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I am referring to the latest condo boom. The buildings they are putting up are absolute garbage, are brand new and have many problems, and based on material and construction quality, are going to continue having even greater problems. There is a large housing bubble in Toronto and once that crashes (which it eventually will based on the poor building practices at least), I think we are going to see a retreat.
So a city is not world class based on the types of condos being built? I thought other things like public transit/infrastructure, sports, education, business, power, media, research facilities etc. play a part?
I guess cities are now considered world class solely because of the materials used on some of the new construction projects. Very interesting... I never heard that one before....but okay.
No one can predict the future. Chicago's recent slow growth wont last forever as well. There are already growing signs of increased growth in Chicago, particularly in the core. I wouldn't be a bit surprised if ten years from now Chicago will be growing faster than Toronto. The housing bubble in Canada will burst...it's only a matter of time.
No one can predict the future. Chicago's recent slow growth wont last forever as well. There are already growing signs of increased growth in Chicago, particularly in the core. I wouldn't be a bit surprised if ten years from now Chicago will be growing faster than Toronto. The housing bubble in Canada will burst...it's only a matter of time.
32% percent of 260-280K is still not too far south of 100K people plus native growth. Additionally, 32% is still by a loooong loooong way more than any other city in Canada... Future projections are tricky and we shall see about the housing bubble collapsing in Canada... they have been saying this now for almost a decade and you can find 'experts' on all sides of that spectrum. What is true over the last decades and into the next few years is that Toronto has and is growing more than Chicago and is densifying more in the core as well.
Yeah the 100K figure is for the GTA.. Anyway for city proper's Toronto is growing by a factor of more than 3:1 v Chicago.. Any wonder why there is more transformation in one core v the other in terms of residential growth.
No one can predict the future. Chicago's recent slow growth wont last forever as well. There are already growing signs of increased growth in Chicago, particularly in the core. I wouldn't be a bit surprised if ten years from now Chicago will be growing faster than Toronto. The housing bubble in Canada will burst...it's only a matter of time.
Yeah the 100K figure is for the GTA.. Anyway for city proper's Toronto is growing by a factor of more than 3:1 v Chicago.. Any wonder why there is more transformation in one core v the other in terms of residential growth.
Yup. Over a third of the 100k are immigrating to the Toronto city limits every year. Toronto just has a healthier economy than Chicago right now. Residential/office construction, public infrastructure projects galore, healthy immigration numbers, various health facility developments, etc are taking place in the city. I'm not exactly sure, but there are a lot of social and financial problems in Chicago right now that may play apart in the slow growth.
Nobody is denying Chicago has its share of troubles...as well as the State of Illinois. Hopefully voters will elect a new non-machine governor and begin to clean up the mess left by the Democrats and their government union buddies. It really is a moment of reckoning for Chicago/Illinois...and if things move in the right direction, I think both the city and state will turn around rather quickly.
And regarding Canada's OBVIOUS housing bubble...do not even think about buying in that market until it bursts...or to put it nicely...deflates. It's difficult to know when bubbles end...but it eventually comes down to simple math....too much leveraged debt...insanely overvalued prices and a coming rise in interest rates....things could get bloody up there.
And the Chicago area economy is predicted to grow 2.9%this year...slightly faster than the 2.8% growth predicted for Toronto.
And we've already had our housing corrections. Americans have significantly lower debt to income levels than Canada at the moment. Fasten your seat belts neighbors....turbulence ahead.
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