The Future of Toronto - 10 Years from Now

Building a city takes confidence - It's about making choices today that are impactful for a long time to come.

The development of a house includes several steps. Starting with land acquisition then planning, approvals, city and community engagement and finally, construction. It could take 10 years before a development is family ready for move-in. It could be as long as a hundred years before the building is replaced by another type of property. 

The Chief Operating Officer of the TAS Design Build considers Toronto as a new city still. When he relocated to Toronto in 2004 from the UK, the city looked dull and distant from the bustling lights of London. However, it has since drastically changed.

Every element of life in urban areas is changing at a rapid pace. You could see a change because of technology disruption, climate-related issues as well as lifestyle changes. As the city of tomorrow is rapidly evolving, many developers are currently deciding what the future residents of Toronto will be like.

Taking Chances and Making Long-Term Investments

In the 90s, Blockbuster was king and phones were wired into the wall.

The new “live, work, play" trend in the residential development realm (known as a mixed-use community or 15-minute city) wasn't even on the radar back then.

A significant North York site was originally planned for commercial development but a downturn in the office sector prompted the developer to rethink their concept. Empress Walk is a sprawling development comprising 1.5 million square feet that offers the best in entertainment, retail, and condominiums. The area exploded from a "quiet sleeping community" and became a "bustling urban centre."

Menkes Development refers to it as “the first instance of a mixed-use living complex in the Toronto market.”. Making Empress Walks the predecessor of the current “live, work, play” trend.

Further, Menkes adds that an important element of our ability to predict the future trends in design and lifestyle is the complete-service nature of their business and involvement in every aspect in real estate construction.

For instance, Menkes manages the property of their condominiums and are able to remain active in the daily ongoings. They are able to observe what amenities their clients use and any feedback received. This provides them with great insight into the way property demographics change over time, and which segments of the buyer market see growth or decline.

Community, Stakeholders, and Experts in a 'Ongoing Dialogue'

A long-term commitment, which includes access to capital over the long term is just two of the key elements to what is perhaps one of the most futuristic companies in the GTA, the 500-acre development of Downsview. You can expect the construction to last for more than 30 years. It will take place in phases, with each taking advantage of the success of previous ones.

Northcrest Developments’ Executive Vice President of Public and Corporate Affairs, Christopher Eby believes that they are a part of a Canadian pension plan. So, they have a long-term perspective, and many private sector developers, especially smaller ones, have to make immediate returns.

The long timelines and the solid funding seem just a base but the Downsview development requires big ideas that will last.

Ebay further adds that they cannot see into the future with assurance. However, what they are doing is engaging not just local residents as well as local stakeholders, but experts and thought-leaders in health, education and urban design with sustainability.

And there's a continuous dialogue with them. They are always taking a look at how other cities are doing and what the most recent trends are, and also issues like energy, and sustainability.

The stakes are very high for long-term development as technology is rapidly changing and climate change poses issues that require innovation and affordability. Moreover, diversity and inclusion are now important issues. 

What Do You Think the Future Will Look Like?

According to Neil Vohrah, TAS is an “impact company”. Everything else is secondary. That means they utilize real estate as a tool to build connected, loving communities.

The TAS's 2 Tecumseth Project is among the last opportunities to revitalize the downtown core. The future of this project will include around 1 million square feet of mixed-use developments, including condos, rentals, and affordable housing. The commercial, retail, community and events spaces will complement the area largely. 

What will Toronto's and GTA's future appear to be? Vohrah would like to see more connections between neighbourhoods by using public transportation architecture, cycling paths, walking paths as well as green spaces. 

If you compare Toronto with other European cities, Toronto looks separated from the other neighbourhoods. Vohrah points out how wonderful it would be to see it becoming more interconnected.

The past generation moved to the suburbs for the sake of raising their children. But Eby believes that the future community may prefer - and Downsview could provide an urban-suburban blend that's lively and exciting, yet sufficient and cosy for families.

Menkes thinks that the market will move outwards. Torontonians are looking for more outdoor space. Newer developments have taken steps to meet this demand through the "resort-like" waterfront projects Sugar Wharf, Mobilio and Festival, located in the upcoming Vaughan Metropolitan Centre.

The President of Spanier Group, Rob Spanier says that the suburbs will begin to take on city-like features, like local downtowns and diversified amenities. He says that carefully curated shopping options give the final touch with an overall feel of a neighbourhood to the new developments.

Spanier believes that these are the only pieces of the larger picture that will be the key to distinguishing between common neighbourhoods and vibrant communities. What is the best way to put these pieces together? Does it make sense for those who would like to work, live and play in this area? Does it make a lasting impression?

He says that it is about having a keen awareness of trends, and the people. It's crucial to be a bit bold, make a substantial investment, and pay close attention to the facets of the area not just the commoditization of the developments. When we talk about major future real estate trends, it's going to be all about the place.

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