Nothing Is Getting Built in Toronto. So What Will We Buy in 2030?

I can't believe this is happening again.

And it's not just one building. It's happening all over Toronto.

Here's the reality right now. Almost nothing is getting built in this city unless it's a rental building.

For a while I've been saying there are only two things going up. Rental buildings and ultra luxury condos starting around $2,000 per square foot.

Now even the ultra luxury ones are switching over.

Two projects in Midtown just did exactly that. The Aston Residences in Lawrence Park and 429 Walmer in Forest Hill, both now becoming luxury rentals.

Reputable builders. Beautiful architecture. Model suites people were excited about.

If those projects can't get built as condos, what can?

Which brings me to the question I keep asking myself. What are we going to be left with to buy in 2030?

Look at the timeline. Anything launching now wouldn't be ready until around 2030, and very little is launching.

So in 2029 and 2030, there will be almost nothing new to buy. Just rental apartments.

If you want to own, your options get pretty simple. Buy what's already been built, or wait for projects that might launch around 2030 and won't be ready until 2035.

That's a five year gap with almost no new condos for sale.

And when nothing new is coming, the buildings that already exist become the whole market.

I'm not telling anyone to panic. I'm saying if you've been waiting for the "right time" to buy in Midtown, it's worth knowing what the next few years actually look like.