Soaring Toronto condo market ignites fears of a crash

Liberty Village high-rise condominiums is a roaring success. / Steve Payne for The New York Times
Liberty Village high-rise condominiums is a roaring success. / Steve Payne for The New York Times

By Ian Austen | The New York Times

Sandwiched between two rail lines in this city’s core, great factories once produced the finest Canada could offer the world: Magic baking powder, Brunswick bowling alley flooring and Massey Ferguson farm equipment.

Those factories and many others here have been long abandoned or demolished, but the area is bustling. It is now called Liberty Village and it is packed with high-rise condominiums, largely built over the last five years, with many more still under construction.

The popularity of the Liberty Village downtown condominium development is a highly visible sign that Toronto’s effort to create a livable city through densely populated neighborhoods is a roaring success.

Yet some Canadians see the frenzied building boom that repopulated this part of downtown Toronto and worry that it may end badly.

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