Canada's Condominium Magazine

2014 a record year for new condos in Toronto

At least one record was broken in Toronto in 2014: it was the year of the most condominium completions. According to George Carras of RealNet Canada, the previous record of 16,668 units completed in a year was broken by the end of October. At that time, 20,684 units had already been built, and more than a dozen more projects were scheduled for completion by year’s end. That would put the total number of new condos completed at about 25,000, Carras said in a Toronto Star article.

The record-breaking pace of condo construction is just the “new normal” in Toronto, Carras says, a continuing consequence of the provincial government’s land use policies that came into effect in 2005. The thrust of those policies is intensification, meaning that high-rise development is favoured over low-rise, and there is no end in sight. Carras, whose RealNet Canada provides housing market data for the Building Industry and Land Development Association (BILD), said that there are 219 condo projects currently in various stages of construction in Toronto, bringing an additional 52,732 new condo units into the market over the next four years. And lest anyone worry about the market’s ability to absorb all of those new condos, he points out that 86 per cent of them are already pre-sold.

One emerging trend in the booming condo market is a return to larger unit sizes. Tridel’s senior vice president of sales and marketing, Jim Ritchie, said recently that a desire for larger homes was the biggest change taking place in the Toronto condo market. Demand for larger units at Tridel’s Aqualina condominiums in the new waterfront neighbourhood of Bayside was strong. So strong, that the developer increased the number of larger units in its phase-two Bayside community, Aquavista (rendering at top of page). Almost one-fourth of the units in the new lakeside condo will be two bedrooms and larger, and they have been selling briskly, according to Ritchie, who says that the demand for bigger units is not confined to downtown.

Affordability remains a key driver in the condo market. In Toronto, the difference between the average price for a semi-detached home and the average price for a condo has doubled in just the past three years. Another factor is the demand for rental housing. According to the latest census data (2011), just over one in five of Toronto condo occupants are renters, not owners.

Other Popular Stories

Living happily ever after in a condo: Top 5 “Happiness Factors” to consider before buying a condo; it’s not what you think

Living happily ever after in a condo: Top 5 “Happiness Factors” to consider before buying a condo; it’s not what you think

The condominium market is increasingly the go-to choice for urban dwellers, with the price of detached houses now out of reach for many. Condo living have distinct advantages in this hot market. It also has its own unique issues, starting with how to find a reputable builder/developer management company — and the 4 other “Happiness…

Social housing crisis — With a wait list of 181,000, what help is in sight for the proposed shut down of 1000 TCHC units?

Social housing crisis — With a wait list of 181,000, what help is in sight for the proposed shut down of 1000 TCHC units?

The pending Rental Fairness Act attempts to protect the 1.2 million rental householders in Ontario. But there are 181,000 people on the social housing waiting lists in Toronto alone that apparently have no relief in sight — with Toronto’s plan to shut down another 1000 units. The Ontario government may not be directly responsible for…

Rental Fairness Act: Act of kindness, or barrier to affordable housing? Either way, it will change everything for renters.

Rental Fairness Act: Act of kindness, or barrier to affordable housing? Either way, it will change everything for renters.

With 1.2 million rental households in Ontario, frequently rented from condo-owners, the stakes are high for Ontario residents in a “fairness” rental act. Ontario is following through on their announcements of rent control reform. A news release from Ontario’s Ministry of Housing makes it clear The Rental Fairness Act, 2017, is a coming reality. It’s safe…

SHARE WITH US

Subscribe to condo.ca

@ 2017 condo.ca  |  Designed by Persona Corp