By Christopher Myrick
Data issued at a meeting of Toronto's Economic Development Committee may comfort brokers worried about sustainable housing demand, with Canada's largest city now overtaking Chicago as North America's fourth largest city.
On February 6, Statistics Canada released its July 2012 population estimates, placing Toronto's population at 2,791,140. The U.S. Census Bureau puts Chicago’s at 2,707,120.
Toronto says it is now the fourth largest municipality in North America after Mexico City (third), New York City (second) and No. 1, Los Angeles.
Toronto has a population growth rate of about 38,000 people per year and has sustained that upward trajectory for the past decade, the city said.
While positive for the demand side of the market,brokers may be just as concerned about the supply side of the equation.
The CMHC says new home construction starts in the GTA are expected to be around 37,600 units this year. In the condo segment, in particular, rising inventory is expected to continue to dampen prices.
Data issued by RealNet on February 25 put the unsold highrise inventory at 20,782 units as of the end of January.