Greenbelt Helps Spur Highrise Development
The Greenbelt is helping to maintain the highrise industry as New Home Prices increase by 16% as indicated by this Toronto Star Article. New Single Family homes are now in short supply, as the greenbelt restricts sprawl, and encourages downtown condo development.
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A record 16 per cent spike in the cost of new single-family homes across the GTA has developers concerned for the future, but that’s the price to be paid for living in traditional subdivisions that are no longer sustainable, greenbelt advocates say.
Provincial policies aimed at curbing urban sprawl played out in a big way in 2012, as the index price of a newly constructed single-family home spiked to an unprecedented $632,868, says a report released Wednesday by real estate research firm RealNet Canada Inc. on behalf of GTA developers.
At the same time, sales of newly constructed detached houses, semis, row and townhouses dropped about 20 per cent, to their second-lowest levels since 2000, it said.
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