The City 's Housing Market

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'Location efficient ' neighborhoods, and employment and recreational opportunities in walking and biking distances are attracting more and more people to reside in the downtown core. Studies show that, since 1976, the residential population has doubled, with more than 240000 people living in the Area and the ownership share has increased by almost two times since 1996 (City of Toronto. 2014b). Accordingly, the City 's housing market is dealing with more and more housing needs (CHBA, 2012; Landau, 2013). Also, Toronto Official Plan identifies the Area, as a place to accommodate significant population growth by 2041 (Ontario. Ministry of Finance, 2014). As a consequence, the value of land in the Area is extensively increasing and…show more content…
To overcome the limitations in land supply, a number of municipal and provincial policies and programs have been initialized to redirect growth, intensification to the existing built-up sites in the Area. These policies promote transforming or conversion of brown-field sites (formerly-deteriorating industrial and commercial sites) as well as improvement of the un-/under-utilized lands and buildings, and at-grade parking lots, for high/dense condominium developments (Pantalone, 2014). The City permits the conversion through re-zoning or re-designating of land from one use to the other, which also overcomes the density controls imposed on those lands. For example, employment or brownfield lands to mixed-use or residential developments (Lehrer & Wieditz, 2009). The conversion of land from one use to another requires an amendment to zoning bylaws and, sometimes, an amendment to the municipal Official Plan. This conversion is possible when the developers make a S37 agreement, Density Bonusing agreement with the City of Toronto. 5.1.4 Housing Affordability Issues The City of Toronto is recognized for its highest market-based economy and housing costs in the country (Wellesley Institute, 2014). In a market-based economy, the market decides the major share of housing. Today, the market of housing is burgeoning on most expensive
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