Real Estate Marketing & Beyond
High-rises have long been considered the mark of a city and even a country that’s economically prosperous. These tall buildings shape the skyline, represent the best in living and office space, and make the densest urban areas in the world possible.
Of the top 20 cities with the most high-rise buildings, six of them are in North America. Amongst those, Toronto, Chicago, and New York lead the pack. It’s important to note that there’s a difference between skyscraper and high-rise. A skyscraper is a building that’s 150 meters or more while a high-rise is a building that’s 35 meters or more. This article takes a look at the evolving skyline of Toronto and how it stacks up against other cities in Canada, North America, and the world.
When people think of Canada, they think of the land of maple syrup, the place where people are super friendly and say “eh”, and the home of Drake. The main city that pops to mind is Toronto and its iconic CN Tower.
But Toronto is much more than just the home of the CN Tower. It’s the largest city in Canada with 2.93 million poeple and over 41% of all high-rises in the country. As of July 2019, Canada was estimated to have 7,376 high-rises. The Greater Toronto area (GTA) alone had 3,005 buildings spread across Toronto (2327) Mississauga (297) Brampton (77) Markham (61) and others (243).
High-rise buildings make Toronto an appealing place to live for people within and outside of Canada but they comes with their own set of challenges. Property taxes for condos is less than that of detached houses of the same value, but you also have to pay a monthly condo fee.
Affordability is also a big concern in Toronto. It’s not uncommon for bidding wars to start and drive the price of the property well beyond the listing price. If you want to increase your chances of getting an affordable property, it’s essential to work with experienced realtors with connections that can give you an early head start and help you close on the best deals.
Condo apartments have many benefits such as access to amenities in the city, beautiful views, and competitive valuations but when it comes down to ongoing costs, you may be better off buying a detached house. As mentioned before, there are ongoing fees associated with owning a condo apartment that you don’t have with a detached house. Use this free affordability calculator to see how the condo fees can affect the mortgage you can be approved for.
When you mention iconic skylines, New York City is one of the first cities that comes to mind. Other cities such as Hong Kong, Sydney, Dubai, and Tokyo also hold a place in the public psyche because they’re popular movie and tourist destinations. The facts, however, tell a different story.
Toronto currently has hundreds of high-rise buildings spread out over the GTA. Of those buildings, it’s estimated that 269 are over 100 meters. Over the course of the next few years, there will be additional 80 skyscrapers built. This will rocket Toronto into the top 10 for cities with the most skyscrapers. In comparison, NYC is only planning to build around 34 skyscrapers in the same time period. There are also countless high-rise buildings in various stages of completion which will spring up in Toronto over the next few years. It’s safe to say Toronto is a major competitor for the crown of city with the most high-rises in North America.
Toronto is building new high-rises at an impressive pace. It’s one of the fastest-growing cities in North America and doesn’t seem to be slowing down. Although NYC has a big lead over Toronto, its growth is much slower. If the predicted recession doesn’t hold up for long or has a
