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Introduction

Toronto, also known as the "City of Condos," is the largest city in Canada, known for its diverse architectural styles and real estate market, particularly the proliferation of condominiums. An accurate count of condo units in Toronto is crucial as it underscores the city's urban development strategy, population density, and real estate dynamics.

Evolution of Condos in Toronto

Toronto's skyline has undergone an incredible transformation over the past decades due to the staggering growth of condos in the city. Throughout the 1970s, condominiums began their ascendance in the city's real estate market, a trend that escalated dramatically from the 2000s onward.

The Condo Boom

The 2011 National Household Survey found that 130,000 condominiums were owner-occupied in Toronto. Statistically, this means one in every five homes purchased was a condominium. By 2016, according to Canada Mortgage and Housing Corporation (CHMC), the number of condo units in the Greater Toronto Area (GTA) exceeded 500,000.

Current Statistics

As per the trends observed and data from different real estate platforms, several sources approximate that there are over 600,000 condo units in Toronto as of 2020.

Factors Influencing the Condo Market in Toronto

Several factors contribute to Toronto's condo boom, including demographic trends, urbanization, immigration, regulation, the high cost of single-family homes, and investors seeking safe long-term investment opportunities. Typically, condos provide a more affordable entry point into the real estate market for first-time buyers.

Impact of COVID-19 on Toronto’s Condo Market

Despite the city's condo market's high performance in recent years, the COVID-19 pandemic has sent ripples through this sector. There was an increase in condo supply as investors sold off properties and renters left the city due to remote work and looking for more spacious living areas due to the lockdowns.

Condos in Future Urban Development

Looking into the future, condo constructions are not slowing down. Several high-rise condo projects are currently under development in Toronto. According to Urbanation, a real estate consulting firm, 76,881 new condo units were under construction across the GTA by the end of 2020, a jump from 71,378 units the year before.

Conclusion

Trying to pin down the exact number of condo units in Toronto can be fluid due to constant urban development. However, with the estimated figure beyond 600,000 and future trends pointing towards further growth, it is clear that 'condo-living' will continue to be a major characteristic of Toronto's urban landscape.