Rapid Condominium Growth and the Emergence of the Ultra-Luxury Condominium Market in Toronto, Canada
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In this thesis, I undertake a study of rapid condominium growth occurring in the City of Toronto, Canada, and the emergence of an ultra-luxury condominium market during a time of global financial instability. This thesis examines the influence of rapid growth on Toronto as a world city during this time by asking the following research questions: 1. Why has Toronto become a place of safe investment for condominium buyers during a time of global economic uncertainty? 2. Why has the ultra-luxury market emerged in Toronto? What are the driving forces behind it, how does it contribute to Toronto’s standing as a world city, and what does the future hold for this niche market? 3. What is the current state of the condominium market in Toronto and what can we expect to see happen in the near future? To answer these questions, this thesis draws insights from urban, political, economic and social geographic literature, statistical and policy data, as well as twenty-five (25) semi- structured interviews with a variety of key industry stakeholders in the City of Toronto. The results of this study point to a changing demographic landscape in a city where fundamental elements have not only secured Toronto’s reputation as a place of safe investment, but also created an environment of pent up demand leading to the emergence of the ultra-luxury condominium market. The City of Toronto has garnered international attention for its rapid rate of high-rise growth, and continues to craft its reputation as a world city through the addition of four, 5-star hotel condominiums. Additionally, this thesis recognizes the pressing social, environmental and political issues that accompany this recent, rapid growth, and provides general recommendations for addressing these complex topics through the suggestion of future research on the topic.