You don’t have to crane your neck to see that Toronto once again holds the record for the most construction cranes of any city in North America! We saw similar headlines in August 2018, and in January and March of this year. Now, the Rider Levett Bucknall Crane Index reports that in July, we had 120 active cranes in the city, ranking us as having the most real estate development on the continent. That is 16 cranes more than we had in January, and 23 more than 2018. In fact, we have twice the number of cranes than the next cities on the list, Seattle and Los Angeles, which tie for second place with 49 each. It is no surprise that in Toronto, the peak has largely to do with high-rise condominiums.
Toronto and the Greater Toronto Area are growing concerns when it comes to new home real estate. Condos remain the most attainable choices, and sales are on the upswing this year since a slower first quarter. Now, with the Bank of Canada stress test rate being changed in favour of buyers, we should see increased sales and even more cranes up in the near future.