The number of units being built in Toronto and surrounding areas such as Oakville & Burlington increase year over year but the size of units servicing families is lower than expected.
“We are building an all-time high of condos, but not enough missing middle housing that is suitable for a range of family sizes and income levels,” says Cherise Burda, Executive Director of the Ryerson City Building Institute.
“We need to pay close attention to the type of supply that we are delivering,” says Shaun Hildebrand, Senior Vice President of Urbanation. “The composition of condo demand today is different than it was 10 years ago, and it will continue to change in the next 10 years.”
The numbers are not much better in the Oakville and Burlington areas.
So what does that tell me is needed to help my clients in the coming years?
Well depending on need, whether it is an investment purchase or an owner use condo, budget and area, I would encourage the purchase of larger units whenever possible.
Listen to the podcast below on the importance of ensuring larger units are being built.