Toronto new condos
In Toronto, new condos are completed at the rate of 2-3000 per month and the number of condo units under construction is consistently in the range of 40-50,000. The housing boom in Toronto continues to surge in 2015 after flagging slightly (everything is relative) in 2014. Growth in the Toronto condo market far outstrips every other city in North America. Miami is in second place with a condo market about half the size of Toronto’s.
Ten condominium towers under construction in 2015 will become ten of Toronto’s tallest buildings upon completion. One Bloor East, set for completion in 2016, will rise 257 metres with 73 floors of condominiums. By comparison, the tallest habitable building in Canada, First Canadian Place, stands at 298 metres. The newly proposed “The One” tower which would go right across the street from One Bloor could top out at a staggering 328 metres as envisioned.
New condos continue to be a popular investment and a sound one, as all indicators point to robust, sustained growth in housing prices in general and condo prices in particular. With condos going for about half the price of detached dwellings, and prices of the latter rising at an even faster rate than condos, householders from 25-35 with or thinking of starting new families increasingly find condos the only viable way to jump into home ownership. Fortuitously, demand for new condos and occupancy rates will only continue as the majority of new Toronto residents will be immigrants in the 25-35 year age range.