Toronto Building 80 New Skyscrapers, Skyline To Resemble NYC, Tokyo

[Economy 52,842]

https://www.google.ca/amp/s/www.narcity.com/amp/toronto-skyscrapers-under-construction-will-be-among-the-tallest-in-all-of-canada

 

Toronto where half of Canada's population growth takes place, currently has 80 new skyscrapers approved to be built (31 of them have completion dates already)

 

It is also the city with the most cranes in the world

 

Once the 80 skyscrapers are complete Toronto will jump to top 10 of cities in the world with the most skyscrapers among cities like NYC and Tokyo (although the total metro population will still be lower, estimated at 7.2 Million by 2030)

 

This does not count the dozens of new buildings the province has forced the city of Toronto to add to its zoning plans as of last week. Those are not approved yet and do not make up the list of 80 buildings

 

Many of the new buildings under construction are nearly 1000 feet tall tho many of the 80 buildings are under 300M (less than 900 feet)

 

Toronto Now:

 

After Approved Projects:

 

[Petie Estie 5,704]

you think this'll help the housing situation/prices? I heard it's really bad there. 

[Economy 52,842]

Just now, SEANGT said:

you think this'll help the housing situation/prices? I heard it's really bad there. 

Vacancy rate is as low as 0.3% in parts of the city....

 

Population grew 77,000 last year (125,000 in metro) but housing construction was sufficient for only about 80,000 to 100,000 in the metro according to estimates

 

They have to speed it up

 

Canada has few big desirable cities to choose from if u want opportunity and like city life I guess that's why everyone is concentrating here like crazy

 

Even Montreal Canada's second largest city is relatively flat population wise

 

There's also the tech boom that I'd all happening in Toronto. 

 

Tech and software companies are opening up in or around Toronto area and the government is encouraging efficiency by creating transportation and university networks spread properly to encourage it

 

Apparently all job gains in Ontario last 5 years were in Toronto area. The rest of the province was flat

[Reginald 13,841]

Wow..  Toronto really seems like the place to be right now.

[Economy 52,842]

Just now, Reginald said:

Wow..  Toronto really seems like the place to be right now.

Yeah... If u wanna work overtime to pay rent or a mortgage

 

Im making plans to move out of here cause I can't take this cost of living anymore

 

My grandparents street in Toronto is all townhouses 110 years old and they all sell for $1.4M or more

 

Last month one sold for $1.7M but it was newly renovated

[ImTired 3,956]

 

 

[HotLikeMexico 6,535]

As someone who is an architect and studied Urban Planning, stuff like this gives me mixed feelings. It can either be really good or really bad. However this moreso does more harm to people who are already struggling to scrape by. 

[Economy 52,842]

Just now, HotLikeMexico said:

As someone who is an architect and studied Urban Planning, stuff like this gives me mixed feelings. It can either be really good or really bad. However this moreso does more harm to people who are already struggling to scrape by. 

The biggest issue for people scrapping by is housing affordability

 

I think in that department more supply is always welcome

[Alii 2,039]

I hate how these skyscrapers look. Cities like Dubai don’t look very interesting to me. 

[Economy 52,842]

19 minutes ago, Alii said:

I hate how these skyscrapers look. Cities like Dubai don’t look very interesting to me. 

But we need the living space

 

And I never thought Toronto would pass Dubai as the city in the world with most cranes

[HotLikeMexico 6,535]

46 minutes ago, Economy said:

The biggest issue for people scrapping by is housing affordability

 

I think in that department more supply is always welcome

That’s very true, but that isn’t always the case in helping. 

 

The sad thing is a lot of cities have tried to build more but that doesn’t always necessarily equal affordability and livability for a lot of people.  

 

Everything that is done, even if you think its positive, has an adverse effect. There’s always this chain reaction that we as a society have yet to figure out. And there is a lot involved that also goes far beyond buildings. Cities have yet to really figure out how to create affordability without it jeporadizing something else or negativity impacting the people it’s trying to help 

 

Sometimes I really think it’s cities just doing this to compete with others.

