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Moving into a home the smart way

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Moving into a home the smart way

Whether you are a first-time homebuyer, a professional couple, a growing family or an empty-nester, if you are considering the purchase of a new or resale condominium suite or lowrise home with a condo component, it is best to be aware and prepared. The following are a few tips to get yourself organized so you come up with the best choice.

  1. Ask yourself, what are your personal and family needs? My advice is to make a list of priorities. Are you buying for the first time? Upsizing? Downsizing? Are you looking for more space, less space, or if you’re living in your parents’ basement, will any space at all do? Do you like the idea of having a backyard in a townhome, or does the idea of having beautiful condo amenities under your roof appeal? If children are involved, do you require proximity to a school? Realize that size is relative – you will find condo suites that are larger than some townhomes, and vice versa. Keep layout at the top of your interior priorities. Think about how you like to live and determine which plans accommodate those needs.
  2. Once you want to start looking around, hire a good realtor. The marketplace is packed with choices (including condominiums and lowrise homes with a condo component) in Toronto and the GTA. There are realtors who are familiar with the area you select, and they will guide your search. Remember that purchasing a condominium is different from freehold lowrise; it is wise to work with a realtor who can help you understand all of the nuances.
  3. Consider pre-construction for a variety of reasons. Resale is fine for some shoppers, but in many ways, it is like wildly looking in the dark. Buying early in the selling cycle of a new mid- or highrise condominium usually allows you a two-to-five year window until move-in, which means you can save more for your down payment, and you will likely earn equity before you even take possession. Many condo purchasers nowadays earn 20 to 40 per cent in equity prior to closing. This is huge for anyone, but especially young first-time buyers.
  4. Next, get your finances in order. Find out what you can afford, and buy as much as that allows for – as long as you’re comfortable with it. You know what debts you have to pay off and how much disposable income you need each month to keep up your current lifestyle. If you are downsizing from a large lowrise home, you have to decide how much money to take out of the home, how much to invest, and whether to use a condo as your main residence or a second property.

There are condominiums popping up in Regions of Peel, Halton, York and Durham, where prices are more attainable than Toronto. From Mississauga to Pickering and beyond, you will discover a plethora of choices with differing architecture, amenities, views, layouts, sizes and prices. The goal is to find the right one for you, and a realtor can help you along the way to your best decision.

Debbie Cosic, CEO and founder of In2ition Realty, has worked in all facets of the real estate industry for over 25 years. in2ition.ca

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Why the cost of condos in Toronto continues to rise

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Why the cost of condos in Toronto continues to rise

There was a lot of buzz on Twitter recently when many realtors and industry professionals started the discussion on the long list of reasons as to why Toronto condo prices have risen so substantially over the past decade.

The fact that condo prices are increasing shouldn’t be a surprise to anyone who’s been living in the GTA. Our housing market has been red hot, and condos have become the go-to option for buyers who can no longer afford detached homes and who want to live in bustling downtown locales. Condos have also been popular with investors who buy units and rent them out, generating decent returns.

Andrew LaFleur, a well-known and respected realtor in the pre-construction industry, outlined 15 factors that have contributed to the rising GTA condo prices; I’m going to focus on a few of the key ones.

LACK OF LOW-DENSITY LAND

The scarcity of land for the development of detached homes has had the most significant impact on Toronto real estate. The province’s pro-intensification growth policy has triggered a huge shift in the market, forcing developers to build up, not out. Amid ever-shrinking supplies of lowrise homes, prices for that product have gone through the roof. This has pushed purchasers into condos. And while condos are cheaper than lowrise homes, the ever-rising popularity of this product type has meant a steady uptick in prices.

INCREASED IMMIGRATION

Toronto is a popular destination for newcomers from across Canada and around the world, with most newcomers choosing to locate in the city centres. Despite all the cranes you see on the skyline for condo projects, we are actually not building enough new units to accommodate this influx. And supply and demand dynamics mean condo prices have been steadily climbing amid this strong desire among newcomers to live in centrally located condos.

