Toronto’s Growth Set to Outpace Combined Expansion of New York, Seattle, and Boston: Report

A report by Buttonwood Property Management has revealed that Toronto is quickly becoming the biggest and fastest growing urban metropolitans in North America and is boasting a variety of multi-cultural attractions and dynamic economic developments.

The report noted that Toronto is expected to see its population rise to more than eight million residents by 2030 and hit beyond the 10-million mark by 2045.

In the last few years, the City of Toronto has been witnessing an influx of domestic and international residents. Due to the city becoming a busy metropolis, it has made it an international destination for commerce and trade, which has led it to become one of the biggest and fastest-growing cities in North America.

The report noted that a key driver for the domestic economy has been the diversification of industries, with the technology sector adding more than 88,900 new full-time jobs in 2021.

According to the report, Toronto’s tech sector has grown faster than New York, Seattle, and Boston combined.

It also noted that funding in public infrastructure has ensured development of municipal projects and has also allowed the city to create more jobs, and provide entrepreneurs with more lucrative opportunities.

Construction has also been a key sector of economic vitality, according to the report. Both private and public developers have helped revitalize critical infrastructure across the city, including the improvement of Toronto’s Waterfront District, which is considered one of the largest urban renewal projects in North America.

The expansion of the local transportation network, including Union Station, is also one of Canada’s busiest multi-modal passenger transportation hubs.

The report noted that cultural funding has helped create new major development projects, including the $400 million funding in the St. Lawrence Centre for the Arts, which will become one of Canada’s first carbon-neutral theatres once completed in 2028.

According to the report, recent data indicates that Canada aims to welcome almost 485,000 new permanent residents in 2024, and an additional 500,000 by 2025.

While the city has challenging economic conditions, the report noted that Toronto stacks up fairly well compared to other major cities, such as Vancouver, in regards of cost of living. Despite the cost of renting and purchasing property remaining historically high, Toronto’s attractive real estate market and relatively lower cost of living have helped fuel its strong annual migration, according to the report.

The federal government passed the Prohibition on the Acquisition of Residential Property by Non-Canadians Act in 2022, which would restrict non-Canadian residents from owning, investing, or buying residential property in the country. The report noted that while the ban is set to end in 2025, new legislation could potentially see it extended until 2027.

New laws have also recently been passed to reduce Canada’s intake of international students by 35 per cent by 2026. The new restrictions would decrease the number of international students to 360,000 in the next two years while discontinuing eligibility for work permits for international students post-graduation, according to the report.

The report noted that Toronto has quickly become an international city, leveraging years of favourable immigration, fairer taxes, and a highly skilled workforce.