Zoocasa
Sold Prices
Mortgage Calculator
Map
Market Insights
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
Zoocasa
Home Guest Posts

How Will Toronto’s Skyline Change by 2024?

Point2 Homes by Point2 Homes
July 16, 2019
in Guest Posts
4 min read
Toronto's Skyline
Share13
Tweet
Share
13 Shares


Toronto’s skyline is set to change as the number of skyscrapers in Canada’s iconic city will increase substantially by 2024, according to research by Point2Homes.

A habitable high-rise over 492 feet tall, the skyscraper has become a symbol of innovative urban planning and an attractive home for many residents.  

In March 2019, Toronto was boasting 60 skyscrapers. Another 31 are expected to be built by 2024, and 50 more are in the planning stages. The highest and most impressive high-rises that are set to be completed this year are:

  • The PJ Condos, 511.8 ft, 50 floors
  • One Yorkville, 600.4 ft, 58 floors
  • Lighthouse Tower Condominium, 518.4 ft, 45 floors
  • Wellesley on the Park, 636.5 ft, 60 floors
  • Residences of 488 University Ave, 679.1 ft, 55 floors
  • Massey Tower, 682.4 ft, 60 floors
  • Dundas Square Gardens, 506 ft, 50 floors

Check out this video highlighting the evolution of Toronto’s skyline until now, as well as the high-rise development projects that are currently in the works:

The Skyscrapers that Changed Toronto’s Skyline


Since 2005, 45 skyscrapers have been added to Toronto. If the building rhythm used to be one or two skyscrapers per year, activity in this sector has really picked up speed. In fact, the new development boom has translated into 10 new high-rise buildings added to Toronto’s skyline in 2018, and 11 planned for completion in 2022 alone.

The city became home to the tallest and largest residential structure in the country in 2014: The Aura stands 903 feet tall and has 1.1 million square feet.

When it comes to supertalls, buildings over 984 feet in height, at least seven new developments will be added, with YSL Residences emerging as one of the more significant projects. The 85-floor tower will stand at 383 Yonge Street and is expected to be among the most spectacular mixed-use buildings on the Toronto real estate market.

The city has even received international praise for its impressive skyscrapers, like the ICE Condominium East II, built in 2015. A year later ICE was recognised as one of the top 10 most amazing skyscrapers in the world by the Emporis Skyscraper Award. Adding to the list of honours, as of 2018, One Bloor is the 10th tallest residential building located outside of Asia. 

Toronto’s Density Dilemma


Toronto has been trying to manage the population density issue with taller buildings throughout the years, paving the way for other Canadian urban centers. The numerous existing projects as well as the additional residential and mixed-use high-rise buildings that will be added to the city’s landscape are proof that Toronto has chosen the tall route. In fact, with a grand total of 524 towers and high-rises, the city’s tall-building density is surpassed only by that in New York City, Hong Kong, and Chicago.

The main attraction of these structures has always been the opportunity they offer to live and work close to the financial district and all the central entertainment venues that are part of the urban lifestyle.

More Affordable Options in Toronto

Buildings are not the only thing on the rise in Toronto, as prices are following suit. According to the most recent numbers from the Toronto Real Estate Board (TREB), the average price of condos in the city is increased by about 6% year over year this February.

Given the housing affordability issues in Toronto, buyers continue to favour condos over semi-detached and detached homes, which are not only expensive to begin with, but have also recorded price jumps. If the average condo price was set at $562,161 in February, semi-detached dwellings reached $832,569, and detached homes got to $980,914.

Based on the city’s statistics, 29.4% of housing is located in apartment buildings that are over five storeys tall, while 14.2% of Torontonians live in buildings that are under five storeys. This means that nearly 44% of residents are living in some sort of apartments. Just 39.6% reside in single-family detached homes, according to the 2016 Census.

As the Point2Homes research shows, new options are emerging for meeting the city’s density challenge as well as the need for more affordable real estate options. By including townhomes and stacked townhomes into the city’s landscape, in addition to buildings under five floors, missing middle housing could be the way Toronto successfully tackles both dilemmas.

Previous Post

National Home Sales Level Out in June Following Spring Surge: CREA

Next Post

These Are the Top Buyers’ and Sellers’ Markets Across Canada [INFOGRAPHIC]

Point2 Homes

Point2 Homes

Related Posts

Buying a Home

Saving More vs. Buying Now

January 25, 2023
Utilities and household spending
Guest Posts

Save on Utilities and Household Spending with these Credit Cards

January 10, 2023
Walk away from a mortgage in Canada
Guest Posts

Can You Walk Away From a Mortgage in Canada?

December 28, 2022

Blog Search

No Result
View All Result

Newsletter Sign-up

Join a community of 130,000+ subscribers. Don't miss important real estate news, market data, and buying and selling tips.

Recent Articles

Skyscrapers

GTA Sales Up Annually for First Time Since 2021: TRREB

June 2, 2023
A view of downtown Calgary from above.

Discover the Top 10 Activities to Do in Calgary, Alberta in Spring/Summer 2023

June 2, 2023
A row of different colored houses

Mastering the Peak Buying Season: Key Strategies for Success

June 1, 2023

Detached Home Prices Soar in the Greater Toronto Area (GTA) During Q1

May 31, 2023

Featured Listings (Updated Weekly)

A small lighthouse in Nova Scotia

Luxury Real Estate in Halifax, NS: 7 Listings You Can’t Miss

May 12, 2023

Updated: 7 Houses Currently For Sale in Toronto Under $699,900

May 2, 2023
A detached house on a sunny day.

Updated: 7 Houses Under $900,000 For Sale in Mississauga

April 27, 2023
The outside of a detached home.

Updated: Cheapest Toronto Homes Currently Listed for Sale Under $1,000,000

April 26, 2023
first-time home buyer programs and rebates

Social Media

250 The Esplanade Suite 408 Toronto, ON M5A 4J5

Terms of Use | Privacy Policy | Careers | Sitemap | About Us

 

Zoocasa © 2007–2022. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.

Stay Connected

1-844-683-4663 | [email protected] 

  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
  • Real Estate News
No Result
View All Result

Zoocasa © 2007–2022. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.