Condo Development in Toronto Booming Despite COVID-19

Published July 13, 2020 by Real Estate Leads

There are many people – real estate agents in Canada among them – who question why anybody would want to live in a ‘glass box in the sky’ as condos in Canada’s major metropolitan cities are often referred to. What’s important to understand, of course, is that nine times out of 10 it’s not that the person necessarily chooses those accommodations. Rather, it is more that such accommodations fit their urban lifestyle and more often than not it’s primarily a case of what they can realistically afford.

Now if you’re a real estate agent practicing the business in any of Canada’s larger urban centres, the way new condominium builds in Toronto are booming is definitely something you want to take note of. Supply is usually created in response to demand, and whether that demand is actualized or anticipated. In Toronto it’s definitely actualized, as these are the homes people in the city want and can afford for the most part.

Now if only this reality could be paired with an adjacent one where there’s fewer realtors practicing in the city, but obviously that’s not the case. This continues to be as competitive a business as ever, and it’s for that reason that using an online real estate lead generations service like the one we have here at Real Estate Leads is something that all realtors should consider if they’re looking to get more out of their client prospecting efforts.

But back to topic – there’s such a flurry of activity with new condo builds in ‘The Big Smoke’ as it’s called that it has some very real potential for revitalizing the real estate market in the city sufficiently enough until normal returns after this pandemic.

A Reshaping of Downtown T.O.

Despite all the fallout from the coronavirus pandemic, Toronto’s mega-development boom does indeed continue to reshape downtown Toronto – and vertically in particular. Construction sites are getting back up to speed in a hurry and it is definitely a full-steam ahead approach with condo developments as the warm weather of summer arrives.

What is a constant at all times is real estate developers looking ahead for new, innovative ways to incorporate new realities and consumer wishes – from green space to working from home arrangements, and catering to new buyer prerogatives that are coming into existence in the face of these times is a way developers are even further promoting continued investment in these types of projects.

The demand has always been there, but what’s being done very smartly now is developers are fine tuning that demand even more. It’s a very positive development for the condo real estate market in Toronto, and yet another example of how not every corner of the real estate market in Canada is in the perceived moribund state that some think it is.

Post-Pandemic Sensibilities

Many of the new design principles and approaches being seen with condos in Toronto may well be similarly incorporated elsewhere in the country. They include wider sidewalks at street level and incorporated green spaces inside of the building in order to promote social distancing and healthy living.

Others are health and gym areas that are designed to promote social distancing more naturally and some are even going to have thermal scanners for fever detection in the public areas of the building, built into the security cameras.

Luxury Real Estate Market Remains Strong

Despite the pandemic, demand for luxury real estate hasn’t missed much of a beat in Toronto. One reason is that supply and demand for luxury living has not been altered. This is of course in large part attributable to the fact that Toronto is still one of the foremost destinations for immigration in Canada, to the tune of over 125,000+ immigrants arriving in Toronto each year and higher-end condos make for ideal living arrangement for these newcomers – many of whom have the pockets required to purchase them!

Expanded immigration and a growing tech industry are the leading factors fueling this current condominium boom in Toronto, and if you’re a realtor who needs further convincing of that it’s now know that there are 400 proposed high-rise projects in the pipeline for Toronto.

Get while the getting is good as they say, and get more of that getting by signing up with Real Estate Leads here. You’ll receive a monthly quota of qualified buyer and / or seller leads that are delivered only to you, and with them you’ve got bonafide opportunities to do what you do best and convince these prospective clients as to you being the best choice to help them navigate such a major purchase decision in their lives.