Toronto faces shortage of family-friendly condos
November 13, 2017
The Greater Toronto Area’s condominium boom is failing to produce enough larger, family-friendly units to accommodate a coming wave of millennials due to hit prime child-bearing age, a new report warns.
A study by Ryerson University’s City Building Institute and Urbanation, a real estate consulting firm, says that only 41 per cent of condominiums under construction or in preconstruction in the GTA have at least two bedrooms. That’s down from 67 per cent in buildings completed in the 1990s.
After a decade spent catering to millennials in the 25-34 age demographic and building small studio or one-bedroom condos, the report says, the city faces a shortage of large units as that cohort ages and starts having children. The GTA will be home to an additional 207,000 residents in the 35-44 age bracket over the next decade, steeper growth in that demographic than it has seen for 20 years.
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