Quote:
Originally Posted by Maximillian
:"Maybe it's just the normal rate of growth."
The question that begs to be asked, is who's buying these units ?
Are said "imigrants" arriving with upwards of $100K for a solid down paymenton such ?
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Some of these immigrants do have enough money to buy but it has more to do with locals buying. Torontonians who've made enough money for a condo/starter home are looking to buy while immigrants take the apartments these people leave behind. There are also empty nesters looking to downsize, and people starting a family looking to buy houses.
So there's a lot of turnover in the residential real estate market. At the end of the day the city still needs to build new housing for ~100,000 new people every year. In Toronto that means lots of condos. Planners encourage density over sprawl and there's a growing interest in urban living. New houses do get built but a far higher % of new builds are condos these days.
If Toronto's economy and population growth continue as it has, this level of condo tower construction will continue. In that sense, it's the new normal.