The latest report from Trimart Research Corporation highlights Oakville as one of the top selling cities in the Total Market Area (TMA) for new low-rise homes. With 365 sales last month, Oakville is a hot market right now.
It’s interesting how sales are so strong, yet we recently learned how development is actually being held back in Oakville. Ryerson University’s Centre for Urban Research and Land Development (CUR) hosted a seminar about new housing supply not meeting demand in the Greater Golden Horseshoe, and one of the reasons was because of land-use restrictions.
One of the examples was a phasing restriction put in place in Oakville. In north Oakville, there is a lot of development in the works and there is land available for future housing, but developers aren’t allowed to sell lots yet because of the phasing rule. In order for the next phase of land to be separated and sold to homebuyers, the current phase must be 70% registered. That means 70% of the homes on that phase of land must be complete and registered with the municipality.
With the strong demand, it seems like there would be even more sales if that land were available to the industry!
Listed below are a few notable low-rise sites of the last month (none of which are in Oakville for some reason!):
Taking the top spot again is Downsview Park by Mattamy Homes. This Toronto development had 75 sales recently, so it’s held its spot on the Trimart Hot Spots list. Downsview Park features condo units ranging from 555 to 1,266 square feet with prices from $279,990.
The second position is taken by Kingmeadow, a new home community in Oshawa by Minto. There were recently 49 sales at the community. Kingmeadow features detached homes on various lot sizes, as well as townhomes. The homes range from 1,543 to 3,432 square feet with prices from $449,990.
Coming in third with 33 sales recently is Williamsburg Walk 2 by Williamsburg Homes. This Kitchener community was a huge success, featuring mid-rise condo units, ranging from 652 to 1,832 square feet. Keep your eye out for Phase 3 coming soon!
The fourth spot is taken by Friday Harbour, a master-planned resort-style community in Innisfil by Geranium and Pemberton. Last month there were 23 sales. The community currently features condo townhomes from 433 to 1,766 square feet, with prices starting at $259,900. This community received the prestigious Project of the Year Award (Low-Rise) from the Building Industry and Land Development Association (BILD).
The final position on this week’s Trimart Hot Spots list is taken by Grand River Woods, a Fernbrook community in Cambridge that recently had 10 sales. Grand River Woods features 30’, 35’, and 40’ detached homes ranging from 1,420 to 3,360 square feet, with prices from $369,990.
All information courtesy Trimart Research Corporation.