The Best of 2015: Celebrating a year of excellence in the new housing industry
By Lucas on Dec 02, 2015
We think it’s pretty safe to say that 2015 went by quicker than any year ever. Exaggeration? Perhaps. But we can’t believe that we’re already starting to dig through our archives to reminisce on how amazing 2015 was!
Of course, 2015 wasn’t full of flowers and rainbows. The GTA’s new housing market struggled all year with a decreasing supply of low-rise homes. Sales weren’t down, in fact there were more than the year before, but the low supply caused a sense of urgency in homebuyers and demand was very strong, and prices went up.
With a declining inventory and rising prices, affordability became an issue; not that affordability hasn’t been an issue for many homebuyers long before 2015 arrived. Owning a new low-rise home in the 416 region has basically become impossible for the majority of first-time homebuyers, which is possibly why the new high-rise market has been so successful this year.
Even in the high-rise market, affordability may become an issue soon if trends continue the way they are now. The average unit size is dropping while the average price per square foot hit a record high this year. Young professionals looking to live downtown near work are being forced to live in smaller units and pay more per square foot.
For more details about affordability and GTA housing market stats, read our post about the recent presentation by the Building Industry and Land Development Association (BILD), RealNet Canada, and the Toronto Real Estate Board (TREB).
Aside from the industry and entire homebuying population within the GTA struggling with affordability, 2015 was still a pretty amazing year. We plan to revisit some of our favourite and most popular topics and stories, including the best of sustainability, new condo amenities, architecture and design, DIY projects, walkability, new developments, the best industry parties, and much more!
If you have anything to contribute to our Best of 2015 series, then please share with us @NewHomeBuyers or on Facebook!
