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Toronto Condo Update – Micro-Condo Tower Tops Off, While Luxury Units Eye Yorkville

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Toronto Condo Update – Micro-Condo Tower Tops Off, While Luxury Units Eye Yorkville
3 min. read

Key takeaways:

  • Condo market by the numbers
  • Toronto’s first micro-condo development tops off
  • One Madison architects bring luxury condo tower to Yorkville

With Toronto aiming for higher density living, and the unaffordable prices of detached single family homes, buyers are turning towards condo properties in increasing numbers. Construction and development of new multifamily projects remains active across the city – whether market-rate, luxury, affordable or micro, condominium developments promise to bring much needed stock to the GTA’s shaky market. Changing buyer preferences and attitudes are also contributing to more favorable market conditions for condos, with Millennials and urban developers driving a significant portion of the demand for stacked urban living.

Condo market by the numbers

As Toronto’s housing market continues to adjust to new provincial measures introduced by the Fair Housing Plan, the lack of market confidence evidenced by buyers and a reluctance to ease pricing among buyers has resulted in a significant slow-down in GTA sales activity. Condominiums, however, have proven much more resilient to the city’s chilly sales numbers, experiencing “only” a 28% drop in sales volume, according to The Toronto Real Estate Board (TREB). Prices on the other hand rose sharply, expanding a whopping 21.4% year-over-year and bringing the current average condo price to $507,841 in the Greater Toronto Area, and $540,169 in the City of Toronto, per the same source.

Toronto’s first micro-condo development tops off

Launched in October 2013, the first micro-condo development in Toronto has topped out, with project completion expected in 2018, reported Urban Toronto. Dubbed Smart House, the 25-storey tower will bring 256 condominiums designed and outfitted with maximum space efficiency in mind. Among the features that make Smart House so efficient are Murphy beds, fold-out kitchen cabinets and counters, and modular closets. Community amenities will include a lounge complete with kitchen, a gym, and outdoor space with lounge areas and greenery.

Developed by Urban Capital in partnership with Malibu Investments, the 25-story tower will also offer commercial space on its first 4 floors. Street-level space and the first story will be occupied by retail, while the 3rd and 4th floors will house 16,000 square feet of Class A office space. Located at Queen and University streets, units start at 289 square feet, and go up to 778 square feet for 3-bedroom configurations.  Designed by Architects Alliance, Smart House is completely sold out, with half of its units sold within days of launching.

One Madison architects bring luxury condo tower to Yorkville

A new luxury condo tower in Toronto’s Yorkville is said to bring a new level of luxury to Toronto’s housing market, according to archdaily.com. Located at 64 Prince Arthur, the project is signed by Adi Development Group, Forgestone Capital, and the New York-based CetraRuddy architecture firm. Known for their landmark work on Manhattan’s One Madison, this 29-story project marks CetraRuddy’s first foray into Canada.

The project’s bold design hints at the luxurious units and amenities set to be offered at 64 Prince Arthur. Per Urban Toronto, the 400-foot tower will comprise 38 two-bedroom, 14 one-bedroom and 8 three-bedroom luxury condos. Many of the units are expected to offer about 1,900 square feet of space each – well above the average condo size in the GTA. Amenities will include a two-story underground garage with 73 spaces, automated parking storage, elevator access, a porte-cochère and valet parking. The property will also include parking for 61 bikes, a 1,000+ square foot pool, a 646-square-foot fitness center, a residents lounge, and 1,335 square feet of outdoor living space.

 

 

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