According to Stephen Dupuis, the old notion of a “spring” and “fall” new housing market has gone out the window. These days, the market in the GTA appears to be driven by the timing of new project openings. According to RealNet Canada Inc. new project openings drove total new home sales up thirty-six per cent over July 2010, following a fifty-four per cent increase in June. In July, sales of new single detached, semi-detached and townhomes in the 905 regions led the way, with sales up sixty-four per cent over last July’s numbers. In June, highrise sales were up sixty-two per cent.
It is interesting to note that 4.2 out of every 10 highrise condo sales can be attributed to the 905 region, with new projects or phases in Milton and Markham helping to raise the 905 market share well above the average of about 2.3 out of 10.
With many new building project starts last month, one can expect that we will have arrived at a “four season” new housing market.
If you would like to read about the trend towards intensification in the GTA, visit Stephen Dupuis’ opinion page at http://www.thestar.com/comment/columnists/583536 or call Team Masterson to learn more about the ins and outs of your local market.