• Toronto has the highest rate of condominium construction in all of North America, greater even than mammoth metropolises like New York and Mexico City.
  • The number of condo towers in Toronto has doubled in the last decade – to 1300.
  • Toronto’s population is estimated to add 2.5 million more people during the next 20 years.
  • The condo boom really got going after the Ontario government passed greenbelt legislation to stop suburban sprawl. That was in 2005.
  • During the spring of 2011, more than a dozen panes of faulty glass fell from condo tower balconies onto Toronto streets.  By the autumn of 2012, the number was about 30.
  •  There are now almost ¼ million condo units in metro Toronto (including Etobicoke and Scarborough) and many experts think at least half are owned as investments.
  • Condo broker Charles “King Cobra” Hanes says downtown condos are “more a commodities play than a housing market”.
  • At the height of the market, around 2011, financial writer Diane Francis says many investors were re-selling purchase rights before buildings were even finished. That cost the government $230 million in lost taxes from the Toronto market alone, in only one year.
  • Diane Francis believes the investor feeding-frenzy across Canada has driven up the price of housing by some 30%.
  • Between 2004 – 2011 Ontario developers gave more than $8 million to each of the provincial Liberal and Conservative parties.
  • In 2012, the City of Toronto collected more than $¼ billion in fees from developers.
  • In Toronto the 1998 merger of 7 municipalities into a megacity was a major distraction for city planners.
  • According to U of T building science professor Ted Kesik, 1960s rental towers are more durable than many of today’s condo buildings. The reason: condo developers realize their profit as soon as the building is finished and registered, so there’s little incentive to go beyond minimum building codes.
  • By summer 2013, there had been hundreds of legal actions filed against Toronto condo developers.
  • Vancouver’s Leaky Condo Crisis of 25 years ago cost BC three billion dollars. There was a silver lining: a major overhaul of BC’s condo industry.

More information at Condo Owners Association Ontario

 

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