LOW INTEREST RATES

The GTA condo market has benefited from historically low interest rates over the past decade, as buyers have been able to borrow money cheaply to purchase condos. But the surge in demand for condos, amid a lack of supply to meet that demand, has meant sizeable increases in condo prices. And the uptick in interest rates of late has driven the cost to purchase a condo even higher.

DOWNTOWN GENTRIFICATION

Condo buyers want to be located in proximity to amenities like transit and walkable neighbourhoods, as well as shops, restaurants and entertainment. But while there used to be pockets of cities where condos were priced lower because those areas were considered frontiers for pioneering purchasers, spots like these are fewer and farther between now. Growing urban gentrification means there are no longer discounts to buy in locations boasting potential. Condo buyers must pay big bucks to live in the centre of the action.

TALLER CONDO TOWERS

It used to be that a 50- or 60-storey condo building was exceptional; now we’re seeing towers shooting up past 70 storeys, and soon higher than 80 and 90 storeys, just like in New York and Hong Kong. These “super-talls” are more expensive to develop, due to increased costs for material and labour, and the sophisticated technology and infrastructure to support these towers. Those increased costs are passed on to condo buyers, pushing up average prices. As Toronto gets more super tall towers, expect higher premiums. It’s the cost we pay to live in a world-class city.

Debbie Cosic, CEO and founder of In2ition Realty, has worked in all facets of the real estate industry for over 25 years. In2ition.ca

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New single-family home sales in the GTA jump in February

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New single-family home sales in the GTA jump in February

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The GTA new home market in February saw the highest number of single-family homes sold since April 2017, according to the Building Industry and Land Development Association (BILD).

There were 639 new single-family homes sold in February, including detached, linked and semi-detached houses and townhouses, according to Altus Group, BILD’s official source for new home market intelligence. This was up 147 per cent from last February, though still 50 per cent below the 10-year average. Sales of new condominium apartments in low-, medium- and highrise buildings, stacked townhouses and loft units, with 772 units sold, were down 58 per cent from February 2018 and down 51 per cent from the 10-year average.

“Softer new condominium apartment sales in February can, at least in part, be attributed to the rapid increase in prices in the past two years, which has priced many would-be buyers out of the market,” says Patricia Arsenault, Altus Group’s executive vice-president, Data Solutions. “The good news is that, although still relatively low in historical terms, there is now more inventory available to purchase and this is curbing the upward pressure on prices.”

ALSO READ: Budget 2019 comes up short

Remaining inventory in February included 11,269 condominium units and 5,233 single-family lots. Remaining inventory includes units in preconstruction projects, in projects currently under construction and in completed buildings.

Benchmark prices of both single-family homes and condominium apartments moderated slightly compared to the previous month. The benchmark price of new single-family homes was $1.12 million, down eight per cent over the last 12 months, while the benchmark price of new condominium apartments was $792,709, up 8.6 per cent over the last 12 months.

“We are hopeful that the measures introduced last week in the federal budget will enable more first-time homebuyers to enter the market and purchase the type of home they want,” says BILD President and CEO David Wilkes. “However, these measures are only the first step, and BILD will continue to advocate for a review of the mortgage stress test so more first-time homebuyers can realize the dream of homeownership.”

Wilkes adds that the GTA is still grappling with challenges around supply. “BILD is continuing to call on the provincial government and municipal governments to take the steps necessary to facilitate additional housing supply to meet the growing need across the GTA.”

