Wednesday, October 5, 2011

Toronto is Tops 'n Building Condos

Toronto is indeed the condo building capital of North America!

There are currently 132 highrise buildings under construction in Toronto, according to the figures. Mexico City ranks a distant second with 88 and New York City is in third with 86. The field drops off dramatically after that: fourth-ranking Chicago is building 17 highrises, while Miami rounds out the top five with 16.

Emporis defines a highrise building as between 35 and 100 metres high, or 12 to 40 floors. Buildings taller than that are considered skyscrapers.

Toronto already has the second-highest number of completed highrises and skyscrapers in North America, with 1,875 — just ahead of Mexico City and Chicago — according to Emporis. They all trail runaway leader New York City by more than 4,000, however.


Continuing with this article, while some are already screaming about a condo bubble and over building an already overheated market; the Star article goes on to add...

There is little fear among industry experts that Toronto construction is outstripping demand, despite Bank of Canada Governor Mark Carney’s warning about a national condo price bubble back in June. In fact, some are worried about the opposite.

There are more than 39,000 condo units under construction in the region, according to Myers — “and 88 per cent of those are already sold.”

A further 118 buildings are in pre-construction, he said, and three-quarters of those are sold. “We’re just continually getting larger and larger and larger.”

So lets recap;

Every crane you see is a SOLD OUT condominium project that achieved Financial Viability and Critical Mass to proceed. Each unit has paid a lot levy [Building Permit] Each unit has a 15% downpayment prepaid and held by an at arms length third party [keeping your money secure]. The Banks then lend based on the contracts in hand to complete the construction.

Unemployment less than 8% 27% of the jobs are in Financial Services and Insurance. Schools and Universities are world class. 57% of all immigration to Canada finds a home in teh Golden Horseshoe - 40% of all the immigration pools into the Toronto CMA.

Banks in Canada are secure and a safe haven compared with other countries. Your appreciation in the asset you live in is growing tax free from Capital Gains.

What other reasons would you buy for in Toronto?

1 comment:

Anonymous said...

Hello there! What a great read and it is amazing to see how quickly to see the construction and Sales of these condos are happening. We have a very large population that we need to service and I think we are doing a wonderful job