As Toronto's condo building boom has transformed the city, it's also helped to transform Canada's housing market. There are warning signs, however, that a surplus of housing in the city threatens to destabilize Canada's entire economy.
"The Bank of Canada is warning that certain overheated segments of the housing market could put Canada's economy at risk and has again singled out Toronto's condominium market as an area of particular concern," reports Kazi Stastna. "In its latest assessment [PDF] of Canada's financial system, the central bank said that imbalances in the housing market and high levels of household debt still pose an 'elevated' risk to the stability of the Canadian economy and are the two biggest risk factors on the domestic front — with the eurozone crisis presenting the biggest threat internationally."
"The bank said Canada's housing problem is particularly acute in Toronto, with a large number of unsold highrise units that are under construction or in the pre-construction phase," notes Stastna. "If these units are not sold over the next 12 to 30 months as they are completed, it could cause prices to fall and bring residential construction to a halt, the bank warned."
"If the correction to the imbalances in the condo market is sudden rather than gradual, it could provide an unwelcome jolt that has the potential to reverberate not just in other segments of the housing sector but across the economy."
FULL STORY: Toronto condo market could destabilize economy, Bank of Canada warns
After Meteoric Rise, Toronto Housing Prices Coming Down Fast
The "typical" detached home in Toronto is worth $114,000 (Canadian Dollars) less now than at the beginning of the year.
Why Are There So Many Vacant Condos in Vancouver?
New analysis of census data has found that a quarter of the condos in some areas of downtown Vancouver are empty or occupied by non-residents, leading analysts to raise concerns about the role of investors in the city's housing market.
What’s in a Name? Investors vs. Speculators
We don’t often make a clear distinction between investors and speculators, which makes it harder to identify harmful behavior — and to find solutions for it.
What ‘The Brutalist’ Teaches Us About Modern Cities
How architecture and urban landscapes reflect the trauma and dysfunction of the post-war experience.
‘Complete Streets’ Webpage Deleted in Federal Purge
Basic resources and information on building bike lanes and sidewalks, formerly housed on the government’s Complete Streets website, are now gone.
The VW Bus is Back — Now as an Electric Minivan
Volkswagen’s ID. Buzz reimagines its iconic Bus as a fully electric minivan, blending retro design with modern technology, a 231-mile range, and practical versatility to offer a stylish yet functional EV for the future.
Healing Through Parks: Altadena’s Path to Recovery After the Eaton Fire
In the wake of the Eaton Fire, Altadena is uniting to restore Loma Alta Park, creating a renewed space for recreation, community gathering, and resilience.
San Diego to Rescind Multi-Unit ADU Rule
The city wants to close a loophole that allowed developers to build apartment buildings on single-family lots as ADUs.
Electric Vehicles for All? Study Finds Disparities in Access and Incentives
A new UCLA study finds that while California has made progress in electric vehicle adoption, disadvantaged communities remain underserved in EV incentives, ownership, and charging access, requiring targeted policy changes to advance equity.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
City of Albany
UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research