With the Bank of Canada maintaining its overnight rate of 0.5% and the central bank upwardly revising its forecasts for the GDP and inflation, the new low-rise market has stayed strong across the Total Market Area (TMA), says Trimart Research Corporation. With a strong start to the year, Trimart is already predicting that this could be another record year for sales and prices.
It definitely seems like prices will continue to surge since the Building Industry and Land Development Association (BILD) recently announced record high average prices for new low-rise homes in the Greater Toronto Area (GTA).
We’re not sure about breaking a sales record though. As of the end of January 2017, there were only 1,524 new low-rise homes available in the GTA, 534 of which were detached. The TMA includes areas surrounding the GTA, but the GTA is a pretty large segment. We agree that openings will sell out quickly, but if the inventory isn’t there, sales can’t be high.
Listed below are a few notable low-rise sites of the last month:
Placing first on this week’s Trimart Hot Spots list is Hawthorne South Village, a new home community in Milton by Mattamy Homes. During the recent new release there were 58 sales! The community features village homes, rear lane townhomes, and two-storey townhomes ranging from 1,139 to 1,975 square feet.
Coming in second with 29 sales during a new opening is Chelsea Maple Station by Aspen Ridge Homes. This Maple community features townhomes ranging from 1,888 to 2,045 square feet. With new condos and low-rise projects in the works, Maple is worth keeping your eye on.
The third spot is taken by The Brownstones at Westown in Toronto by Lindvest. There was a new release recently which resulted in 20 sales. The community features urban townhomes ranging from 568 to 1,220 square feet.
The fourth position is taken by Treetops, a new home community in Alliston by Brookfield Homes that saw eight sales last month. The community features 32’, 36’, 45’, and 49’ detached homes, ranging from 1,500 to 3,080 square feet. Stay tuned for a new release coming soon!
The final place on this week’s Trimart Hot Spots list is taken by Upper Oaks, a new home community in Oakville by Greenpark. Last month, there were seven sales at the community. Upper Oaks features townhomes ranging from 1,690 to 2,275 square feet with prices starting at $839,900.
All information courtesy Trimart Research Corporation (except the BILD data).