News

eQ brings two-storey townhome models to Fernbank Crossing

The growing popularity of new-build townhomes has prompted builder eQ Homes to start offering them in its traditionally adult-lifestyle portfolio, and this summer it opened its first-ever two-storey townhome models — at Fernbank Crossing in Stittsville.

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Going to town: Growing popularity of townhomes has builders struggling to keep pace with demand

July 27, 2018
Townhomes have grown up, so to speak. Once considered a stepping stone to single-family home ownership, today’s towns are more popular than ever and are often the goal rather than the starting point.

There are many reasons for this trend, from affordability to availability to lifestyle choices, and it means builders are now having trouble keeping up with demand.

“Townhomes are flying off the shelf; builders can’t release them fast enough,” noted Cheryl Rice, Ottawa president of industry analyst PMA Brethour Realty Group, in a market wrap-up in the spring.

Singles and townhomes typically jockey for top spot in the monthly new-home market share, but Rice reported that in 2017 overall “towns reigned king,” capturing 45 per cent of the market versus 39 per cent for singles.

That trend carried through the first four months of 2018, with towns not ceding that top spot until May, when a declining inventory dropped them to a 40-per-cent share (vs. 43 per cent for singles).

Their growing popularity prompted eQ Homes, which is known more for its adult-lifestyle bungalow options, to introduce a line of two-storey townhomes last year. The first models to showcase those towns opened at Fernbank Crossing in June.

Wanting to appeal to a wider range of buyers, the introduction of the towns was “an opportunity for us to expand on what we were seeing in the marketplace that was going very successfully for other builders,” says eQ sales manager Harley Wallin.

The strong demand has led to at least a dozen new home projects either temporarily or permanently running out of townhomes to sell. In one example, Phoenix Homes launched last fall with towns and singles at Pathways in the Findlay Creek area only to sell out of its towns almost immediately, including the ones that had been set aside for model homes.

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REIN Names Ottawa #1 For Real Estate Investors

The Real Estate Investment Network (REIN) has named Ottawa as the top city in Ontario for real estate investors. The report looks at many factors besides the real estate market including the city’s economy, population, employment market, etc. According to REIN, Ottawa’s real estate cycle is leading up to a boom, making this a good time to invest in property in Ottawa.

Click here to read REIN’s Top Ten Ontario Towns and Cities 2018 Report on Ottawa. 

Click here to return to www.eqhomes.ca.

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