A new report by multinational professional services firm PricewaterhouseCoopers (PwC) calls the suburban-to-urban movement of Canadian residents and businesses one of the most significant current real estate trends.
“Traffic in Canada is becoming a serious problem,” writes Daniel Tencer. “Infrastructure isn’t keeping up as the population grows and commute times are growing.”
“And Canadians are fed up — so fed up they’re moving back into city centres and reshaping the country, says a new report from PricewaterhouseCoopers.”
“'Reverse migration from the suburbs to downtown areas [is] one of the most forceful and rapidly emerging trends in both corporate office and residential real estate,' PwC said in its report, Emerging Trends In Real Estate 2014.”
“The report sees another element at play here,” Tencer continues. “Some parts of Canada are literally running out space to build suburbs.”
“One such place is Greater Toronto, where a greenbelt around the metro area, put into place by the province in 2005, means the region will soon run out of space for new developments.”
Read the full story: Commuting In Canada So Bad It's Reshaping Cities: PwC
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