In my new 2017 edition of the "World Almanac" list of tall buildings, I noticed that Toronto has almost 30 500' (a bit over 150 m) buildings under construction, mostly condo/apt. towers or mixed use towers. This is far more than any other N.Am city (except NYC) including L.A., S.F., & Miami, site of other booms. Is Toronto different in some way, or is this a "bubble" top? Could this be the 2007 peak all over again? I hope not, but who knows? Are the new condos being bought as quickly as last year? Are concessions being offered? What is the vacancy rate in the new buildings? Are more sales starting to fail for whatever reason? Price concessions are being offered in L.A. & S.F. to attract buyers. Are price concessions being offered in Toronto?
L.A., S.F. (& Miami) has a great deal of new supply of new condos catering to wealthy people (often foreigners), few for middle class. Only so many wealthy buyers remain. Maybe this is the problem? I'm pretty sure the building booms in L.A. & S.F. have peaked (or are close to peaking) but don't know enough about Toronto to say for sure about the situation there. Only 10% of people in S.F. & L.A. can afford the new condos & houses being built. Are Toronto condos more affordable for middle income people?
(I have a degree in economics & finance & have a special interest in economic cycles, especially real estate cycles).
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