Already some “interesting shifts” are playing out in the condo market, says Lyon. More midrise buildings and stacked townhouses are in the works, in an effort to cater to condo dwellers looking to start families but stay in the city. There are also more two bedroom units.
The numbers alone tell the story of Toronto’s dramatic shift skyward, largely just over the last decade, in the wake of Ontario’s intensification policies, he added. As of October, there were 305,241 condos across the GTA. A further 250,000 are in the planning stages. Some 60,000 are under construction.
“It’s a healthy sign that the market hasn’t gone south, but basically what you’re seeing now is developers trying to catch the last of the big wave,” says Lyon.
Launches are likely to ease as the year progresses, he notes. He’s anticipating about 70 to 80 new projects for 2014, down from 101 in 2013.
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