“Don’t Expect Premium Pricing”: Is a Softer GTA Condo Market in Store For 2023?Toronto housing expert Ben Myers didn’t waste any time releasing his condo outlook for 2023.— released a condo report on the fate of the Greater Toronto Area’s condo market, touching upon everything from balcony size to new builds and rental rates.
Myers says it will be “interesting” to see if more developers choose to eliminate balconies in their new condo projects in 2023 and 2024 in an effort to reduce costs. This sentiment is indeed an interesting one, given that the massive density increases in store for Toronto are going to render outdoor public space a hot — andYet, as Myers highlights, there are brand-new, purpose-built rental apartments in Toronto achieving relatively strong rents and absorption with no balconies.
“To ensure that projects are successful, developers must focus on the right suite mix, the right range of offerings, and nailing the price is more important than in previous years,” writes Myers. “Investors will move their focus back to prime locations with high-profile developers, but don’t expect premium pricing to be achieved by anyone, regardless of their track record and expertise.
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