HOME LIFE
LONG-TERM FOCUS IS KEY
I
f you're in 1he market fora new low,-ise home in the GTA, o, ha,•e recently purchased one, you may be less than thrilled
with some of the recent reports on the performance of this sec10,-. In general, as per our story on page 14, home price growth in condominiums is surpassing that for detached homes. This may lead some to worry about depreciating value.
But, in short... don't Slay focused on the long term.
Consider, for e.xampl� this comment from Toronto Real Estate Board CEO John OiMichele: "We're seeing growing penl-up demand
for 0\\"1ership housing, especially as 1he number of GTA households
continues lo increase by 40,000 10 50,000 each year due 10 strong population growth. As more and more households come to terms
wi1h the stress test and move back into Lhe market in 1he coming
months and years, they could suffer from a chronicaUy under supplied marketplace and an accelerntion of home price growth to
unsustainable levels.''
This all means more people coming to the GTA to buy homes that are already in short supply. And that means, over the long term really, for the foreseeable future - demand for lowrise homes will be high and price performance strong. While 1he homebuilding indusiry and policy makers work to
find solutions to increase housing supply- including the "missing
middle' of townhomes and other lowrise options - prospective homebuyers should keep !heir eyes open for proposed \eb rat. 1
4 3 "-'"HOM ES e
e,
,l)<f
new de,•elopmenls. They may take longer 1han we
Years would all like to come lo market (which various pa11ies are also addressing), but there are interesting
«
f'u1H,smwc c�ouP
new de,•elopments in the works in the GTA.
Check, for exampl� in our news story on page 18, what QuadReal Property Group is planning for the
Cloverdale Mall neighbourhood in �;1obicoke. Or, as mentioned in our In Conversation With featul'e on page 30, what Dunpar Homes has planned for 1he Sheridan Mall area in Mississauga.. And on the resale side of the lowrise market, see this Aug. 13 summary from ReMax of Ontario-Atlantic Canada: "The bounce back in single-detached home sales is e,-ontributing to an uptick in
average price, with more than 50 1:ier cent of neighbourhoods in the
Greater Toronto Area reporting an increase in detached housing values the firs! half of2019."
HOMES Celebrating Our 34th Year - Estab1isbed 19-85 PUBLJSHf:R Miehacl ROS&et.
EDITORIAL
r-tn·Chtef Wayne Karl Ma11ag.ng .dt Rise Levy •hi d tm Natalie Sicilia )u o, Howard Booacb. Mlcbae1 comns, Debbie CO$lC, suvana LOno,o, Li.Sa Roger'$, Dave Wilk$$ i:.
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Still concerned about the 1:ierformance of the lowrise sector in
the GTA?
Another proud puhlic11tion fton:i
Wayne Karl
wayne.karl@homesmag.com Twitter @WayneKarl
12 myhomepage.ca
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HOMES MAGAZINE SEPTEMBER 20'19
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