Pre-construction Homes Port Hope

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Pre-construction Homes Port Hope

A municipality in Northumberland County of Southern Ontario, Canada, Port Hope lies about 109 km east of Toronto and approximately 159 km west of Kingston. The municipality also touches the mouth of the Ganaraska River on Lake Ontario’s north shore at the western end of Northumberland County.

Other than the town proper, the Port Hope municipality is made of beautiful villages and hamlets that support a cumulative population of 17,294 people.

Downtown Port Hope is an established shopping destination for antiques and other specialty items. It is also widely considered among the best-preserved main streets in Ontario, drawing in thousands of tourists every year.

In today’s article, we will explore the housing market across the municipality, especially focusing on the available preconstruction homes in Port Hope and the home listings in the town. We will also look at home prices, price trends over the past half decade, and the amazing reasons why you should live in Port Hope.

Why Live in Port Hope?

As a low-tier municipality, Port Hope is not encumbered by overpopulation as you get living in a city. It boasts a low population density of just 62 people per square kilometre (62.0/KM²) across the municipality, while the urban areas of Port Hope have a marginally higher population density.

Port Hope has lots of social amenities suitable for family life. Other than shopping malls and medical facilities, the municipality boasts excellent entertainment avenues. The Capitol Theatre in Port Hope, for instance, remains one of the last fully restored atmospheric movie theatres still operational in Canada.

The municipality also has an extensive selection of recreation facilities, including arena skating, aquatics, and swimming activities, different sporting events, as well as youth programs and activities to increase their involvement in society-building.

Alongside the Port Hope railway station, commuting around Port Hope is simple with low traffic congestion, better roads, and more. For instance, residents have access to the oldest Canadian passenger rail stations still in active use in Canada, offering both convenience and intrigue as you go about your business in the municipality of Port Hope.

This median household income is at least 3% lower than the national average in Canada. However, it is adequately compensated for as the cost of living in the municipality of Port Hope is 17% lower than the Ontario average. With this income and comparatively lower real estate prices in Port Hope, it is a lot more possible for every diligent worker to afford a home in the municipality. By extension, Port Hope sees 18% less crime than the average crime rate across Ontario, while home values are 30% lower than the national average. This accounts for the 75% higher homeownership in Port Hope compared to the average homeownership across Canada.

Benefits of Moving to Port Hope

The municipality of Port Hope also offers the ideal location for people looking to find a new home. While starting over can be involving and even scary, we are confident in the welcoming abilities of Port Hope to help you rebuild a worthy life for a family of any size.

Some of the main attractions for moving to Port Hope include;

  1. a) Cultural diversity

The municipality enjoys an unrivalled diversity in the cultures of its residents, with the variety of mother tongues spoken showing just how accommodating the area can be. Per the latest data available from the 2021 Census of Population by Statistics Canada, English and French are the most popular languages spoken in Port Hope.

Indeed, 94.7% of the population spoke English as their first language, with French as the first language tallying 1.0%, as other first languages accounted for 4.3% of the population. This means you’re more likely to encounter somebody speaking your first language in Port Hope, while multi-language proficiency increases ease of communication.

  1. b) Better median household income

Data provided by Statistics Canada courtesy of the 2021 Census of Population in Port Hope reveals that the median household income across the municipality is $72,435. While this won’t make you rich, it gives more families the ability to meet their household needs.

Combined with the lower cost of living in Port Hope compared to living in the city, you get to lead an engaged family life in the municipality at a lesser comparative cost. For example, you can afford any one of the preconstruction condos in Port Hope comfortably even if you don’t make top wages.

  1. c) Plenty of recreation facilities

While Port Hope is laden with golf courses, the municipality also offers retreat-style living in a vibrant small town with all the big city amenities. Stroll tree-lined trails, shop at top-notch boutiques and art galleries and enjoy fine dining at its best. It’s your chance to truly enjoy carefree living just a short drive from the big city.

Residents of Port Hope enjoy the expansive outdoor attractions with greenspaces, gardens, and sports fields. The parks and plenty of sunshine across the municipality, with Port Hope boasting more than 200 acres of well-maintained parkland. This facilitates outdoor games, while the area’s sports complexes like Town Park Recreation Centre make Port Hope ideal for indoor fitness and fun activities throughout the year.

