The Condo Story
Condo Market and Statistics in Toronto
As the statistics shows there are more high rises being built in Toronto than anywhere else in North America.
From The Globe and Mail’s Report on Business:
“Condos have become the de facto new rental supply,” says consultant Barry Lyon. That supply is much more expensive than old rental high-rises. Lyon and other analysts say that renters typically pay 50% more for a new condo unit than they would on rent for a comparable apartment in an aged building.
George Carras, president of RealNet Canada Inc., wrote in the Star earlier this year:
High-rise units now make up 60 per cent of new home sales in the GTA, compared with only 25 per cent in 2000.
The September 2011 data from German research company Emporis — the world’s largest source of information on multi-storey buildings: There are currently 132 high-rise buildings under construction in Toronto, according to the figures. Mexico City ranks a distant second with 88 and New York City is in third with 86. The field drops off dramatically after that: fourth-ranking Chicago is building 17 high-rises, while Miami rounds out the top five with 16.
Toronto vs. the world
Just how expensive or not—is it to buy a condo in Toronto?
Assuming a small 550 square feet one bedroom unit priced at $385,000, based on average U.S. dollar prices per square foot of centrally located condominiums, Toronto condos are cheap compared to…
Hong Kong $839,000
New York $615,000
And this is why the condo market in Toronto is booming and the builders are constructing so many of them in every corner of the city.
There is more to the "Condo Story":
- Newcomers to Canada are generally hard-wired for condo living. They don’t come with the expectation of a detached house with a picket fence. They come from thriving cities where space is limited, and they’re used to small spaces.
- The demand for Toronto’s luxury condos originates from a variety of sources, Affluent immigrants and foreign investors are lining up with the traditional buyers that include empty nesters, Boomers, young professional couples and individuals.
- Condos remain the most affordable ownership option for urban living and the easiest to maintain.
- Current demographic changes along with a growing and changing population will continue to create a healthy demand for Toronto Condos.
- Overall, the outlook for the future of Toronto's Condo market remains positive and condo sales should continue to outpace the overall housing market.