Toronto streets may not be filled with people but if you look up, you may notice a surprising number of cranes. According to RLB’s Q1 2021 Crane Index, Toronto has 208 cranes for both residential and mixed-used projects which is up from 84 cranes from their previous count.
20,000 condominiums started in 2020 and account for the majority of the cranes. “These projects had been slated for the past few years and were not impacted by the economic slowdown caused by COVID,” the report states.
Canada’s most populous city has more than double the number of cranes of its nearest competitors:
- Washington D.C. (45)
- Seattle (43)
- Los Angeles (43)
- Calgary (35)
However, according to RLB the with the reduction of people moving to the Toronto area, lowering the demand for new housing could mean a drop in condominium construction starts and the shift to permanent remote working could significantly impact commercial office space.