Census Data Reveals Toronto Fastest Growing City in both Canada and the U.S.
Based on census data, reported by Ryerson’s Centre for Urban Research and Land Development, the City of Toronto’s population was the second fastest growing metropolitan area, and the top growing city among all central cities in Canada and the United States.
“Achieving second billing was an amazing feat for our region. Metropolitan Toronto’s growth of 125,298 persons was second only to Dallas-Fort Worth-Arlington. Toronto was far ahead of Phoenix-Mesa-Scottsdale, which grew by 96,268 persons. Montréal grew by 66,116,” said Researchers Frank Clayton and Eva Shi.
According to the analysis, the City of Toronto population “increased by 77,435 persons” (Figure 3), which exceeded the combined gains of the three fastest growing central cities in the United States, in the year ending in July, 2018.
The growth was more than three times as many people as the city of Phoenix, with less than half the net growth numbers posted by Toronto at just 25,288 new residents.
Although this may appear as success, the report may also allude to a deeper meaning behind the city’s housing crisis.
Data from Canada Mortgage and Housing Corp. revealed Canadian household debt reached a record high at the end of last year, even as mortgage activity slowed. The debt to income ratio of Canadians hit a record high of 178.5 per cent in the fourth quarter last year.
In a phone conversation with HuffingtonPost Canada, study co-author Frank Clayton reflected on a situation from the early 1990s, when developers pulled back on home construction amid falling house prices, while the population kept growing.
According to Clayton, immigration in the ’90s was very strong, but it wasn’t showing up in the housing demand numbers.
In his phone converstation with HuffingtonPost Canada, Clayton suggested more housing supply — mainly at the low end of the housing market.