Summerside in Port Elgin is an amazing opportunity for move-up buyers
By Lucas on Aug 25, 2016
Big news in Port Elgin - Reid’s Heritage Homes is continuing construction at Summerside and they just released another block of two-storey townhomes!
There are only six two-storey townhomes available in the new block, so you need to act quickly to own at Summerside. Each floor plan is over 1,300 square feet and there are two- and three-bedroom layouts available, with prices starting from $239,900.
A few of the high quality features and finishes include beautiful cabinetry and kitchen pantries, ceramic tile, concrete patios, cathedral ceilings, oak handrails on the staircases, and satin nickel hardware.
With a price point that low, there are opportunities for first-time buyers, but given the quiet location near Lake Huron, we’re guessing that many downsizers have shown interest. That said, most downsizers seek out single-level homes. So, we actually wouldn’t be surprised to see some move-up buyers from the Greater Toronto Area (GTA) making the move up to Port Elgin.
Recently, the Building Industry and Land Development Association (BILD) released its new home sales figures for July 2016, announcing that the average price for a new low-rise home in the GTA now exceeds $900,000. That’s a scary number for a couple living in a condo and looking for more space.
New townhomes in the GTA averaged $758,434 as of July, and price growth is still pushing strong. Compared to last year during the same period, this average price is a whopping $122,491 higher! In the GTA, townhomes used to be the affordable alternative to detached homes (which now average over $1 million), but now they are just as unattainable for young move-up buyers.
And price isn’t the only issue. According to BILD, the new low-rise inventory has dropped to just over 1,500 units, which is a record low. That’s only about a month’s supply. That means that if new supply ceased to hit the market right now, it would only take about a month to sell out of every new low-rise home (based on average sales over the last 10 years).
A year ago, The GTA had more than 4,500 new low-rise homes on the market, and 10 years ago there were over 16,400 units! The lack of inventory is driving prices up, and in turn, driving buyers out of the GTA. That’s not a bad thing though because buyers are discovering gems like Summerside in Port Elgin.
Living at Summerside in Port Elgin
Located at Bruce Street and Joseph Street in the Saugeen Shores area, minutes from the shores of Lake Huron, Summerside offers an incredible year round lifestyle. The summer can be spent on the water boating and fishing, or cycling through the kilometres of winding trails around the community. In the winter, the trails are perfect for cross-country skiing or snowshoeing.
Other amenities surrounding Summerside include the beach (which is within walking distance), the Butterfly Gardens of Saugeen Shores, the Lake Huron Waterfront Promenade, Piper’s Glen Golf Club, Centennial Pool, Miramichi Bay (a lookout for birdwatchers), a public skating complex, and much more!
Book an appointment to learn more about Summerside
The Summerside sales centre will be closed until mid-September, but you don’t have to wait until it reopens. Book a private appointment with one of Reid’s Heritage Homes’ New Home Sales Consultants by calling 1-519-385-0044. They would be pleased to show you around the community and discuss floor plan options with you.
You can also visit ReidsHeritageHomes.com for more information.
