The latest report from Trimart Research Corporation unveils the top 10 cities in the Total Market Area (TMA) with the most new low-rise sales in 2016. By a landslide, Brampton came in first with 4,336 new low-rise sales last year. Milton followed in second with 1,588 sales, and Oakville came in third with 1,385.
The Bank of Canada recently announced that employment growth is expected to remain strong and the GDP will grow by 2.1% in 2017 and 2018. Because of this, Trimart believes buyers will remain confident in the new low-rise market for the next two years. Trimart also says to expect traffic to pick up in new home sales centres through the rest of the first quarter of 2017.
Here are the top 10 cities with the most new low-rise sales in 2016:The top 10 cities accounted for 58% of the total new low-rise sales for 2016. By the end of 2017, the top 10 shouldn’t change too much. There may be fewer sales this year due to a lack of inventory. According to the Building Industry and Land Development Association (BILD), there were only 1,878 new low-rise homes available in the Greater Toronto Area (GTA) as of the end of last year, 742 of which were detached. With such a strong demand and low inventory, prices will continue to rise, forcing buyers into surrounding areas and into the condo market. This is why we expect areas like Cambridge, Guelph, and Innisfil to creep up close to the top 10 this year. We may also see Barrie, Whitby, and East Gwillimbury appearing higher on the list next year.
Based on the amount of interest in Brampton and its long running hold on the top position, we don’t think it will be dethroned in 2017. Expect thousands of sales in Brampton this year with many new projects launching.