As City Council ended its final session before October’s municipal election, 7,000 new condo units were approved. Add those numbers to the 70,000 already in the works and there’s no doubt downtown TORONTO is rapidly ‘Manhattanizing’. People want to live in the city centre – whatever the cost. The condo market continues to flourish. City councillor JOE MIHEVC had this to say . . .
Within the Greater TORONTO Area (GTA), the ‘old city’ is absorbing 70% of new condo construction; with 13% in the inner suburbs (Etobicoke, North York, Scarborough, East York and York); and 16% in the outer suburbs (the 905 area code). The average price for new highrise condos in the ‘old city’ of TORONTO is $682 per square foot. That’s 34% higher than in the 905, and 40% higher than in the inner suburbs. – George Carras, RealNet Canada Inc.