February New Home Sales by Municipality

Condominium units Single-family Total
Region 2019 2018 2017 2019 2018 2017 2019 2018 2017
Durham 22 4 113 54 50 302 76 54 415
Halton 39 46 96 269 113 457 308 159 553
Peel 120 104 384 189 34 201 309 138 585
Toronto 533 1,065 1,822 4 6 42 537 1,071 1,864
York 58 641 345 123 56 447 181 697 792
GTA 772 1,860 2,760 639 259 1,449 1,411 2,119 4,209

Source: Altus Group

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Budget 2019 comes up short

GTA new home sales begin 2019 on a positive note

2018 GTA new home sales drop to lowest mark in nearly 20 years

 

 

 

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THE ENGINEERING INTERN: Five reasons to cheer highrise development

Five reasons to cheer highrise development — when it’s done right

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Five reasons to cheer highrise development — when it’s done right

Reduced traffic, better commutes, improved streetscapes and more positive impacts that might turn a NIMBY into a YIMBY.

I recently attended my first community information meeting about planning for future development in the downtown core of London, Ont. The meeting helped me understand the negative stigma that residents in lowrise communities often have against highrise development close to their homes.

At this meeting, many attendees spoke out against the concept of highrise development. This inspired me to discuss the topic with other Stantec team members, including one of our planners, Stephanie Bergman. She explained that, unfortunately, this is the reality at these sorts of public meetings. The “not in my backyard” (NIMBY) voices nearly always overpower the “yes in my backyard” (YIMBY) voices. The result is less highrise development.

If highrise developers match the façade of existing buildings in the area, and couple that with new and improved landscaping, it can really improve the streetscape.
If highrise developers match the façade of existing buildings in the area, and couple that with new and improved landscaping, it can really improve the streetscape.

So, what’s the solution? According to Bergman, we need more YIMBYs taking part in the processes that will shape communities and help promote some of the positive impacts of highrise development. If highrise development is done right, there can be many positive effects. Here are five benefits that just might shift you from NIMBY to YIMBY.

Highrise development gives young professionals the opportunity to live downtown: The housing market in London has boomed over the past few years, which makes it difficult for freshly graduated young professionals to find affordable living. I fall into this category. If I want to live close to work — something I value greatly — my only option is to rent. Single-family homes in this location are too expensive. For this reason, highrise condos have become the only available means for a single person to own property downtown and, in general, close to where they work.

More people walking to work means less commuter traffic: I’ve spent my life driving everywhere I need to go in a car. Since I began renting an apartment close to work, I find myself walking rather than driving, not only to the office, but to most of the places I frequently visit. In the community information meeting, one issue that came up was increased traffic due to higher densities of people in a small area. While this makes sense in theory, the reality is if someone is looking for a place downtown, it most often means they work downtown as well. It also means that the downtown resident will likely prefer to avoid driving to work — taking transit, a bike, or walking instead — which would lower overall commuter traffic.

Many new highrise buildings utilize the ground level for commercial, retail, or some other active use.
Many new highrise buildings utilize the ground level for commercial, retail, or some other active use.

The creation of active ground floor uses: Most of the new highrise buildings I have seen developed over recent years utilize the ground level fronting city streets for commercial, retail, or some other active use. This opens new possibilities for retail shops and restaurants to open, where previously there was only a parking lot or old building that had been underutilized. This gives new life to areas that were once bare. If a new café wants to open along my walk to work, count me in!

Improved and updated streetscape: Another hot topic at the information meeting was the look of highrises near residential communities. In my experience, developers want their buildings to stand out in a good way. A lot of effort goes into the look of the building, particularly the first few floors, as these are the only floors people see when walking by. Matching the facade of existing buildings in the area, coupled with new and improved landscaping, makes areas that were once asphalt pads look renewed and become something enjoyable to see on your morning run.

More eyes on the street: Increasing the density of people in an area means more eyes on that area. This creates an artificial “neighbourhood watch,” where more people constantly interact and truly see one another. More people on the street creates an atmosphere of safety and provides informal surveillance of the urban environment. Bergman mentioned this point to me, and I find it very interesting, as it doesn’t seem like something people would think about when looking at a highrise development proposed in their area.

