Quote:
Originally Posted by dc_denizen
Toronto is going the direction of a Dubai of North America, offering safe haven real estate to multinational investors, this is really nothing new.
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The data from the past decade is pretty clear that the vast majority of Toronto construction is due to real population growth. These new residential units aren't sitting empty like you're contending. They have people living in them. Most of the criticism is that the development industry isn't building enough to satisfy demand; especially affordable housing. And most of the new office developments have lead tenants. They're not being built on speculation.
Toronto builds alot because its absolute population growth is extremely high. In the year before COVID, it added more people than any other city in the western world. More than Dallas, more than Melbourne, and more than London. That's going to fuel alot of demand for housing, office, institutional, and retail. Chalking it all up to multinational investors? If that's what you want to believe that's your prerogative but it misses the mark entirely.
The big question mark is whether growth will pick up where it left off when the pandemic is fully behind us. Time will tell.