There will be 94,000 new condo units in the Greater Toronto Area in the next five years but even that record breaking rate of supply will leave a sizeable gap in the market.
That’s because only 38% of the new units will have 2 or more bedrooms, making them less suitable for families.
A report from the Ryerson City Building Institute and Urbanation highlights that currently the GTA’s share of condos with at least 2 bedrooms is 41%, although that falls to 36% for the 416 area code.
“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.
The demographic that will be requiring larger condos is growing with the 35-44 age group estimated to rise by 207,000 between 2016 and 2026.
“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.”
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