Improvement Seen in GTA New Home Market

Published on October 31, 2018

Improvement Seen in GTA New Home Market

According to the Building Industry and Land Development Association (BILD), the new home market in the GTA saw an increase of both new project openings and new home sales during the month of September.

Altus Group, BILD’s official source of intelligence for the new home market, has noted that the 1,747 new homes sold in September is a significant increase from the 974 new homes sold in August.

Altus Group also reported that September brought 1494 new home sales from condominiums, stacked townhouses, and loft units, which accounts for a 20 percent decrease in sales from September of 2017.

Sales of single family homes in the GTA are said to have also been down 77 percent from the 10 year average.

September saw 10 new condominium projects along with seven projects for single-family homes. This is a large increase when compared to the two project openings that occured during August.

Patricia Arsenault, Executive Vice President at Altus Group, has said that this increase in new condo sales, and the number of new home projects launched, is stronger than just the typical bump in sales September often brings.

David Wilkes, President and CEO of BILD, said that this improvement in the GTA new home market is welcoming to hear, but a lack of supply is presenting consumers with only a small range of new home options.

Wilkes also spoke about the future of BILD, and what needs to be accomplished in order for enough housing to be built to accommodate growth.

“Some straightforward steps include making sure that government charges on new homes are fair, funding and building critical infrastructure, cutting red tape and speeding up building permits and inspections.” Wilkes said.

Taking Advantage as a GTA Resident

With the new home market in the GTA showing improvement, along with the city of Toronto’s Home Energy Loan Program, homeowners in the GTA are able to increase the affordability of both moving and improving home value through energy efficiency.

With the Home Energy Loan Program, homeowners are able to receive a loan of up to $75 000 to put towards improving home energy efficiency. The loan is available at a low interest rate on 5, 10, and 15 year terms, and can be paid off early without any penalty.

Here at Barrier Sciences Group, we are happy to see initiatives in support of energy efficiency and a clean energy future. For any homeowners in Ontario looking to improve their home’s energy efficiency, or those wishing to apply for the Home Energy Loan Program in Toronto, our Registered Energy Advisors are happy to assist you in the process.

By conducting a Home Energy Assessment, our Registered Energy Advisors can obtain all the information they need to provide you with a list of possible modifications or retrofits for you to consider - ranked in order of what will be the most cost effective for improving your home’s energy efficiency, lowering your utility bill, and improving your at-home comfort.

The Province’s HRRP Now Offers New Eligibility, New Territories, & New Incentives.

There’s great news for homeowners who are planning to do residential renovations or upgrades! The Ontario Government has significantly enhanced the province’s Home Reno Rebate Program. And the bottom line for homeowners - higher rebates! By doing renovations or upgrades that will improve a home’s energy efficiency, homeowners may be eligible for substantial rebates of up to $5,000 from Union Gas. Simply put, there are long-term payoffs with an energy efficient home.

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