Three-bedroom condo units
Developers building condos in downtown Toronto are building bachelor
units, one-bedroom units, one-bedroom and a den units and two-bedroom
units. There are a few two-bedroom and a den units but very, very few
three-bedroom condo units being built in the
downtown residential
condominium towers.
Why? Too few people want to buy them as they cost close to a million
dollars and for that kind of money they can get a townhouse, a semi or
even a detached house close enough to the downtown core.
Family sizes
Existing downtown condos house singles, unrelated singles, married
couples and couples with a single child. Very few house families with
two or more children.
A few downtown city councillors and some social planners want to
change
that. Using Section 37 incentives, they are muscling developers into
including a few three-bedroom units in their new downtown developments.
Bigger condos look to lure families
Three-bedroom units could make living downtown more affordable
CBC News
Posted: 07 Oct 07, 2014
Though they are often thought of as homes for singles and couples,
there is a growing movement to make condos large enough to accommodate
larger families that include children.
Larger condo units have been a big issue for Toronto city councillor
Kristyn Wong-Tam, whose ward includes new condo construction projects
near Bay Street and Wellesley Avenue.
"If you're coming to build in this neighbourhood what I'd like you to
do is build us a range of housing," Wong-Tam told CBC News.
"Three-bedroom apartments is one of those options."
Larger units are more expensive for developers and don’t sell as well
as one- and two-bedroom units. But larger condos could make it easier
for families to buy a home downtown.
A detached house in the downtown core starts at just under $1 million,
according to the Toronto Real Estate Board.
Veteran condo developer Brad Lamb is in favour of the larger units, and
even of the pressure from the city.
"Developers won't do these things on their own," he said. "So it's the
right thing to do for the city to force us to do it."
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