Quote:
This development boom, and accompanying price increases, is not
about housing to meet a sudden surge in population. It is not about an
economic boom. If it was, Calgary and Edmonton would have 128
cranes, like Toronto does, building housing and pushing up all prices.
Instead, this is taking place in Toronto and Vancouver where
economies are moribund.
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DF's logic is so flawed its laughable. She is trying to fit what is happening in Toronto of her preconceived notion of what should happen on the ground during economic growth. While Toronto's economy is not growing at the same rate as Western Cities. Our economy within the city is still more than respectable by Canadian Standards. Secondly, while Toronto is not seeing a massive surge in population overall, our downtown population has more than doubled within the last 10 years. And is set for even faster growth in the coming years. There has been a great acceptance of downtown living in Toronto that has not occurred to the same degree in Edmonton and Calgary, so while our economy slugs along hundreds of thousands of people are moving downtown. There is an underlying reason behind the massive amount of high rise construction in the core of the city. If there wasn't there wouldn't be any development or investment happening now.