A report published by the Canada Mortgage and Housing Corporation (CMHC) on Feb. 15, 2021, explores how the increase in available housing in Toronto, Montreal and Vancouver is caused by the expansion of construction in the suburbs.
In those urban centres, housing construction projects increased by 27.7% to 266,877 units. Multi-unit construction housing projects increased by 24.4%. As well, individual construction housing projects grew by 38.1%, according to a news article in La Presse. Condominiums took the lion’s share of completions close to the city centre (within 5 km) compared to home (single-family, semi-detached and row houses) and rental units.
Toronto has experienced urban sprawl with a high level of housing development in remote suburbs. However, Toronto has also seen a boom in housing construction in its core.
“The pandemic and remote work have combined to create massive growth in construction projects in the suburbs. Young people and families are using this to capitalize on the low-cost of land and historically low-interest rates. This is a trend that should stick around for a while. The construction industry is extremely well-positioned for the future,” said Steeven Fortin, financing manager at Manulift.
But this increase doesn’t just affect housing construction projects and operations. When the suburbs expand, so does the need for roads, public transportation and other infrastructure. There’s a litany of construction businesses that can benefit from this growth.
Construction companies should see this as great news. But as companies take on more projects, they are also forced to invest more in their equipment to keep up with the demand. Merlo telehandlers, especially its range of Roto models, offer compact, safe and powerful machinery that’s ready to take on any construction project. Thanks to their speed and efficiency, Merlo telehandlers can help any construction project become at least 20% more productive!
“I went from one Merlo and four workers to 13 Merlos and 50 workers. I’m at least 25% more efficient than I used to be, and that’s not even counting the massive gains in productivity that these machines have brought me,” said Sébastian Lacourse, owner of SLG Construction.
With this growth into the suburbs, the CMHC writes in their report that construction businesses can expect more investments into housing and general infrastructure projects.
Construction companies are starting to invest in machinery now to be able to keep up with all of these current and upcoming housing projects.
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