The Greater Toronto Area’s condo boom has reached a new peak, according to a report released Tuesday.
The Ryerson City Building Institute said that condo development reached its highest ever level in the middle of 2017 with 105,000 condo apartments currently under development.
“The next decade will see significant growth in the 35-44-year-old age bracket,” the report authored by Cherise Burda, Graham Haines, Shaun Hildebrand stated. “This demographic will be seeking new family-friendly housing and will need housing units with at least two bedrooms.”
“Building more family-friendly mid-rise and lowrise buildings may require development to shift to locations in the GTA with more affordable land costs than the Central 416. Yet it is the 416 that is in greatest need of family-friendly housing units,” the report states.