CMHC reports that condo construction as well as ownership has grown exponentially over the last three decades, from just 171,000 units in 1981 to 1.6 million in 2011, a growth rate more far faster than single-family homes. 461,000 condos were being rented out in 2011, based on the CMHC report. Condos account for 40% of all housing starts across Canada, even more in the Greater Toronto Area.
In fact in the Toronto Area, condos skyscrapers account for 70% of all condo starts. It is an incredible number and points to a dramatic shift in housing patterns in Toronto as well as Canada as a whole.