3 Bedroom Units In Yorkville Condo Buildings Toronto Real Estate
Yorkville Condo Buildings And 3 Bedroom Units
Three bedroom units are a rarity in Yorkville as they make up only 3% of the condos sold each year on MLS. Therefore not all Yorkville condo buildings feature 3 bedroom suites and if they do they usually amount to less than a handful of suites in the building.
Often times these suites are the result of reconfiguring a 2 bedroom plus den floor plan or putting two units together in the pre-construction phase. This creates a 3 bedroom unit that is one of a kind with a unique floor plan to the building.
Three bedroom units also tend to be in luxury condo buildings that accommodate larger suite sizes.
Why so few 3 bedroom condo units in Toronto?
You have to go back to the development stage of a condo building to find the answer. Unlike other cities around the world, Toronto has a different lending framework when it comes to financing the developers of condo projects.
The banks say to developers, before we are going to loan you a dollar for your project you have to have at least 75% -85% (or whatever the metric) of the units pre-sold in order for us to finance you. The developers can only start construction after this sales target has been met.
The challenge then comes with pre-selling a 3 bedroom unit to a family. The family has to put down a 20% deposit for a condo to be delivered 4 to 7 years from now. The time lapse is critical for a family who needs the unit now and cannot wait. There in lies the disconnect with delayed supply only available in a marketplace of immediate demand.
Developers would like to build 3 bedrooms but they can't pre-sell them and if they can't pre-sell them they simply don't get built.
As Toronto house prices rise to unaffordable levels for many, demand for 3 bedroom condo units has increased dramatically but that demand is for 3 bedroom units that are ready now not for units that will be ready several years down the road.
Why so few 3 bedrooms condo units in Yorkville?
Developers of luxury condos in Yorkville cater to downsizers and people who have multiple residences around the world and for these luxury buyers the floor plan of choice is often the 2 bedroom plus den or library.
Yorkville Condo Buildings With 3 Bedroom Suites
While the number of 3 bedroom units in each building is very small, if you are looking for a 3 bedroom floor plan in Yorkville here are some condo buildings to consider:
Yorkville luxury condo buildings:
- The Hazelton at 118 Yorkville Avenue
- 155 Cumberland Street
- Museum House at 206 Bloor Street West
- 1 St. Thomas Street
- The Florian at 88 Davenport Road
- The Regency at 68 Yorkville Avenue
- 10 Bellair Street
- The Prince Arthur at 38 Avenue Road
Penthouse level suites and units on higher floors in these Yorkville condo buildings tend to take up the full or half of a floor and feature 3 bedrooms:
- 80 Yorkville Avenue
- The Crystal Blu at 21 Balmuto Street
- The Maxus at 80 Cumberland Street
- 102 Bloor Street West
- 133 Hazelton Avenue
- 36 Hazelton Avenue
New Yorkville condo developments in the under construction stage have a few 3 bedroom units or may be able to re-configure a 2 bedroom plus den floor plan into a 3 bedroom:
- Cumberland Tower Residences 170 Cumberland St
- 277 Davenport Road
- 181 Davenport Road
Some older Yorkville condo buildings also offer 3 bedroom floor plan options with the added bonus of being more reasonably priced:
- 1166 Bay Street
- The Renaissance Plaza at 175 Cumberland Street
- 55 Prince Arthur Avenue
- 1132 Bay Street
Because of the limited numbers of three bedroom units, when they do come up for sale they sell very quickly, so its best to retain a good real estate agent who can notify you as soon as these units are listed for sale in your condo building of choice.
Contact Me to find out more about opportunities to purchase 3 bedroom units Yorkville and downtown Toronto
Victoria Boscariol is a real estate agent in Toronto Canada with Chestnut Park Real Estate Limited Brokerage. With over 20 years experience, Victoria has been helping people successfully buy and sell condos and houses in Yorkville and downtown Toronto.
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