The Rise of Urban Density: Condos in Toronto’s Transit Hubs

Toronto's skyline is set to transform dramatically, and residents should brace themselves for an influx of new condo developments, particularly around transit hubs. This shift, driven by new provincial legislation, is reshaping the Greater Toronto Area (GTA) into a denser urban environment.

City Councillor Mike Colle (Ward 8: Eglinton-Lawrence) emphasizes the rapid pace of development applications in his ward, a trend prevalent across areas well-serviced by the Toronto Transit Commission (TTC). The focus is on areas like Marlee Avenue, stretching from Lawrence to Eglinton Avenues, already brimming with high-rise residential building proposals.

This trend, colloquially termed "hyper-density," is most prominent near subway stations, leading to a significant population increase in these neighborhoods. The Ontario government's More Homes Built Faster Act (Bill 23), passed in November 2022, accelerates this process by offering developers incentives such as reduced fees and faster approval times.

These new developments, while contributing to the city's housing supply amid high immigration rates, also bring challenges. They often limit parking space availability, signaling a shift towards a more transit-oriented, less car-dependent lifestyle. This development pattern is evident in projects like the upcoming 15.6-km Ontario Line and the Yonge North Subway Extension.

While new housing near transit is a long-standing principle, it's not without its critics. Urban planner Naama Blonder advocates for the positive aspects of development, such as enhanced neighborhood amenities. However, concerns about Toronto's infrastructure readiness to handle rapid densification persist, as highlighted in a report from Toronto Metropolitan University.

Real estate implications are significant. Realtor James Milonas notes the need for more proactive education about the region's density agendas. While hyper-density might lead to the disappearance of single-family homes near transit hubs, it also potentially increases property values. Commercial real estate also sees a mixed impact, with new developments bringing in new businesses but also potentially increasing operating costs for existing ones.

Toronto's urban planning strategy includes not just high-rises but also "gentle density" initiatives like duplexes and triplexes in traditionally single-family neighborhoods. The overall goal is to meet the Province's objective of building 1.5 million homes by 2031, with a strong focus on transit-oriented development.

This article aims to provide insights into the evolving landscape of Toronto's real estate, highlighting the changes, challenges, and opportunities that come with the city's ambitious urban density agenda.