 

Sorry I went off on a tangent. We were actually discussing this at work a little while ago. 

[Economy 52,842]

8 minutes ago, HotLikeMexico said:

That’s very true, but that isn’t always the case in helping. 

 

The sad thing is a lot of cities have tried to build more but that doesn’t always necessarily equal affordability and livability for a lot of people.  

 

Everything that is done, even if you think its positive, has an adverse effect. There’s always this chain reaction that we as a society have yet to figure out. And there is a lot involved that also goes far beyond buildings. Cities have yet to really figure out how to create affordability without it jeporadizing something else or negativity impacting the people it’s trying to help 

 

Sometimes I really think it’s cities just doing this to compete with others.

 

Sorry I went off on a tangent. We were actually discussing this at work a little while ago. 

Yeah but this isn't a normal situation of a normal city and housing speculation etc anymore

 

Canada's housing boom begin in 2000/2001 and has yet to cool despite many many moves by the government to attempt to cool the market

 

Shorter amortizations, tougher downpayment rules, foreign buyers taxes, stress tests nothing has worked. The stress test worked a little bit cuz many ppl just simply aren't qualified anymore to enter market. But the side effect is rentals are now rising even faster

 

The simple fact is construction has not kept up with population growth and vacancies are at all time lows

 

I think in Torontos case MORE SUPPLY has to be part of the answer if not the full answer

 

The stress test is the first thing that somewhat slowed sales and tamed price appreciation but before everyone stopped being qualified homes would be on the market for 2 days and get bidding wars

 

My wife and I looked at apartments here in Brampton (3rd largest city in the Toronto area) and not a single building had 1 room vacant (and all these buildings are 20+ stories)

 

Basements also disappear as soon as they go on ads

 

Maybe it's not surprising that despite more social assistance and higher minimum wages than in the US, Canada now had a higher homeless rate than the US

 

 

 

[27monster27 15,849]

Does anyone else think that it low-key looks better with less skyscrapers?

[Economy 52,842]

4 minutes ago, 27monster27 said:

Does anyone else think that it low-key looks better with less skyscrapers.

Maybe. Even if u like how buildings look... If there's too many it's hard to tell each apart

[HotLikeMexico 6,535]

15 minutes ago, Economy said:

Yeah but this isn't a normal situation of a normal city and housing speculation etc anymore

 

Canada's housing boom begin in 2000/2001 and has yet to cool despite many many moves by the government to attempt to cool the market

 

Shorter amortizations, tougher downpayment rules, foreign buyers taxes, stress tests nothing has worked. The stress test worked a little bit cuz many ppl just simply aren't qualified anymore to enter market. But the side effect is rentals are now rising even faster

 

The simple fact is construction has not kept up with population growth and vacancies are at all time lows

 

I think in Torontos case MORE SUPPLY has to be part of the answer if not the full answer

 

The stress test is the first thing that somewhat slowed sales and tamed price appreciation but before everyone stopped being qualified homes would be on the market for 2 days and get bidding wars

 

My wife and I looked at apartments here in Brampton (3rd largest city in the Toronto area) and not a single building had 1 room vacant (and all these buildings are 20+ stories)

 

Basements also disappear as soon as they go on ads

 

Maybe it's not surprising that despite more social assistance and higher minimum wages than in the US, Canada now had a higher homeless rate than the US

 

 

 

I’m not Canadian and don’t know much of the issues that specifically relate to the housing crisis in Canada. So that might be a completely different thing of study all together  

In LA we are experiencing a housing crisis. And much of the same thing is happening where building more didn’t equate to actually helping. It’s a short term solution.

Thats not to say it won’t work in Toronto. Only time will tell. But as with many cities that have had this issue, a chain reaction will be inevitable. And that’s something we have to be prepared for whatever the outcome is. 

 

A similar thing happened in Tokyo (granted way different than both LA and Canada) but they are witnessing issues with housing and affordability and no matter how much they’ve built, they can’t figure out a proper solution either.