There’s a record number of condos for sale in the city, but finding the right home for your family can still be a challenge. The Toronto Regional Real Estate Board (TRREB) recently reported a 28% drop in condo sales this June compared to last year. Meanwhile, new condo listings are up by 16%, and active listings have skyrocketed by 70%, hitting an all-time high of 10,688. Most of these new listings are smaller units, especially those between 500 and 599 square feet.

The Big Problem

Despite the flood of new listings, there’s a shortage of larger, family-friendly condos. A survey by Devron Developments found that almost half of GTA residents see condos as a long-term housing option. More than half of current condo owners are open to buying larger units. But developers keep building smaller units to attract investors, leaving families out in the cold.

Why Are Developers Doing This?

Pouyan Safapour, president of Devron, explains that developers think smaller units are easier and cheaper to build and sell. However, this isn’t necessarily true. Larger units can actually be more cost-effective. For example, a 40-storey building in downtown Toronto could save up to $20 million by offering bigger suites.

Change Is Coming

Devron is trying to make a difference with their 39-storey project, 101 Spadina, which features family-friendly suites. The City of Toronto has also released guidelines to encourage more family-sized condos. They suggest that 25% of units in new developments should be large, with 10% being three-bedroom and 15% two-bedroom units. Unfortunately, many developers haven’t met these targets yet.

What Can the City Do?

Matti Siemiatycki, an urban planning professor at the University of Toronto, believes the city can do more to support family-friendly developments. For instance, adding amenities like schools and recreation centers earlier in the development process can make these areas more attractive to families.

A Shift in the Market

Safapour thinks the current market is healthy because it’s becoming a buyer’s market. This means that your preferences as a buyer are more visible now. You’re not just looking for small units, and the market is starting to recognize that.

What This Means for You

If you’re a homebuyer, now might be a good time to look for a larger condo that fits your family’s needs. If you’re a seller, consider how your condo’s size and layout can attract families.

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!