The Toronto Star picks up on the Urban Land Institute's Emerging Trends in Real Estate report, finding the trend of urbanization in Canada to reflect the trend in the United States.
"The surge in city living over suburban living is no longer an 'emerging trend' but 'the new normal' as millennials — and a growing number of their parents — transform downtown cores across much of Canada at dizzying speed," according to an article by Susan Pigg.
Pigg's article shares the findings from the Emerging Trends in Real Estate [pdf] report, released by PricewaterhouseCoopers and the Urban Land Institute. Chris Potter, the head of Canadian Real Estate Tax Practice with PwC, is cited to explain how policies for demographics and provincial intensification established by Ontario’s 2006 Places to Grow legislation, "have definitely accelerated the pace of downtown growth in Toronto."
The report also raises questions about what the trends mean for the future of cities: "But big questions remain for the future, notes the report: Millennials now helping drive the downtown condo boom are just coming into their child-bearing years in big numbers. Where will they live as they age and have families?"
Read the full story: Urbanization is ‘new normal’ for Canada, report says
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