In Conversation With... Pouyan Safapour, President, Devron Developments

Devron Developments has something to say.

It always has, mind you, given its mission to not just create homes that enhance the lives of residents, but also to construct buildings that contribute to surrounding communities.

Now it is armed with data showing precisely what GTA condo buyers want – and at least two projects underway that intend to deliver.
In our latest In Conversation With feature, Devron President Pouyan Safapour explains just what all this means, and how homebuyers – and the GTA at large – stand to benefit.

What’s your assessment of the GTA housing market these days? There are more signs of things heating up, returning to the typical spring market rush, at least on the resale side… The challenges on the development side are a little more chronic…

The Toronto housing market is in an interesting spot right now, it’s showing both resilience and progression. The market has been slow since last year when prospective buyers started putting off plans to purchase homes as the Bank of Canada held rates steady. However, projections of interest rate cuts later this year could revive it.

This potential for increased affordability could also inspire a renewed wave of buying activity. Currently, the GTA housing market is showing subtle signs of heating up, similar to the typical springtime buzz the market is used to. Toronto, specifically, is experiencing an uptick in home prices, surpassing the growth seen in the broader GTA, highlighting a persistent demand for alternative urban living options.

On the development side, we’re facing a range of long-standing challenges from supply chain to policy. Another challenge is the decreasing construction productivity and quality that have affected buyer sentiment and purchase motivations. Devron’s recent survey highlights the public’s desire for quality in condo construction, revealing that 93 per cent of residents are dissatisfied with their current options and demanding better standards.

Looking ahead, the market trajectory seems positive, and will likely continue to be shaped by broader economic trends, new policies and demographic shifts.

How much have the last couple years, with higher interest rates and other factors, affected your business? For example, delaying launches or altering pricing or product strategy…?

While the industry has been navigating a challenging economic climate, we’ve remained resilient. Our approach has been focused on developing residences that truly meet the needs of today’s homeowners.

While these economic factors present challenges, our approach has always been to stay proactive and responsive – making strategic decisions that not only address immediate market conditions, but also position us for sustainable growth. When times become difficult, we doubled down on our purpose to create higher quality homes that have better value for Torontonians.

Your vision is to create homes that enhance the lives of residents, and buildings that contribute to the communities you develop in… What are some examples of how you’ve done that with current or existing projects? South Station seems like a project that might be quite transitional for the neighbourhood.

South Station is specifically designed to thoughtfully enhance the Weston neighborhood, with a focus on top-tier design from the inside out. Strategically located near major transit lines, the development will improve residents’ access and connect them to the broader GTA. This underscores our commitment to building communities that truly enhance their surroundings.

Similarly, our latest project 101 Spadina, located in the heart of the city, will offer residents unparalleled access to urban amenities while drawing inspiration from the history of the surrounding neighbourhood. Its design incorporates sustainable building practices and community-focused features, including a new public park in partnership with the City of Toronto that will provide valuable greenspace for residents and the community alike.

Both South Station and 101 Spadina reflect our commitment to creating developments that don’t just house people, but also shape and serve communities.

You also mention you’re dedicated to reshaping the perception of condo living and shaping the future of urban housing in Toronto and GTA. How do you foresee the next five years, in this regard? And beyond that?

Looking ahead at the next five years, reshaping the perception of condo living in Toronto and the GTA is about cultivating a sense of pride and belonging for those who choose condos as their homes. It’s about demonstrating that condos are not a compromise but a preference.

Historically, the perception of condo living has been incredibly poor and people have become accustomed to low standards. According to our recent survey, almost four-in-five GTA residents (79 per cent) believe most Toronto condos are cheaply made. However, we’re committed to changing this narrative. With 101 Spadina, we are not just creating a building, but changing the experience of condo living for generations to come. The goal is to reimagine these spaces as complete homes, where the focus extends beyond physical walls to the overall lifestyle they enable.

