According to the latest report from Trimart Research Corporation, the supply and demand issue in the new low-rise market continues to bolster home prices. But, Trimart also notes that the Canada Mortgage and Housing Corporation (CMHC) has announced that price growth should slow over the next two years.
There are two things keeping supply low; the approval process for new projects continues to be slow and there are strict development policies in place that limit growth. The important thing to note about CMHC’s announcement is that they believe price growth will slow down, not drop. That means buying a new home in the Total Market Area (TMA) is still a smart choice and sound investment.
Listed below are a few notable low-rise sites of the last month:
Placing first on this week’s Trimart Hot Spots list is Hello, a new home community in Georgetown by Remington Homes. With a very successful opening, there were 128 sales last month! Hello features 30’, 36’, and 40’ detached homes ranging from 1,349 to 3,122 square feet, with prices from $772,990 to more than $1 million.
Taking the second spot with 72 sales last month is Alton Village West, a new home community in Burlington by Sundial Homes. The community features 31’ detached homes as well as a collection of semis. The homes range from 1,743 to 2,819 square feet with prices starting at $739,990.
Coming in third is Clairity in Guelph by Reid’s Heritage Homes. With 60 sales recently, the condo project is now sold out! The building featured units ranging from 495 to 944 square feet with prices starting in the low $200,000s. Clairity was a great opportunity for first-time buyers and empty nesters. Keep your eye out for more great communities in Guelph by Reid’s Heritage Homes!
The fourth position is taken by Saddle Ridge, a new home community in Milton by Starlane Homes that saw 40 sales last month. Saddle Ridge features a wide variety of home types including 40’ detached homes, semis, and freehold townhomes. The homes range from 1,701 to 3,123 square feet and prices start from $662,900.
The final place on Trimart’s weekly Hot Spots list is taken by Pinehurst, Brookfield Homes’ successful Paris community. There were 20 sales last month! Pinehurst features 36’ and 43’ detached homes, as well as freehold townhomes. The homes range from 1,340 to 3,160 square feet and prices start from $339,990.
Based on this Hot Spots list, it is clear that buyers are beginning to look to surrounding areas like Guelph, Paris, and Georgetown for more home options and slightly more affordable prices compared to central GTA.
All information courtesy Trimart Research Corporation.