There is no oversupply of condos in Toronto. So we need to quit harping on it.
Now for those that don’t believe me. Let’s look at the stats from Statcan.
In the 2011 census, the Toronto CMA had a population of 5,583,064
In the 2006 census, the Toronto CMA had a population of 5,113,149
That’s a growth rate of 469,915 people in 5 years (or an average of 93,983 people a year).
If 93,983 people are moving into the Toronto CMA a year, we need well over 35,000 new units a year to satisfy that growth
— we make the assumption that there are 2.5 people per household (not everyone is going to live in your mom’s basement apartment) —
So let’s take a look at how many units are being delivered per year from our new construction market.
According to Realnet
Almost spot on eh!!!! 35,000 units delivered to the 94,000 new people in the Toronto CMA
The thing we need to focus on is how much money an investor will make buying a condo today.
Remember to make some cash, take a disciplined approach to buying and do your research