The small-town vibe of Port Hope also includes numerous perks like art festivals, music, theatres, and other forms of adventure. These features attract plenty of creatives for the ambiance in the municipality, while the slower pace, wide-open spaces, and camaraderie appeal to bigger personalities that boost the social life of Port Hope residents. And if you buy one of the preconstruction townhomes in Port Hope, the creative in you won’t lack inspiration to create even more from this beautiful town.

Job Opportunities in Port Hope

Located just 60 minutes from the Greater Toronto Area, it is not unheard of for Port Hope residents to work in nearby cities and other urban areas. However, that does not mean the municipality has no job opportunities to offer its people. In fact, the employment opportunities available from local companies in Port Hope were the leading contributor to the area’s median household income which averaged higher than the Ontario provincial household income.

The Municipality of Port Hope is one of the main employers, but its thriving business and tourism sectors are major contributors as well. The municipality is invested in meeting the needs of our residents and business community by delivering efficient and effective services. Residents looking to work for the municipality apply for available opportunities on the official website.

Some of the top employers in Port Hope are also leading companies with a multinational presence. However, there are numerous local businesses in Port Hope that contribute to job creation efforts in the area. A selection of the latest job openings in Port Hope include;

  • Chemical Operator UF6 at Cameco
  • Disposal worker – warehouse at Buckham Transport Ltd.
  • Part-time Crew Member at McDonald’s

The employment opportunities available in Port Hope span a cross-section of industries, as do the businesses available in the municipality. An example of leading companies present in Port Hope includes Cameco, McDonald’s, Compass Group, and Walmart among others.

Similarly, Ontario Nurses’ Association, Trinity College School, Buckham Transport Ltd, Arcadis, and more are among the leading local organizations offering employment to residents of Port Hope. Industry-wise, residents of Port Hope can choose between jobs in manufacturing, services, and more, with AkzoNobel Wood Coatings, CpK Interior Products, Unitrak Corporation, and North Shore Steel Solutions among the leading employers in the manufacturing industry.

The Housing Situation In Port Hope

As the municipality of Port Hope is only a short drive east of Oshawa, it has assumed and played an increasingly important role in the growth of the Greater Toronto Area. Port Hope is also just a 45-minute drive from downtown Toronto and often serves as the regional boundary boasting a slew of shops, restaurants, museums, and galleries among others.

With such importance to the province, real estate prices in Port Hope have always reflected the municipality’s significance. Similarly, the bustling local manufacturing and retail trade sectors have contributed significantly to the state’s overall economy, while allowing more Port Hope residents to afford decent housing with their $72,435 median household income.

With numerous new construction homes in Port Hope, the housing market has fully appreciated the municipality’s appealing status as a desired destination for Torontonians and other GTA residents looking to escape the business and pollution of their urban surroundings. The area’s cultural diversity also opens it to new immigrants into the country, with the continued influx of people good for the local housing market.

The entire housing situation in Port Hope is extremely attractive. The market is capable of supporting temporary relocations to the town, with the average cost to rent rising faster than the number of rental listings available in the GTA. Port Hope is well-placed to take on the extra demand. Specifically, the tight rental market conditions continued in the first quarter of 2022, pushing average rents closer to the pre-pandemic peak.

With loads of preconstruction townhomes in Port Hope, this housing market is a better fit for long-term homebuyers. The market has a mixture of preconstruction, new construction, and resale properties for buyers to consider, with their respective prices being highly competitive. Going forward, the mix of economic empowerment, growing population, and the likelihood of property values growing means that Port Hope is an excellent town for you to buy a home in at the moment.

Residential Properties In Port Hope

The housing market in Port Hope has numerous residential properties with different feature options for potential buyers. For one, you can choose which market to buy from, with there being several housing units for sale on the resale, new construction, and preconstruction property markets within the different neighbourhoods of the city of Port Hope.

As a result, any potential home buyer has the choice of living in a home of their choosing, complete with features, facilities, and amenities customizations of their preference. At present, there are numerous new construction condos in Port Hope trading at competitive prices, while preconstruction homes come with lots of other added benefits.

Preconstruction homes in Port Hope

Preconstruction properties make up a small but significant component in the town. Besides major preconstruction detached homes in Port Hope, you can also buy condos, townhouses, and semi-detached homes in various neighbourhoods around town. On average, the Port Hope preconstruction market takes 3-5 years for a development to be completed, while the would-be homeowners enjoy free feature customizations per their individual preferences.

