Tall & Urban News

Up to 80 New Skyscrapers Planned in Toronto as Demand Climbs

16 April 2019 | Toronto, Canada

Toronto’s crowded skyline could see scores of new skyscrapers sprouting up in the next few years, more than doubling the number of tall buildings in the city, according to a new report.

“Eighty new residential and mixed-use projects are in various stages of development, 31 of which already have a completion date set,” according to research by Point2 Homes, a real estate listing site.

With 60 skyscrapers, Toronto is currently listed among 20 cities with the highest concentration of buildings 150 meters or taller, according to the CTBUH global database of tall vertical structures. With the 31 buildings that have a set time-frame for completion, Toronto can move up the list considerably. Even then, Canada’s most populous city’s skyscraper portfolio will be well below that of Hong Kong, which ranks first worldwide with 354 such buildings — and more on the way.

Among the new towers in Toronto are numerous “supertalls,” a designation for buildings 300 meters or more in height. The new structures would dwarf the 290-meter First Canadian Place, currently the tallest building in the country.

Indeed, developers of supertalls are vying for national first place. The One, a 1 Bloor West skyscraper already under construction, is on track to become the tallest building in Canada, at approximately 306 meters, upon its completion scheduled for 2023.

Cresford Developments has also put forward a proposal for a luxury 85-story behemoth dubbed Yonge Street Living (YSL) Residences. The building was initially proposed as a 344-meter structure, aiming to be the tallest in the country, but may have to be scaled back in height. “If completed, (it) will be one of the most impressive mixed-use buildings in the city,” Point2 Homes said in its report.

The sudden spike in sky-high towers comes at a time of housing shortages in Toronto. The city’s burgeoning population is clamoring for more housing options at affordable rates, according to Daniel Freeman, senior vice president at Freeman Real Estate. “We’re a world-class city and we have housing needs,” said Freeman. “That’s an inevitable function of a growing world-class city.”

Toronto and its neighboring suburbs are encircled by a protected green belt, comprising farms, forests and wetlands, creating restrictions on outward growth. With the lack of space and the demand for housing, Freeman says the only way for developers to build is upwards. He expects an increase in new families opting to live in high-rise buildings rather than detached and semi-detached homes.

“Twenty years ago, families weren’t targeted,” he said. “You probably found there were more condos built for empty-nesters — people who were retiring or needed a smaller space because their children moved out. Now, there are more condos built for families.”

Statistics Canada’s 2016 Census reflects this forecast, showing that nearly 44 percent of Toronto’s residents lived in some form of apartment.

For more on this story go to National Post