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National Post feature looks at Toronto's "unstoppable" condo market. The continued growth of the condo industry--5,500 new units will be built in the downtown core this year--is attributed to a stable Canadian economy, high levels of immigration, and a vibrant downtown.
"Brad Lamb believes Toronto's downtown condominium market is out of this world."
"There's no other place on the planet where all this [activity] is happening," says the president of Brad J. Lamb Realty, who specializes in downtown condo sales. "We have a large immigration of people coming to Toronto every year. We have a diverse economy that can support a reasonably affluent lifestyle. And we have a very stable Canadian economy. Everyone is recognizing how great Canada is, and Toronto is the centre of Canada."
"According to Urbanation, numbers cruncher to the development industry, 16,000 new condo units are expected to come to the Toronto CMA area this year (5,500 will be in the downtown core), down slightly from last year but still a healthy level. RealNet Canada reports that in the first 11 months of 2010, 36% of new condo units sold in the Greater Toronto Area were situated in the downtown core between Bloor Street and the waterfront. Twenty-two per cent of GTA's new condo sales took place in what RealNet calls Downtown West, between University Avenue and Dufferin Street, which RealNet president George Carras says totalled more than all of Calgary's new condo sales in the same time period. With interest rates low and close to 100,000 new immigrants arriving on Toronto's doorstep every year, 2011 is expected to continue drawing in the masses."
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National Post