Why is there so much development in the GTA?
The GTA is a great place to live and work – as evidenced by ranking 7th on the 2018 Economist Intelligence Unit’s list of the world’s most livable cities. While the region continues to grow we have a housing shortage.
People want to move to the GTA. It’s one of the fastest growing metropolitan areas in North America with 115,000 people choosing to move here every year. That kind of growth requires approximately 50,000 new homes per year. As it stands, we’ve been able to build approximately 40,000 homes per year over the last few years. The gap between what is being built and what is needed is increasing each and every year.
And this growth is not going to slow down any time soon. In fact, it’s expected that our population will grow 40% by 2041, to 9.7 million. That means there’s going to be ongoing demand for housing and employment lands above and beyond the shortfall we already have.
The development and new housing efforts – often represented by construction activity and cranes and graders – are evidence of how we’re working hard every day to help build a livable GTA.