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

How Will Toronto’s Skyline Change by 2024?

Point2 Homes by Point2 Homes
July 16, 2019
in Guest Posts
5 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 Point2 Homes. 

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 has 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 Point2 Homes 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

Moving Company or Moving Truck Rental: What Is The Best Option For Your Move?
Guest Posts

Moving Company or Moving Truck Rental: What Is The Best Option For Your Move?

February 23, 2021
7 Things to Consider Before Moving from the City to the Suburbs
Buying a Home

7 Things to Consider Before Moving from the City to the Suburbs

January 31, 2021
What Condo Insurance Rates Look Like in the Greater Toronto Area
Guest Posts

What Condo Insurance Rates Look Like in the Greater Toronto Area

November 10, 2020

Blog Search

No Result
View All Result

Recent Articles

New Owner of the Cheapest Home in GTA has Big Plans for Her “250 Square Feet of Paradise”

New Owner of the Cheapest Home in GTA has Big Plans for Her “250 Square Feet of Paradise”

May 13, 2022
Now is the Time to Sell: Durham Cities Currently Have the Shortest Average Property Days on Market

Now is the Time to Sell: Durham Cities Currently Have the Shortest Average Property Days on Market

May 12, 2022
Updated: 7 Houses Under $900,000 For Sale in Mississauga

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

May 11, 2022
Becoming a Real Estate Agent in the Luxury Market

Becoming a Real Estate Agent in the Luxury Market

May 9, 2022
first-time home buyer programs and rebates

Featured Listings (Updated Weekly)

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

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

May 11, 2022
Hidden Gems in London, ON Currently Listed for Sale Under $540,000

Hidden Gems in London, ON Currently Listed for Sale Under $540,000

May 6, 2022
Updated: Cheapest Toronto Homes Currently Listed for Sale Under $1,000,000

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

May 3, 2022
The Cheapest Toronto Condos Currently Listed for Sale Under $600,000

The Cheapest Toronto Condos Currently Listed for Sale Under $600,000

May 2, 2022

Social Media

Newsletter Sign-up

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

About Zoocasa

Zoocasa.com is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions.

Newsletter Sign-up

Join 130,000+ weekly subscribers. Don’t miss important real estate news, market data, and buying and selling tips: sign-up here.

Social Media

Zoocasa Tools

MLS Listings Canada
Search Sold Listings
iOS App
Android App
Find an Agent
Contact Us

  • Homes & Real Estate Properties
  • Terms of Use
  • Privacy Policy
  • Contact Us

© 2015 - 2022 Zoocasa Realty Inc., Brokerage

  • 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

© 2015 - 2022 Zoocasa Realty Inc., Brokerage