I’m hoping that readers can see what a highrise development done right can do for a community. There’s a value that comes with it. I’ve always seen development as progress, and progress for your city is a good thing. Let’s get more people saying YIMBY instead of NIMBY.

Derrick Rice is an engineering intern at Stantec‘s London, Ont. office.

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Beechwood grand opening draws unprecedented crowds

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Beechwood grand opening draws unprecedented crowds

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Coming off one of the most successful new home openings of the year, one of Brampton’s most coveted lowrise communities – Beechwood – has officially opened its doors.

Paradise Developments’ latest community drew record sales of more than 40 homes in just one day.

Beechwood represents a combination in comfort and elegance in a most sought-after location. Offering unprecedented choice to area buyers, this collection of family-sized townhomes, semis and detached homes embodies a lifestyle of convenience and luxury.

Ranging in size from 1,400 to 3,300 sq. ft., freehold townsat Beechwood begin from the mid $500’s, semis from the low $700’s and singles from the upper $700’s

Featuring striking architectural details, home exteriors include a combination of brick and stone detailing, architecturally designed streetscapes and elevations, insulated metal front entry doors with weather stripping and Thermopane vinyl Low-E casement windows. Our spacious open-concept floor plans boast nine-ft. ceiling heights, prefinished oak hardwood flooring in main principle rooms, oak main staircases and electric fireplaces. Chef-inspired kitchens feature custom quality cabinetry, double stainless-steel sinks with single lever faucets and ceramic tile flooring.

At Beechwood, every aspect of the community, including the parks and schools, are woven deeply into the natural fabric of life. Situated at Chinguacousyand Mayfield – minutes from downtown Brampton – Beechwood offers an exciting array of amenities, including world-class restaurants, cafes, and excellent shopping, including nearby Shoppers World Brampton and the Bramalea City Centre.

With the GO Station and Brampton’s transit hub conveniently close, and with connections to major Hwys. 401, 410, 403 and the 407, getting around the GTA is made easy. 

The Beechwood Sales Office is located at 885 Bovaird Dr. E. in Brampton. Hours of operation are Monday to Thursday from 1 to 8 p.m., Friday closed, and Saturday and Sunday from 11 a.m. to 6 p.m. Contact bramptonsales@paradisedevelopments.com or 905.840.7135.

 

 

 

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Record October 2017 for new condo sales

Record October 2017 for new condo sales

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Record October 2017 for new condo sales

Average price for available new detached homes rises to $1,548,888

New construction home sales soared in the GTA in the month of October, primarily driven by sales of multi-family homes, condo apartments in highrise and midrise buildings and stacked townhomes, the Building Industry and Land Development Association (BILD) announced November 24.

There were 5,377 new homes sold in October, according to Altus Group, BILD’s official source for new home market intelligence. About 91 per cent of them (4,884 units) were multi-family homes and only 9 per cent (493) were lowrise single-family homes such as detached and semi-detached houses and townhomes. Condo sales for October were 81 per cent above the 10-year average of 2,697, and the highest October yet recorded, while lowrise sales were 64 per cent below the 10-year average of 1,388.

As of the end of October, 39,476 new homes have been sold in the GTA in 2017, 82 per cent of them condo apartments in highrise and midrise buildings and stacked townhomes.

“October data shows that the new homebuyer is left with very little choice when it comes to purchasing a new home,” said BILD president and CEO Bryan Tuckey.

“Provincial intensification policy has our members building more high and midrise dwellings making housing choices a challenge. The cost of a single-family home is out of reach for many consumers pushing them to buy a condo over a house. As a result we are seeing record-breaking condo sales and higher prices this year for new lowrise homes.”

While supply of new housing increased again in October and reached 12,500 units, it is still well below what is considered a healthy level. Supply of new housing is typically measured by the number of new homes available for purchase in builders’ inventories at the end of the month. At the end of October, there were 9,308 multi-family homes and 3,192 single-family homes available in the GTA.

