Toronto has a shocking number of new homes planned and under construction

With more cranes than any other city in North America, Toronto has remained the continent's undisputed construction capital for years.

And thanks to an absolutely mind-melting number of new homes proposed or approved across Toronto, the city could hold this distinction long into the future if market conditions cooperate.

The City of Toronto's Planning Division shared its latest Development Pipeline Bulletin, and the numbers are pretty darn impressive.

In addition to the over 100,000 residential units constructed from 2019 to 2023, the City currently has 258,397 units approved and awaiting construction, and an additional 436,421 proposed and under review.

That adds up to a staggering 694,818 homes.

New data from the latest Development Pipeline Bulletin shows more than 106,000 residential units were constructed in #Toronto from 2019-2023. Additionally, 258,397 units are approved for development, and 436,421 units are currently under review. pic.twitter.com/zu1pgdADxD

— CityPlanTO (@CityPlanTO) June 9, 2024

When divided by Toronto's July 2022 population of 3,025,647, that figure of almost 700k units is enough to supply 22 per cent of the city residents with their own home

And that figure doesn't even include the 106,000 homes constructed in the four years leading up to this point.

Still, that number represents less than half of the 1.5 million homes that the Ontario government has said are needed to meet provincial demand by 2032.

Toronto is among the cities that the province awarded payouts to earlier this year for exceeding its 2023 housing targets. The Ontario government paid $114 million to the City in February after Toronto exceeded its housing targets by 51 per cent.

Despite the current figures, Toronto is still lagging behind compared to the City's 2022 Development Pipeline, which noted 717,327 residential units within projects with development activity between January 1, 2017 and June 30, 2022.