Last month, Arista Homes, DECO Homes, Fieldgate Homes, and OPUS Homes previewed Richlands in Richmond Hill. We attended the highly anticipated preview because we heard it was going to be a big deal…and it was. We returned for last weekend’s new public release to see if the demand remained strong.
For the preview in June, thousands of registrants attempted to book their appointments online, and a few hundred secured a spot. Over the preview weekend, more than 200 homes were sold between the four builders. This happened at a time when everyone thought that the market was slowing down.
Let’s be clear – the Greater Toronto Area’s (GTA) housing market is taking a breather, but there are a number of factors at play, and not all areas are experiencing the same slowdown.
According to the Toronto Real Estate Board (TREB), many homebuyers and sellers in the resale market are taking a “wait and see” approach regarding the Fair Housing Plan. There are some sellers that think prices have peaked, so they’re selling, and there are some buyers that are just waiting to see what happens.
It’s probably safe to say this applies to the new home market as well. Who’s to say some of the would-be buyers in the TREB survey wouldn’t be purchasing a new home directly from a builder or developer?
Richlands has been a huge success because the demand is still strong in Richmond Hill and new home supply is low. When the right product hits the market for the right price, people are going to jump on it. While there are a lot of people concerned about the Fair Housing Plan, there are even more that don’t even consider it a factor in their buying decision.
At last weekend’s new release of townhomes, semis, and detached homes, the crowd was a decent size and people were buying.
Unlike the preview opening, this limited release operated on a first come, first served basis, so people were arriving about an hour before the opening time so they would have the widest selection of the available lots.
When it comes to release format, we’re not sure which system works better. The appointment system keeps everyone orderly, but people miss out simply because they can’t click through the online scheduler fast enough. The first come, first-served style gives everyone an equal opportunity, but then you get the people who camp out, which sometimes isn’t safe.
Regardless of the process, Arista, DECO, Fieldgate, and OPUS all had an amazing weekend of new home sales, and there seems to be no signs of the new home market in Richmond Hill slowing down any time soon (even through the traditionally slow summer).