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2013 - Condo Market Report

Current Trends in New Condo Construction in Toronto

Toronto has become the leader in North America for high-rise construction with approximately 147 construction sites in place for new buildings. This is more than double the amount of construction that is occurring in New York City and most of these new buildings are condominium towers. New condo construction is happening at a brisk pace around the city and here are some of the hottest and current trends that you'll see in these new Toronto buildings.

 

Keeping amenities at the forefront

Developers have been listening to the marketplace demands and are constructing new developments based on the needs and wants of potential home buyers. The latest and greatest trend in new condo construction is to offer the most sought after amenities.

What are some of the most popular amenities? Fitness centers are usually at the top of the list and they can range from a small room in the building all the way up to an entire floor equipped with the newest state-of-the-art fitness equipment, a yoga room and other interesting additions like a sauna and a swimming pool. Other popular features include a library, a basketball or tennis court, a party room etc.

Some of the most interesting amenities include an arena for computer gamers complete with 4K video screens and a variety of computer games, an outdoor garden featuring a fire pit and waterfalls and a loading dock that has been converted to an event space with stage lighting and a disco ball. Staying on top of the latest trends for amenities has almost become a competition for developers throughout the Toronto area that are aiming to completely satisfy many of today's most popular lifestyle choices.

 

"Bare bones" developments

On the opposite side of the spectrum, some of the newest developments in Toronto are being built with a “bare-bones” type of philosophy. These types of condos are especially appealing to the market that wants to take their first step into homeownership and are looking for the most affordable options available. Some condominium developments have little to no amenities to offer and as a result the monthly condo fees can be significantly lower than the fees paid for units offering all of the latest bells and whistles.

 

Fewer parking spaces

Construction is booming in downtown Toronto and as the developing continues there is less and less space available to work with. It's expected that only one out of 6 -7 condominium units for some buildings will have a parking spot. Savvy condominium shoppers should consider purchasing a parking spot along with their condo unit not only for the convenience of having a place to park but for the investment potential. As space in the downtown core becomes more limited, there's only one way the prices on these parking spots can go and that direction is up!

 

Fewer 2 - bedroom units under construction

In 2012, the market share for 2-bedroom condo units was 31% compared to 65% for 1-bedroom condos. Back in 2004, the statistics were closer to a 50/50 split for 1 and 2-bedroom condominiums. If this trend continues, the demand for 2-bedroom units will be high while the inventory will be limited. This will drive the prices up and makes a 2-bedroom unit the best choice right now for investment purposes.

Toronto is developing a sustainable future through its new condo construction in the downtown core and is actively bringing people together into the heart of the city. You'll also find new condo developments along the waterfront and from one end of the city to the other. There are pre-construction projects that are popping up in the various Toronto neighborhoods and the best part of this type of investment is the increase in property value you’ll see as the project is being completed.

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