More Cranes Equals More Development — and Toronto has the Most in U.S. and Canada: Report
Some days it feels like there’s more development happening in Toronto than New York City, Chicago and Los Angeles combined. By one standard that measures development, that’s true.
A July study from international real estate consultancy Rider Levett Bucknall (RLB) counted the number of cranes in 13 major cities in the United States and Canada, most in use for home construction.
The “Crane Index” demonstrates how fast cities are growing, said Joe Pendlebury, who leads RLB’s Canadian offices in Calgary and Oakville, Ont. The study, which included Calgary and Toronto, was focused on cities where the company either has offices or operates in close proximity.
Toronto’s crane dominance wasn’t even close. In the most recent report, the study found that Toronto had 97 cranes in use − 32 more than second-place Seattle, which had 65. In January, Toronto had 88, and a year ago it had 72. All three times, it came out on top.
Mr. Pendlebury said he expects Toronto to continue to lead the pack in development over the next few years at least.
“We’ve come out of a bubble and there’s strong growth ahead,” he said.
The number of cranes in Calgary actually decreased a few years ago during the recession, Mr. Pendlebury said. But as the city recovers, there’s been a renewal of confidence among developers.
Still, he said, the city probably won’t see construction on a Toronto scale any time soon.
“I think it’s going to be a slow growth,” Mr. Pendlebury said.