Steady stream of new inventory can’t keep up with homebuyer demand

For the last two years, a short supply of new low-rise homes has been an issue. The options are limited and since demand is so strong, prices keep going up. At one point this year, there was less than one-month supply of new detached homes in the Greater Toronto Area (GTA), and in October, there was only two-months of supply of all new low-rise home types.

According to Trimart Research Corporation’s latest report, the Total Market Area (TMA) actually saw a steady stream of new low-rise inventory hitting the market this year, but still demand outpaced supply. While supply has been hitting the market consistently through the fall, sales have also been hitting record highs. With momentum like this, the new low-rise market will stay hot well into 2017.

Listed below are a few notable low-rise sites of the last month:

Saddle Ridge by Greenpark

Placing first on this week’s Trimart Hot Spots list is Saddle Ridge, a new home community in Milton by Greenpark Homes. During opening month, there were 150 sales at Saddle Ridge. The community features townhomes and 46’ detached homes ranging from 1,578 to 3,466 square feet. Milton has been one of the top selling cities for new low-rise homes for the last few years, and it looks like it will continue to be in 2017.

Anchor Woods by Regal Crest Homes

The second position is taken by Anchor Woods, a new home community in East Gwillimbury by Regal Crest Homes. During opening month, there were 115 sales at Anchor Woods, which means it’s 100% sold out! The community featured semis, and 38’ and 45’ detached homes. There is a lot of growth planned for East Gwillimbury, so expect other communities to successfully hit the market next year.

Blue Sky by Fieldgate Homes

The third spot is occupied by Blue Sky, Fieldgate Homes’ very successful new home community in Stouffville. During an opening weekend recently, there were 49 sales at Blue Sky. The community features 30’, 36’, and 40’ detached homes ranging from 1,682 to 3,185 square feet. There is another new release planned for early in the new year!

The Brownstones at Westown by Lindvest

Coming in fourth with 14 sales last month is The Brownstones of Westown in Toronto by Lindvest. The community features urban townhomes ranging from 568 to 1,220 square feet with prices starting at $309,990. This is a great opportunity for first-time buyers looking to get into the low-rise market.

Hometown by Fernbrook Homes

The final spot on the Trimart Hot Spots list is taken by Fernbrook Homes’ Hometown, a new home community in Sharon Village, which is located in East Gwillimbury. There were 10 sales at Hometown last month. The community features 25’, 30’, and 35’ detached homes ranging from 1,713 to 3,071 square feet. Prices range from $849,990 to just over $1 million.

All information courtesy Trimart Research Corporation.