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Thought I would include this for CDer's interested in Toronto. Toronto over the last five years has seen a construction boom only surpassed by Dubai in the number of projects under construction. In order to get a perspective this is more than double the construction projects occuring in New York City.
What makes this interesting is that many industry analysts don't believe this is a real estate bubble like elsewhere but more likely because of a large influx of foreign investors who see Toronto and Canada as a relatively stable economic engine in this time of uncertainty.
The link below provides a list of buildings that will become a part of the skyline over the next 5 to 6 years. More than 90% of them have current funding and sales which pretty much assures they will be built.
400 Foot List - Renderings & Photo Updates Included - Urban Toronto (http://www.urbantoronto.ca/showthread.php?t=5955 - broken link)
Bonus there is a future skyline render of Toronto in 2015 that shows the rapidly growing skyline. In it we will see double the amount of 500+ footers
I don't believe that... Toronto had around 80-90 highrises under construction (tremendous activity admittedly) while New York had about 120 highrises under construction.... So I'm pretty sure that NY would beat Toronto... and Chicago might also beat Toronto in highrise construction activity... Chicago's building construction projects are much taller than Toronto's projects although the number of projects may be less.
Most experts have now agreed that Canada has experienced a property bubble. Its just that ours was based on inflated commodity prices which has popped. Property is down about 10% in Toronto and the momentum is down.
Most experts have now agreed that Canada has experienced a property bubble. Its just that ours was based on inflated commodity prices which has popped. Property is down about 10% in Toronto and the momentum is down.
The bubble was largely restricted to BC and Alberta... most of the rest of the country has seen more much more modest price appreciation... It wasn't all that long ago that Toronto was Canada's most expensive real estate market.... compare it with Vancouver, Victoria or Kelowna today... in relative terms Toronto has reasonable prices. Painting the entire country with the same "property bubble" brush is an overstatement of the facts... and a modest price decrease due to a weak economy doesn't contradict this fact.
The bubble was largely restricted to BC and Alberta... most of the rest of the country has seen more much more modest price appreciation... It wasn't all that long ago that Toronto was Canada's most expensive real estate market.... compare it with Vancouver, Victoria or Kelowna today... in relative terms Toronto has reasonable prices. Painting the entire country with the same "property bubble" brush is an overstatement of the facts... and a modest price decrease due to a weak economy doesn't contradict this fact.
Toronto is still overpriced for what it is... It is a 2nd Tier World City with aspirations of become a World Class City. The rule of thumb for a balanced market is 3 to 3.5x salary of the average annual family income for the average home. Toronto is above that. So is Western Canada. You need to remember that average incomes are higher in places like Calgary than they are in Toronto as well. Canada is in for a large correction of 20-30%. Average families eventually need to afford the average home and no amount of rich immigrants is going to boost the market in the long run.
Foreclosure statistics in Canada are not routinely published like in the States.
An article on Canada's dirty subprime crisis.
globeandmail.com: Canada's dirty subprime secret (http://www.theglobeandmail.com/servlet/story/LAC.20090314.SUBPRIME14/TPStory/National/?pageRequested=1 - broken link)
I should add that the construction figure of being only second behind Dubai is based on per capita.
Last edited by mcmastersteve; 03-15-2009 at 03:35 PM..
Foreclosure statistics in Canada are not routinely published like in the States.
An article on Canada's dirty subprime crisis.
globeandmail.com: Canada's dirty subprime secret (http://www.theglobeandmail.com/servlet/story/LAC.20090314.SUBPRIME14/TPStory/National/?pageRequested=1 - broken link)
Good point. In the US there is much more information available. We desperately need something like http://www.zillow.com in Canada to help people obtain unbiased info on their own. Most info on real estate in Canada comes from biased real estate boards or MSM (reliant on real estate ad revenue). Closest we have is http://www.housepriceindex.ca
Toronto is still overpriced for what it is... It is a 2nd Tier World City with aspirations of become a World Class City.
If you were a 2nd Tier World city with aspirations of becoming a world class city, wouldn't you think that is a good thing? Toronto is what it is and it isn't one entity but a collection of many things. This collection makes it world class - experience it and you will know.
If you were a 2nd Tier World city with aspirations of becoming a world class city, wouldn't you think that is a good thing? Toronto is what it is and it isn't one entity but a collection of many things. This collection makes it world class - experience it and you will know.
Bravo!!
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