Are bigger units the answer to Toronto’s condo crash?
Industry leaders are holding out hope that family-sized units will recharge the market
Last year was a bad year for Toronto condos. Sales volume dropped by 61 per cent, new construction starts were way down and a record 18 projects representing more than 4,000 units were cancelled. But at least two real estate titans think they have a solution to the moribund market: bigger units.
Related: Toronto condo prices have sunk to the $300,000s
Pinnacle International, which is currently building a new skyscraper complex on the waterfront, including the 106-storey SkyTower, has added a slew of three-bedroom units to its mega-project—a rarity in Toronto. And Tridel has reconfigured the debt-plagued One Bloor West, Canada’s first-ever super-tall, to boost the number of large units.
These developments will add desperately needed family-sized residences to the city. Now if only the industry could address the affordability crisis.
Related: One of Toronto’s super-tall condos is about to get even taller
Barry Jordan Chong is the city and real estate editor at Toronto Life. He lives and writes in Toronto.