“Demand for newly-built condominium apartments is being fueled by three key buyer groups – small investors who have become the de facto providers of new rental housing supply in the GTA; end user buyers who might prefer a single-family home but are seeking out more affordable options; and the more traditional end users who value the lifestyle and amenities of well-located projects,” said Patricia Arsenault, Altus Group’s executive vice president of research consulting services.

Prices of available new homes in October increased slightly for both single-family lowrise homes and multi-family homes. The average for available new single-family homes was $1,217,428 up from $1,204,829 in September, and 29.8 per cent above last October’s average price of $937,689. The average price for available new detached homes was $1,548,888 and the average for available new townhomes was $995,571.

Meanwhile the average price of available new condo apartments in highrise and midrise buildings and stacked townhomes was $677,456 in October, up from September’s $661,188. The average price per square foot was $791 and the average unit size was 857 square feet.

October 2017

Highrise

Lowrise

Total

Region

2017

2016

2015

2017

2016

2015

2017

2016

2015

Durham

15

97

26

209

329

325

224

426

351

Halton

158

375

199

75

514

246

233

889

445

Peel

89

203

174

62

178

486

151

381

660

Toronto

3,994

1,509

2,307

2

22

66

3,996

1,531

2,373

York

628

687

573

145

625

695

773

1,312

1,268

GTA

4,884

2,871

3,279

493

1,668

1,818

5,377

4,537

5,097

Source: Altus Group



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Industry Report: Ontario Housing Plan Not Slowing Down GTA’s New Home Market

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Industry Report: Ontario Housing Plan Not Slowing Down GTA’s New Home Market

The Province’s Fair Housing Plan is having little real effect on the new housing market in the GTA.

The market continued to climb in June and condominium sales reached another record high and the supply of new housing remains exceptionally low.

Sales of new condo apartments in highrise and midrise buildings and stacked townhomes jumped 59 per cent from May and the price of available units also rose, according to our partners at Altus Group, BILD’s official source for new-home market intelligence.

New home sales rose 23 per cent from June 2016. So far this year, 28,889 new homes have been purchased, which is a 14 per cent increase from the same period in 2016 and 44 per cent above the 10-year average.

The Provincial Government introduced the Fair Housing Plan in April, saying it was an effort to help more people find affordable homes, increase supply, protect buyers and renters and bring stability to the real estate market. Since its introduction there has been a slowdown in the region’s resale housing market, but overall prices in the new homes market continue to rise and the supply of new homes — the number of homes available to buyers in builders’ inventories at the end of the month — continues to drop.

The supply of new homes dropped by almost 20 per cent in June to 8,661 as highrise inventory continued to fall and inventory in lowrise single family homes remained very low. In June, 10,820 new homes were available — a dramatic difference from the 18,063 new homes available a year earlier. In June 2007 there were 30,300 new homes available.

Three out of four new construction homes purchased in the GTA so far this year have been condo apartments, highrise and midrise buildings and stacked townhomes, and about 91 per cent of the 6,046 new homes sold in June were multi-family condo apartments. June’s sale of 5,495 units surpasses the previous sales record set in March and represents an 89 per cent increase from a year ago and it is more than double the 10-year average of 2,550 units sold.

The average price tag of an available new condo apartment in builder inventories in the GTA was up more than $22,000 from May to June and that’s on the heels of an increase of more $30,000 from April to May. June’s $627,000 average price marked a 34 per cent increase from a year ago. In the same period, the average price per square foot of units has gone from $587 to $742.

For many homebuyers, especially first-time buyers, condo apartments are the only affordable option for owning a home in this region. The price acceleration in the condo portion of the market is especially worrisome since it not only represents the lion’s share of new housing in the GTA, it’s also making it difficult for condos to remain the affordable option.

