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GTA new home sales

GTA new home sales in July remain strong

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GTA new home sales in July remain strong

GTA new home sales

It was a busy month by July standards, as sales for both condos and single-family homes were up year-over-year, according to the latest statistics from the Building Industry and Land Development Association (BILD).

There were 566 new single-family homes, including detached, linked and semi-detached houses and townhouses, sold in July, according to Altus Group, BILD’s official source for new home market intelligence. Although sales increased 136 per cent from last July, they were 29 per cent below the 10-year average.

Sales of new condominium apartments in low-, medium- and highrise buildings, stacked townhouses and loft units, with 2,297 units sold, were up 22 per cent from July 2018 and 42 per cent above the 10-year average.

Brisk openings

“Typically, buyers take a bit of a vacation from the new condo apartment market in July” says Patricia Arsenault, Altus Group’s executive vice-president, Data Solutions. “This year was no different, although the decline in sales was less pronounced than usual, resulting in the second strongest July on record. While few new projects launched in July, sales at projects opened in June were brisk.”

The benchmark price of new condominium apartments increased from last month, to $838,824, up 8.3 per cent over the last 12 months. The benchmark price of new single-family homes decreased slightly from last month, to $1.09 million, down 4.5 per cent over the last 12 months, continuing its moderating trend in 2019.

ALSO READ: Detached home sales and prices roar back to life in first half of 2019 – ReMax

Strong July sales, paired with traditional fewer summer openings, saw inventory decrease in July to 12,873 condominium units and 4,409 single-family homes. Remaining inventory includes units in preconstruction projects, in projects currently under construction and in completed buildings.

Total new home sales in the first seven months of 2019, at 20,268 units sold, are up 45 per cent from the same period in 2018 and nine per cent below the 10-year average.

Price gap narrows

“The price gap between single-family homes and condos continues to shrink, leaving new-home buyers with a lack of choice,” says David Wilkes, BILD president and CEO. “We must provide more ‘missing middle’ type development that can support transit in established neighbourhoods. More ‘gentle density’ housing in the form of midrise buildings, condos with street level retail, and stacked townhouses is needed to give consumers more choice.”

 

New home sales by municipality, July 2019

Municipality Condominium units Single-family homes Total
Region 2019 2018 2017 2019 2018 2017 2019 2018 2017
Durham 29 6 27 118 44 60 147 50 87
Halton 59 46 18 82 25 18 141 71 36
Peel 415 150 148 142 87 0 557 237 148
Toronto 1,522 1,557 1,118 46 8 6 1,568 1,565 1,124
York 272 120 461 178 76 34 450 196 495
GTA 2,297 1,879 1,772 566 240 118 2,863 2,119 1,890

Source: Altus Group

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Examining the GTA affordable homeownership crisis

 

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Mattamy Homes Milton

Mattamy Homes reports exceptional sales in Milton

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Mattamy Homes reports exceptional sales in Milton

Mattamy Homes Milton

In a clear sign that the fundamentals of the Toronto area real estate market remain strong, Mattamy Homes is reporting robust January sales results from the release of new lots in its Hawthorne South Village Sixteen Mile Creek community in Milton, Ont.

The Creekside Collection sold out all 180 lots released for sale on Jan. 19 (113 sales) and Jan. 26 (67 sales). Over the two days, Mattamy hosted 500 families hoping to secure a townhome or detached home featuring the company’s designs in its most awarded community ever. Buyer lineups began forming days before the Saturday openings, and by the end of both days, all available inventory had been sold out.

“While there is no doubt that the real estate market in the Greater Toronto Area has undergone change in the last 18 months, our sales results in Milton the past two weekends are telling a very positive story,” says Brad Carr, CEO of Mattamy Homes Canada. “What we’re seeing is that in the midst of this soft landing, there is definitely still strong demand driven by solid market fundamentals. We are pleased to see so many buyers recognizing the long-term value of home ownership and investing in their families’ future.”

The products available at the Creekside Collection comprise a variety of townhome and detached designs: Freehold Village Homes, two-storey townhomes and detached homes on 30-, 34-, 36- and 43-ft. lots.

Mattamy is also looking forward to seeing continued strong results with upcoming sales launches in Brampton (Feb. 2) and Oakville, as well as more releases to come in Milton.

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EDITOR'S CHOICE: Podium Developments

New home buying opportunities abound in Oshawa and Durham Region

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New home buying opportunities abound in Oshawa and Durham Region

EDITOR'S CHOICE: Podium Developments
Ironwood Towns in North Oshawa by Podium Developments and Urban Capital

Despite the bad news this week that General Motors Canada plans to close assembly operations in Oshawa, there are some good new home buying opportunities in the city and elsewhere in Durham Region.

As various levels of government and the Unifor trade union vow to somehow keep the plant open or otherwise deal with the fallout of the decision, the housing sector in Oshawa is expected to shift into a buyers’ market.

That could mean deals for buyers in a market where home prices have already been under pressure.

 

Also read: What the GM plant closure means for Oshawa economy and housing

Also read: Oshawa housing to move into buyers’ market thanks to GM closure

 

For those looking to buy a new home, know that there are still plenty of good opportunities in Oshawa and surrounding area.

First, let’s look at recent new home buying activity in the area, courtesy of statistics from Altus Group, theofficial source for market intelligence for the Building Industry and Land Development Association (BILD).

