Toronto’s housing market is facing critical levels due to the rising cost of living, high rental rates, a shortage of construction workers, and the city’s growing population, exacerbating the imbalance between supply and demand.
The surge in condominium listings in Toronto primarily consists of small suites not suitable for family living. According to the Toronto Regional Real Estate Board (TRREB)’s June 2024 market watch data, listings for units in the 500- to 599-square-foot range increased by 50 per cent compared to the previous year.
Are Torontonians being heard?
Unfortunately, only about 10 per cent of the market comprises family-sized condominiums, despite a growing demand from families. This shortage of larger, multi-bedroom suites designed for families and multigenerational living leaves many buyers underserved and frustrated. This raises the question: are Torontonians’ housing needs being addressed?
A survey conducted in April with members of the Angus Reid forum revealed that almost half of respondents see condominiums as their long-term homes. However, a significant 93 per cent believe that Toronto needs better-built condominiums to meet people’s lifestyle needs.
Market caters to a misguided notion of “investor” instead of “end-user” condominiums
The market has historically focused on investor-driven condominiums rather than end-user-focused ones. Developers should prioritize meeting the demands of end-users to create good investments that also serve as viable homes.
Understanding and responding to Torontonians’ housing needs
Toronto residents should not settle for underwhelming condominium developments. Developers must listen to create homes that meet people’s real needs and aspirations, focusing on quality and thoughtful design to enhance the liveability of condominiums.
Liveability above all: Condominium developers need to keep quality at the core
Developers must shift their focus to quality and liveability, designing homes that support a high quality of life and creating sustainable urban environments. Condominiums should offer space, comfort, and amenities to make living in Toronto enjoyable for all residents.
Bridging the gap is a developer’s responsibility
Toronto’s housing crisis requires addressing both the quantity and quality of homes. Developers play a crucial role in building the right kinds of homes to resolve the crisis and create a city where everyone feels at home.
Source link
This article was complied by AI and NOT reviewed by human. More information can be found in our Terms and Conditions.
