By Nick Ainis – Founder & CEO of Fusioncorp Developments Inc.

This is a synopsis of the third of 10 Chapters, each to appear in Construction Links Network which began in November 2023. BUILDING TORONTO’s SKYLINE: TORONTO’S CONDOMINIUMS THROUGH THE AGES is available through Amazon in print, Kindle and audible editions.

In this chapter, we cover the economics and demographics that led to a shift in living preferences from renting to purchasing. For most of Toronto’s life, the city has had multi-family dwellings. For a long time, these were mostly rentals, often to European immigrants. These newcomers boosted Canada’s and Toronto’s populations – and continue to do so today. Various waves of immigration occurred, mainly to help build sectors of the economy. In the late 19^th and early 20^th centuries, new European immigrant groups settled in Toronto. Many moved out of the crowded slums and into single-family homes or boarding houses, which were moderately more affordable to rent.

The third wave of European immigration (mostly British and German, with pockets of French) came in 1911 and 1913. Between 1815 and 1850, more than 800,000 immigrants came, most from the British Isles. That expanded to all of Europe, which had rapid population growth synonymous with the Industrial Revolution. The relative number of jobs available was reduced, and crowded conditions led many to look to North America for opportunities.

When the great depression hit in 1934, workers migrated into cities and sought rental accommodations. Renting remained the staple until the Second World War was over, when the fourth wave of European immigrants occurred. The fifth wave peaked in the late 1980s. Immigration has remained steady ever since (225,000 to 275,000 annually).

Greek immigration occurred in the late 19^th Century and after the Second World War. Many immigrants settled in specific neighbourhoods such as the Danforth and Pape areas, which are still home to Greek restaurants and other businesses and events. I was honoured to build one of the first major condominiums on the Danforth, Carmelina Condos. It stood 12 storeys tall in the heart of Greektown. It was a testament to my heritage and a clear example of the benefits of the immigration system in Canada. 

The post-war economic boom helped Toronto grow as a city, with higher-paying jobs, relaxed restrictions on mortgages and a favorable interest rate leading to a new generation of home buyers. Once 1973 rolled around, however, performance changed significantly. Government deficits increased, inflation and unemployment rates shot up, and economic growth slowed. The timing of this economic downturn was horrible for the condo—Toronto had only just legalized it in 1968. Due to the recession, condo development stagnated until the 1990s; most condos have been constructed in the past two decades.

The author of Building Toronto’s Skyline: Toronto Condominiums Through the Decades, Nick Ainis is Founder & CEO of Fusioncorp Developments Inc., a boutique construction management and general contracting company specializing in multi-unit residential condominiums. He’s an experienced and highly respected construction professional with a Bachelor of Technology degree in Architectural Science and Project Management from Ryerson University. With over 20 years of experience, he leads a team who has a strong track record of delivering high-quality construction projects on time and within budget. His expertise is in managing high-rise residential projects, having developed a reputation as one of the industry’s finest project managers. As Fusioncorp’s CEO, he is involved in all aspects of each project from pre-construction through to construction and project closeout.

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