New home supply continues to drop leading into summer
By Lucas on Jun 20, 2017
The latest report from Trimart Research Corporation announces that new low-rise sales across the Total Market Area (TMA) are still dropping as we approach summer. The TMA includes the Greater Toronto Area (GTA), Simcoe County, the Golden Triangle, and other surrounding regions.
The shocking thing is that while sales dropped 3.3% compared to last year, the new home supply fell by 33.6%! As of the beginning of June, there is only 1.2 months of new low-rise supply in the TMA. That means that if no new supply were to hit the market over the course of a month, the inventory would run dry,
That said, Trimart says that builders are preparing many new releases and openings for the summer months. This slight increase in inventory should also increase the number of sales.
Listed below are a few notable low-rise sites of the last month:
The Brownstones at Westown in Toronto
Brownstones at Westown by Lindvest
This successful Toronto community by Lindvest is a great option for young buyers and move-up buyers. The Brownstones at Westown feature condo townhomes ranging from 568 to 1,220 square feet, with prices starting at $419,900. This is an amazing opportunity if you’re looking for an affordable low-rise option in Toronto.
Mulberry Meadows - Edgewood in Ajax
Mulberry Meadows by Sundial Homes
Edgewood is a new release at Mulberry Meadows by Sundial Homes. The collection features 36’ detached homes ranging from 1,897 to 2,640 square feet. Prices start from $671,990. When it comes to new low-rise homes, Durham has become a hot spot for real estate investment, given its lower price points compared to the rest of the GTA.
Friday Harbour in Innisfil
Friday Harbour by Geranium
Geranium’s resort style community is changing the shore of Lake Simcoe in Innisfil. Friday Harbour features a wide variety of home types. Currently, there are condo townhomes and freehold townhomes available, from 433 to 4,601 square feet. Prices start from $249,900. Empty nesters, golfers, and lovers of lakeside living will appreciate this master-planned community.
Trafalgar Landing in Oakville
Trafalgar Landing by Great Gulf
There are big plans for North Oakville, and Trafalgar Landing is playing a big role! Great Gulf’s current phase features condo townhomes ranging from 470 to 1,250 square feet with prices from $212,990. For the smallest unit, that’s only $453 per square foot! Not bad for a low-rise community in Oakville.
Grand River Woods in Cambridge
Grand River Woods by Fernbrook Homes
Fernbrook Homes’ Cambridge community has been featured on Trimart’s list for the last few weeks because of the high interest in Cambridge real estate. Like in Durham, buyers are looking to the Golden Triangle for an affordable alternative to new homes in the GTA. Grand River Woods features 30’, 35’, and 40’ detached homes ranging from 1,420 to 3,360 square feet, with prices from $369,990.
All information courtesy Trimart Research Corporation.
