Toronto’s condo market has seen booms, busts, and bold ideas. Few people have had a closer view than Riz Dhanji. As the founder and president of RAD Marketing, Dhanji has been at the helm of sales for some of the country’s most high-profile real estate projects, including King Toronto, One Delisle, and luxury towers such as the Shangri-La and St. Regis. His career has been defined by a mix of creativity and strategy in the Toronto housing market, often pushing developers to rethink how they reach buyers.
On the latest episode of Livabl Launch, Livabl’s vice-president of national builder partnerships, Matthew Slutsky, sits down with Dhanji for a candid conversation about the state of the market, what’s driving today’s buyers, and how developers need to adapt to survive. From selling Elton John a unit at King Toronto to forecasting a looming housing shortage, Dhanji shares insights that matter not just to builders and brokers, but to anyone trying to understand where Canada’s housing market is headed.
On the Toronto Market and Selling Elton John a Condo
Matt Slutsky: One question I’ve always wanted to ask — Elton John buying at King Toronto. How did that sale come together?
Riz Dhanji: That was an interesting one. Elton’s husband, David Furnish, is from Toronto, so they’ve always wanted to spend more time here. They had been looking at houses in Rosedale and Forest Hill, but nothing felt right. Elton’s a big collector of real estate, and he wanted something architecturally unique. When his agent showed him King Toronto, he said, “That’s the project.” We ended up sending floor plans and finishes to his hotel during his farewell tour stop in Toronto, and he chose everything privately. It was huge for the city and a sign of the architectural significance of the project.
Matt Slutsky: Let’s zoom out. You’re deep inside the market, representing builders across Canada. What are you seeing right now?
Riz Dhanji: It’s a very challenging market. Consumers are nervous, banks are tougher with appraisals and mortgages, and headlines are fueling fear. Interest rates are easing, which is good, but construction starts are near zero. That means we’ll have a short-term glut of inventory as projects finish, but by 2028 there’s going to be a serious shortage. With immigration levels high, affordability will become an even bigger crisis unless governments step in with support.
Matt Slutsky: How many new units are in the pipeline, if the market allowed them to move forward?
Riz Dhanji: Zonda recently reported that there are 200,000 purpose-built rentals ready to go, and about a million condo units zoned across the GTHA. The potential is there; we just need government action like development charge relief and tax incentives to unlock it.
Breaking Down Who’s Buying in Toronto
Matt Slutsky: Who’s buying right now? Are investors still in the game?
Riz Dhanji: The profile has changed. Today it’s mostly end users looking for larger, livable units. People are downsizing from houses or upsizing from tiny condos. Investors are still present, but they’re thinking long-term again, with eight- to ten-year horizons, not quick flips. Real estate remains the best wealth-building tool if you have that perspective.
Matt Slutsky: You’ve always been known for innovative marketing. How are you changing the playbook in this tougher environment?
Riz Dhanji: You can’t separate marketing and sales anymore. They have to be fully integrated. That’s why I started RAD. Everything from how buildings are designed to how showrooms look to the events you host must connect to the right buyer. Data, targeting, and experience matter more than ever. You can’t just do what worked 10 years ago.
Matt Slutsky: Speaking of showrooms, Forêt at St. Clair and Bathurst launched with two full model suites and that was unusual at the time. Why push for that?
Riz Dhanji: I knew this project would attract end users and families. They need to see and touch the product. I got a lot of pushback from partners, but we built them anyway. It’s rare in Toronto, but it helps buyers visualize quality and livability, which is critical in today’s market.
Beyond Toronto and the Accuracy of Market Predictions
Matt Slutsky: Beyond Toronto, you’ve worked in Vancouver and Calgary. What’s Calgary like right now?
Riz Dhanji: Calgary is incredibly affordable compared to Toronto. You can buy a 1,000-square-foot, beautifully finished condo with parking and locker for $400,000. That’s about $320 per square foot. There are no development charges and minimal closing costs. The city deliberately keeps housing costs down to attract people, which is the opposite of Toronto’s approach.
Matt Slutsky: Did you see this downturn coming?
Riz Dhanji: I thought it would happen years ago, so I was wrong then. But it was clear the pace was unsustainable, especially after COVID when interest rates were so low and savings were high. The industry also made a mistake chasing “affordable” units by shrinking them to unlivable sizes. I’ve always refused to compromise on layouts. A seven-foot bedroom isn’t livable. Buyers deserve better.
Advice for Developers and Buyers
Matt Slutsky: If you had one piece of advice for developers right now, what would it be?
Riz Dhanji: Adapt. Too many are stuck in the old playbook, assuming worksheets and fast investor sales will return. They won’t. You need new strategies, better marketing, stronger sales teams, and a deep understanding of today’s buyer.
Matt Slutsky: And for consumers?
Riz Dhanji: This is one of the best opportunities to buy real estate since the 1990s. Prices are bottoming out, interest rates are falling, and inventory is available. If you can think long-term, you’ll do very well.
Matt Slutsky: You’ve worked on some landmark projects. What’s next?
Riz Dhanji: We have Leaside Common, which I personally bought into, plus major projects in Niagara, Yonge and St. Clair, Davisville, and more. In total, about 5,000 units in the pipeline. We’re also advising institutions on converting condo projects into purpose-built rentals. It’s a strategy we’re seeing more of in this market.
