Lately, there has been a great deal of speculation in the media about the imminent collapse of the condominium market in Toronto due to over building. I read a few articles in the last few days that support a different opinion. Marcus Gee from the Globe and Mail thinks “the condominium boom is the best thing that has happened to Toronto in a generation.”
November’s Toronto Life presents hard core facts to justify the condo boom and to boost our excitement about it. It reported that the pace of population growth in Toronto is accelerating and that it will spike 50% by 2036 to 9.2 million. Toronto Life says that “The New Elite” immigrants are “affluent, hyper-educated professionals flocking to Toronto from all over the world. As the global economy fizzles, our city is being inundated with a hyper-educated cohort of foreign professionals. They are coming for the stable economy, the chart topping livability and the promise of a steady job. Toronto Life calls these people “the new refugees”.
Mostly I share Marcus Gee’s excitement that the condo boom has revived and revitalized our urban spaces by bringing more people to the downtown core giving life to areas like The Distillery District and Liberty Village. But I AM concerned that Toronto’s infrastructure is inadequate to support the current expansion and this problem needs to be addressed with more urgency.
So as our population grows to the predicted level of 9.3 million people, there is no doubt the demand for smaller urban spaces will become greater. But, long term, the success of this condo boom will depend on how the city addresses the infrastructure that is necessary to accommodate the growing poupulation in its city core. In the short term, though, low interest rates, high immigration and down sizing baby boomers will keep the bottom from falling out of Toronto’s softening condo market.