Population growth in the Greater Toronto and Greater Vancouver Areas is straining aging infrastructure, yet remains a vital force driving community development and long-term prosperity.
REMAX dives into the population and infrastructure booms that are redefining neighbourhoods in and around the Greater Vancouver and Greater Toronto Areas, turning once-overlooked neighbourhoods into the next hot spots.
Key Trends
Canada’s Population Growth Is Reshaping Urban Living
Greater Toronto and Greater Vancouver are experiencing population growth upwards of 4% annually and significant infrastructure investments, especially in transportation, are contributing to improved neighbourhood quality across traditionally undervalued urban and suburban areas. 64% of Canadians see local population growth as a positive characteristic in their communities, with younger Canadians (18-34) most likely to agree.
Ben Tal, Deputy Chief Economist at CIBC alerted, “population growth normally tracks at one percent annually, but Canada has consistently seen upwards of 3.6-per-cent growth year-over-year. Governments, at all levels, are under-projecting the population increases and consequently, could repeat past mistakes if they don’t pivot to reality. The Canadian government has realized they can have too much of a good thing, and need to have sustainable, measured growth.”
“Canada’s urban population is growing at an astonishing pace. Municipalities need to work with their provincial and federal counterparts to increase transit and housing infrastructure – which is already happening in some pockets of the Greater Toronto and Greater Vancouver Areas. New transportation links, followed by advanced housing developments, are making once over-looked and under- valued neighbourhoods magnets to consumers looking to reduce commute time while achieving better affordability,” says Don Kottick, president of REMAX Canada. “Expanding access strengthens connectivity in community and allows residents to spend more time in their neighbourhoods with excellent potential for long-term liveability.”
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