New low-rise sales continue to decline as inventory remains low
By Lucas on Mar 06, 2017
According to the latest report from Trimart Research Corporation, new low-rise sales across the Total Market Are (TMA) continue to drop compared to last year as inventory stays low around 5,300 units.
More than 5,000 new low-rise homes may sound like a lot compared to the 1,500 new low-rise homes available in the Greater Toronto Area (GTA), but we should probably remind you how expansive the TMA is:
Central region: Toronto, Scarborough
East region: Ajax, Bowmanville, Courtice, Newcastle, Oshawa, Pickering, Uxbridge, Whitby
North region: Alliston, Angus, Aurora, Barrie, Bolton, Bradford, King City, Kleinburg, Maple,
Markham, Mt. Albert, Newmarket, Orangeville, Richmond Hill, Stouffville, Thornhill,
Tottenham, Unionville, Woodbridge
West region: Acton, Brampton, Burlington, Georgetown, Milton, Mississauga, Oakville,
GTR region: Cambridge, Guelph, Kitchener, Waterloo
Once you consider the GTA (which is in the TMA) and all these other areas, 5,300 suddenly seems like a very low number. The problem is, the demand is still high. Trimart says the sales centres are still seeing heavy traffic and new openings are selling out quickly.
Listed below are a few notable low-rise sites of the last month, though sales were lower than usual:
Westminster Highlands by Reid's Heritage Homes
Placing first on this week’s Trimart Hot Spots list with six sales last month is Westminster Highlands, a new home community in Fergus by Reid’s Heritage Homes. The two-storey townhomes and 50’ detached homes are now sold out, but there are some bungalow townhomes available. These homes range from 1,648 to 1,779 square feet and prices start from $454,210.
Cleave View by Aspen Ridge Homes
The second spot is taken by Cleave View, a new home community in Brampton by Aspen Ridge Homes that saw five sales last month. Phase 1 featured 47’ and 52’ detached homes ranging from 3,140 to 4,518 square feet, but this phase is now sold out! You have to wait for Phase 2 to see what will be available next at Cleave View.
Mulberry Meadows by Sundial Homes
Coming in third with four sales last month is Mulberry Meadows, a new home community in Ajax by Sundial Homes. The community features townhomes, semis, and 30’, 36’, and 40’ detached homes ranging from 1,195 to 2,768 square feet.
Willow Glen by Brookfield Homes
There’s a tie for third this week with Willow Glen by Brookfield also seeing four sales last month. This Tottenham community features 30’ attached homes ranging from 1,540 to 1,810 square feet, with prices starting at $557,990. We’re starting to see more of these attached homes, which are attached at the garage. They’re not quite semis, not quite townhomes, not quite detached. Perhaps this is an effort to make the most of the developable land and continue to give buyers something similar to a detached home.
Victoria Heights by Treasure Hill Homes
The final position on this week’s Trimart Hot Spots list is taken by Victoria Heights, a Treasure Hill community in Maple that saw three sales last month. There may have been only three sales, but it was enough for the community be sold out! Victoria Heights featured 40’ and 42’ detached homes ranging from 2,572 to 3,717 square feet. When the opportunity to own a new detached home comes up, you need to jump on it before it’s gone!
All information courtesy Trimart Research Corporation (except for the BILD data).
