Newmarket prepared to grow up into condominium marketplace
Newmarket is prepared to examine the heated waters of the condominium market, says the town’s community services commissioner.
Based on a report released by the municipality, marketplace states are rapidly aligning to support the development of “upright residential” such as condominiums and apartment buildings. The report, which will be on newmarket.ca, originated after a string six meetings between town officials plus some landowners and developers affecting the promotion of the Davis Drive hallway.
While the report supports the town’s longterm strategies to concentrate increase in the Davis and Yonge Street hallways, there’s been some idea — based partially on the stalling of high-density projects like Slessor Square — the marketplace isn’t prepared for the kind of intensification brought on by condominiums and flats.
Not so, says local realtor Jay Miller. His brokerage serves York Region and Toronto and he’s found the local interest in alternatives to conventional detached home is rising substantially, due mainly to a powerful mixture of young couples and families entering the marketplace and old so called empty nest homeowners looking to downsize.
Sadly, quick-growing costs in the region have driven a lot of people from the detached home market, Miller acknowledges.
There’s some evidence to support the claims made by town. There were 987 condominiums sold in York Region in the second quarter of 2016, compared to 835 during the exact same period a year ago. The typical sale price also rose, from $375,209 last year to $390,038 in 2016, according to the Toronto Real Estate Board.
Across the board’s whole coverage area, 8,965 condominium sales were reported between the start of April and the end of June, up 17.4-percent compared to the same period last year. The typical sale price rose to $415,326, up 7.1-percent over last year.
The trend continued into July, where 2,665 condominiums were sold across Toronto and the GTA, including 783 in the geographic area known as the 905, up 10.3 and 12.8 per cent compared to the same month last year, respectively.
Newmarket’s report also notes there are favourable conditions to support office and mixed use increase, particularly given the significance residents are putting on working closer to home. There’s additionally a low office vacancy rate in the municipality right now, McDougall said.
To support development, the town should consider incentives for landowners and developers where needed, he said.
The town also needs to supply a timely, efficient approval process for development and work to better align its communications efforts within the hallway with private sales and marketing strategies for the region, he said.
Three more meetings are scheduled regarding the advertising plan this summer. Two are planned for early autumn.