New Luxury Condos in Oakville: Why Larger Suites Are So Hard to Find
For Oakville homeowners thinking about moving from a house into a condo, finding something new is relatively easy. Finding something new with 1,800, 2,000 or even 2,500 square feet is a very different story.
There continues to be new condominium development in Oakville, but there are surprisingly few options for buyers looking for a genuinely large luxury suite.
This is particularly noticeable in South Oakville, where many condo buyers are coming from larger homes and are not necessarily looking to dramatically downsize. They may want less maintenance, better security and the ability to lock the door and travel, but they still want proper living and dining rooms, generous bedrooms, good storage, outdoor space and two parking spaces.
The challenge is that very few new condominium projects are being designed around that buyer.
Why Are There So Few Large New Condos?
Part of the answer is simply the economics of building condominiums today.
Pre-construction condominium sales have slowed considerably across the Greater Toronto Area. Developers typically need to sell a significant portion of a building before they can secure construction financing, so slower sales can delay a project or prevent it from moving forward altogether.
Construction costs also remain high. Labour, materials, financing and the overall cost of delivering a new building have all become more expensive.
On top of that are development charges, municipal fees, parkland requirements and other costs that form part of creating new housing. These costs have become an increasingly important part of the overall development equation.
The result is that developers have to be very careful about what they build and, perhaps more importantly, what they believe they can sell.
Large Suites Can Be More Difficult for Builders
A 2,000 square foot suite takes up a substantial amount of sellable space within a building. That same area could potentially accommodate two or three smaller units at purchase prices accessible to a much larger group of buyers.
There is absolutely a market for large luxury condos in Oakville, but it is a more specific buyer pool. From a developer's perspective, that can make a building filled with very large suites more difficult to pre-sell.
This helps explain why many new developments have beautiful finishes, amenities and architecture, but relatively few genuinely house-sized floor plans.
For many Oakville downsizers, the issue is not finding a condo. It is finding a condo that still feels like a home.
There Are Still Some Interesting New Options
There are exceptions, and The Deane in South Oakville is one of the more interesting examples. The boutique four-storey development has been designed on a much more residential scale than many conventional condominium projects and includes a selection of larger premium suites.
Projects like this are important because they recognize that the Oakville luxury condo buyer is often different from the traditional downtown condo buyer. Space matters, but so do parking, storage, ceiling heights, outdoor space and the overall feeling of the building.
Even with these new options, buyers looking for substantially larger suites will find that the selection remains limited.
Maybe New Construction Is Not the Only Answer
This is where I think the conversation around luxury condos in Oakville becomes much more interesting.
Buyers often start their search saying they want something new. What they may actually mean is that they want something that feels new.
Those are not necessarily the same thing.
Oakville already has a number of excellent condominium buildings with larger floor plans, strong locations and established communities. Some were built during periods when larger suites were simply more common.
The Shores
A strong option for buyers who want waterfront living, excellent amenities and a broader selection of suite sizes in the heart of Bronte.
Explore Building
One Eleven Forsythe
Large residences, excellent walkability and a location beside the harbour make this one of Downtown Oakville's strongest luxury condo options.
Explore Building
The Randall Residences
One of Oakville's newer boutique luxury buildings, with large suites, two-car parking and a much more residential feel than a typical condo.
Explore Building
The Granary
An established Downtown Oakville building where some of the larger floor plans offer the kind of space that is becoming increasingly difficult to build today.
Explore Building
Ennisclare On The Lake
For buyers who care more about space, views and value than having the newest building, Ennisclare can be particularly interesting. The larger suites and established waterfront setting give buyers the opportunity to create something very personal through renovation.
Explore BuildingThese buildings are very different from one another, but they provide something that can be difficult to reproduce today: good square footage in locations where people actually want to live.
There are other highly specific options as well. Buildings such as The Coventry, 331 Sheddon Avenue and Edgemere Estates can offer exceptional space, but opportunities are naturally much less frequent because the buildings contain so few residences.
Buy the Right Suite, Then Make It Your Own
For the right buyer, an older or original-condition suite can actually be an opportunity rather than a negative.
Kitchens can be replaced. Bathrooms can be redesigned. Flooring, lighting and millwork can completely change the feeling of a home. Depending on the building and the condominium's rules, there may also be opportunities to adjust layouts and open up spaces.
What cannot easily be changed is the square footage, the exposure, the view, the terrace, the number of parking spaces or the location of the building.
That is why I would put considerably more emphasis on finding the right suite than finding the newest finishes.
In some cases, buying a 2,000 or 2,500 square foot suite in the right building and renovating it properly can create a better end result than compromising on space simply to buy new construction.
It Can Also Be a More Personal Version of Luxury
Buying pre-construction usually means choosing from a collection of finishes and upgrade packages selected by the developer.
Renovating an existing suite gives you much more control.
The kitchen can be designed around how you entertain. Storage can be built around what you actually need. Flooring, lighting, millwork and bathrooms can all be considered together rather than chosen from a limited package.
For someone moving from a custom or well-designed home, that can be a much better fit.
The Best New Condo May Not Actually Be New
There will continue to be new luxury condominium opportunities in Oakville, and the right new project can certainly be an excellent option.
But buyers looking for larger suites should not limit the search to new construction.
Some of Oakville's best condo opportunities are already built. The right approach may be to find the building, location, floor plan and square footage you want first, then create an interior that feels completely your own.
For many buyers, the best new luxury condo in Oakville may ultimately be an existing one that has been completely reimagined.
Looking for a Luxury Condo in Oakville?
From new construction to larger suites in Oakville's established luxury buildings, we can help identify the options that best suit the way you want to live.