 

Total new home sales, units

Oshawa Durham Region
Annual
2013          682       2,376
2014       1,108       3,130
2015          971       3,433
2016       1,149       5,344
2017          490       2,385
Jan-Oct
2017          483       2,262
2018            83       1,065
Source:  Altus Group

 

Naturally, the GM news is a sensitive topic to an industry such as home building, where companies dedicate years to planning and construction development projects. So don’t expect a comment any time soon from BILD, the voice of home builders in the GTA, or individual companies.

Might developers at some point offer deals – be they discounts or upgrades – in order to move an unsold inventory in a market not feeling the strongest at the moment?

It never hurts to ask.

 

A selection of new home and condo inventory

Ironwood in North Oshawa, Building Capital and Podium Developments, contemporary freehold townhomes

Harmony Creek, Conservatory Group, townhomes and detached homes

Daniels FirstHome Oshawa, townhomes

Brook Phase 2, Delpark Homes, detached homes

Fields of Harmony Phase IV, Greycrest Homes, detached homes

Harmony Gate, Sundance Homes, townhomes

Kingsview Ridge, Treasure Hill, 30-, 36- and 40-ft. singles

Park Ridge, Tribute Communities, detached homes from the low $900’s

U.C. Towns 2, Tribute Communities, townhomes form the low $600’s

Top of Townline, Woodland Homes, detached homes

For more new home buying opportunities, visit MyHomePage.ca

With files from Natalie Sicilia, New Home Research Manager & Map Editor

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Detached homes

5 affordable neighbourhoods for detached homes in 416 and 905

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5 affordable neighbourhoods for detached homes in 416 and 905

Detached homes

by Wayne Karl

Looking for a detached home in the GTA and not sure where to look? Despite what recent reports would have you believe,  there are still some affordable neighbourhoods for single-family homes in the 416 and 905 areas.

Affordable being a relative word, of course, as compared to average prices. As of Sept. 30, 2018, the average price of a detached home in the GTA is $1.01 million – $1.34 million in the 416, and $905,722 in the 905.

Indeed, there’s been no shortage of stories recently about the challenges of the housing market – namely supply, pricing and affordability – on both the resale and new homes sides of the market.

The most recent, in fact, coming this morning.

“While higher borrowing costs and tougher mortgage qualification rules have kept sales levels off the record pace set in 2016, many households remain positive about home ownership as a quality long-term investment,” Toronto Real Estate Board President Garry Bhaura said Oct. 3 in releasing TREB’s Market Watch Report for September. “As the GTA population continues to grow, the real challenge in the housing market will be supply rather than demand. The Toronto Real Estate Board is especially concerned with issues affecting housing supply as we move towards municipal elections across the region.”

For the purposes of this story, let’s focus on resale homes. (We’ll prepare a follow-up focusing on new detached homes in a subsequent report in the coming days.

First, let’s look at some of the hottest areas of the GTA in terms of price growth.

Top five GTA neighbourhoods for price appreciation

Detached homes in 2018
NEIGHBOURHOOD Q1 Q2 % Change
Palmerston-Little Italy,
Trinity-Bellwoods $1.60M $1.87M 17
Brock $498,966 $573,951 15
The Beaches $1.32M $1.50M 13
Edenbridge, Humber Valley, Islington $1.43M $1.57M 10
Georgina $538,817 $590,255 10
Source: ReMax Integra Ontario-Atlantic Region, TREB

 

Double-digit price growth in one quarter is fantastic if you currently own in any of these areas. But if you were hoping to buy there, your purchase price just got a lot more expensive in a matter of months.

Now, let’s take a look at some of the comparatively more affordable areas for detached homes in the GTA.

 

MOST AFFORDABLE NEIGHBOURHOODS IN THE 416

Detached homes, Q2 2018
NEIGHBOURHOOD Average Price
West Humber, Claireville, Rexdale-Kipling,
and Thistletown-Beaumond Heights $732,854
Bendale, Woburn and Morningside $742,670
Malvern, Rouge $752,292
Rockcliffe-Smythe, Keelesdale-Eglinton West, Weston $783,141
Downsview-Roding, Glenfield-Jane Heights, Black Creek $859,215
Source:  ReMax Integra Ontario-Atlantic Region, TREB

 

MOST AFFORDABLE NEIGHBOURHOODS IN THE 905

Detached homes, Q2 2018
NEIGHBOURHOOD Average Price
Essa $547,970
Oshawa $556,309
Brock $573,951
Clarington $585,562
Georgina $590,255
Source: ReMax Integra Ontario-Atlantic Region, TREB

 

As you can see, some of the still-affordable areas for detached homes in the GTA – such as Brock (Durham Region) and Georgina – are also performing well in terms of price growth.

Durham Region, Simcoe County and Dufferin County, in short, are hot.

In particular, Brock  and Essa (Simcoe County), Burlington, Halton Hills, Brampton, Orangeville and Scugog are all showing promise in detached home price growth, according to ReMax Integra, Ontario-Atlantic Canada Region.

“After an extended period of housing market inertia, the floodgates are breaking open,” says Christopher Alexander, executive vice-president and regional director, ReMax Integra. “Upward movement in detached housing values and the threat of additional interest rate hikes in the future are prompting homebuyers to get off the fence and into the market. Rising consumer confidence, job security and an economy firing on all cylinders should continue to support healthy home-buying activity in the GTA for the remainder of the year and into 2019.”

Next in this series, we’ll explore some of the new home developments and buying opportunities in some of these areas, as well as those for multi-family homes and condos.

Wayne Karl is Senior Digital Editor at Homes Publishing. wayne.karl@homesmag.com

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