In what industry insiders are calling “the boldest buyer incentive since free parking”, little-known developer Toronyx Developments announced Wednesday a limited-time “2-for-1 Condo Event,” promising Buyers two condo units for the price of one—provided they close before “whichever layer of government changes policy again.” The company says the offer is intended to restore confidence in a cooling market before they become insolvent.
The announcement comes just days after a high-profile housing press conference featuring Doug Ford, Olivia Chow and Mark Carney, where billions in new funding and fee reductions were unveiled to jumpstart homebuilding and bail out developers. The plan includes cutting development charges by as much as 50 percent and temporarily waiving the full 13% Harmonized Sales Tax (HST) on new home purchases up to $1 million, effective April 1st, 2026 to March 31st, 2027. This measure provides up to $130,000 in combined provincial and federal tax relief to increase supply and improve affordability.
Toronyx Developments applauds the new policies, citing when combined with their 2 For 1 Incentive brings the average cost of their units down 65%. A spokesperson for the developer stated “if governments can knock $130,000 off the cost of a home, we can probably throw in a second one if that’s what it takes to bring the Buyers back.”
Reactions have been mixed. Some prospective buyers lined up overnight, hopeful they could finally enter the market. Others remained skeptical, pointing out that the fine print requires purchasers to accept at least one “junior-flex unit”, reputedly about the size of a walk-in closet.
At Urbaneer.com, we take our careers seriously and our humour lightly. With a multi-disciplinary education on housing, over two decades of real estate sales, design and marketing experience, plus a comprehensive multi-faceted promotions program that is attracting a growing audience – just like this blog!
If you enjoyed this April Fool’s yarn, check out our past posts celebrating the day:
Toronto’s Own ‘Tiny Town’ On The Horizon
You Can Buy A Sleeping Pod In A Toronto Micro Condo For $49,000
Toronto’s Golden Egg Hunt To Win A New Home!
Unbelievable Downtown Toronto Condominium With Terrace For Only $100,000!
Toronto Development Company To Give Away 5 Penthouses For Free
Unbelievable Detached Downtown Toronto Victorian For Only $299,000!
All joking aside, here are some recent links from credible news sources that synthesize our current market conditions:
What’s Going On In Canadian Real Estate Right Now?
This article explains why the Canadian real estate market is depressing –> Canadian Housing Bears Now Have Nine Reasons Backing Them Up
What Is The Government Doing About It?
These 3 articles outline the government’s actions to incentivize buyers and bail out developers:
• Mark Carney, Doug Ford To Cut Development Charges By Up To 50 Percent To Boost Housing Construction
• Ontario Launches $1.3B Toronto Condo Developer Bailout, Warns Bank
• Toronto Unveils Major Deal To Cut Development Charges
How Is The Real Estate Development Industry Responding To Market Realities?
This article is about a developer who reconfigured a 427-unit presale condominium, averaging 570 square feet per unit, pivoting to developing it into a rental building where units will average 100 square feet larger. The article also mentions renegotiating labour costs in order to proceed.This is a case study of the realities of a shifting market: Broccolini Converts Toronto’s The Riv To Rental, Kicks Off Development.
Does Your Home Fall Short?
It’s easy to find fault with anything, including your current home, when asked for a survey. In this case, when a sample were asked if they live in their ideal home, the Majority Of Canadians Say Their Home Falls Short. That seems obvious, given nearly everyone wants bigger and better, right? However, the culprit here might be more about our expectations than our housing stock. Did you know Canada ranks third globally for having the most square footage per person? Trailing Australia in first spot, followed by the United States, Canadians want more for less. Read my post: Dear Urbaneer: How Can Minimalism Help With Affordability & Sustainability In Housing?
Is It Going To Get Worse?
Kinda. Maybe. Probably.
The Toronto real estate market unravelled when the Bank of Canada began increasing interest rates in March 2022, with ten rate increases totaling 475 basis points over a period of 16 months. The rise in interest rates battered homeowners with variable rate mortgages, many of whom are renewing mortgages this year for sums that exceed the property’s real market value.
Although rising interest rates were the catalyst that popped our bubble, the reality is the market had already decoupled from the fundamentals of investing five years earlier when negative carry became an accepted practice.
Today, the collective uncertainty over the wars in Ukraine and the Middle East, the global and local economies , and the threat to Canada’s sovereignty are factors keeping Buyers on the sidelines.
When tens of thousands of teeny tiny condos no one wants to buy at their current list prices are sitting vacant, the question is how long will recovery to take? The answer? It’s going to be a slow grind based on the parallels I witnessed and share in When Dreams Of Domesticity Became Nightmares: A Recollection Of The 1989 Toronto Housing Market Crash. From my view in the real estate trenches, it’s the Banks of Mom & Dad, newlyweds with red envelopes, and the new generation of bright minds getting million dollar signing bonuses who are keeping the lights on in the housing market.
Want to have someone on your side?
Since 1989, I’ve steered my career through a real estate market crash and burn; survived a slow painful cross-country recession; completed an M.E.S. graduate degree from York University called ‘Planning Housing Environments’; executed the concept, sales & marketing of multiple new condo and vintage loft conversions; and guided hundreds of clients through the purchase and sale of hundreds of freehold and condominium dwellings across the original City of Toronto. From a gritty port industrial city into a glittering post-industrial global centre, I’ve navigated the ebbs and flows of a property market as a consistent Top Producer. And I remain as passionate about it today as when I started.
Consider contacting me at 416-845-9905 or email me at Steve@urbaneer.com. It would be my pleasure to personally introduce our services.
We’d love to introduce our services to you.
Serving first and second-time Buyers, relocations, renovators, and those building their long-term property portfolios, our mandate is to help clients choose the property that will realize the highest future return on their investment while ensuring the property best serves their practical needs and their dream of “Home” during their ownership.
Are you considering selling? We welcome providing you with a comprehensive assessment free of charge, including determining your Buyer profile, ways to optimize your return on investment, and tailoring the listing process to suit your circumstances. Check out How Urbaneer’s Custom Marketing Program Sold This Authentic Broadview Loft In Riverside to learn more about what we do!
Consider letting Urbaneer guide you through your Buying or Selling process, without pressure, or hassle.
We are here to help!
Thanks for reading!
-The Urbaneer Team
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage – (416) 322-800
– we’re here to earn your trust, then your business –
Celebrating Thirty-Four Years As A Top-Producing Toronto Realtor
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