Beat the Heat: What does the summer hold for GTA housing?
By Lucas on Jun 01, 2016
The Greater Toronto Area (GTA) has already seen a few days above 30 degrees and families are opening their pools, so we think it’s safe to say that summer weather is here to stay. For the month of June, we will be featuring summer themed blog posts on how to beat the heat at home and around the GTA.
We will have special contributors providing great tips on how to get by without air conditioning, what home renovations are best for the season, and the hottest home decor updates you need to make!
Mark Cullen, Canada’s gardening guru, will be sharing some amazing tips on how to use the heat to your advantage in your home garden and for your landscaping projects. Spring and summer are prime months for those with a green thumb, and don’t worry condo dwellers, we’ll probably have a few balcony gardening tips for you, too.
We don’t mean to bring you down but summer isn’t all about fun in the sun. There are also many home maintenance tasks you can accomplish during the summer months, such as cleaning out the garage, replacing roofing, and power-washing your deck. We’ll be sure to supply you with a checklist so you can knock off your home responsibilities gradually throughout the summer.
One thing we’re interested in is seeing how the new home market responds to what is usually a slower period for sales. Spring is always hot, summer cools down, then sales pick up again in the fall. Builders usually spend the summer preparing for their fall releases, but since inventories across the GTA are hitting all-time lows, will the summer slow down as much as usual (if at all)?
As of the end of April 2016, there was less than two months of supply in the new low-rise market, according to the Building Industry and Land Development Association (BILD).Even the high-rise market saw an inventory drop of 10% compared to last year. Since there is a shortage of supply, perhaps builders and developers will continue releasing lots and units throughout the summer.
With record high prices, record low inventories, and many hot weeks ahead of us, we are excited to see what the summer of 2016 has in store for the new home industry and the new home market!
Stay tuned - our special summer themed features will be posted gradually throughout June.
