Milton sell-out signals GTA strength
February 11, 2019
Mattamy Homes quickly sold out all 180 building lots in a new subdivision it is developing in Milton, a signal that the Greater Toronto Area new home market remains robust despite a recent downturn.
The Hawthorne South Village Sixteen Mile Creek community sold all the lots offered during a two-day blitz in January.
Buyer lineups began forming days before the Saturday openings, and by the end of both days all available inventory had been sold out.
"While there is no doubt that the real estate market in the Greater Toronto Area has undergone change in the last 18 months, our sales results in Milton are telling a very positive story," said Brad Carr, CEO of Mattamy Homes Canada. "What we're seeing is that in the midst of this soft landing there is definitely still strong demand driven by solid market fundamentals.”
The homes available were a variety of townhome and detached houses, the latter on 30-foot to 43-foot lots.
Mattamy’s sell out bucked headwinds in Greater Toronto’s new home market.
Total new home sales in the region dropped 40 per cent to just over 25,000 units in 2018, which is the lowest level since Altus Group started tracking the market.
The good news is that more GTA households are planning to buy homes in the upcoming year, according to Altus. Home buying intentions among renters – the primary pool for potential first-time buyers – plunged in 2017 due to affordability and mortgage financing challenges but rebounded in late 2018,Altus Group data shows.