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Why Three-bedroom condos don’t sell: developers

Trying to sell a three-bedroom condominium in downtown Toronto is harder than selling milk to a cow, local developers say.

A sample by Urbanation of new condominium projects shows developers sold an average of 1.4 three-bedroom units per month in the downtown core in the first quarter. The average condo project sold 23.9 units per month.

Space and cost are cited as the main reason why many families choose to live elsewhere. A 1,000-square-foot apartment can cost a family as much as $700,000.

“For $700,000 you can buy a house [elsewhere] that’s 18,000-square-feet, that’s got a parking space, maybe a little bit of a backyard, [and] a basement,” Urbanation vice president Ben Myers said.

Condo fees, which can be as high as $600 a month depending on square footage, also prevent buyers from getting larger units. “I know they are being bought, I’ve met families who have bought them,” Councillor Adam Vaughan said.

 

“Developers would rather do what’s easy and not necessarily what’s right,” he said. But developer Brian Johnston said condo designs are not solely based on what developers find easy.

“Builders don’t have a bias against three-bedroom units,” Mr. Johnston said. “It’s about what the market is telling me.

 

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