The latest report from Trimart Research Corporation announced that there were 22,338 new low-rise sales across the Total Market Area (TMA) in 2016! That’s the second highest number of sales in nine years.
December sales dropped 23.7% compared to the previous year, but that is largely due to a lack of inventory. As of the end of the year, there were only 5,634 new low-rise homes available in the TMA.
Recently, the Building Industry and Land Development Association (BILD) released its first report of 2017, announcing that new home inventories hit record lows last year. In the Greater Toronto Area (GTA), new low-rise supply fell to 1,878, and only 742 of which were detached homes.
The 5,634 new low-rise homes in the TMA may sound significantly higher, but keep in mind that the GTA is included in the TMA, as well as surrounding areas like Innisfil, Barrie, Cambridge, and Guelph. Once these areas are taken into consideration, 5,634 available homes is not a lot.
Listed below are a few notable new low-rise sites of the last month:
Placing first on this week’s Trimart Hot Spots list is Vales of the Humber, a successful new home community in Brampton by Regal Crest Homes. Last month, there were 22 sales at Vales of the Humber. The community features 40’, 47’, and 55’ detached homes ranging from 2,783 to 3,367 square feet with prices starting at $999,000. Brampton is the top selling city for new low-rise homes in the TMA.
Coming in second with 12 sales last month is Saddle Ridge, a new home community in Milton by Starlane Homes. Saddle Ridge features townhomes, semis, and 40’ detached homes ranging from 1,701 to 3,123 square feet with prices starting at $654,900. Last year, Milton saw the second most new low-rise sales in the TMA. There’s still space for development. It won’t be surprising to see some new low- or mid-rise condo developments popping up in the near future.
The third spot is taken by Grand River Woods by Fernbrook Homes. Located in Cambridge, the community saw seven sales last month. Grand River Woods features 30’, 35’, and 40’ detached homes, ranging from 1,420 to 3,360 square feet. Cambridge is another area that is ripe for development. Expect big things this year.
The fourth position is taken by Mount Pleasant North with five sales last month. These final few sales mean that the community is temporarily sold out, but a new release will be arriving soon. At Mattamy Homes’ successful Brampton community, they offered two- and three-storey townhomes, and 30’ and 38’ detached homes, ranging from 1,434 to 2,808 square feet. Stay tuned for information about a new release!
The final place on the weekly Trimart Hot Spots list is occupied by Longbranch 2, a Minto community in Toronto. With five sales last month, Phase 1 is now sold out! Phase 1 featured urban townhomes ranging from 547 to 1,357 square feet. There is a new release coming in February 2017!
All information courtesy Trimart Research Corporation (aside from the BILD data).