July 16, 2019
How Will Toronto’s Skyline Change by 2024?
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
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
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