According to research by BuzzBuzzHome
, NYC outpaces Toronto
by 701 residential suits, with 38,815 multi-family units under construction compared to Toronto’s 38,114 units.
Although the gap between the two cities may not seem substantial, BuzzBuzzHome says it indicates that, in the midst of Toronto's multi-year development boom, New York has seen a steady growth of multi-family unit construction – an indication of the city's recovery from the housing market downturn.
“The decline and resurgence of construction in New York City is something we've kept a close eye on over the past five years," said Matthew Slutsky, president and co-founder of BuzzBuzzHome.
“A city's construction numbers are a reflection of a stable and growing economy. Toronto
has led in the construction sector for years, despite the fact that New York City has a population more than three times that of Toronto."
The NYC versus Toronto figures show:
Find out more about Toronto's current housing market using CREW's free online investment hotspot tool
- Toronto actually leads in units per capita, with 1.46 homes under construction for every 100 people, versus 0.46 for every 100 people in NYC.
- NYC wins when it comes to height. The five tallest buildings under construction in NYC will all stand taller than Toronto’s tallest project under construction.
- Toronto is more focused on projects in the downtown core with 51 per cent of units under construction in the downtown area versus 36 per cent of units under construction in NYC’s Midtown and Downtown Manhattan neighbourhoods.
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Toronto’s reign over urban construction has come to an end, as New York City now has more multi-family units under construction than any city in North America.