There has been a lot of speculation about supply and demand in the world of Canadian real estate, specifically in Southern Ontario. A couple months of listings increasing in the Greater Toronto Area (GTA) resale market and a drop in sales has some people taking a step back to try to get a view of the bigger picture.
While resale supply has increased, we can’t say the same for the new home market. According to Trimart Research Corporation, when considering all of the Total Market Area (TMA), which includes the GTA and surroundings areas like Simcoe County and the Golden Triangle, supply is still low, specifically in the new low-rise market.
If new home supply remains low, we could see some buyers turning to the resale market for a wider choice of options, but it probably won’t get to that point because Trimart says that there are many new home releases and openings planned for summer. If sales and supply stay steady through summer, the new home market will be looking pretty good by the time the traditionally busy fall season arrives.
Listed below are a few notable low-rise sites of the last month:
Grand River Woods in Cambridge
This stunning community by Fernbrook Homes features 30’, 35’, and 40’ detached homes ranging from 1,420 to 3,360 square feet, with prices starting from $369,990. With new home supply low in the GTA, many buyers are turning to areas like Cambridge for a wider selection of more affordable options.
The Preserve in Oakville
The Preserve is a successful community in northern Oakville by Mattamy Homes. The current phase of the community features condo attached townhomes and freehold townhomes, ranging from 968 to 2,830 square feet, with prices from $422,990. When it comes to seeing the most new low-rise sales, Oakville is usually near the top of the list.
Bovair Trails in Aurora
Limited supply doesn’t apply to the buyers at Bovair Trails by Lebovic Homes. These estates start at 4,200 square feet and prices were just under $3 million.
Kenneth and Holmes in Toronto
Trimart highlights Kenneth and Holmes because the project has been getting a lot of attention lately from eager buyers looking for new townhomes in Toronto. Fieldgate Urban plans on releasing the final units when the project is under construction.
Madison Lane in Bowmanville
Madison Lane is a new condo project by Reid’s Heritage Homes. The residence features units ranging from 975 to 1,195 square feet. Prices start from $281,067. Reid’s Heritage Homes has seen a lot of success with this mid-rise condo housing type in similar markets, so we’re positive Madison Lane is going to be a hit in Bowmanville!
All information courtesy Trimart Research Corporation.