Even if there are an unprecedented amount of condominiums available in the city, it can still be difficult to locate the ideal house for your family. A 28% decrease in condo sales in June of this year over last was just announced by the Toronto Regional Real Estate Board (TRREB). At the same time, active condo listings have surged by 70% to an all-time high of 10,688, while new condo listings are up 16%. The majority of the recently listed properties are modest ones, particularly those with 500–599 square feet or less.
The Principal Issue
There aren't enough larger, family-friendly condos available, despite the deluge of new listings. Condos are viewed as a long-term housing alternative by over half of GTA residents, according to a Devron Developments survey. Over 50% of present condo owners are willing to purchase larger apartments. However, in an effort to draw in investors, developers continue to construct smaller apartments, leaving families behind.Why Are Developers Acting in This Way?
Devron President Pouyan Safapour clarifies that developers believe smaller units are simpler and less expensive to produce and market. That said, this isn't always the case. In certain cases, larger units can be more economical. For instance, by providing larger rooms, a 40-story Toronto skyscraper might potentially save up to $20 million.Change Is On The Way
With its 39-story skyscraper, 101 Spadina, which offers family-friendly residences, Devron hopes to change the world. In an effort to promote more family-sized condos, the City of Toronto has also established guidelines. According to their recommendations, new constructions should have 25% large units, 10% three-bedroom units, and 15% two-bedroom units. Sadly, a lot of developers still haven't reached these goals.How Can the City Take Action?
Professor of urban planning at the University of Toronto Matti Siemiatycki thinks the city can do more to encourage family-friendly developments. Families may find these regions more appealing if facilities like schools and recreation centers are added early in the building process.A Shift in the Market
Because it's turning into a buyer's market, Safapour believes that the current market is robust. This implies that, as a customer, your tastes are now more apparent. The market is beginning to realize that you're not only searching for tiny units.What This Means for You
If you're in the market for a property, this could be an excellent time to find a larger condo that can accommodate your family. If you're a seller, think about how families might be drawn in by the size and design of your unit.Stay tuned to our blog for more updates and tips on navigating the GTA real estate market. We’re here to help you find the perfect home!