Over the last few years, there has been a slight shift in the new condo market where we’re starting to see more couples considering raising children in a condo building. Throughout 2016, there were at least four major signs that 2017 will bring even more family-friendly condos to the Greater Toronto Area’s (GTA) new home market.
In Urbanation’s second quarter findings for 2016, they announced that there was a strong demand for larger units in the GTA’s new condo market. Urbanation is recognized as the authority on new condo statistics.
Referencing 20 of the top selling condo developments, accounting for half the sales of the second quarter, it was discovered that 44% of the sales were of two- and three-bedroom units, which is 35% higher than last year. One-bedroom+den sales dropped by 28% while sales of one-bedrooms dropped to a 25% share.
Earlier this year, Ali Akman, President of SAMM Developments, announced that Tower 2 at The Kennedys Condos would feature mostly two-bedroom units. 60% of the units in Tower 2 are two-bedrooms and larger. 20% of these are two-bedroom+dens and 20% are three-bedrooms.
“At The Kennedys Tower 2, three-bedroom layouts will be 900 square feet and up,” explained Akman. “Most condo shoppers who want these bigger sizes have had to settle for 20+ year-old buildings that have lackluster amenities and higher maintenance fees. We are applying the same efficiencies we have learned through the industry to create the larger layouts at The Kennedys.”
SAMM Developments isn’t the only developer building for families. Marlin Spring’s Canvas Condominium on Danforth strategically features more two-bedrooms than one-bedrooms. When we visited the presentation centre to tour the model suite and chat with Canvas Condominium Marketing Consultant, Linda Mitchell Young, we learned that Marlin Spring is catering to homeowner occupiers.
The average size of the units at Canvas Condominium are around 650 square feet. The two-bedroom units are perfect for couples looking to start a family, and many of the dens are large enough to transform into a baby room.
Daniels recently unveiled the amenity renderings for The Wyatt in Toronto. A few amenities at The Wyatt that you won’t find in your average new condo development in Toronto include an outdoor play structure, and a kids’ zone that will feature a craft room and play room outfitted by Mastermind Toys. There will be toys, puzzles, and educational games for children living in the condo.
More young buyers – singles and couples – are deciding to live in condos longer because they want to maintain the convenience a downtown lifestyle affords, and it’s also become very difficult for a young family to move-up to a low-rise home in the suburbs due to low supply and high prices.
We predict that we’ll see even more developers catering to condo families in 2017!