Quote:
Originally Posted by Maximillian
Yes, I wonder how much of that maybe wishfull thinking, by an industry insider.
This condo development can't continue at this pace, and scale, forever.
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Population growth and economic growth drive the housing market. Both are doing well, no? Toronto's "boom" is fascinating to me. It's been going on for such a long time that one must wonder if it's still accurate to call it a boom.
Maybe it's just the normal rate of growth.
It's amusing to me when folks look at a a tall building like this that will house 600 or so units and maybe a thousand residents and say things are getting out of hand. But there can be 50 new subdivisions, each containing hundreds of units, constructed in the metro area for the last half century and no one bats an eye about oversupply.
As preferences change from auto-dependent subdivisions, I wonder if the true boom is yet to come, especially since metro Toronto is adding something like 100,000 people every year? That's about 40,000 to 50,000 new housing units that will have to be built each year, which is roughly equivalent to the 80 to 100 very tall buildings. Since there's a limited amount of space, density will continue to rise and more tall buildings may be in Toronto's future if the trend towards urban living continues. Not to mention that condos or apartments seem to be the most affordable choice.
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