There’s no fewer than 8 buildings at various stages of construction in Liberty Village. At the end of the day it’s causing a lot of traffic, a lot of headaches and some residents are losing their CN Tower views. I understand that that can be really frustrating for people. The truth of the matter is that we need housing.
There are close to 250,000 new residents coming to Toronto every year. Our population is growing rapidly but our housing supply is not. In the last two years we have had only a combined 15,000 newly constructed units released in Toronto. These are new units that have been finished and built. 2019’s looking better. We’re expecting about 25,000 units in 2019. These are buildings that have been under construction for the last four or five years and we’re gonna start to see these units complete and released.
But when you look at the fact that there’s about 250,000 people coming to Toronto every year and only 25,000 units being released in 2019 you can see where the problem is.
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Housing is very much needed and this is why we’re seeing such a huge spike in the price of both rentals and in purchase pricing whether it’s condos, semi-detached, detach in downtown Toronto.
I think is pertinent and I think it’s important to understand why it’s so important that we have this construction going on whether we like it or not.
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