The Toronto area is one of the faster-growing world cities. At an annual average of 1.8% in the past five years, the rate of population growth in the GTA exceeds that of such major metropolitan areas as New York, Chicago, London, Paris, and Hong Kong. Among the largest US and Canadian cities, Toronto’s rate of population growth is surpassed by only a few other areas (including Vancouver). With its population increasing by approximately 100,000 per year, Toronto is surpassed by even fewer areas, in level terms. Consequently, demographic requirements for housing are strong in the GTA on a relative basis, and we should not be surprised by the elevated levels of housing construction—particularly of high-rise condominiums—compared to other Canadian or US cities.
Information provided by RBC Economics Research July 2012