The average house price in Toronto is now well over $1 million, leaving many residents considering their options. Alternative types of housing, including tiny homes and homes on water, are becoming more common. Many people have started to consider houseboats and floating homes in Toronto. They’re typically more affordable than regular houses, are still within a short distance from the downtown core, and offer waterfront living all year round. But the question that often comes up is whether floating homes in Toronto make a good investment. Before you make your decision, here’s what you should know.
Floating homes are generally cheaper than regular homes.
In 2020, floating homes in Toronto sold anywhere from $600,000 to $1 million. The average home on land is now well over $1 million. That means your initial investment into home ownership won’t put you as much out of pocket as a regular house. Less debt means less interest payments over time, which can add up.
Floating homes in Toronto are capped at 25.
An official City of Toronto by-law states that no more floating homes can be built. This limited supply helps push the value of the floating homes even higher. When you buy a floating home in Toronto, you’re taking ownership of a rare gem.
Floating homes in Toronto have more than doubled in value over the past 10 years.
People often wonder whether float home values increase since you’re not buying any land with the house. We can show you the price history of Toronto’s floating homes since they first arrived on scene. They continue to appreciate in value, thanks in part to the limited supply. Float home owners are also extremely proud of their homes and frequently renovate them to meet current trends, pushing the entire neighbourhood’s value up.
Should you buy a floating home in Toronto?
Buying a floating home is more than an investment. It’s a lifestyle choice. The benefits of living by the water for your physical and mental health are invaluable. But this unique market segment continues to increase in value and demand. With the City of Toronto’s new focus on and investment into the waterfront, this may be one of the best times to buy a floating home!