Feb 11, 2010
According to the president of RealNet, George M. Carras, the GTA requires an average of 40,000 newly built homes each year to house its rapidly growing population.
Carras discussed the implications of these housing requirement in a speech to Realtors at the Empire Communities’ broker event on Wednesday. The gathering took place at the Empire Condo Living Store at 49 Spadina Avenue. Also speaking was Christine Brennan, Vice President, Sales & Marketing High-Rise, Empire Communities.
The staggering figure of 40,000 new homes required annually for just the GTA is understandable considering the approximately 200,000 immigrants arriving in Canada each year. Roughly 80,000 of these new Canadian residents settle in the GTA, thereby generating demand for about 40,000 new homes annually.
Carras explained that there has been a rapid decline in the number of low-rise construction starts versus that of highrise. His figures provide perspective on how Toronto’s condo boom may be far from a bubble. All that’s happening is home purchasers are opting for high rise instead of low rise and developers are facilitating the trend with new high rise development. In fact, Carras emphasized that if the GTA does not produce 40,000 new homes annually there will be insufficient housing which will result in upwards pressure on housing prices.