Housing starts in the GTA decrease as prices hit record highs
By Lucas on Aug 21, 2015
Despite a dip in Canadian housing starts in July, new low-rise sales in the Greater Toronto Area (GTA) have been very strong, given the traditionally slow summer period, according to Trimart Research Corporation. The inventory of new low-rise homes has hit a record low, while prices have a reached a record high - the two factors are obviously connected. Due to low mortgage rates and attractive communities, homebuyers are flocking to new openings and releases, but due to a shortage of affordable, developable land, builders are having a hard time keeping up.
Listed below are a few notable low-rise sites of the last month:
Kingmeadow - via Minto
Placing first on this week’s Trimart Hot Spots list is Kingmeadow, Minto’s highly successful Oshawa community that saw 33 sales last month. The community features townhomes ranging from 1,776 to 1,862 square feet, with prices starting at $372,990. The 36’ and 43’ detached homes are temporarily sold out, but there is a new release coming soon, so keep your eye out!
U.C. - via Tribute
With 29 sales last month, we have another Oshawa community topping the list: U.C. by Tribute Communities has had a great summer so far. The townhomes at U.C. range from 1,782 to 1,986 square feet with prices starting as low as $353,990. Oshawa isn’t one of the top selling cities for new low-rise homes, but it might be by the end of the year!
Downsview Park - via Mattamy Homes
Taking the third spot with 18 sales last month is Downsview Park by Mattamy Homes and Urbancorp. This popular Toronto community features stacked townhomes ranging from 555 to 1,093 square feet, with prices starting at $279,990. There are also rear lane townhomes, but they are sold out.
Westfield - via Great Gulf
Coming in fourth is Westfield, a Brampton community by Great Gulf Homes that had 11 sales last month. The community currently features 20’ townhomes, ranging from 1,599 to 1,860 square feet, with prices starting from $494,990. There are also collections of 24’ semis, and 34’ and 38’ detached homes ranging to over 3,000 square feet coming soon! As you’re probably aware, Brampton is the GTA’s top selling city for new low-rise homes, so we won’t be surprised if Great Gulf does very well with their new release.
Westminster Highlands - via Reid's Heritage Homes
Snagging the final position on this week’s Hot Spots list is Reid’s Heritage Homes’ Westminster Highlands community in Fergus, which had 10 sales last month. Westminster Highlands features a wide variety of home types, including mid-rise condo units, bungalow townhomes, two-storey townhomes, and 38’, 42’, and 50’ detaches homes. And prices start very low at just $192,400! Reid’s Heritage Homes has also recently extended their current incentives until the end of August, so you should act now!
All information courtesy Trimart Research Corporation.
