New low-rise inventory remains low after many April openings
By Lucas on May 03, 2016
The latest report from Trimart Research Corporation states that 26.8% of their annual forecast was achieved in the first quarter of 2016, with the majority (more than 70%) of new low-rise sales occurring in the northern region of the Greater Toronto Area (GTA).
As of the end of March, the new low-rise inventory for the Total Market Area (TMA) has about 4.1 months of supply, which is 27.6% lower than last year for the same period. Inventory levels remain very low even though there were 39 new openings and releases in April. The demand for new low-rise homes is just too high for the industry to keep up!
Listed below are a few notable low-rise sites of the last month:
Esprit by Sundial Homes
Taking first place on this week’s Hot Spots report is Esprit, a new home community in Newmarket by Sundial Homes that saw 64 sales last month. Esprit features townhomes, urban townhomes, and 35’ and 40’ detached homes, ranging from 1,030 to 3,441 square feet. Prices are starting from $569,990.
Heron Park by Mattamy Homes
Coming in second is Heron Park by Mattamy Homes, a new home community in Scarborough where there were 34 sales last month. Heron Park featured urban townhomes and three-storey townhomes, ranging from 1,379 to 2,108 square feet. Prices were starting from $419,990, but you missed your chance on this one because Heron Park is now sold out!
Mayfield Village by Regal Crest Homes
The third position is taken by popular and successful Brampton community, Mayfield Village by Regal Crest Homes. There were 24 sales at Mayfield Village last month. The new homes at this Brampton community include 20’ and 25’ townhomes, 30’ semis, and 38’ and 45’ detached homes. The homes range from 1,676 to 3,174 square feet and prices start from $474,900.
Vales of Humber by Greenpark
Placing fourth with 20 sales last month is another Brampton community, Vales of the Humber by Greenpark. Vales of the Humber is the community you turn to when you’re in search of a large luxury detached home on a spacious lot. The 55’, 86’ and 100’ detached homes range from 3,170 to 7,683 square feet, with prices starting at $890,990 and exceeding $1.6 million.
U.C. Towns by Tribute Communities
The final spot on this week’s Trimart Hot Spots list was snagged by U.C. Towns, a new collection of townhomes at Tribute Communities’ successful Oshawa community. The townhomes are divided into three collections, the Bloomsbury, Melrose, and Soho, and the homes range from 1,782 to 1,986 square feet. Prices start from as low as $401,990.
All information courtesy Trimart Research Corporation.
