May 6, 2014
This article from The Buzz Buzz Report – an excellent site focusing on new condominium sites in Toronto – recaps the growth of condo development in Toronto and forecasts where construction will take us throughout 2014 and in to 2015:
“The construction crane may as well be the de facto symbol of Toronto with new buildings going up in just about every corner of the city. Although March data from Statistics Canada suggests that Ontario’s construction explosion is petering out after several big years for building, there’s still plenty of activity going on in Toronto’s condo market today. New projects are breaking ground in the upper reaches of North York all the way to the western waterfront.
As of May 5th, there were 44,589 units under construction in the city. Using our Market Snapshot tool, we’ve crunched the numbers to find out which 10 neighbourhoods are seeing the highest construction concentration in the city.
In first place, the Entertainment District has a staggering 5,565 condo units under construction. That’s roughly 12 per cent of all the units being built city-wide. This particular market won’t be letting up any time soon with 2,651 estimated completions scheduled for 2014 and 2,180 suites scheduled for 2015 so far.
There were two notable trends among the top five neighbourhoods: subway and waterfront access. In a city where residents spend an averageof 65.6 minutes a day commuting, it’s no shock that builders are locating so many of their projects along major transit lines. Our number one neighbourhood, the Entertainment District, borders the Yonge-University-Spadina line, as does Church and Wellesley, number three on our list, as well as Willowdale, which takes the fourth spot….”
The entire article can be found at: http://news.buzzbuzzhome.com/2014/05/top-neighbourhoods-condo-construction-in-toronto.html
