Tag Archives: Centre for Urban Research

Downtown Toronto

Toronto still one of the fastest growing cities in North America – even with the impact of COVID-19

Latest News


Toronto still one of the fastest growing cities in North America – even with the impact of COVID-19

Toronto was the fastest growing metropolitan area in Canada and the U.S. last year, overtaking Dallas-Fort Worth Arlington, Tex., according to new data from the Centre for Urban Research and Land Development (CUR) at Ryerson University.

Downtown Toronto
Photo: Wayne Karl

And even though Toronto will take a hit as a result of COVID-19, it is still expected to be one of the top cities in North America.

Toronto was the only Canadian metropolitan area in the top five; Montreal was sixth and Vancouver twelfth.

Metro Toronto grew by 127,575 persons in 2019, outpacing Dallas-Fort Worth Arlington, which grew by 117,380 persons, to become the fastest growing metropolitan area in all of the U.S. and Canada.

Short-term impact

The research for this latest report was conducted prior to COVID, covering the period of July 2018 to July 2019, so the results are likely to change over the next year, CUR says.

“COVID is estimated to drop immigration (to Toronto) by half this year,” Diana Petramala, senior CUR researcher told Condo Life. “Therefore, this will likely push Toronto down the list of fastest growing cities.

“Toronto’s main strength is immigration, whereas places like Dallas are benefiting from millennials leaving more expensive areas like New York. Toronto, however, will continue to do better than New York, Chicago and Los Angeles – areas that are seeing large outflows of millennials in search of more affordable housing and jobs.”

The impact of COVID in Toronto will be short term, Petramala adds. “Immigration is still allowed, so as other countries move out of lockdown and processing offices open up and airlines start flying again, you will like see a snap back in immigration.”

Outpacing New York

Toronto, in fact, had almost three times the population growth from immigration as New York in 2019. Both regions experienced a loss in resident population to other areas (domestic net migration), but the rate was four times faster in New York.

In terms of population growth on a city basis, as opposed to the metropolitan area (GTA), Toronto (45,742 persons) and Montreal (31,565) represented the two fastest growing cities in all of the U.S. and Canada over the study period. Overall, Canadian cities represented 11 of the top 20 central cities in the U.S. and Canada in population growth, with Calgary, Ottawa and Edmonton placing fourth, fifth and sixth, respectively.

While the city of Toronto’s population grew by 45,742, New York City’s decreased by 53,264.


SHARE  

Featured Products


Local Focus - Toronto

Toronto – in demand and on the rise

Latest News


Toronto – in demand and on the rise

Largely considered the pinnacle of the condo boom we’re seeing these days, Toronto still does boast some good lowrise home options. Supply and pricing of those homes, however, is another matter.

That’s what happens when you combine a strong economy and rising population with limited new and resale home supply.

Indeed, the Toronto Regional Real Estate Board (TRREB) is forecasting at least 10-per-cent price growth in the GTA this year to $900,000, up from $819,319 in 2019. And on the new home side, 2020 began on a strong note, with 2,106 total new home sales in January, up 65 per cent from January 2019 and 14 per cent above the 10-year average, according to the Building Industry and Land Development Association (BILD). The benchmark price for new single-family homes was $1.09 million.

Booming economy

“Toronto’s booming economy has brought with it housing affordability challenges that will continue throughout the next decade,” says Frank Clayton, senior research fellow, Ryerson University’s Centre for Urban Research & Land Development.

“Both the provincial and municipal governments must support a massive increase in the supply of all types of housing and tenures as priority number one and quickly transform the land use planning system to make this happen.”

Long considered one of the most multicultural cities in the world, Toronto boasts a collection of distinct communities, including East York, North York, Scarborough and Etobicoke.

Some of these areas, in fact, now represent areas of growth for new lowrise housing, given that larger master-planned communities of single-detached homes are fewer and farther between. Much of the focus now is on the socalled missing middle, those smaller developments such as townhomes that represent a real opportunity for new ground-oriented homes in the city.

Culture and entertainment

Find a way to buy and live in Toronto, however, and you likely will love it.

Toronto offers a vast array of culture and entertainment options, from the National Ballet of Canada, Toronto Symphony Orchestra, to the Art Gallery of Ontario, Royal Ontario Museum and more.

For the sporting sort, Toronto has a handful of pro sports teams – the Toronto Maple Leafs, Toronto Raptors, Toronto Blue Jays, Toronto FC and Toronto Argonauts – and is home to the Hockey Hall of Fame.

The Toronto International Film Festival (TIFF) is an annual event celebrating the film industry and attracts many movie stars and a-list players. And the Toronto Caribbean Carnival, formerly known as Caribana, attracts more than one million people every summer.

Other points of interest include the Toronto Zoo, the Ontario Science Centre, Harbourfront, Fort York, the Distillery District, Ripley’s Aquarium, the CN Tower and the Canadian National Exhibition.

And of course, as a large metropolitan city, great shopping areas include the St. Lawrence Market, Kensington Market, the Toronto Eaton Centre, Sherway Gardens and Yorkdale Mall.

Though a subject of some debate due to the challenges with keeping up with all the growth, transit and highway infrastructure is undergoing major expansion all over the city. The TTC moves almost two million people throughout the city every day on subway, buses, streetcars and LRT lines, while GO Transit links Toronto with the surrounding regions of the GTA. Highways include the 400 series (401, 403, 404, 407 and 427), the Don Valley Parkway and the Queen Elizabeth Highway.

Location, location, location

This provincial capital of Ontario and the most populated city in Canada is located on the shores of Lake Ontario; Population 2,954,024

Key landmarks

  • CN Tower
  • High Park
  • Ontario Science Centre
  • Ripley’s Aquarium
  • Toronto Eaton Centre

Select housing developments

East Station by Mattamy Homes

Fairfield Towns by Plaza

Lake & Town by Menkes

Origins of Don Mills by Mattamy Homes

Terraces at Eglinton by Nascent Developments

The Belmont Residences by Caliber Homes

The New Lawrence Heights by Context Dev. Inc.

The New Lawrence Heights by Metropia

Twelve on the Ravine by Geranium


SHARE  

Featured Products