It seems like we’re retelling the story of low new home inventory woes and rising prices on a weekly basis. The latest report from Trimart Research Corporation says that while demand was stronger than usual through the winter, sales were lower than average due to the lack of supply.
Well, the busy spring is right around the corner, so we should be seeing a bunch of new inventory hitting the market in the coming months, but will it be enough to satisfy the strong demand? Trimart already has a list of 160 new low-rise openings and releases that are scheduled for this year across the Total Market Area (TMA). If there is suddenly a surge in inventory, it could help slow down the price growth. We’ll see what happens!
In the meantime, here are a few notable low-rise sites of the last month:
Placing first on this week’s Trimart Hot Spots list is Fair Tree on the Rouge, a new home community in Markham by Touchstone Homes. On opening day, there were 122 sales in just three hours at Fair Tree! The community features detached homes ranging from 1,810 to 2,648 square feet with prices starting from $859,990. We’re seeing this more and more – detached home communities are opening up to crowds of people and selling like crazy in a matter of hours.
The second spot is taken by Mount Pleasant North, a successful new home community in Brampton by Mattamy Homes. Last month, there were 61 sales at Mount Pleasant. The community features a wide selection of low-rise homes, ranging from 1,479 to 2,808 square feet. As usual, Brampton is off to a good start as far as sales go.
Coming in third with 39 sales last month is Urban Town Living, a community in Pickering by Treasure Hill Homes. The community features urban townhomes from 975 to 1,395 square feet. Pickering is one of those areas near the outskirts of the GTA where people are finding more affordable low-rise options.
The fourth position is taken by Saddle Ridge, a new home community in Milton by Greenpark. There were 25 sales at the community last month. Saddle Ridge features 46’ detached homes and townhomes ranging from 1,578 to 2,977 square feet. Prices start from $649,900 and reach up to more than $1.1 million. Milton came in second last year for the most new low-rise sales. Expect to see it near the top again by the end of 2017.
Taking fifth on this week’s Trimart Hot Spots list with 10 sales last month is Trafalgar Landing, a new home community in Oakville by Great Gulf. The community features studio urban townhomes at 470 square feet and three-bedroom urban townhomes at 1,250 square feet. Price start from $212,990 for the studios and $516,990 for the three-bedrooms.
All information courtesy Trimart Research Corporation.