Tag Archives: Single Family Homes

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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Condos Oct web

GTA new home market gains further momentum in October

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GTA new home market gains further momentum in October

 Condos Oct web

The GTA new home market saw a relatively active month for new condominium apartment and single-family home sales and openings in October, according to the Building Industry and Land Development Association (BILD).

There were 2,805 condominium apartments in low, medium and highrise buildings, stacked townhouses and loft units sold in October, down 44 per cent from October 2017 but only one per cent less than the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence. Single-family home sales, with 491 detached, linked and semi-detached houses and townhouses (excluding stacked townhouses) sold, were even with last October and down 64 per cent from the 10-year average.

With 21 condominium apartment projects and 14 single-family home projects opening in October, remaining inventory increased to 16,283 units, comprised of 10,982 condo apartment units and 5,301 single-family units. Remaining inventory includes units in preconstruction projects, in projects currently under construction and in completed buildings.

October best month

“The pickup in interest from builders and home buyers that started to emerge in the GTA new home market in September gained momentum in October,” says Patricia Arsenault, Altus Group’s executive vice-president, Data Solutions. “October was the best month we’ve seen this year not only in terms of sales – for both single-family homes and condominium apartments – but also new project openings. And for both sales and new openings, the increases from last month were stronger than the typical seasonal pattern.”

David Wilkes, BILD president and CEO, says the new home market’s gradual return to more typical activity levels was an encouraging sign. “It’s clear that when we are able to bring on more supply and give new home buyers more product to choose from, they get excited and motivated about making that choice. That’s why we are especially heartened by the new provincial government’s commitment to increasing housing supply through its Housing Supply Action Plan.”

Benchmark prices

The benchmark price for both condo apartments and single-family homes decreased slightly in October, compared to the previous month. The benchmark price for condo apartments was $775,537, which was still up 14.5 per cent over the last 12 months. The decrease in the benchmark price of condo apartments from September can be accounted for by the smaller benchmark size of units available to purchase. The benchmark price for single-family homes was $1.11 million, down 8.4 per cent over the last 12 months.

October new home sales by municipality

October 2018 Condominium Apartments Single-family Total
Region 2018 2017 2016 2018 2017 2016 2018 2017 2016
Durham 79 19 96 55 207 323 134 226 419
Halton 328 162 375 78 69 515 406 231 890
Peel 169 110 203 148 48 177 317 158 380
Toronto 2,133 4,085 1,478 74 28 14 2,207 4,113 1,492
York 96 613 336 136 139 621 232 752 957
GTA 2,805 4,989 2,488 491 491 1,650 3,296 5,480 4,138

 Source: Altus Group

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Luxury homes

GTA luxury market set for a strong fall season

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GTA luxury market set for a strong fall season

Luxury homes

Strengthening consumer engagement and robust economic fundamentals are expected to drive the GTA luxury market this fall, as sales of homes valued at more than $1 million are on the rebound.

New data compiled by Sotheby’s International Realty Canada reveals that Greater Toronto Area residential real estate activity of more than $1 million and luxury activity of more than $4 million are gaining traction; summer sales rose 19 per cent and 34 per cent year-over-year, respectively.

“Toronto’s top-tier real estate market is positioned for a turnaround this fall,” says Brad Henderson, president and CEO, Sotheby’s International Realty Canada. “Since the introduction of Ontario’s Fair Housing Plan in April 2017, the market has maintained ground in spite of rapid policy changes, as well as rising mortgage rates and tighter lending guidelines. Market psychology has now adjusted, and we expect the fall market to be more active.”

In contrast, high-end home sales and prices are softening in Vancouver, not only in the single-family home segment, but also in condos and multi-family homes. In Calgary, top-tier real estate has remained unsettled, in parallel to the city’s economic progress, while luxury sales in Montreal are projected to end the year on a positive note.

KEY INFLUENCERS

Canada’s economy expanded at a robust pace of 2.9 per cent in the second quarter of 2018, following a weak start of the year, according to the Conference Board of Canada.

While economic growth is expected to slow in the third quarter of the year, it remains strong enough to warrant a gradual reduction in monetary stimulus, according to the Bank of Canada.

Solid national economic fundamentals bode well for Canada’s top-tier real estate markets this fall, elevating high performance markets such as Toronto and Montreal, while buffering consumer confidence in markets such as Vancouver and Calgary that are encountering local headwinds.

Although the Bank of Canada maintained its key rate at 1.5 per cent in September, it has signalled the potential for another rate hike in October given solidifying economic conditions. The gradual and incremental rise in lending rates will affect consumer purchasing power in the conventional housing segment; however, the impact on luxury homebuyers remains less significant.

