As long as Toronto is a magnet to the world, Royal Bank of Canada seems to feel there’s no reason to fear a collapse of housing and condo prices. RBC’s senior economist Robert Hogue said in the report that demand in Toronto is line with supply. He said that Toronto’s condo building frenzy over the last few years is mainly a response to the steep drop in new single-family homes being built. Efforts by the Ontario government to stem urban sprawl in the GTA is one of the reasons why developers are being forced to build laterally, said Mr. Hogue. The GTA sees about 30,000 new households a year.
To quote from one of the many almost identical news stories being swapped around the infosphere like a dirty needle, “To accommodate the 38,000 or so net new households it sees every year, the GTA must increasingly expand its housing stock ‘vertically,’” he said.
Which numbskull journalist decided that vertically meant laterally?
At least we know it wasn’t the South Bayview Bulldog.