The ongoing drop in new housing inventory demonstrates how difficult it is for the industry to bring new homes to the market. Barriers include lack of developable land that’s serviced with critical infrastructure, excessive red tape, out-of-date zoning, and NIMBYism. With changes coming to the Ontario Municipal Board it is going to be even more challenging for the industry to bring needed new housing product to the market and the supply situation is likely to get far worse.

The record number of condominium apartment sales in June was the result of a ‘perfect storm’ of factors, Patricia Arsenault, Altus Group’s executive vice-president of Research Consulting Services, tells us. These factors include the sizeable number of units in new condo projects opened in May and June (over 8,500); demand from end-user buyers who might have preferred a single-family home but have adjusted their expectations due to lack of affordable supply; and heightened investor interest due to the rapid price increases for condo apartments in recent months.

In June, prices of available lowrise single-family homes — which included detached, semi-detached and townhomes — were also up. The average price of new lowrise single-family homes available for purchase in builders’ inventories reached $1,250,262. While this was only a slight increase from May, it was more than a 40 per cent increase from a year ago when the average price was $887,543.

BRYAN TUCKEY is President and CEO of the Building Industry and Land Development Association (BILD) and is a land-use planner who has worked for municipal, regional and provincial governments. He can be found on Twitter (twitter.com/bildgta), Facebook (facebook.com/bildgta), and BILD’s official online blog (bildblogs.ca).

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Price of new detached homes in the GTA approaching $2 million

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Price of new detached homes in the GTA approaching $2 million

In May, the GTA’s new housing market showed few signs of slowing down, especially the condominium segment, the Building Industry and Land Development Association (BILD) announced Monday.

Sales of new multi-family homes, condo apartments in highrise and midrise buildings and stacked townhomes continued to be strong and the prices for available units increased substantially, according to Altus Group, BILD’s official source for new-home market intelligence.

Prices of available homes in the lowrise single-family sector were also up but the pace of increase was not as dramatic as in recent months.

“For the new homes market, the province’s fair housing plan has had little real effect,” said BILD president and CEO Bryan Tuckey. “Prices continue to increase and supply, especially for single-family lowrise homes, continues to be low. The price acceleration in the condo portion of the market is especially worrisome since it not only represents the lion’s share of new housing in the GTA, it’s also making it difficult for condos to remain the affordable option.”

About 86 per cent of the 3,902 new homes sold last month were multi-family condo apartments in highrise and midrise buildings and stacked townhomes, while only 14 per cent were lowrise single-family homes.

There were 3,357 sales of new condos in May, slightly fewer than a year ago, but 61 per cent above the 10 year average. The 545 sales of new single-family lowrise homes was a 76 per cent drop from last year and 68 per cent off the 10 year average.

This year is proving to be a very strong year for sales of new homes, with record year-to-date sales. Three out of four of the 22,814 new homes purchased in the GTA so far this year were condo apartments.

The average price of available new condo apartments was up more than $30,000 from April. May’s $604,683 average price marked a 33 per cent increase from a year ago. The average available unit was 814 square feet and the average price per square foot was $743. A year ago, the average price per square foot was $573.

In May, the average price of available new lowrise homes was $1,222,699, an increase of about $10,000 from April and a 40 per cent increase from a year ago.

For the first-time, the average asking price for available new townhomes surpassed the million-dollar mark. Available new detached homes reached that milestone only 14 months ago. In May, the average asking price for available detached homes in the GTA was $1,942,316, while the average price for available semi-detached was $919,231 and for townhomes was $1,002,220.

The supply of new homes, the number of homes available to buyers in builders’ inventories at the end of the month, increased modestly in May but it was still far below a healthy level and it was 8,000 units less than a year ago.

At the end of May, there were 10,820 new homes available to buyers in the GTA, of which 9,406 were condo apartments and 1,414 were lowrise single-family homes. Last month there were 9,387 new homes available to buyers and a year ago there were 19,209 available in builders’ inventories. In May 2006, there were 29,754 new homes in builders’ inventories, of which 16,420 were low-rise single-family homes.