The entire preconstruction housing market is built upon firm contracts for the homes under development. For Port Hope, would-be homebuyers enter into binding agreements to purchase housing units in a given development and recommend modifications to non-structural components of the developments.  When the contract closes, the buyer keeps making payments per their contract and then takes control of the units after their respective completion. On average, a preconstruction home is much more affordable than buying a home from the new-build or resale markets.

Ready to move in homes in Port Hope

Unlike the preconstruction market, the market for new construction homes in Port Hope is pretty vibrant. Because these properties are ready to be sold and still new, they are mostly favored by homebuyers moving to the town for the very first time. New-build houses are also preferred by families looking for short leases of less than a year and have become extremely popular with the Airbnb listings.

These houses for sale in Port Hope are also great for people looking to upgrade their homes, however. This is because most properties on the new-build real estate market tend to be bigger detached homes. You will also find fancy condos, townhomes, and semi-detached houses listed, with this often the main housing market in any locality. The situation is not much different in Port Hope. New construction and resale homes in Port Hope had an average of 11 days on market before being sold.

Types of Houses in Port Hope

Regardless of the housing property market you buy your home from, the real estate market in Port Hope gives buyers the choice of townhouses, detached homes, semi-detached homes, and condos.

Townhomes in Port Hope

Like other properties, preconstruction townhomes in Port Hope have a lower final price than new construction and resale townhomes. These properties come with more bedrooms than condos but occupy less land space than detached homes. For this reason, townhomes in Port Hope are ideal for those folks interested in living in a community with their neighbours close by.

Detached homes in Port Hope

Most of the detached homes available for sale in Vaughan are single-family properties. They come with an extensive array of beautiful features and family-friendly facilities. These homes are also located within close proximity to excellent schools. Some of the biggest detached home developments in Port Hope include the properties at 78 Augusta Street and 6 Grainger Crescent.

Condos in Port Hope

There are different types of condos for sale in Port Hope, spanning both the new construction and preconstruction markets. While you can find excellent properties for sale, however, preconstruction condos in Port Hope have a lower average cost compared to their counterparts in resale or new-build markets.

Over the past five years, the average prices of a new condo home in Port Hope have been increasing despite the rise in condo listings around the municipality. The good news, however, is that more listings have made available more homes for would-be homebuyers to consider.

Real Estate Prices In Port Hope

The housing property market in Port Hope has shown similar development alongside the wider Toronto area. Indeed, real estate prices in Port Hope continue to rise in line with the national average, though the area has relatively lower house prices owing to its location away from the major cities around.

It is still difficult to find a cheaply priced house in the municipality, however, especially as there are decidedly fewer houses for sale in Port Hope compared to other towns of a similar size. The impact of this lower housing inventory is evident across all housing markets in the neighbourhoods of Port Hope. For instance, there are only four preconstruction projects currently underway in the entire municipality, which has, in turn, increased the residential real estate prices in Port Hope in comparison with the previous year.

A three-bedroom house, the most common of all homes sold in Port Hope, is now selling at up to 10% higher than the average price a year ago.

To counter this hike in prices, certain Port Hope neighbourhoods saw exponential growth in 2-bedroom and 1-bedroom homes. This is most common among home listings in the lower-income neighbourhoods as more would-be homeowners attempt to reduce the inflated home prices.

And yet the continued influx of potential homebuyers has kept Port Hope firmly in the seller’s corner. In fact, the municipality is now an ideal destination for speculative property investors looking for a large choice of properties on sale for adding to their real estate investment portfolios.

As one of Ontario’s many potential real estate investment neighbourhoods, Port Hope needs to be carefully researched before investing in – and remember to check especially the locations within an area before spending – the old estate agent’s mantra of location, location, location has never lost its importance.

If you are looking at investment properties in Port Hope, then there are more homes for sale than there were three months ago. This would indicate that house prices will be influencing it towards being a buyer.

Price Trends For The Last 5 Years In Port Hope

The housing market in Port Hope is currently averaging about 54 new home listings every 28 days for the last 2 years. This is about 15 homes lower than the average number of listings across the most recent five-year period. During that time, official housing data from the municipality of Port Hope shows that the median number of days on market for a home is 13 days.

The average cost of a home in Port Hope has increased 39.6% year on year from the start of 2021. This is in keeping with the established price changes over the past five years, as properties have become 40% more expensive, on average, despite the accompanying increase in housing inventory throughout the municipality.

