Money: Toronto Is The Fastest-Growing City In U.S. And Canada, And That’s Not Good - - PressFrom - Canada
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MoneyToronto Is The Fastest-Growing City In U.S. And Canada, And That’s Not Good

07:05  02 june  2019
07:05  02 june  2019 Source:   huffingtonpost.ca

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Justin Trudeau credits immigration for Canada’s growing tech sector TORONTO — Prime Minister Justin Trudeau told hundreds of attendees at a conference in Toronto on Monday that Canada's thriving technology sector is a result of the country's openness to immigrants and he hopes Canadians will continue to view immigration positively. Trudeau was the first keynote speaker at the four-day conference, called Collision, which is being held in Canada for the first time. Organizers are calling the event North America’s

But while that may look like success from some perspectives, it means the city is risking a serious housing crisis, study co-author Frank Clayton said. The region may see a repeat of the situation from the early 1990 s , when developers pulled back on home construction amid falling house prices, but the

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Toronto Is The Fastest-Growing City In U.S. And Canada, And That’s Not Good© Provided by Oath Inc. Traffic on Toronto's Gardiner Expressway.

Torontonians could find themselves “doubling up” on housing with friends or relatives in the coming years as the city’s breakneck population growth outstrips the supply of new housing, an urban planning expert is warning.

In an analysis published online this week, researchers Frank Clayton and Eva Shi of Ryerson University’s Centre for Urban Research and Land Development found that Toronto is the fastest-growing city in the U.S. or Canada, and by a long shot. The city added more than 77,000 net new residents in the year ending in July, 2018, more than three times as many people as the next municipality, Phoenix, Ariz.

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"The City of Toronto population grew by 77,435 persons, exceeding the combined gains of the three fastest growing central cities in the United States It' s important to note that these figures apply only to the City of Toronto — not the entire metropolitan area. The GTA was actually found to be the

But that hasn’t stopped Toronto being the fastest growing city on the continent, and by a wide margin. It’ s also the second fastest growing urban region in the study on the 12 month period from July 1, 2017 to July 1 There are much bigger cities in the U . S . than Canada ’ s biggest city , Toronto .

The researchers describe this rate of growth as “stunning.”

Toronto Is The Fastest-Growing City In U.S. And Canada, And That’s Not Good© Provided by Oath Inc.

Looking at metro areas, Greater Toronto had the second-fastest population growth, behind only Dallas-Fort Worth. Greater Montreal was the sixth-fastest growing metro.

Toronto Is The Fastest-Growing City In U.S. And Canada, And That’s Not Good© Provided by Oath Inc.

But while that may look like success from some perspectives, it means the city is risking a serious housing crisis, study co-author Frank Clayton said.

The region may see a repeat of the situation from the early 1990s, when developers pulled back on home construction amid falling house prices, but the population kept growing.

People found themselves “doubling up” or “tripling up” on housing, often with more than one generation of family living in a single home, Clayton said.

Homebuyers escaping high housing costs by relocating to secondary cities

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Based on census data, reported by Ryerson’ s Centre for Urban Research and Land Development, the City of Toronto ’ s population was the second fastest growing metropolitan area, and the top growing city among all central cities in Canada and the United States. “Achieving second billing was an

The largest city in Canada by population is Toronto , home to 2,615,060 people at the The fastest growing large city between 2006 and 2011 was Brampton, Ontario. In the 5 year period, the city The only other language in Canada that is the mother tongue of more than a million people is Chinese.

“In the ’90s, immigration was very strong but it wasn’t showing up in the housing demand numbers,” Clayton, a real estate and urban economist, told HuffPost Canada by phone.

As is the case now, affordability was at multi-year lows. But unlike today, the economy was shrinking in the early 1990s, with the region losing some 200,000 jobs amidst a North American recession. Interest rates were high, making mortgages prohibitively expensive. The result was that developers couldn’t unload empty condos even as residents were forced into shared housing.

Today’s housing market slowdown could result in something similar. Data from Canada Mortgage and Housing Corp. shows developers are reacting to the slowdown in home sales by cutting back on new construction.

Housing starts in Ontario fell by more than 15 per cent in the first five months of this year, compared to a year earlier, according to data from Canada Mortgage and Housing Corp. Toronto itself saw a rebound in May, but from very weak levels last year, and starts remain around their long-run average ― which may not be enough anymore.

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Year after year, the Canadian city has climbed its way up the tech talent power rankings. The University of Toronto and the nearby University of Waterloo create a 1–2 punch for best computer Local Companies and Investment Provide Opportunities to Grow and Opportunities to Expand the According to PwC Canada and CB Insights’ latest report, total venture capital funding to Canadian

Toronto was Canada ’ s fourth fastest - growing city , followed by Calgary, Moncton, N.B., Edmonton, Ottawa-Gatineau and Winnipeg. And these cities are growing faster than the rest of the country: Population growth for CMAs was 14.7 per 1,000 people over that one-year period, compared to 11.5

“It means we need more housing supply,” Clayton said, especially at the low end of the housing market.

Open up the ‘yellow belt’

Clayton says the single best thing the region could do ― “but which they won’t do” ― is to open up single-family home neighbourhoods for multi-unit buildings of up to three or four stories.

His skepticism stems from the fact proposals like this are often resisted by residents of low-rise neighbourhoods ― the NIMBY phenomenon. Yet these neighbourhoods account for three-quarters of the land area of the city of Toronto, Clayton noted.

“With the growth that’s taking place, and land prices rising, you’ve got to start allowing for a more diverse housing stock,” he said.

But he’s skeptical of the city’s proposal to mandate inclusionary zoning — in essence, making a requirement that new condo buildings include some percentage of affordable homes, meaning below market rates. Clayton believes developers will simply unload the added costs onto buyers of the market-priced units.

“They’re going to raise the prices on the other 80 per cent. Which means other people have to pay more. If they try to up the prices, then resale condos become a better deal … so you give a windfall to existing homeowners again.”

Also, that plan relies on the construction of large condo buildings to meet housing needs, and “research is showing that millennials want something more than a high-rise,” Clayton said, referring to surveys showing Canadian millennials overwhelmingly prefer low-rise housing.

He sums up the whole problem rather succinctly: “It’s going to be really difficult.”


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