The national unemployment rate, as well as the unemployment rate in the key metropolitan areas of Montreal, Toronto and Vancouver, continue to hover at decade-lows, anchoring conventional and top-tier real estate market performance with concurrent job gains that retain and attract new residents. Canada’s unemployment rate hovered at six per cent in August, while Toronto sat at 6.1 per cent.

The new mortgage stress test weighed on the conventional real estate market earlier in 2018, however, its impact was less pronounced across the majority of Canada’s major luxury markets.

GTA HIGHLIGHTS

The top-tier real estate market in the GTA is poised to rebound this fall as consumer confidence rallies. Apprehension following the introduction of the Ontario Fair Housing Plan in April 2017 and the tightening of mortgage lending rules and rising rates earlier in 2018 have dissipated; pent up consumer demand coupled with renewed top-tier listing activity is expected to propel gains in sales, velocity and pricing across all housing segments to the end of 2018.

In spite of seasonal tendencies for real estate activity to slow over the summer, top-tier sales activity strengthened in July and August, reflecting a shift towards renewed seller, buyer and investor engagement, and a transition into an active fall market.

The high-end condominium market saw the most pronounced gains in sales activity over the summer months, anticipating a strong fall. Sales of units more than $1 million increased 28 per cent in the GTA and 21 per cent in the city of Toronto. Four condominiums sold for more than $4 million in Toronto, on par with sales in the previous year. Changing demographics and consumer preferences favouring urban lifestyles continue to motivate the migration of real estate consumers and investors into condominiums in the city’s central core, bolstering the market with healthy local demand.

Sales of single-family homes of more than $1 million rose 20 per cent year-over-year in the GTA and 12 per cent in the city of Toronto; however, summer activity remained capped by a shortage of available listings on the market particularly in the $1 million to $2.5 million segment. Luxury home sales of more than $4 million also experienced strong year-over-year gains. Attached home sales of more than $1 million experienced six and eight per cent year-over-year gains in the GTA and Toronto, respectively.

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h_may18_perspectives_2

Perspectives: City Vs. Suburbs

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Perspectives: City Vs. Suburbs

As priorities and the market change, are condos a real alternative for families?

In the not too distant past, the life path for even the most dedicated downtown dwellers was the same. Go to school. Meet a partner. Start a family and leave your apartment or condo lifestyle behind to buy a house.

As recently as a decade ago, this life path could be affordably completed without leaving the confines of Toronto. Of course, many families did prefer to relocate to the surrounding suburbs with their larger yards, quieter neighbourhoods and less hectic traffic. But if you loved the city, you could find a nice house with a modest yard and enjoy all your favourite urban amenities.

Real Towns in Thornhill by the Madison Group

However, with the precipitous rise in single-family home prices, a home in the city is a near impossible dream for many middleclass homebuyers.

So, young families are now faced with a choice: move to the suburbs or try raising a family in a condo.

Of course there are many wonderful suburbs around the city, but some people just love the city too much to leave it. That’s probably why 10,500 more families lived in Toronto condos in 2016 compared to 2011. Still, even as more families are clearly embracing the condo trend there does seem to be a certain stigma to condo living a la family.

Condominium or apartment living is actually the norm for many families in the vast majority of world-class cities around the globe. When I was living in Barcelona, it was common for even more affluent families to prefer a city condominium lifestyle to a home on the outskirts of town. This is also true in places like Manhattan, Paris, Tokyo and London, and it has been for generations. Still, for some reason the trend has its doubters here in Toronto.

“Where are your kids going to play without a yard?”

This is perhaps the most common refrain we hear from those who doubt family condo living. However, condominium developers are actually required to provide a minimum of four square metres of amenity space for every dwelling in the building.

The result is that many larger condominiums have the equivalent of a private medium-sized city park on their rooftop terraces. These can often include great kid-friendly amenities, too. Many rooftop terraces have lawns, and some even have mini-golf, outdoor pools, or other outdoor games. That’s not even mentioning the indoor amenities that families can enjoy. These include billiards rooms, basketball courts, swimming pools and specialized “kid zones.”

In fact, if urban families choose wisely, they can find a spacious condominium that offers amenities that suburban kids could only dream about. Families in the city can access some of the country’s best cultural amenities right outside their door — the ROM, AGO, live theatre and music, cultural events, restaurants, and so much more.

With home prices showing no chance of any significant correction, condo living is — and will continue to become — the new normal for families in the city.

Luckily, thanks to the amazing amenities and beautiful suites those families can enjoy, the options for finding a family condo lifestyle that works has never been easier.

Lisa Chester is vice president of sales and marketing at International Home Marketing Group, which sells and markets both houses and condominiums. IHMG.ca

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