Toronto has no dearth of cranes. It ranks among the top across North America in terms of crane count. However, as per a new report, Toronto has lost some footing in the crane department.
In its recent Crane Index, Rider Levett Bucknall (RLB) placed Toronto in ninth position by crane count behind the likes of cities such as Los Angeles and New York. Hogtown has reduced its crane fleet by 19 between the third quarter of 2023 and the first quarter of 2024.
Despite the reduction, the city still boasts 221 cranes much ahead of multiple major North American cities including Los Angeles.
The drop in crane numbers isn’t reflective of the state or any motion in construction activity. Of course, the construction isn’t at its peak, but it’s not entirely sluggish either.
The skyline of Toronto is constantly being added with magnificent skyscrapers and buildings. A number of new developments have recently been announced for the Hogtown. The city might have reduced the size of its fleet in order to make space for new, better ones. Or, it could be some of them got obsolete and were needed to be put out of work.
RLB Associate Taryn Harbert wrote, “With multiple commercial building projects ending, the commercial sector saw the most significant drop, with a reduction of ten cranes, and the hospitality sector decreased by five… Contrary to those declines, the residential sector continues to grow, with residential and mixed-use projects continuing to dominate the crane count, accounting for over 80% of the total cranes.”
“We will be implementing a revised radius for crane counting, prioritizing the downtown core area, which has the highest density of construction projects… The revised radius is 3.5 km from the Bloor Street West and Avenue Road centre. As of Q1 2024, this core area contributes to approximately 35% of the overall Toronto crane count (80 cranes).”
Harbert further wrote, “Ongoing investment in manufacturing and infrastructure will help offset any decline in privately funded projects in 2024. Overall, construction spending will be driven by public funding for manufacturing and infrastructure projects.”
Since before the Budget Day on April 16, Prime Minister Justin Trudeau has been making announcements addressing the housing crisis facing the North American nation. From incentivizing the construction of affordable housing to reconstruction, these plans promise to improve the housing infrastructure of Canada.
The real estate sector’s most influential leaders and innovators will be gathering in Calgary for a conference that, in all probability, is going to be the biggest real estate event in Alberta. Titled, ‘Rock’N REAL ESTATE 2024’, the BUZZ conference will be taking place in Carriage House Hotel & Conference Centre on Thursday, May 2. The meeting will open at 7:30 am with a light continental breakfast. The discussion will go from 8 am to 5 pm followed by an hour of networking session at the end of the event. Cocktails on the house!
Canadian housing activity was largely stable in March, but a key spring selling season lies ahead. Existing homesales edged up 0.5% in March (seasonally adjusted) and were up a modest 1.7% from sluggish year-ago levels (although an early Easter long weekend likely reduced volumes somewhat). While current activity might seem quiet compared to the exuberance in 2021 and early 2022, sales volumes are trending about in line with pre-COVID norms, albeit at the low end of that range.
“We are changing the way we build homes in Canada. In our housing plan and Budget 2024, we are delivering ambitious action and investments to build more homes, make it easier to rent or own, and help the most vulnerable with stable housing. This is about restoring fairness for every generation, and housing is at the heart of that”, said Canadian Prime Minister, Justin Trudeau about the country’s new housing plan.
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