Everyone knows Toronto is at the moment one of the world’s busiest condo markets. Everyone also knows the U.S. is suffering a serious economic downturn.
So I was surprised to note, on a recent visit to New York, that the condo market seemed almost as busy there too as it is here.
Having decided to look it upon my return, I confirmed two things.
First, there are indeed more condos under construction in Toronto than in any other city in North America.
Second, New York is almost as busy — indeed, the Big Apple currently has 86 high-rise condominium buildings in construction against Toronto’s 132. (The second busiest city in the Americas being Mexico City with 88 condos under construction.)
Under normal circumstances, the fact that many condos are being built in New York shouldn’t shock anyone, at least not as much as the fact that even more condos are being built in Toronto.
After all, our city has long had a low housing intensity, and only jumped on the condo bandwagon when different factors combined together: households began getting smaller, immigration increased, and land costs, housing prices and gasoline prices went up.
Still, it is somewhat surprising (not to mention reassuring) to find so many condos being erected south of the border, if only because of the gloomy financial outlook.