For those who have acrophobia, beware!
Incidentally, acrophobia is a fear of heights, and if you’re planning on moving to a condo in the GTA, you may need to overcome that fear. And quickly.
It would seem that over the past few years, high rises have… well… risen… over low rises. There were 502 active low rise projects in Toronto five years ago. Today, there are only 309 of them. That’s a decrease of 38%. In the same time period, the number of active high-rises has risen from 291 to 364.
Why the change? Well there are a few reasons, such as limited land and provincial land intensification policies. However, the demand to live in the GTA is the most likely culprit. And this doesn’t just mean Toronto.
Yes, Toronto has grown in population since the last census in 2001 (0.9% to be exact). However, It’s the rest of the GTA thats booming. For example, Milton (part of the Halton region) grew by 71.4%, and Brampton (part of the Peel region) grew by 33.3%. This increase in demand has made it necessary for us to keep building, and not outward due to land, but upward.
When I see the massive worldwide competition for the tallest tower (the latest being the newly planned “Kingdom Tower”), my first thought is that some people have far too much money on their hands! However, perhaps this is just the inevitability of a growing population and a lack of land.
What do you think?
