Wondering what the top pre-construction condo launches will be this spring? As the pre-construction condo market continues to heat up, there are many great projects coming to the market that buyers should have their eye on.
As many house-hunters continue to be priced out of the detached and semi-detached home segments, buyers are being pushed to compromise, with condominiums serving as a viable — and relatively more affordable — alternative.
According to the latest data from the Toronto Regional Real Estate Board (TRREB), Toronto’s condo sector has officially recovered from its pandemic-era slump, achieving both a record year and fourth quarter for sales in 2021.
In fact, a total of 7,815 units traded hands between October and December — a year-over-year increase of 21% — despite buyers contending with some of the tightest market conditions seen in two decades.
However, while sales were up, new listings plunged 29% from the same quarter in 2020, leading overall active inventory to decline by two-thirds. The demand for condos is real, and it’s only going up from here.
What’s more, demand for new condos in the Toronto area was especially strong in 2021, with condo sales reaching their second-highest level of all time, reflecting an impressive resurgence from the pandemic’s initial impact, according to the year-end 2021 Condominium Market Survey from Urbanation.
The pre-construction segment has also roared back to life, with developments up significantly last year, with 92 projects — totalling 26,835 units — brought to market, which is up 49%. Last year was also the third-highest year in terms of new supply, behind 2017 and 2011 when 29,529 and 28,448 units were launched, respectively.
The influx of new supply was met with voracious demand, hitting a new record with an 85% absorption rate — well above the 10-year average of 66%. Available units are flying off the proverbial shelves, as 85% of projects sold at least 70% of available inventory within a time frame of 2.6 months (based on an average project size of 270 units). Demand was even more fierce in Q4, with 76% of all new units sold, compared to 55% at the end of 2020.
Most importantly, this momentum is showing no signs of slowing, with an impressive number of condo launches gearing up to hit the market and kick off the busy spring season.
Here are some of our top picks that our buyers are eyeing up for this spring season.
Bridge House at Brightwater
Brightwater is one of the most talked-about pre-construction developments in the GTA and there are many reasons why it has such a good reputation among both end-users looking to live in the area and investors.
Brightwater will be a major Master-Planned Community and a rare opportunity to live lakeside in Mississauga. Being one of the most anticipated developments to launch in Mississauga (ever), this development will feature nearly 3,000 residential units including both condos and townhomes.
Project Facts:
72 Acre Master Planned Community
4.5 Million Square Feet of New Built Form
5 Public Parks
18 Acres of Open Spaces
2,995 Residential Suites
300,000 Square Feet of Retail & Office Space
Brightwater Condos Phase 1 & 2 as well as the first phase in the Brightwater Towns and The Mason building have all sold out, BUT there are many other phases coming up. The just-announced Bridge House will be launching to VIP Brokers this spring.
Consisting of two towers connected by glass bridges, this phase will consist of condo suites ranging in sizes from studios to 2-bedroom + den layouts and will also feature townhomes as part of this phase. It will have a wonderful centre location in the master community and will have both city and lake views. It will also feature over 20,000 square feet of amenity space.
Queen Church Condos
Queen Church Condos is a new development coming to the corner of Queen Street East and Church Street, in Toronto’s downtown east neighbourhood.
This central location offers an amazing opportunity to live in one of the most sought-after downtown areas. This brand new stylish and luxurious high-rise residence will feature a wide range of suite sizes and layouts along with over 9,000 sqft of premium indoor and outdoor building amenities.
Queen Church Condos is at the apex of some of the city’s most iconic neighbourhoods, offering unmatched access to transit, amenities, educational institutions, entertainment, and so much more.
Investors will love the central location of Queen Church Condos. The building will sit at the apex of three of the downtown core’s most iconic urban neighbourhoods – the Garden District, the Financial District, and the St. Lawrence neighbourhood.
Residents will be within walking distance to many major employment hubs, prestigious post-secondary institutions including Ryerson, UofT, and George Brown College, natural green spaces, and popular downtown attractions.
100/100 Transit Score
98/100 Walk Score
97/100 Bike Score
2 minutes to Ryerson University
3 minutes to George Brown College
4 minutes to the Queen subway station
7 minutes to Union Station
8 minutes to the University of Toronto
RVER Condos
RVER Condos is a new pre-construction condo project by Lifetime Developments, coming to Toronto’s East side in the Regent Park neighbourhood, at 111 River Street. The property will feature a high-rise tower of 34 storeys and 433 residential units.
Residents will get to live the best of urban life at this address as this part of the city has nearly everything you need just outside your doorstep. Residents will also have direct access to public transportation, making accessibility one of the key highlights to living at RVER Condos.
This new pre-construction project provides a great opportunity for both end-users and investors. Regent Park is one of Toronto’s fastest growing and developing neighbourhoods, and getting into a pre-construction project early on will make your investment dollars go further than you thought possible in today’s Toronto market.
Think of Regent Park as what Liberty Village and Parkdale were many, many years ago. Right now, it’s a developing neighbourhood, but when this project is complete, your investment will have increased faster than many other areas of Toronto in the same amount of time.
Close access to the DVP
Walking distance to The Distillery District
Close to Ryerson University & University of Toronto – St. George Campus
Close to shops, restaurants and schools
Has a transit score of 100/100: world-class public transportation
XO2 Condos
XO2 Condos might be familiar to you as it launched this past January. But the reason I’m including it here is because there are some amazing floor plans available, and if you’re considering buying this spring, you should be looking at what’s available at XO2 Condos.
A client of ours, just last week, picked up an amazing 3-bedroom suite with an incredible floor plan. The rental potential for these large floor plans is going to be huge when the project is complete, as more and more buyers get priced out of the detached and semi-detached market.
XO2 Condos is the second phase of the very popular XO Condos that launched in 2019. With a near-immediate sell-out, this release was the first of 2022 and exceeded all selling expectations. XO2 Condos will have a total of 410 suites spread across 19 storeys in Toronto’s Liberty Village / South Parkdale neighbourhood.
Located at 1182 King St W in Liberty Village, this development is uniquely situated near all urban amenities. XO overlooks a buzzing cityscape of eclectic urban amenities. Enjoy the best of Liberty Village, King West, Queen West and South Parkdale – some of the best and most sought-after neighbourhoods in Toronto.
The Spring market is going to be a busy one for pre-construction, but remember, not all projects are good investments. We look at each project, the full financial picture for both investors and end-users, and then determine if it’s worth buying.
Interested in any of these projects? You can register for each project on its profile page on the TRB site – doing this will give you first access to pricing and floor plans before anyone else.