‘Strange’ housing market: 1,500 people sign up to buy 10 new townhouses in Cambridge

CAMBRIDGE – Townhomes are selling fast in a new development still under construction near Hespeler Road and Isherwood Avenue in Cambridge.

Activa Homes is building 138 stacked townhouses and street-facing townhomes on land in 25 Isherwood Avenue, and Activa says demand far exceeds supply.

“Townhomes that we just launched this week, for 10 units we had 1,500 people who signed up showing interest,” said Geoff McMurdo, Activa’s managing director.

By the time the list was narrowed down to serious buyers, it still had a whopping 750 names.

“It’s weird what our industry is like right now. There is not enough housing supply ”, McMurdo said.

The average price of all residential properties in Cambridge grew nearly 42 percent year-over-year, from $ 625,922 to $ 887,541. The inventory of homes available for sale is also in an all-time low.

The cost of housing continues to climb out of reach for most buyers across the region.

McMurdo said Activa is working on a number of projects to contribute to the local housing market, but the problem is bigger than just building more homes.

Even if developers are allowed to build quickly, there are a number of pandemic-related supply chain issues that will inevitably slow down the process, he said.

“We are struggling to find manpower and trades. There are a host of things we are struggling with, from tiles to floors. Almost all sectors are dealing with this. “

The new development is also known as Havn and is located next to an existing residential neighborhood and across from the Dumfries Conservation Area.

McMurdo said the first homeowners will be able to move into their new townhomes in August of this year and the next phase of construction will take place this spring.

“Everything has to be done in 24 months,” McMurdo said.

Havn has eight stacked townhouse blocks and 10 two-story street-facing townhouses.

The 2.38 hectare property was previously used as a regional detention center. The building was demolished in 2007 and the paved parking lots around it were removed. Over time, the lot became green space as plants and vegetation grew throughout the empty lot.

With files from Brent Davis

Anam Latif is a General Assignment Reporter based in the Waterloo region for The Record. Contact her by email: [email protected]


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