Toronto condo construction towers over the Big Apple

TORONTO - Emporis, a construction industry researcher from Germany, has provided some more fodder for the bubble debate over Toronto’s condo market.

In its latest look at the number of sky-rises going up in North American cities this month, Toronto once again comes out on top by a wide margin. With 130 new towers under construction across the skyline, Canada’s largest city easily beats out New York City’s 91 projects.

That Toronto has been undergoing a multi-year development boom that likely rivals the city’s biggest on record isn’t new – Emporis for its part has been tracking development numbers since 2011 and Toronto has been the North American leader over that time.

But the number of condo towers going up relative to other markets is startling. Of the 130 towers being built in Toronto, 116, or nine in ten, contain condos. That compares to a relatively tame 32 of 91 projects in NYC.