Once again, the latest report from Trimart Research Corporation draws attention to the supply and demand issue across the Total Market Area (TMA). The supply shortage no longer applies to only the Greater Toronto Area (GTA); the demand spillover has caused a sales uptick in surrounding areas like Guelph, Barrie, and Innisfil. Also, Trimart suggests that mortgage rates may creep up as early as the end of 2017. This could slow price growth, but also push the dream of homeownership even further from some buyers.
With many new low-rise sales last year, housing starts for detached homes increased in Ontario and Toronto Census Metropolitan Area (CMA). Sales continue to be strong but with supply low, sales are not as high as in 2016. We’ll likely see detached housing starts decrease in the next couple years and condo starts increase.
Listed below are a few notable low-rise sites of the last month:
Placing first on this week’s Trimart Hot Spots list with 51 sales recently is Topper Woods, a new home community in Kitchener by Mattamy Homes. Topper Woods features 43’ and 50’ detached homes ranging from 1,922 to 3,205 square feet with prices starting from $430,990.
The second spot is taken by Stonemanor Woods, a new home community in Barrie by Tribute Communities and Yorkwood Homes. There were 41 sales at Stonemanor Woods recently. The community features 42’, 52’, 62’, and 85’ detached homes ranging from 1,300 to 5,195 square feet. You rarely see 62’ and 85’ detached lots in the GTA these days, which is why more buyers are going to areas like Barrie for larger options!
Coming in third with 21 sales is Kaleidoscope, a Waterdown development by LIV Communities. The project features freehold townhomes from 1,705 to 2,320 square feet. Prices start from $525,990, which is a pretty good deal considering the average new townhome in the GTA costs nearly $900,000 as of the beginning of 2017.
Tying for third also with 21 sales is Kingmeadow, a successful new home community in Oshawa by Minto. Kingmeadow features detached homes and townhomes from 1,543 to 3,432 square feet, and prices from $449,990.
The final place on this week’s Trimart Hot Spots list is taken by The Brownstones at Westown, a new home community in Toronto by Lindvest. There were 10 sales recently. The community features urban townhomes ranging from 568 to 1,220 square feet with prices starting at $309,900. With prices in the low $300,000s, The Brownstones at Westown is a great opportunity for first-time buyers!
All information courtesy Trimart Research Corporation.