“The combination of lower sales, some increase in inventory and slower price growth in May compared to April was the first hint we have had of some hesitation among potential buyers of single-family homes,” says Patricia Arsenault, Altus Group’s executive vice president of research consulting services. “But in the condominium apartment sector, it was still full steam ahead in May. Sales were steady and prices posted strong increases, meaning the increase in available inventory in May was not due to wavering demand but rather the burst in new condo project openings. Over 4,900 new units were brought to the market, almost twice as many as in the previous month, and many were in projects that launched near month end.”

http://www.bildgta.ca/

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Demand for new homes continues to outpace supply

Demand for new homes continues to outpace supply

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Demand for new homes continues to outpace supply

In April, demand for new homes in the GTA continued to outpace supply and prices for all types of available new homes were up significantly, the Building Industry and Land Development Association (BILD) announced May 24, 2017.

There were 4,680 new homes sold in the GTA last month, an increase of 7 per cent from a year ago according to Altus Group, BILD’s official source for new home market intelligence. Year-to-date sales of new homes in the GTA have been exceptionally strong. In the first four months of this year, 17,977 new homes were sold, 24 per cent more than during the same period in 2016 and 48 per cent above the 10-year average.

Meanwhile, the supply of new homes, the number of homes available to buyers in builders’ inventories at the end of the month, continued its unabated decline. At the end of April, there were only 9,387 new homes available to buyers across the entire GTA. This is the first time that overall inventory has dropped below 10,000 units since BILD and Altus Group began tracking such data more than a decade ago. A year ago, there were 21,056 new homes available for purchase in builders’ inventories.

“Builders are not able to keep up with the demand for new housing,” said BILD president and CEO Bryan Tuckey. “The product that builders are able to bring to the market is quickly purchased and prices for all types of new homes keep increasing as a result.”

In April, the average price of available new lowrise single-family homes, which includes detached, semi-detached and townhomes, was $1,212,297. That is 40 per cent more than the average price of such homes in April 2016.

Last month, the average asking price for available new detached homes in the GTA reached $1,810,232, while the average for available semi-detached was $856,036 and for townhomes was $946,496.

Prices of available new multi-family homes, condo apartments in highrise and midrise buildings and stacked townhomes, were up nearly 24 per cent from a year ago. The average price of available units hit $570,226 in April, with the average price per square foot at $685, and the average unit size 832 square feet.

Prices of available condo apartments were up due to both an increase in average unit size and a substantial increase in average price per square foot. Average price per square foot was up 17.5 percent from a year ago.

“The declining number of new homes available to purchase is not a question of less product being brought to market,” says Patricia Arsenault, Altus Group’s executive vice president of Research Consulting Services. “There were more than 11,000 units in projects opened in the first four months of this year – that’s about one-third higher than the average for the previous two years.”

Approximately 70 per cent of the new homes that were purchased in the GTA in April (3,265 units) were multi-family condo apartments in highrise, midrise or stacked townhomes, while 30 per cent (1,415) were new single-family lowrise homes including detached, semi-detached and townhomes.

Single-family lowrise sales were down 39 per cent from a year ago while sales of multi-family condo apartments were up 61 per cent from April 2016.

April New Home Sales by Municipality:

April 2017

Highrise

Lowrise

Total

Region

2017

2016

2015

2017

2016

2015

2017

2016

2015

Durham

19

33

16

362

356

441

381

389

457

Halton

129

87

123

84

342

476

213

429

599

Peel

872

170

106

474

908

822

1,346

1,078

928

Toronto

1,621

1,391

1,262

52

119

88

1,673

1,510

1,350

York

624

351

294

443

611

868

1,067

962

1,162

GTA

3,265

2,032

1,801

1,415

2,336

2,695

4,680

4,368

4,496

Source: Altus Group

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