I have said it numerous times over the years: Toronto and the Greater Toronto Area continue to welcome new residents, so we have an ongoing need for new homes and condominiums. Never has that statement been more important, since the results of a recent study by Ryerson University’s Centre for Urban Research and Land Development were released. Toronto is now the top-growing city in North America, having welcomed more than 77,000 new residents last year alone. In addition, the GTA is the second-fastest growing metropolitan area and is predicted to grow 40 per cent by the year 2041. That is only 22 years from now.
The planning implications for the next two decades are astounding, especially when you consider the predicted rise in density. By 2066, the GTA’s density is estimated to climb from 4,000 people per square kilometer to more than 7,700 – that is nearly double. Building “up” rather than “out” is obvious. New condominiums are the answer to housing newcomers, and the industry is rising to the occasion. Last year, Toronto ranked first on the “Crane Index.” Plus, the Rider Levett Bucknall Crane Index reports that in July of this year, we had 120 active cranes in the city, ranking us as having the most real estate development on the continent. In the first quarter of this year, the number of new condo units under construction in the GTA reached over 70,000 for the first time ever.
Once again, condominiums lead the way in Toronto and the GTA!