“Not everyone can or wants to live outside the City of Toronto”
It seems not that many years ago that $1 million home was considered a mansion. That still may seem like a staggering sum. However, consider that last month’s Toronto Regional Real Estate Board figures revealed the average GTA home sale price has reached almost $1.2 million.
That average is calculated on home sales throughout the GTA – not just the City of Toronto, but includes lower-priced areas such as Aurora, Oshawa and Milton. And it’s based on sales of all housing types, from condos to townhouses to singles.
Not everyone can or wants to live outside the City of Toronto. In Toronto, $1 million will get you a newer two-bedroom condo in a walkable downtown neighbourhood, according to a Royal LePage report. But that two-bedroom unit likely isn’t all that spacious – not ideal if you have a family or need to work from home. The price may not include a parking spot or a balcony large enough to truly enjoy.
“Lambton Towns represents good value when you look at the bigger picture. “
If you’re looking at new condos, the average pre-construction unit now costs $1,427 per square foot. Say you’re looking at 1,000 square feet and three bedrooms – that’s $1.427 million. And three-bedroom condos are still scarce as the vast majority of units built are one or two-bedroom.
Dunpar Homes’ new Lambton Towns at 2650 St. Clair Ave. West are priced from $1,559,990. That may seem like a lot of money, but it represents good value when you look at the bigger picture. Each of the 96 back-to-back luxury townhouses is a generous 1,569 square feet, with three bedrooms and two bathrooms. A pre-construction condo that size would have a price tag of $2.24 million.
The towns are set between Bloor West Village and Lambton Woods, in a neighbourhood that is walkable, well-served by transit and rich in shopping, dining and entertainment options. It’s rare to find new homes that offer low-rise living in such a desirable, convenient location – and that bodes well for homeowner equity gains in the years to come.
The quality of construction and finishes – from English Georgian Manor-style exteriors with custom natural Indiana Limestone to gourmet kitchens with granite countertops to ceilings 9 ½ foot ceilings – reflect timeless luxury. The towns come with garages, so there’s no worry about where to park the car, and private 400-square-foot rooftop terraces outfitted with pergolas, water and gas lines, meaning there’s no sharing of outdoor space with others.
The towns are built to the latest building code standards, so they are energy efficient, quiet and comfortable.
“Private mortgage at 3 per cent with a 20 per cent down payment”
The Toronto housing market is heating up again with strong sales and a tight supply. This means buying in the resale market could make some buyers nervous as we’re again seeing multiple offers and bidding wars. While buyers have been coming off the sidelines this spring, they are dealing with a shortage in listings – 19 per cent fewer last month than in May 2022, while sales increased by 24 per cent over last year. Thus, there’s a supply shortage and we’re likely going to see home prices continue to rise.
There’s also how much it will cost to build new homes. According to a new Canadian Home Builders Association report, the cost to build a new 2,400 square-foot house in Canada has risen by $68,000 since the pandemic, with labour costs accounting for 26 per cent of that. New homes are not going to cost any less to build in the future, so consumers shouldn’t expect to pay less in the future – and will likely pay more.
Paul Baron, president of the Toronto Regional Real Estate Board says the issue moving forward will be meeting the demand for housing with adequate supply. And TTREB expects even more demand for home ownership as this year goes on.
Some buyers may be hesitating to purchase due to current interest rates, even more so in the light of the Bank of Canada’s June 6 rate hike rise of 25 basis points (or ¼ per cent), with more possibly to come. This is the highest the Bank’s key interest rate has been since April 2001.
Dunpar understands how concerning this is to those wishing to buy a home. Thus, it’s offering Lambton Towns buyers a private mortgage at 3 per cent with a 20 per cent down payment, for three years or until interest rates drop below 3 per cent.
Dunpar Homes has established a reputation as a premier builder specializing in luxury townhomes. Dunpar has been building superbly designed and architecturally unique homes and communities across the GTA. It has demonstrated its ability to adapt to the evolving industry by offering homebuyers comprehensive tools to help them achieve their ownership goals.
For more information on The Lambton Towns, click on http://www.dunparhomes.com.
