A Historical Overview of the Toronto Market
It’s hard to imagine a Toronto devoid of condos, especially with shiny new towers now popping up at an astounding pace. The truth of the matter is, though, that Toronto was hardly home to any condos at all until the 1960s.
As the rising prices of single-family homes began to exclude Torontonians from the prospect of home ownership, the government took matters into its own hands by subsidizing the construction of condos for sale in Toronto. By the end of the 1960’s, Toronto’s residential landscape had been altered for good — as had its skyline.
Sure enough, the rapid change eventually became too much for the city to handle, and a two-year moratorium was placed on the construction of highrises beginning in 1973. Once the two years were up, developers simply picked up where they left off, only for yet another upswing in condo to occur in the 1980s. This boom resulted in the creation of 30,000 additional Toronto condos for sale throughout the decade, and consequently a larger pool of rental units.
Yet the 1980s merely marked the beginning of a steadily increasing rate of condo construction in the city. By the time the 21st century rolled around, the number of new condos created per decade had more than tripled. Over 100,000 condo suites were added to the market between 2000 and 2010, with another 100,000 built the following decade. Whether locals like it or not, Toronto is growing denser each day with more than 10 million residents expected in the GTA by 2046. The housing market has had no choice but to keep up.