New releases won’t be enough to cool the hot low-rise market
By Lucas on Apr 25, 2016
According to Trimart Research Corporation, the demand for new low-rise homes in the Total Market Area (TMA) continues to be strong - perhaps too strong.
Last week, the Building Industry and Land Development Association (BILD) announced that the average price for a new detached home in the Greater Toronto Area (GTA) surpassed $1 million for the first time. BILD believes that prices are rising rapidly due to government intensification policies, an inventory shortage, and a lack of serviceable land.
Trimart has announced that there are many new releases and openings scheduled for later this spring, but will this be enough to satisfy the demand for detached housing? It doesn’t look like it. Even the average prices of new townhomes and semis are increasing quickly.
Listed below are a few low-rise sites that had a successful month:
Aurora Views by Treasure Hill Homes
Placing first on this week’s Trimart Hot Spots list is Aurora Views, a new community by Treasure Hill Homes. During opening month, there were 75 sales at Aurora Views. The Aurora community features 40’ and 45’ detached homes ranging from 2,722 to 4,505 square feet, with prices starting at $1,439,900.
Upper Summerside by Mattamy Homes
Coming in second place with 64 sales last month is Upper Summerside, a community by Mattamy Homes in Scarborough. Upper Summerside featured lane townhomes and village homes, ranging from 1,043 to 1,710 square feet, with prices starting at $459,990. Upper Summerside is now temporarily sold out, but there will be a new release coming soon.
Springvalley by Royal Pine Homes
The third spot is taken by Springvalley Village, a community by Royal Pine Homes in Brampton that saw 24 sales last month. After a successful month, the semis are sold out. There is still a selection of 38’ detached homes, ranging from 2,270 to 3,000 square feet, with prices starting at $701,900. Royal Pine is currently offering a $10,000 upgrade bonus with all the 38’ detached homes.
Grand Central by Brookfield
Placing fourth with 20 sales last month is Grand Central, a Bradford community by Brookfield Residential. There are 3,170 square foot, 40’ detached homes available, with prices starting from $752,990.
Urban Towndominiums by Rosehaven Homes
The final position on this week’s Trimart Hot Spots list is taken by Mount Pleasant, the Urban Towndominium collection in Brampton by Rosehaven Homes. The community had 17 sales last month. Mount Pleasant features townhomes, urban townhomes, 30’, 38’, 41’, and 45’ detached homes, ranging from 838 to 3,715 square feet. Prices start at $329,990.
All information courtesy Trimart Research Corporation, except the BILD statistics.
