Everywhere you look in Toronto you’ll find cranes and construction materials as developers try to meet the ongoing demands for housing in the city. But are you aware of the prominent real estate development trends in Toronto that are taking place? Here are some of the most exciting ways developers are adapting to meet the needs of home buyers in the city today and in the future.
Developers are starting to move back from the suburbs into the downtown core once again as more and more Canadians are looking to live in communities that blend a live, work, play environment. This is why more mixed-use developments are popping up around the city creating communities that incorporate residences, along with office and retail space all in one. These smart-growth practices are transforming the areas in which they are built into community-based living where everything you need is right downstairs.
As smart technology becomes increasingly integrated into our lives and business operations, developers are taking note. Builders have been swiftly shifting into intelligent building technology, adding more mobile-friendly features in their projects, like controled lighting, advanced electronic thermostats, visual display concierge and secure parcel delivery.
Real estate developers are also getting involved in the sharing economy. A number of projects are offering cars or bikes onsite that are to be shared between the residents with the costs included in their maintenance fees. This helps the environment and conserves resources!
Looking for a condo has never been easier as some developers now offer VR and AI tours for prospective purchasers. Buyers can experience the space without having to actually visit a model home site, not only saving time but also helping to reduce marketing costs for developers. Plus, it’s an interesting experience in itself!
The days of cookie-cutter condos are over. Condo designs have shifted to offer a variety of floor plans and sizes. You’ll now find buildings with a mix of lofts, townhomes, and condo units all in one development. This creates more options for buyers and allows them to design their dream home as they wish.
The lifestyle needs of buyers have also changed. With today’s active retirees and millennials becoming the highest number of condo buyers in Toronto, developers have had to shift to keep up with their needs. In the latest developments, you’ll find fully-equipped gyms, workshops, bike storage, green space, party rooms, dog runs, and a number of on-site activities to keep residents engaged and happy.
Adaptive reuse has also become a prominent real estate development trend in Toronto. Take, for instance, 260 High Park Avenue, which will strategically repurpose a historic church into loft units and add an adjoining 4-storey building with condominiums and townhomes. Conversions like this help maintain the character of an area, while also providing more use for the land. With this project, the developers will be able to preserve the architectural character of the repurposed landmark so that at a glance, it looks relatively unchanged, but behind the scenes, it offers some of the area’s finest residences. If you are interested in a new development in Toronto, reach out to our real estate development and property management firm here at Medallion Capital Group!