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With the federal Liberals promising to build a new “green zone” in the inner city, there is a growing sense that Toronto is going to become a more vibrant city, one that is “open for business,” with an opportunity for people of all ages to work and live.
However, with the city having become the latest market to see the construction of a condo tower, a new market is not necessarily going to be created.
One thing that is certain is that the city is on the verge of seeing the first major condo tower in Toronto’s history.
The condo industry is expected to be worth about $1 billion to $1.5 billion this year.
And it has a strong foundation.
In fact, the Toronto Real Estate Board says that about 20 per cent of all new condo projects in the city are condominiums.
And the vast majority of new condos are being built in the downtown core, the area around Pearson Airport.
But as we’ve previously covered, the condo industry also has an eye on the surrounding neighbourhoods.
In the Toronto suburb of Ward 21, the average condo sales price is $1,879 per square foot, or $15,000 more than the median income.
That’s not all the condo market is worth.
There are about 2,300 condo towers in the Greater Toronto Area alone, and many of those are in the neighbourhoods surrounding Pearson Airport, where a condo boom is forecast to start soon.
In Ward 21 alone, there are nearly 300 condo towers.
The number of condo units in Ward 21 has increased by more than 50 per cent in the past three years.
The area around the airport has seen its population increase by almost 400 per cent, and there are currently more than 1,500 condo units on the market.
This is where a new trend is emerging in the condo sector.
The trend is that condo buyers are looking to sell their units, and condos are one of the main reasons why.
The city of Toronto is still one of Canada’s most expensive markets, and it’s not because of the cost of living.
In 2017, the median Toronto condo sale price was $1 million, more than double the average for all of Canada.
This makes it the most expensive market in Canada, but not necessarily because of any price difference.
Instead, the difference in price is because the cost per square metre of condos in Toronto has skyrocketed.
That means the average price per square meter has skyrocketted from about $500 in 2016 to $600 in 2017.
This has resulted in a dramatic increase in condo prices in Toronto, especially in the suburbs around the city, where prices are rising at an accelerated pace.
The biggest factor behind this is that there are a lot of condo towers being built.
This creates a huge demand for condo owners in the areas around Pearson, Pearson airport and Yonge-Dundas Square.
But the condo boom has also led to an increasing demand for condos on the west side of the city.
In addition to the increase in demand, there has been a sharp rise in condo price inflation in recent years.
As of June 2017, condo prices had been trending up at a rate of almost $1 per square cent, according to the Toronto real estate board.
That was nearly double the price of the median price of a $1m condo in the market at the same time.
This trend will continue, as more and more condo developers are getting the green light to build new towers.
This isn’t the first time the condo trend has led to a condo shortage.
In 2009, the number of condos on sale in the Toronto area dropped by about 60 per cent.
But that didn’t stop condo developers from building more and bigger towers, like the tower at the corner of Bloor and Eglinton in the Downtown Eastside.
This development was part of the larger condo boom in Toronto.
In 2013, the city of Ottawa also experienced a condo price surge, with about 25 per cent more condos being sold than there were condos on offer at the time.
In 2018, the population in the area of Egliston-Cartier grew by nearly 20 per-cent.
It’s the same area where condo prices have been trending upwards.
And in 2018, there were around 1,400 condos in the neighbourhood of Yonge and Dundas.
These condos were built in large part to cater to the growing condo market in the west.
It will be interesting to see what the condo-driven condo market looks like in the future.