Strong bank sector, mixed urban use spurs condominium demand in Toronto
Daily Commercial News
Toronto condo starts for the first six months of 2011 are 70% higher than the same period in 2010. Toronto accounts for a disproportionately high percentage of Ontario home starts, and one reason is the strength of the financial sector.
Due to the strength of the Canadian banking sector, Toronto did not have the losses of employment that would have caused a sharp increase in office vacancy rates.
The city also decided to promote residential towers mixed in with offices, retail and entertainment in the downtown core. As a result, empty-nesters are selling their suburban bungalows and buying condos. An influx of immigrants and investors from Asia is also spurring demand for condos.
For more analysis of the Toronto housing market, in the context of highway and public transit construction, please see In the context of a highly regarded Canadian economy, Toronto kicks up its heels by Alex Carrick, chief economist of Reed Construction Data Canada.
Carrick analyzes the latest condo numbers in the context of other factors affecting construction in Toronto, including the resurgent automotive industry and the 2015 Pan Am games.
Contact the Jeffrey Team for more information – 416-388-1960
Laurin & Natalie Jeffrey are Toronto Realtors with Century 21 Regal Realty.
They did not write these articles, they just reproduce them here for people
who are interested in Toronto real estate. They do not work for any builders.
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