Toronto has 134 high rise buildings under construction, higher than Mexico City which is the next highest at 88, and more than New York with 86 and 17 in Chicago.
It is estimated that 40% of investors in the condo market are foreign, while only 30% of buyers are planned end users of the units. Most buyers require capital appreciation to provide a profit with rentals unable to cover their monthly costs. With sales down the downward pressure on prices is a given, scaring off potential investors just as a massive inventory continues to come online in Toronto.
The skyline continues to change with new condos
It is fun to watch them build the high rises
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