Rising prices equal more new townhomes on the market
By Lucas on Mar 22, 2017
The latest report from Trimart Research Corporation forecasts an increase in new low-rise inventory across the Total Market Area (TMA) thanks to many scheduled openings and releases during the spring and fall seasons. Anticipate many new townhomes!
Prices continue to trend upwards so builders are answering the demand by building more new townhomes and semis, which are more affordable than detached homes and take up less land, so more lots can fit on a site. Of course, the demand for detached homes is still too strong to not bring new units to market. If you’re looking for a new detached home in the Greater Toronto Area (GTA) expect to pay more than $1 million.
Listed below are a few notable low-rise sites of the last month:
The Preserve by Mattamy Homes
Placing first on this week’s Trimart Hot Spots list is The Preserve, a successful new home community in Oakville by Mattamy Homes. This is a perfect example of how in demand detached homes are; last month, there were 202 sales at The Preserve, which features 34’, 38’, 45’, and 50’ detached homes from 2,950 square feet. Prices start at more than $1.6 million.
Clairity by Reid's Heritage Homes
Coming in second with 60 sales last month is Clairity, a boutique condo in Guelph by Reid’s Heritage Homes. The units start at 495 square feet for $215,450. This is a great opportunity for first-time buyers and empty nesters!
Minto Longbranch 2
The third position is taken by Longbranch 2, a new community in Etobicoke by Minto that saw 19 sales last month. Longbranch 2 features urban townhomes ranging from 547 to 1,351 square feet with prices starting at $606,990. The project has been a big success thanks to the up-and-coming location near the waterfront and GO Station.
Vales of the Humber by Regal Crest Homes
Taking the fourth spot with 17 sales last month is Vales of the Humber, a new home community in Brampton by Regal Crest Homes. The community features 40’, 47’, and 55’ detached homes ranging from 2,783 to 3,367 square feet, and prices start from $1 million. As usual, the winter didn’t slow down sales much in Brampton. Once the first quarter results come out, we’re positive that Brampton will have the most new low-rise sales out of all the cities in the TMA.
Chelsea Maple Station by Aspen Ridge Homes
The final position on this week’s Trimart Hot Spots list is taken by Chelsea Maple Station, a townhome project by Aspen Ridge Homes. There were five sales last month. The community features townhomes ranging from 1,888 to 2,054 square feet with prices starting from $757,990. There is a lot of new development in Maple right now, so expect to see this area of Vaughan growing quite a bit over the next few years.
All information courtesy Trimart Research Corporation.
