Comment 28550

By Rusty (registered) - website | Posted February 09, 2009 at 12:31:22

"Part of why it's getting so expensive to live in downtown Toronto is that they're not making any more of it. What they are making more of (low density, single-use suburban sprawl) is no longer the first choice for people with money. "

Exactly!

It's very difficult to find an affordable family home in downtown TO these days. I know 'rich' people and they either want to live in an inner city suburb (Yonge and Eg, Beaches) or downtown. They don't want the 'new' suburbs or the ones which are 'past their sell by date' as you say.

Most of the downtown development in TO has been condos. The market is inflated too, so it's only really a prospect for DINKs or affluent singles. Sadly, many of the condo districts have not appplied remedial planning measures to integrate the condos into the surrounding neighbourhood.

I suspect that while these stats are probably in line with most of Canada (and the developed world?), mid-sized cities like Hamilton may buck the trend a little. The hollow cores endemic to most mid-sized cities, are not attractive locales for the rich. However, neither are the Ancaster's or high end Mountain pockets that used to attract the well to do. The suburbs seem to be becoming less appealing to all but those who can't afford anything else.

In the end housing prices determine the value of the area. If your house is cheap - it's cheap for a reason.

I agree that creating more downtown markets will help to redress this trend, however when it comes to addressing the income gap spread it will take a lot more than this.

Cheers

Ben

Ben Bull. Cap'n Bully has a new Blog! http://bullysmoviereviews.blogspot.ca/ or something like that.

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