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Toronto Construction In Perspective

Toronto Construction Hero
It’s that time of year, where they release one of my favourite real estate indicators, the ”Crane Index.” This is compiled by a construction consulting firm and provides an indicator of development levels across different cities. Now this obviously doesn’t cover every asset, and cranes are not exclusive to commercial – many (most here) are residential or infrastructure projects. Nonetheless, it’s eye-popping how far ahead Toronto is.

I’m not talking 10% above the next market, or even 100% above the next market. Toronto is more than 500% above the closest market (Seattle), and now accounts for more cranes than all of the USA combined! Not only that, we have one of the worst development environments ever, in terms of approval times, financing costs and availability of construction labour.

It’s a blessing and a curse. As anyone who works at our downtown office knows, construction of new office towers in the Core (e.g., CIBC Square 2) has put tremendous strain on traffic and commuting. And more high rises create pressure on aging infrastructure in terms of transit, electricity, water and power. At the same time, it’s a problem most cities would like to have – too much development.

Toronto Construction Graph

Summary 
Despite economic headwinds Toronto maintains an unprecedented level of high-rise construction, with no equivalent anywhere on the continent.


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Pour plus d’informations, veuillez contacter:

Adam Jacobs

Head of Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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