Clarington Housing Starts Increase Driven by Higher Density

CLARINGTON — New condos are being built at the corner of Bloor Street and Meadowglade Road in Courtice. Housing starts in the Municipality of Clarington for the second quarter of this year were 2.4 per cent higher than the same period in 2015. September 9, 2016.Clarington housing starts rise in second quarter
Demand for more apartments reflected

According to a building permit report submitted to council during the general government committee meeting tlooking A recent report from Clarington municipal council, looking at all building permits granted from April until the end of June of this year has shown housing starts to be up by 2.4 %, and the number of constructions permits issued for new dwelling units to have increased very significantly, from 548 in 2015 to 756 year to date in 2016.

Clarington’s abundant supply of single family residential units has long been driving the market’s growth, and the demand for town homes and apartments has always lingered behind far behind. Now, as the report confirms, apartment dwelling units are taking the front seat as a major contributor of growth, accounting for almost 300 of the 756 new units. Forty per cent of new builds were single and semi-detached in the second quarter, 38 per cent were apartments and 24 per cent were townhouses. Generally in years past, Clarington would see the number of single residential dwellings make up about 80-90 per cent of construction, so this is indeed a very good sign.

With prices of single family homes looking like they might to 15% this year, Clarington has come front of mind for developers and investors as well. While its exciting to see Durham on the map these days, its most impressive to see the market shifting from single family homes to more diversified and intensified development. It’s huge leap forward, and higher densities properties that have been lagging behind will more than likely see a very rapid increase in values and respective demand.

DCRE – Durham Commercial Real Estate, is a brokerage that is dedicated solely on the Durham region, with a particular focus and expertise in the commercial sector – If you are considering investing in the Region, there truly is no better time than now, and I hope you give us a call.

Paul Howitt
Broker of Record
DCRE – Durham Commercial Real Estate LTD, Brokerage