While local housing prices continue to rise, one big way price pressure could be lifted is with more homes to sell — that's simply supply and demand.
But in 2016, in Hamilton and Burlington, there were half as many new homes and condos sold as there were 10 years ago
There were 910 new houses, townhouses and condos sold last year, according to Canadian Housing and Mortgage Corporation numbers for Hamilton's census area, which includes Burlington.
That's also down 26 per cent from the year before.
New project hitting the east Mountain
Developers say the city could approve their plans faster, and complain that provincial environmental and density controls are holding them back. But the city points to a supply of available land they say is ready to build on, and remind developers that many of those regulations are out of city control.
Much of the supply of new homes anticipated to hit the Hamilton market comes in the form of mid- and high-rise condos in downtown Hamilton.
Meanwhile, one large local homebuilder recently launched a new subdivision on the Stoney Creek Mountain – between Rymal Road East and Highland Road.
Losani Homes plans to build 1,100 units on that site. Based on 2016 numbers that's more than a whole year's worth of new home sales for the Hamilton-Burlington area.
They're a mix of detached homes, three-storey townhomes and mid-rise flats in eight-storey buildings. The lowest-priced homes in the community will be in the $300,000-range.
'Having your kid play hockey and slapping a 99 on his back'
The project is called Central Park and borrows liberally from the Big Apple for its neighbourhood names: Soho, Madison, Park Avenue and Midtown.
CEO Fred Losani acknowledges it's a big reputation to live up to.
"To do this and call it that name is like having your kid play hockey and slapping a 99 on his back," Losani said.
But he thinks they're up to it.
The project was not without challenges and regulations. It's next to a conservation area, the Eramosa Karst. The developer is building an "eco passage" between the East Mountain trail loop and the Mount Albion Conservation Area to allow wildlife to pass through.
Fights between developers, environmentalists and government over what should go into planning development are not new.
Losani admitted that some of the restrictions he's faced in this development and others have forced his team to think creatively about building heights, architecture and configurations, and the homes he has to sell are better for it, he said.
Prices of new homes compared to resale homes
Losani said it took almost four years to get everything approved for Central Park.
When that kind of time passes, developers can take advantage of how much prices have risen in the meantime. The first phase of the development is completely sold out, he said.
"A normal subdivision that four years ago was in the $500s (thousands), are now in the $800s," he said.
Prices in new construction haven't gone up in the last decade as much as they did in resale across the Hamilton-Burlington area.
Buying a new home can be a journey, an expression of your unique personality and individual needs. Losani Homes understands that the journey is just as important as the end product and we maintain the same high level of care and quality from start to finish.
Losani Homes has been building quality new homes in Hamilton, Stoney Creek, Ancaster, Binbrook, Grimsby, Beamsville, Kitchener, Collingwood, and Winona since 1976.
- August 2020
- April 2019
- March 2019
- November 2018
- June 2018
- April 2018
- March 2018
- February 2018
- January 2018
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016
- November 2015
- October 2015
- September 2015
- August 2015
- July 2015
- June 2015
- April 2015
- February 2015
- December 2014
- October 2014
- July 2014
- October 2013
- September 2013
- June 2013
- May 2013
- March 2013
- February 2013
- April 2006
- November 2002