Overall, in the next five years and beyond, we want Toronto’s condos to be seen as the heart of urban living – vibrant, sustainable and integral to the city’s identity. Torontonians deserve more from the condo landscape, and we are committed to offering better options and hope for prospective homeowners.

How important is architecture and design in your projects?

Architecture and design are central to every project we undertake at Devron. This should go beyond aesthetic appeal and influence how residents interact with their living space and the surrounding community.

We believe the design of a building impacts not only its residents but also the urban landscape and the city’s character – an element that GTA residents are concerned about. In fact, our survey found 59 per cent of GTA residents feel that current condo offerings in Toronto are lagging compared with other major Canadian cities in terms of interesting and exciting designs. Therefore, our architectural choices are made with a keen awareness of their long-term implications for the cityscape and the lifestyle of the people who will call these buildings home.

Architecture and design are the vehicles through which we deliver on our promise of quality, sustainability and livability. They are fundamental to achieving our vision of creating spaces that resonate with individuals and contribute positively to the communities we serve.

What are some of the trends that influence functionality and comfort in today’s condos, and how are they changing?

Today’s condos are increasingly influenced by trends that prioritize both functionality and convenience, reflecting the diverse needs and desires of urban dwellers. A significant trend is the design of multi-functional spaces within condos. With the rise of remote work, there’s a growing demand for living areas that can be interchangeably used as workspaces. This has led to the creation of adaptable design layouts, so residents can maximize their space without compromising on style or comfort.

Another trend is the shift towards smart home technology, which allows residents to easily control various aspects of their home environment. Sustainability is also shaping the way condos are being designed, with a focus on energy efficiency, the use of eco-friendly materials and the incorporation of greenspaces. As these trends continue to develop, more condos will be developed with residents’ well-being and functionality in mind.

How are things coming along at 101 Spadina?

The progress at 101 Spadina has been positive. The project’s unique architectural design and focus on quality and livability have resonated with Torontonians and have garnered significant interest from potential buyers. On the construction front, we are on target with our projected timelines and are on track for scheduled occupancy in 2028.

What is it about this project that distinguishes it from others in the city… why should prospective buyers consider 101 Spadina?

101 Spadina is a departure from the typical glass tower that has come to define much of Toronto’s condo landscape. It’s a project that reflects a commitment to fostering a new kind of condo culture – one with the foundation of quality, community engagement and sustainable design.

This project aims to add real value to downtown living. It will provide residents not just a living space but a connection to the city’s rich history, setting a new standard for what condo living should be. The contemporary art deco approach, coupled with the use of traditional materials such as brick and stone, is more than an aesthetic choice – it’s a deliberate move towards building homes that are meant to be timeless, offering a breath of fresh air to the city and challenging the status quo.

Who is the target demographic for this project?

The target demographic for 101 Spadina is a broad spectrum, as 47 per cent of GTA residents from the Devron survey believe that condos can be long-term homes. This includes young professionals seeking a vibrant lifestyle in the heart of the city, growing families looking for a long-term home with space and amenities to raise children, and downsizers who want to maintain an active urban life without the burdens of maintaining a larger property.

The diversity of this demographic is reflected in the design of 101 Spadina, which offers a variety of unit sizes and community spaces to cater to different needs and preferences. It’s about creating a place where different life stages can find comfort, convenience and community.

If you could advise the province, or even Ottawa, on housing policy, what would you suggest they do, both now and over the longer term?

My suggestions on housing policy would be to closely align with strategic priorities that we aim to uphold within Devron projects, which emphasize well-built, environmentally responsible and community-focused developments.

To tackle issues that the country has been facing surrounding housing supply, fostering more collaboration between all levels of government and developers to streamline the development process could allow for faster completion of high-quality, sustainable housing projects to meet urgent housing needs.

What’s next for Devron Developments, in terms of residential development?

Looking ahead, our trajectory is promising with several well-built, sustainable projects on the way.

As well, sales for 101 Spadina have officially launched this year, offering a unique opportunity to own a piece of Toronto’s vibrant downtown. Stay tuned for more updates on this exciting project.

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