If you have not seen Toronto‘s skyline in a decade, you have not seen Toronto’s skyline. More than 100,000 condos have been built since the late 1990s, most of them in gleaming high-rises — and more are on the way.
Though sales have slowed with the economy, Toronto has not suffered unfinished or unoccupied towers. Canadian developers typically sell more than half of units, often 70%, before breaking ground. This helps assure occupants and construction financing.
Toronto also has reaped rewards from a worldwide second-home boom. “We have buyers from virtually every country and all over the States,” says Brad Lamb, CEO of Brad J. Lamb Realty. “Americans usually come first for business and are surprised. It’s like New York but half the size and half the price. You can buy a studio pied-à-terre downtown for under $200,000.”
Read Larry Olmsted’s full article “Second homes: In a global downturn, Toronto’s a bubble” in USA Today (November 6, 2009).