Introduction

Toronto, often referred to as the 'Condo Capital of North America' has seen a surge in condo development over the past two decades. The city's skyline continues to be shaped by the unending construction of these high-density towers. But how many condos are there, really, to accommodate Toronto's growing population?

Understanding Toronto's Condo Market

Toronto is a city in transformation, with developers dotting its landscape with condos in response to an increasing demand for affordable living space. As of 2020, a report from Urbanation revealed about 78,535 condo units were under construction, with a staggering 367,780 units in the planning stages across the Greater Toronto Area (GTA).

The Burgeoning Growth of Condos in Toronto

The Toronto condo market has grown significantly, driven by factors such as urbanization, changing lifestyle preferences, and affordability. The city's population boom and limited ground space have seen vertical living becoming the new norm.

Understanding the Condo Distribution in Toronto

Condos in Toronto are not evenly distributed across the city. The downtown core, Waterfront, Yorkville, Entertainment District, Distillery District, and parts of North York and Etobicoke have a higher density. Regions like Scarborough and East York, while having some high-rise buildings, have fewer condos.

Toronto's Condo Statistics Reflects Its Growing Importance

Urbanation's report showed that about 76% of all new homes under construction in Toronto were condos. Interestingly, this figure rose to 80% in the GTA. Most telling of all, however, was the number of condos completed in 2020 alone, standing at an unprecedented 26,706 units.

The High Demand for Condos in Toronto

Fueling this condo boom is the undying demand for living space in Toronto. Despite the high supply, condo vacancy rates remain low. Even during the pandemic when rent prices slipped, buyers snapped up condos believing in the long-term value of Toronto real estate.

Breaking Down the Demographics of Condo Dwellers

Condos in Toronto are a popular choice among first-time homebuyers, young professionals, and investors. With many preferring the close proximity to work, shopping, transit, and entertainment options, condos offer the lifestyle experience they seek.

The Future of Condos in Toronto

It's clear that the future of Toronto's housing market is heavily tilted towards condo living. With scarcity of land in the downtown area and skyrocketing prices of detached homes, condos will continue to be the affordable choice for many Torontonians.

Conclusion

Toronto's condo market shows no sign of slowing down. For those seeking a home in one of Canada's most vibrant cities, condos offer a practical and affordable solution to the city's housing challenges. As a central part of the city's urban landscape, the count of condos in Toronto is set to rise even further in the years to come. That said, quantifying the exact number of condos in Toronto can be challenging due to the constant evolution of the market. However, from the available statistics, one thing is clear: Toronto is a city that relishes its condos, and this trend shows no sign of changing.