Poor Sales Kill Cloverdale Condo Project

Condo developers have scrapped plans to redevelop Cloverdale Mall in Etobicoke, at least for the time being, due to insufficient sales.

Less than 10% of the first phase of the project, comprised of more than 600 homes, sold pre-construction. This is far below the usual 70% threshold typically required to secure financing and begin construction.

The abrupt cancellation of the Clove condos by developers Mattamy Homes and QuadReal is not wholly unexpected given the state of Toronto’s condo market. For many months now, sales for both new and resale homes have plummeted double-digit percentages year-over-year. Meanwhile, there are more active listings than ever before.

So far, this is the 10th cancelled condo project in the city this year. That’s on track to meet, and maybe even beat, last year’s total of 11 cancelled projects.

The developers have said those who purchased at Clove will receive their deposits back with interest.

They’ve also expressed intent to eventually transform the site.

Plans for the Clove were originally filed in June 2020, with the latest revision submitted last fall. The flagship development was to feature a 33-storey tower and adjoining nine-storey midrise building on the 32-acre site.

Cloverdale Mall was built in 1956, as an open-air plaza. A centrepiece of the community, located at Dundas Street West and The East Mall, it was expanded and converted to an enclosed mall in the 1980s, and underwent major renovations in 2006.