How Will Toronto’s Skyline Change by 2024?

Toronto’s skyline is set to change as the number of skyscrapers in Canada’s iconic city will increase substantially by 2024, according to research by Point2 Homes

A habitable high-rise over 492 feet tall, the skyscraper has become a symbol of innovative urban planning and an attractive home for many residents.  

In March 2019, Toronto was boasting 60 skyscrapers. Another 31 are expected to be built by 2024, and 50 more are in the planning stages. The highest and most impressive high-rises that are set to be completed this year are:

  • The PJ Condos, 511.8 ft, 50 floors
  • One Yorkville, 600.4 ft, 58 floors
  • Lighthouse Tower Condominium, 518.4 ft, 45 floors
  • Wellesley on the Park, 636.5 ft, 60 floors
  • Residences of 488 University Ave, 679.1 ft, 55 floors
  • Massey Tower, 682.4 ft, 60 floors
  • Dundas Square Gardens, 506 ft, 50 floors

Check out this video highlighting the evolution of Toronto’s skyline, as well as high-rise development projects that are currently in the works:

The Skyscrapers that Changed Toronto’s Skyline

Since 2005, 45 skyscrapers have been added to Toronto. Building rhythm used to be one or two skyscrapers per year, activity in this sector has really picked up speed. In fact, the new development boom has translated into 10 new high-rise buildings added to Toronto’s skyline in 2018, and 11 planned for completion in 2022 alone.

The city became home to the tallest and largest residential structure in the country in 2014: The Aura stands 903 feet tall and has 1.1 million square feet.

When it comes to “supertalls”, buildings over 984 feet in height, at least seven new developments will be added. YSL Residences are emerging as one of the more significant projects. The 85-floor tower will stand at 383 Yonge Street and is expected to be among the most spectacular mixed-use buildings in Toronto. 

The city has even received international praise for its impressive skyscrapers, like the ICE Condominium East II, built in 2015. A year later ICE was recognized as one of the top 10 most amazing skyscrapers in the world by the Emporis Skyscraper Award. Adding to the list of honours, as of 2018, One Bloor is the 10th tallest residential building located outside of Asia. 

Toronto’s Density Dilemma

Toronto has been trying to manage the population density issue with taller buildings, paving the way for other Canadian urban centers. In fact, with a grand total of 524 towers and high-rises, the city’s tall-building density is surpassed only by that in New York City, Hong Kong, and Chicago.

The main attraction of these structures has always been the opportunity they offer to live and work close to the financial district and all the central entertainment venues that are part of the urban lifestyle.

Prices following Buildings in Toronto

Buildings are not the only thing on the rise in Toronto, as prices are following suit. According to the most recent numbers from the Toronto Real Estate Board (TREB), the average price of condos in the city has increased by about 6% year over year this February.

Based on the city’s statistics, 29.4% of housing is located in apartment buildings that are over five storeys tall, while 14.2% of Torontonians live in buildings that are under five storeys. This means that nearly 44% of residents are living in some sort of apartments. Just 39.6% reside in single-family detached homes, according to the 2016 Census.

As the Point2 Homes research shows, new options are emerging for meeting the city’s density challenge as well as the need for more affordable real estate options. By including townhomes and stacked townhomes into the city’s landscape, in addition to buildings under five floors, missing middle housing could be the way Toronto successfully tackles both dilemmas.

Written by: Point2 Homes