Condo Growth in Toronto Over the Last Five Decades
Over the last five decades, the Toronto condo industry has expanded rapidly, taking over neighborhoods both downtown and all over the GTA. Every decade, the number of condos grows by several thousand. In the early 1970’s, condos were a proposed solution to the expensive housing market for young couples. By mid-decade, however, condo sales plummeted because they became unappealing due to their poor-quality construction. The city then later implemented a two-year moratorium on new buildings over 45 feet in the downtown core. In the 1980s, condos were going up and quickly selling out, getting snatched by wealthy business investors rather than the younger generations. Controversies started when towers were being built taller than promised. By 1989, the city’s real estate market collapsed. In the 1990s, because of the recession, condos were empty and the prices sank by more than 30%. It was not until 1997 condos started to go back up, and young couples were moving into condos to live an urban lifestyle. In the 2000s, the number of condos nearly doubled, including new luxury buildings in the downtown core. In the recent years, sales have been extremely high, causing a boom and eventually leading to “non-resident” taxes to cool down the sales. The condo market in the GTA is still rapidly growing and is still one of the most attractive markets for investors and the millennial.
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