City of Boxes

My wife and I recently moved from our "box" at King & Bathurst. We both hated condo life, but I can understand why many choose it. We prefer having a back yard, windows that get fresh air (even in Toronto!), neighbours that speak to you (or at least make eye-to-eye contact).

We've often discussed the countless condos being built in the city. The skyline is filled with new developments, and is updated weekly. I can't believe there's enough people to fill them all.

In the Star today, Tony Wong reports:
GTA housing frenzy 'unreal' Condominiums lead a record July
Analyst warns of `day of reckoning'

Over the past three years, an average of more than 10,000 condos each year have been completed in the Toronto area, and another 12,000 are expected this year.
Next year, another 17,000 units are forecast to be completed. That compares with 4,000 condominiums built in 1995.

"The danger is that the condos that are being built or sold now have a two- or three-year lag time before they get completed. And by that time, when you have all that product on the market, no one knows if there is enough rental demand to satisfy all that supply."
- Toronto housing economist Will Dunning.

Our skyline may be continuously changing because of the building permit game.
The more permits sold to developers, the more money the government make.
Statistics Canada reported yesterday that:

Municipalities issued more than $5.0 billion in building permits for the fourth time since the beginning of the year in June, in the wake of high construction intentions in both the residential and non-residential sectors. Overall, the value of permits rose 1.5% from May.
http://www.statcan.ca/Daily/English/050808/d050808a.htm

What are your thoughts? Do we need all of these new condos?