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.”