Pace of residential development in Toronto accelerates

by Ephraim Vecina05 Sep 2018

The latest crane index by Rider Levett Bucknall found that Toronto has the largest number of high-rise buildings in progress across North America as of Q2 2018.

Residential towers comprised 86% of the 97 projects in Toronto as of that quarter – far outstripping the second (Seattle, with 65 cranes) and third (Chicago, with 40 cranes) most active markets in the continent.

RLB added that this might be just the beginning of the segment’s accelerated pace of development.

“The high crane count could continue to rise as well, since another 400 projects are proposed,” according to the index, as quoted by Better Dwelling.

Read more: These two demographics could fill agents’ pipelines for years

Another recent study conducted by the Building Industry and Land Development Association attested to the steady demand for units in Toronto.

The BILD analysis found that the multi-family set-up has become the preferred housing type among Toronto’s buyers, who are under constant pressure from ever-increasing prices in the detached property sector.

BILD reported that despite the benchmark price for condos growing by 23.5% year-over-year (up to $774,554) in June, activity in the low-, medium-, and high-rise markets represented 2,079 new home sales, compared to the month’s total of 2,500 transactions.

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