Toronto’s real estate market has transformed dramatically over the past two decades. But while the skyline has been filled with towering condos, a crucial question remains: Are these spaces really suitable for families? In this blog post, we dive into the challenges Millennials and Gen Z face as they navigate Toronto’s condo market, where tiny spaces and sky-high prices are making family living nearly impossible.
Watch the full video below to see how Toronto’s condo boom left young families stuck in tight spaces.
Understanding Toronto’s Condo Boom
Over the last 20 years, Toronto has seen an unprecedented condo boom, with over 100,000 new units built. While these units have provided housing for many, they’ve also created a significant problem: most of these condos were designed with investors in mind, not families. The result? A market flooded with small, one-bedroom units that are far from ideal for those looking to start or grow a family.
Key Takeaway:
Many of Toronto’s newer condos are simply too small for family life, forcing young families to either squeeze into inadequate spaces or face the daunting prospect of leaving the city altogether.
The Affordability Crisis
Even as Toronto’s real estate market has seen broader corrections, condo prices have continued to rise, pushing the dream of homeownership out of reach for many. Today, owning even a modest condo in Toronto can consume more than 66% of a typical household’s income. This is particularly troubling when you consider that many two- and three-bedroom condos are under 1,000 square feet—hardly suitable for a growing family.
Did You Know?
If you’re looking for a condo with more space, you’ll likely be facing prices well over $1 million—far beyond what most young families can afford.
Who’s to Blame?
Developers, investors, and the city all share responsibility for the current state of Toronto’s condo market. Developers have focused on maximizing profits by building smaller units, often marketed to investors who care more about the number of bedrooms than the day-to-day usability of the space. Meanwhile, the city’s attempts to ensure the inclusion of three-bedroom units in new developments have been lackluster at best, often resulting in tiny or impractically designed “family” units.
Insight:
Even when three-bedroom units were mandated, many of these were “false” three-bedrooms, with layouts so poor that buyers often removed the extra bedroom during the pre-construction phase.
Signs of Hope: Solutions and New Developments
While the situation may seem bleak, there are signs of positive change on the horizon. Neighborhoods like St. Clair West and Weston are starting to see the development of family-sized units, many of which are over 1,000 square feet and priced below $1 million. These under-the-radar areas could offer a glimpse of a more family-friendly future for Toronto’s housing market.
Call to Action:
Are you struggling to find a family-sized condo in Toronto? I live in a family-sized condo myself and have helped dozens of families find the right space. Reach out to me at [email protected], and let’s find your perfect home together.
Conclusion: It’s Time for Change
Toronto’s condo boom may have filled the skyline with shiny new buildings, but it’s left many young families without a place to call home. If Toronto is to remain a vibrant, family-friendly city, we need to push for policies and developments that truly meet the needs of those who live here.
Watch the full video above for more insights, and don’t forget to subscribe for updates on Toronto’s housing market.
