New homes in Torbay priciest in metro region

Andrew
Andrew Robinson
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New high end houses are shown in a development in Torquay Place in Torbay Saturday. Housing prices are on the rise in the community, which leads the metro region in new home prices. Photo by Joe Gibbons/The Telegram

There’s little doubt Torbay is a town people want to move to, but it comes at a steep cost.

According to data compiled by the Canadian Mortgage and Housing Corp. (CMHC), Torbay recorded the highest average price in the first-quarter of this year for new homes in the St. John’s area and adjacent communities, at $391,478.

Prices are rising all around, according to CMHC, a sure sign that space is at a premium when it comes to finding homes for commuters and recent retirees looking to live close to St. John’s.

“As fast as land is developed and homes are put up for sale, they’re gone,” said Torbay Mayor Bob Codner.

The average price cited by CMHC is over $100,000 more than prices in Conception Bay South ($284,456) and Mount Pearl ($268,356).

In the same quarter of 2009, the average price for a new home in Torbay was $354,333.

Annually, Torbay has averaged at least 100 new residential housing starts in recent years, according to the mayor. The 2006 Census found it was the second-fastest growing municipality in the province, trailing only Paradise.

Codner estimates there are now 7,000 residents in Torbay.

The area’s influx of young people is exemplified by the number of children looking to attend Holy Trinity Elementary, which opened last fall in Torbay. Codner said the school of 700 will require four portable classrooms this fall to accommodate more than 100 new kindergarten students.

The Eastern School District made plans earlier this year to seek funds from the provincial government to build a new grade 5-7 school for the communities of Flatrock, Pouch Cove, and Torbay. The provincial budget in April alluded to offering new capacity for the area’s education needs.

With the price of new homes so high, Torbay represents an enticing market for developers.

The municipality is preparing to make amendments to its municipal plan and development regulations that will give a pair of subdivisions the go-ahead to expand by 120 building lots.

A new road is being built north of Indian Meal Line, connecting to Nathaniel Drive and Peter’s Place for Phase 1 of a development project that has already netted 30 new lots for the growing community.

Phase 2 of that project will witness the development of a further 60-70 building lots, according to Brian Winter, development and planning officer for the Town of Torbay.

The amendments would also accommodate the expansion of the Forest Landing residential subdivision, creating an additional 60 building lots, according to Winter.

For both development measures to go forward, the town must first hear from residents at a public meeting scheduled for 7:30 p.m. at the Torbay Kinsmen Centre July 7.

 

arobinson@thetelegram.com

Organizations: CMHC, Housing, Torbay Kinsmen Centre

Geographic location: Torbay, Mount Pearl, Torbay.The Flatrock Pouch Cove

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Recent comments

  • Erwin Warkentin
    July 09, 2011 - 06:57

    Expansion in Torbay is becoming a problem. There is a land rush on and there is little will in the mayor's office to control it. All they see is the tax revenue that will be generated. It's not that developments should not go ahead, it is the manner in which it is done and the lack of foresight in creating the developments. The properties should be developed with greenbelts around each lot, rather than scraping the entire area clear. If this is not done, then there will be considerable soil erosion (what little there is of it) and those down hill from these developments will be flooded out on a regular basis. Unfortunately, Mayor Codner and his supporters care not for the existing residents of Torbay, but continue to reach for the elusive brass ring on the merry-go-round. The problem with that is that one can take a nasty fall when one overreaches and get caught up in the machinery. It's too bad that the mayor appears to be acting in the interests of maximizing developer profits.

  • Laura
    July 04, 2011 - 11:56

    Cold and FOG???? Are you not describing ALL of Newfoundland of late? It's only been a week that we have been getting nice weather any where on the island!! And for those who don't know all their facts, not ALL of Torbay lies in the fog. Down by the water, yes, but most coastal area will experience fog more so than inland areas! I live "inland" Torbay-as a matter of fact- there are plenty of places to move in Torbay that does not lie under the blacket of fog you are referring to, or possible been under!

  • JM
    July 04, 2011 - 11:31

    In other words, people are paying a premium to live in the cold and fog. You couldn't pay me enough to consider moving there.

  • rasz pewton
    July 04, 2011 - 11:29

    financial and economic prosperity is good in one way and sad or not so great another because the gap between the rich and the poor and [our workimg poor among us ]drasticly widens leaving the future eaxpayers to deal with later and whatt comes with it]. yes it seems our rich get the best part of the pie while our working poor are left to fight over the few crumbs or leftovers.and the non working poor among us get left behind in the dust just barely surviving.

  • Joe
    July 04, 2011 - 11:26

    To MJH.... From your attitude we wouldn't want you. You are quite content where you are; so are we..... Have a nice day!!

    • TORBAYRULES
      July 05, 2011 - 16:37

      I agree Joe, I recently moved to Forest Landing, it's the most wonderful place to live, people are sooo friendly, wouldn't know you live next to St. John's. Can't believe I wasted 6 years living in St. John's, glad I got out before the stench took over east end. Country living 5 mins from Stavanger with bunnies in the back yard is awesome!!!!!

  • mjh
    July 04, 2011 - 09:59

    And yet, you couldn't pay me enough to move there!!

    • Joseph McGrath
      July 04, 2011 - 10:46

      You dislike Tobay.It would be nice to know where you live???

    • Sjm
      July 04, 2011 - 11:14

      MJH, you don't know what you are missing...Torbay is the best place to live on the Avalo!

  • David
    July 04, 2011 - 07:41

    At least you have some sound economic underpinning for these prices....but why houses in the dying, large towns beyond the Avalon (yes, dying) are going for $200,000+ is a real mystery --- one that will be sadly entertaining with higher interest rates.