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Are we living in the greatest construction boom in Toronto history?

hawc

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I've lived in this city 40 years and this is the most I ever remember. When you look at the transit, road, condo and other infrastructure that is being built right now, has there ever been anything else like it in Toronto? Sure the building of the Yonge/University line was a big project, but that was one project. Sure the infill of the harbour was a big deal, but again that was one project. Has there ever been anything else like this to compete with?
 
Here are some charts I made several years ago, before the most recent wave of skyscraper construction. The first one shows the relative levels of high-rise construction activity in New York City, Chicago and Toronto. I believe that I had it show running five-year totals of the yearly activity levels (with future projected completions at the time I made this). I don't recall how I calculated the activity levels, but the metrics are consistent between the cities. Toronto is currently booming at a level unmatched at any time, by either Chicago or New York:

NewYorkChicagoToronto2.jpg


The second chart shows the sum total of tall building stock using the same metric as the first chart:

NewYorkChicagoToronto1.jpg


Toronto is starting to catch up with Chicago, using that metric. It might surpass Chicago by 2020 or so.
 
Yeah, it's an exciting time to be living here, for those who like building & infrastructure/transit construction and population growth.

I moved away from Toronto to go to university in 2003, and it dramatically changed in the following years.
 
Better that a city be growing than shrinking. And it's great to see investment in infrastructure. The only thing that drives me absolutely bonkers is when they've just repaved a road and then one of the utilities cuts it up a few months later. But I think they're getting better with that now.
 
I thought it was just from being new to the city, but it seems this "energy" is also being felt by long-time residents. I honestly feel this city is experiencing some sort of major transition, and that we have come at a good time... :)
 
Boom or bubble? I bet they thought it was a boom in Miami in the middle of the last decade too.
 
Infrastructure upgrades like the Eglinton Crosstown and more connections to the lake aren't causing a bubble.
 
Boom or bubble? I bet they thought it was a boom in Miami in the middle of the last decade too.

Boom and bust: it's a natural economic cycle. Toronto did experience an contraction with the 2008 Great Recession. It's now growing again.

When the Florida market crashed, Canadians swooped in and were for a time the largest purchasers of real estate in the state. Miami too is now growing. The difference with Miami is they were building on spec or requiring no money down from homebuyers and investors who did not have the means to repay the loan. Underwriting in Canada has always been much more conservative from both a construction loan and homebuyer point of view.

Should Toronto take steps to artificially limit new supply out of fears of a future bust?
 
As much as I complain I am excited for this cities future. Toronto feels like its growing everyday and seeing new condos is amazing. I love that downtown is the largest growing neighborhood.

Walking around Union, Gardiner and the waterfront yesterday, I was stunned. Union station re-build, brand new office towers, new condos of course, whole streets being re-built, new transit lines, whole new neighbourhoods (Pan Am games, city place), new beaches & waterfront.

Really unbelievable transformation happening in our city. I get the same feeling walking through the entertainment district, breathtaking growth.
 
Walking around Union, Gardiner and the waterfront yesterday, I was stunned. Union station re-build, brand new office towers, new condos of course, whole streets being re-built, new transit lines, whole new neighbourhoods (Pan Am games, city place), new beaches & waterfront.

Really unbelievable transformation happening in our city. I get the same feeling walking through the entertainment district, breathtaking growth.

The exact opposite of Detroit. It's great.

Some days I just like to pause for a few minutes and watch the the condo construction. Its like watching the city grow in slow motion. So much is going right in this city right now.


I have to say, I love the food of this city. I love that we have so many different types of restaurants around.
 
I know how you feel den. The past few weeks/months I've been watching construction workers move utilities on Eglinton and slowly renovate the Metro roof from my balcony, not to mention watching the growth of the Madison, and Y-E centre everyday on the bus. Must be even more exciting for people who live close to condo construction sites.
 
I know how you feel den. The past few weeks/months I've been watching construction workers move utilities on Eglinton and slowly renovate the Metro roof from my balcony, not to mention watching the growth of the Madison, and Y-E centre everyday on the bus. Must be even more exciting for people who live close to condo construction sites.
That is good to hear. I really think Yonge and Eglinton can be even more prominent in this city with the way things are growing. Living right in the middle of everything has got to be an asset. And the condo going up there are really nice
 

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