The massive Clove development which was to have 600 housing units was cancelled due to a lack of pre-sale units.
A massive condo development on The Queensway has been cancelled after less than 10 per cent of the pre-construction units were sold.
The Clove condominium complex was slated to be built at 2 The East Mall Cres., across from Cloverdale Mall, and included a 33-storey tower and adjoining nine-storey midrise, totalling over 600 condos.
Developers Mattamy Homes, Canada’s largest home builder, and QuadReal Property Group, in a release said they are not moving ahead with the project , as it is not in the best interest of “purchasers or the community,” as the market experiences “significant headwinds.”
Some of the condo developments planned for the Cloverdale Mall area.
They said only 10 per cent of the units were pre-sold despite receiving strong initial interest from buyers.
“The market has to come down if they want to get their units moved,” said Daniel Foch, a Toronto-based chief real estate officer.
“What happened with The Clove probably is they couldn’t sell units because they were trying to launch at a higher price than the market was willing to bear,” he said.
Foch said this cancellation is part of a larger trend across the Greater Toronto Area (GTA), where other developments have had to significantly lower their pre-construction prices in order to sell units.
The housing market in the GTA has continued to drop since its peak in early 2022.
Reports in August showed 118 units in stacked townhouses and low, medium and high-rise buildings were sold in the GTA — a 59 per cent drop from August 2024 and 90 per cent below the 10-year average.