Greater Toronto
Toronto population is projected to grow to 7.45 million by 2031 and at the same time it is aging more quickly than at any time in the past. This includes the working-age population as the Baby Boom generation ages. The outer regions of the GTA will continue to experience rapid growh as young families conintue to flock to the abundant new housing opportunities. The population in York will double by 2021 and same will happen in Durham and Halton by 2031.
At the same time, the City of Toronto is also growing but the composition is quite different than in the outer regions. Toronto will continue to provide the rental housing alternatives for singles and newcomers. It is currently home to the majority of GTA seniors.
toronto projected population growth
As Baby Boomers age will they stay where they are? Will the flow of young families to the outer regions of the GTA continue or are they going to start moving into Toronto? How will oil prices impact the trend? Is there enough room in Toronto’s mature urban areas for the population increase? The government will likely increase the number of immigrants allowed into the country to fill in the gap that will be created by the retirement of Baby Boom generation.
Toronto’s Official Plan directs development in those areas that are best served by tansit so substantial opportunity exits in
these areas for those looking to purchase properties and with the oil prices rising it is a no brainer.
