New trends are emerging in the condominium market

There has been enormous change in the condominium market in the GTA particularly over the past few years that is really going to change the region for the better.

Transit-orientated development is finally taking effect on a large scale in locations not normally known for condominium developments. Take Vaughan for example. The new Toronto–York Spadina Subway extension has led to an explosion of growth in the Vaughan City Centre area, creating some signature highrise developments close to the major transit nodes in the neighbourhood.Years ago, it would be unimaginable to think of 40- or 50-storey towers in Vaughan. Today, a number are in the planning stages or under pre-sale.The result will be major density in the area, around transit hubs, which will drive new office and retail and create a new vibrant neighbourhood. It’s a much-needed boost for the GTA.

As ground-orientated housing drives down affordability, developers are taking notice and creating larger, family-orientated condominiums to cater to this group of buyers. Families are looking for well thought-out, efficient floor plans; locations close to transit and schools; and amenities that are kid-friendly, such as playrooms, outdoor spaces and recreation areas. Builders are dedicating more suites in buildings to larger layouts, like two- and three-bedrooms. In the past, one- and one-bedroom-plus-den designs would comprise more than 60 per cent of a new condominium tower in the downtown core. Today, these suites represent 50 per cent or less. Even studio suites that once represented a large portion of new condominiums are playing a lesser role in developments.

Move-down buyers are also looking to purchase larger suites in their current neighbourhood. For instance, some boutique projects along Bayview and Sheppard in North York are creating large three-bedroom suites from 1,200 to close to 2,000 sq. ft. for move-down buyers who are selling their larger homes in the neighbourhood, but want to stay in the same area. This buyer group is not interested in lavish amenity facilities but want better living areas, in specific areas where they do not have to worry about shovelling snow during winter or maintaining a garden in the summer.

The rise of the “super-tall” building is something we will start to see more of in the coming years. Applications for buildings taller than 90 storeys can be seen along Yonge Street and along Bloor. When Aura condos and One Bloor were approved a number of years ago, the struggle these developers had to go through from an approval standpoint has set the framework for new tall developments.Skyscraper buildings are the forefront of major metropolitan cities around the world including Beijing, Shanghai, Dubai, New York, Chicago and many others. They are changing the skylines of these cities, adding much-needed density, curbing sprawl, and drawing worldwide attention. Soon, Toronto and the GTA will be a topic of conversation worldwide, when it comes to innovative trends in the condominium market.