While the Toronto condominium market is in a prolonged slump, Stafford’s choice of projects and the diversity of its business is enabling it to weather the storm and prepare to launch new multifamily and mixed-use developments.

The 70-plus-year-old, family-led, Toronto-based company is fully vertically integrated and has been responsible for over 350 developments valued at more than $10 billion. Together they comprise more than 20,000 residential units as well as commercial and retail properties. 

Stafford has also been an equity partner with different industries requiring real estate competencies, including energy, manufacturing and pharmaceutical products.

“We see the different parts of the business as an insurance policy that we can deliver the final product in a way that’s controlled and best for the consumer,” president Jonathan Goldman told RENX. “Currently, we're very focused on residential and mixed-use projects as well as some commercial. We haven't built any industrial in many years, but we've owned lots of industrial over the years.

“We run a general contracting firm within the company and offer that service to the marketplace as well. We don't necessarily focus on making that the most profitable, but we definitely control our projects that way and we know that the job is going to get done on time and, hopefully, under budget, and to the highest quality possible.”

Stafford is also looking at new asset classes, including creating powered shells for data centres.

“We've been diligencing some of those sites in the GTA recently,” Goldman said, “but our big problem in Toronto with that asset class is essentially the lack of power.”

Good relationships with lenders

Most of Stafford’s financing for its developments comes from Canada’s largest banks, as well as some secondary lenders.

“We have long track records and repeat business over and over again with the same organizations, which are incredibly supportive of us,” Goldman said. “It's been quite comforting in the recent economic downturn to have financial partners that support you.”

That downturn hasn’t greatly impacted Stafford, which is in the midst of either building or closing on several Toronto condo developments -- and hasn’t had many units come back. Goldman admits, however, the company has experienced some of its slowest sales in decades due to affordability issues.

Stafford is working closely with suite purchasers and partners to limit the damage from the current economy, but it’s been forced to drop pricing a bit to push sales through.

“People are smart enough to understand that when over a third of the house price is a government fee of some kind, it's going to get too expensive for the general population to afford,” Goldman observed. 

“The banks are getting nervous and appraisals are getting lower because people in the financial industry want to take less risk and there seems to be a lot of problems out there. We're just going to wait and see what happens after the federal election at the end of April.

“But I'm incredibly optimistic that, no matter what, at this time next year we're going to be in a much better place mentally and economically as a country. I think we're definitely headed for greener pastures and, whether it's going to happen in months or it's going to happen in the next year or two, that's yet to be seen.”

Recently completed multi-residential projects

Stafford just sold its last two suites at Avenue & Park, a seven-storey, 36-unit luxury condo at 1580 Avenue Rd. that was completed in the fall of 2022 with partner Greybrook.

“That part of the marketplace seems quite healthy,” Goldman said of high-end condos that provide large suites, lots of amenities, beautiful designs and security for residents.

Stafford has started closings on 181 East, a nine-storey, 185-unit condo with approximately 15,000 square feet of ground-floor retail space at 181 Sheppard Ave. E. It’s another partnership with Greybrook and Goldman said a bit of inventory that was held back will be released shortly and a lot of the retail space has been leased.

Goldman is particularly excited about a Japanese grocery store, restaurant and cafe with a patio that has the involvement of two Michelin-starred chefs, but can’t reveal more details at this point.

Under construction

Occupancy is expected early this fall at Linea, an almost-sold-out nine-storey, 207-unit condo at 743 Warden Ave. being developed in partnership with The Goldman Group. It has approximately 18,000 square feet of retail space at grade.

“It's part of this massive redevelopment of that entire corridor that our company and other members of my family have been involved in for many, many years,” Goldman said. “This is the last of the properties.”

The Georgian is a seven-storey, 107-unit condo at 227 Gerrard St. E. in the Cabbagetown neighbourhood that was designed by RAW Design, with interiors overseen by U31. It has approximately 8,000 square feet of retail space at ground level and is about two years from completion.

Still to come from Stafford

Construction is expected to start early this fall on a 12-storey, 150-unit purpose-built apartment building at 914 Bathurst St. in the Annex area. 

“That neighbourhood needs more upscale boutique rental,” Goldman said. “There are some very large projects, but not everybody wants to live in a mega-tower.”

Marketing will begin this summer for an “ultra-luxury” condo at 429 Walmer Rd. in the Forest Hill neighbourhood that will feature an Arcadis design with interiors from U31. While Goldman is holding back full details until closer to the launch, he said it will have approximately 50 units ranging from 1,900 to 7,000 square feet and 18,000 square feet of amenities. 

Stafford and Greybrook recently purchased a site at 110 Adelaide St. E. and have applied to the City of Toronto to build a 67-storey condo there. 

Stafford is also applying to build a 50-storey condo on a newly acquired site on Berwick Avenue, southeast of Yonge Street and Eglinton Avenue West.