 2016 to $1,219,370 in 2026, an increase of $523,421, the report found. Zoocasa estimates townhouses will reach $2 million in about six years.

In Durham Region, Uxbridge is projected to see the fastest increase. Townhome prices in Uxbridge went from $497,450 in 2016 to $980,000 in 2026, the report found. Zoocasa suggests the price will hit $2 million in 2033.

In Peel Region, Brampton townhome prices are projected to reach $2 million before Mississauga.

The average price of a Brampton townhouse was $492,454 in 2016 and shot up to $803,384 this May. So Zoocasa predicts a Brampton townhouse will cost $2 million in 2041.

Mississauga’s townhouses were an average of $604,263 in 2016 and $815,611 in May 2026. Zoocasa predicts it will take 24 years for townhomes to reach $2 million in Mississauga.

Zoocasa notes that, of course, past performance is never a guarantee of future results, but the last decade made one thing clear.

“Affordability at entry, not prestige at purchase, was the variable that determined who actually built wealth through townhouses in Canada’s most expensive markets,” Zoocasa said. “The families who found their just-right market found their home and a great investment.”

For the complete report, see the website here.

Lead photo: Curtis Adams