Tercot Communities, Cityzen Development Group and Fortress Real Developments are planning a 91-unit single-detached housing development in East Gwillimbury; the combined property includes the assembly of three land parcels. The singles will feature lots with approximately 38’ of frontage, and the homes envisioned will average 2,100 sf for an average price of just over $800,000. The scheduled release of these homes would take place in late 2017 or early 2018, depending on municipal approvals.
According to RealNet Canada Inc., there are 13 single-detached product lines in four communities scheduled for release in 2016 in East Gwillimbury. There are just two product lines in two communities set to release units in Newmarket in 2016.With supply of new low-rise homes down to lows not seen since the 1990s, any municipality with any supply will see a rush of activity. The extension of Highway 404 has made transportation to East Gwillimbury much easier, and the town that much more desirable. We expect sales and pricing to remain strong over the next three to five years in the municipality.
The East Gwillimbury market was one of the hottest municipalities for ground-oriented new home sales in 2015, while Newmarket is quickly running out of supply. Several new home communities averaged over ten sales per month, with the fastest developments selling upwards of 35 homes per month (in 2015).