Delphine Winton recently relocated to an apartment near Casa Loma constructed in 1936, and she is content with her decision. When searching for a new place to live, the 22-year-old student specifically sought out older buildings, avoiding modern condos with sliding glass doors, generic layouts, and unconventional floor plans. Winton expressed her preference for spaces that allow for a dining table, unlike many newer units.
In Toronto, a growing number of residents are shunning new builds due to factors such as the absence of rent control and unsatisfactory layouts, as tenants gain more influence in the housing market. Nicole Luongo, a 36-year-old policy analyst, recently leased a unit in Little Portugal that is nearly a century old, citing the charm and spaciousness of older properties as key factors in her decision. Affordability also played a significant role in her choice.
According to a July report by the Canada Mortgage and Housing Corporation (CMHC), purpose-built rental units are facing tougher competition from the secondary market, leading to longer leasing times. While rent prices in older buildings are gradually aligning with newer constructions, affordability concerns persist, prompting many renters to opt for older accommodations to save costs.
Samantha Dangubic emphasizes the importance of rent control as she and her partner search for a larger living space in Ontario. Landlords in buildings occupied before November 15, 2018, are subject to rent increase limitations, unlike newer developments where substantial rent hikes are common. Dangubic questions the target demographic for these new condos as investments continue to drive the market.
David Fleming, a real estate expert, notes a trend of diminishing condo sizes in Toronto over the past decade, driven by developers seeking to maximize profits. The shrinking square footage, exemplified by compact units like a 267-square-foot layout, primarily caters to investors rather than residents seeking livable spaces. This shift has contributed to a surplus of unsuitable layouts in the housing market.
As the rental landscape evolves, renters in Toronto now have the luxury of being more selective in choosing their living spaces. Alex Zhvanetskiy, a Toronto real estate agent, observes a cautious approach among renters, many of whom are bypassing newer developments due to layout concerns and lack of rent control. The market shift has empowered renters with more options and the ability to make informed decisions about their housing choices.