Financial Post | Business

By Doug Alexander

A sliver of land wedged between Toronto’s elevated expressway and an off-ramp that pumps traffic into downtown may become the epicenter for a Canadian housing bubble.

In four years, this site that’s now used as a parking lot and police impound near the shores of Lake Ontario will be home to Ten York, a 75-story glass building that would be the country’s third-tallest condo tower.

Toronto has more skyscrapers and high-rises under construction than any North American city — almost three times as many as New York — stoking debate on whether the condominium market in Canada’s largest city is headed for a U.S.-style correction as prices rise and household borrowing hits a record. Canadian lenders including Toronto-Dominion Bank last week raised mortgage rates to cool off the housing market.

“Condo construction has always been rather prone to boom and bust cycles, and this one seems particularly…

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