In the table below, we have shown how the average housing market prices have changed over the last half decade between 2018 and 2022. The data shown relates to the median home prices for all properties sold in a year across condos, townhouses, and detached homes, using a standard 3-bedroom house as the benchmark inventory unit.

Average Sale Price Per Year (CAD)          

 

Type of House 2022 2021 2020 2019 2018
Detached house $1.2M $1.0M $899K $728K $641K
Townhouse $1.4M $891K $600K $615K $704K
Condo $760K $686K $638K $539K $686K
Semi-detached $1.5M $1.1M $726K $801K $748K

Why You Should Invest In Preconstruction In Port Hope

If you’re looking for preconstruction homes in Port Hope, then it’s because you’ve been attracted to this extremely appealing destination. The municipality is suitable for people living in Toronto, other GTA residents, or just about anyone else considering moving here to escape the business and pollution of their urban surroundings. The prospect of living in a smaller town with an old-fashioned aesthetic surrounded by plenty of greenspaces is very alluring, while the possibility of only a short drive to their city job commute makes Port Hope attractive in many ways.

To live in the municipality, however, requires an investment in a home. While Port Hope has a thriving property market across the resale, new construction, and preconstruction developments around the area, it is the latter with the most promise.

Specifically, most new residents love the fact that they can ask for modifications to their units at no additional cost, while the idea of buying a new home in Port Hope because of its known recognition for cultural heritage in the visual design of the town doesn’t hurt.

Port Hope also possesses amazing beauty in the flora around it paired with the wide perspective of its Lake Ontario coastline. It is a short drive from the GTA and just on the outskirts of the GTA’s expansion, meaning that prices and the number of real estate developments will rise over time. This promises to increase the value of new-build homes, especially for the preconstruction townhomes in Port Hope that are close to the downtown without suffering the negative impacts of living in a big city.

More importantly, buying any of the houses for sale in Port Hope comes with the benefits associated with the preconstruction housing market, including faster sales closing and a lower average price for the new development homes.

In addition to these, the local population is steadily rising as new residents move in, others making Port Hope their secondary or retirement homes, and more. Together, this increases the economic viability of the municipality, guaranteeing that those moving to Port Hope receive higher property values within a short period of time.

How Preconstruction Home Projects Work

It is easy to buy preconstruction homes in Port Hope. Further, preconstruction homes are typically cheaper than their resale or ready-built counterparts because you’re essentially buying a promise.

The premise of the preconstruction property market is that buyers put down their deposits per signed purchase agreements and the builder promises to deliver a home in a few years. Once the developer receives planning, development, and other applicable permits, the homes are built according to the approved plans.

Unlike in ready-build housing markets, however, buyers of preconstruction homes in Port Hope have access to desired customizations at no extra costs. While the developer would typically allow these customizations, buyers cannot alter the materials used or make changes to the core structural design of an approved building plan.

This also means that the type of residence cannot be altered once the plan has been approved. In effect, therefore, the building plan determines whether your preconstruction property will be high-rise condos, low-rise condos, detached houses, semi-detached houses, or townhouses before it is constructed. However, a potential buyer receives full information to help them choose their desired house type, including the features of a given preconstruction project.

Major Preconstruction Projects In Port Hope

Would you like to know about the current preconstruction home projects in Port Hope? In this section, we’ll review the major preconstruction projects across the area, including townhouses, condos, and detached houses among others.

i) Lakeside Village

The Lakeside Village, located at 325 Ridout Street in Port Hope, Ontario is a two-storey townhouse and single-family home preconstruction development by Mason Homes. The units, each starting at about 1889 square feet in size, will have between 1 and 4 bedrooms and 2 baths per unit. The new preconstruction home in Port Hope is currently selling units, and lies on the shores of Lake Ontario, approximately only 60 minutes from the Greater Toronto Area.

