A mini city planned for Cloverdale Mall has been cancelled
Ten per cent pre-sales spelled doom for the Etobicoke condo complex
Even behemoth developers like Mattamy Homes and QuadReal are feeling the impact of Toronto’s condo market crash. Last week, both companies shared that they were cancelling the first phase of their proposed 32-acre Cloverdale Mall redevelopment in Etobicoke after only 10 per cent of pre-construction units sold. For context, most residences require 70 per cent of their pre-built units to sell before shovels can hit the ground.
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At the centre of the scrapheap is the Clove: a twin 33- and nine-storey condo complex that would have delivered 606 new units at 2 and 10 East Mall Crescent. Plans for the building were originally filed in July of 2020, with the latest revision submitted in November of 2024. But, since then, the city’s tanking demand for condo units has made the project unviable.
“While the development received strong initial interest, sales have remained...well below our sales threshold,” reads a release from Mattamy Homes. “Unfortunately, the GTA condominium market is experiencing significant headwinds, and, given these conditions, moving forward with the Clove is not in the best interests of our purchasers or the community.” Initial investors will be reimbursed for their deposits with interest.
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Shaun Hildebrand, president of the real estate market research company Urbanation, has been tracking Toronto’s condo decline for a while. “The GTA market is on track for its worst year for sales since 1991,” he says. “Projects are struggling against weak demand and high development costs, resulting in this wave of cancellations.” Three quarters into 2025, poor market conditions have led to 4,000 units (a record high) and 50 projects in the GTA being either axed, postponed or put into receivership. “Unfortunately, this trend will likely continue in the near-term,” says Hildebrand.
Teagan Sliz covers Ontario real estate for Toronto Life and Storeys. She also writes for Cottage Life and has reported on everything from hidden-gem restaurants to Canadian wildlife and forest fires. She graduated from Queen’s University with a bachelor’s in history and art history and from Centennial College, where she studied Canadian publishing.