Facilities and Amenities

The Lakeside Village boasts of the ability to accord residents the time to enjoy life with its ideal location adjacent to the Port Hope Golf & Country Club among others. Key facilities and amenities at the development include;

  • Easy access to waterways and cottage country
  • A variety of parks and recreation
  • Distinctive classic collection home styles
  • Innovative courtyard collection
  • Port Hope golf and country club
  • Superior quality construction
  • Green for Life qualification e.g., Energy Star-qualification
  • Luxurious bathroom finishes
  • Gourmet kitchens

Lakeside Village Details

Building Type: Townhouse and Single-Family Home
Ownership: Fee simple
Selling Status: Registration
Sales Start: To Be Determined
Stories: 2
Bedrooms: 1-4
Construction Status: Construction
Builder(s): Mason Homes
Bath: 2
Unit size: 1889 SqFt

 

ii) Port Hope Live-Work Condos

Port Hope Live-Work Condos is a new condo development project along Cavan Street in Port Hope, Ontario by Spotlight Development. The project is currently at the preconstruction stage and contains an undetermined number of condo units. The minimum size of the units, the asking price per square foot, and the number of stories have not been disclosed to the public.

Facilities and Amenities

The major features and amenities of the Port Hope Live-Work Condos development include;

  • Outdoor sundeck
  • Pool and hot tub
  • Fitness facility and yoga studio
  • Outdoor terrace with BBQ and private dining area
  • Co-working space
  • Pet Wash and Spa
  • Media lounge and pool table

Port Hope Live-Work Condos Details

Building Type: Condo
Ownership: Condominium
Selling Status: Pending
Sales Start: To Be Determined
Construction Status: Preconstruction
Construction Start Date: To Be Determined
Estimated Completion: To Be Determined
Builder(s): Spotlight Development
Architect(s): Barry Bryan Associates

 

iii) The Walton Residences

The Walton Residences a new preconstruction condo development by Sidestreet Developments that is currently under construction at 81 Walton Street in Port Hope, Ontario. The development has 17 units ranging from 1271 – 1701 square feet in size with every unit having 1 or 2 bedrooms and one bath. The Walton condo building will have 3 stories.

Facilities and Amenities

Built at the location of the former Queen’s Hotel in the heart of downtown Port Hope, The Walton Residences preconstruction condo development sets the stage for contemporary living, combining sophisticated urban living with historic craftsmanship to create a new landmark, right in your backyard.

Key features and amenities at this development will include;

  • Lounge, hobby studio, and wellness facility
  • Pet washing area
  • Garden courtyard and library lobby
  • Living room gas fireplace
  • Soundproof walls
  • Wide-plank flooring with high-quality tiling
  • Private balcony with generously-sized terraces
  • Low-VOC, high-quality paint
  • 9 to 10-foot ceilings

The Walton Residences Details

Building Type: Condo
Ownership: Condominium
Selling Status: Registration
Units 17
Stories 3
Bedrooms 1 – 2
Size of units: 1271 – 1701 SqFt
Sales Start: To Be Determined
Construction Status: Construction
Builder(s): Sidestreet Developments
Ceilings: From 9’0″ to 10’0″

 

iv) 31 Margaret Street

The housing development located at 31 Margaret Street is a detached house with exciting modern country vibes. The home is perfect for first-time homebuyers looking for a home for their young family.

31 Margaret Street is a fully renovated development rather than a preconstruction property. Its interior includes the open concept family room with a kitchen on the main floor, a detached garage, and a great location just a few minutes from downtown Port Hope.

Facilities and Amenities

  • Great location
  • Key amenities like stove, dishwasher, fridge, light fixtures, washer, dryer
  • Detached Garage
  • Stucco, Vinyl siding
  • Above ground pool
  • Natural gas heating

31 Margaret Street Details

Property Type Single Family
Building Type Detached house
Storeys 2
Title Freehold
Land Size 50.33 FT
Annual Property Taxes $3,320
Parking Type Detached Garage
Bedrooms 3
Baths 2

 

Conclusion

Located in a serene area of the Greater Toronto Area, the municipality of Port Hope has the unique allure of country life that comes with quick access to the kind of amenities and social lifestyles of an urban area. Its strategic access to Lake Ontario and expansive greenspaces, as well as its cultural heritage and shopping facilities, allow Port Hope to support family life in a friendly and accomodating neighbourhood.

And if you aren’t attracted to living in the municipality because of its natural scenic appeal, a booming local economy capable of supporting global companies is an exemplary addon. However, it’s the town’s response to such needs that is most attractive. Hospitals, theatres, parks, and cultural centres are just a tip, with its active real estate market a major attraction for those looking to move.

To this end, it is worth considering Port Hope for a new life, especially if looking for a second home or just to move cities. The housing market inventory is continually growing, with preconstruction developments coming up to support its new-build and resale property segments.