Yesterday morning I went cycling in High Park to try and condition myself for the Bike for Brain Health ride that I have coming up. The Park is such an incredible amenity and I love being so close to it. Of course, before I set out, I turned on my Apple Watch and Garmin computer so that I could track it all in Strava. This has become such a big part of cycling (and working out in general). We're all data obsessed. Everyone wants to track their route, their speed, their heart rate, and whatever else.

The result is that Strava collects mountains of data about the way people actively move about in cities — data on everything from cycling to backcountry skiing. Some of this aggregated/anonymized data is available to the public via their global heatmap, but much more of it is available to urban planners and active transportation groups around the world. In fact, this is part of what Strava does: they help city builders. Here are some urban case studies spanning Rio de Janeiro to Park City.

Looking at central Toronto, our heatmap looks like this:

What is immediately noticeable is that cyclists will go where they feel safe. And that generally means streets with dedicated bike lanes. Looking at the above map, you can see that some of the most popular north-south routes are Shaw Street, Beverley Street/St. George Street, and Sherbourne Street. All of these streets have dedicated bike lanes. In the east-west direction, it's also clear that Bloor Street and Danforth Avenue form a hugely important crosstown artery. It is widely used from Etobicoke all the way to Scarborough.

At the same time, these maps start to show where there are broken links in the network. Annette Street and a portion of Dupont Street are, for example, widely used until you get east of the Junction Triangle. Then it falls off. This is unsurprising because it's a stretch of Dupont that isn't very friendly to cyclists. I know I certainly try and avoid it. Instead, we see that cyclists seem to be shifting northward to Davenport, which has a nice bike lane.

This is just one example, and I'm sure there's a lot of other takeaways that can be gleaned from Strava's data. So if you're a city builder and you aren't already leveraging this dataset, you may want to consider applying for a Metro Partnership. I'll be sure to continue doing my part and feeding it data about my laps in High Park and my stops for burgers and croissant sandwiches.

Salt Lake City has two recently completed luxury multi-family developments. Or perhaps I should say, at least two.

The first is The Worthington by Chicago-based developer Convexity Properties. It has 31 floors and 359 apartments. Leasing started last summer and seems to be going well.

The second is the Astra Tower by Kensington Investment Company, which is being managed by Greystar. It has 41 floors, 377 apartments, and is 451 feet tall, making it the tallest building in the state of Utah. Construction was completed at the beginning of this year and, according to Building Salt Lake, it's already about 30% occupied with full stabilization forecasted for summer 2026.

It's interesting to compare these projects to multi-family developments here in Toronto.

First of all, the reported average rent for Astra is US$3 per square foot, which works out to ~C$4.19 psf for us Canadians at today's exchange rate. I would say that this is at least ~15% lower compared to where I would expect most Toronto developers are underwriting new projects. This suggests to me that it's more cost effective to build in SLC.

The product is also different. On Astra's website, they have two virtual tours.

The first is for a studio apartment at 554 sf and the second is for a one bedroom at 788 sf. These are meaningfully larger than new apartments in Toronto. Here, the first would have to be a one bedroom and the second would be at a minimum a one bedroom plus den, though probably a two bedroom.

Every market has its nuances. In the case of SLC, the model suites appear to be very clearly competing with low-rise housing. The one bedroom has a dedicated entrance foyer, there's a separate dining area, and the bedroom has carpet, among other things. It reminds me of earlier multi-family vintages in Toronto.

Of course, one really unique feature you get here is views of the Wasatch mountain range (see cover photo above). It's a special feeling being in an urban center where you have mountains all around you, and it's one of the primary reasons why an increasing number of people are being drawn to Utah.

Congratulations to the team on successfully completing such an ambitious project. It's exciting to see SLC continue to grow and urbanize.

Cover photo via the Astra Tower

Last month, the UK ended its non-domiciled tax regime. This change had been announced in 2024, but its effective date was April 2025. The way this program worked was that if you lived in the UK but were "domiciled" somewhere else, you could limit the amount of taxes that you had to pay in the UK.

Only income and gains earned in the UK and foreign income and gains brought into the UK were taxed. If foreign income stayed abroad, it was not taxed. There was still an annual charge for long-term residents of the UK, but at a high level, this is how the tax regime worked.

The advantage for a rich people is that they could decide to reside in the UK because, hey, London is pretty cool, but at the same time they could nominate a lower-tax country as their domicile. For non-rich people, this became a controversial program, and so it was swapped for tax regime based on residency.

The reason I mention this is because it seems to be having a direct impact on Milan's real estate market. Since 2017, Italy has had a flat tax regime that allows new residents to pay a fixed annual tax rate of €200,000, regardless of how much money they earn abroad.

This has proven to be attractive among rich people and, between 2017 to 2022, the program attracted 2,730 individuals according to the Financial Times. But then the UK made its change and so Italy decided to colloquially rebrand its program to "svuota Londra", which translates to "empty London" in Italian.

It became about taking direct advantage of what the UK had done. And it seems to be working even better. In 2024, approximately 2,200 high-net-worth individuals relocated from the UK to Italy, with Milan being the primary destination. This has created a notable uptick in the luxury property market — more transactions and higher prices.

Whether you agree with these policy decisions or not, they will have an impact on the fortunes of London and Milan going forward. In 2023 alone, it is estimated that individuals holding "non-dom" status in the UK paid almost £9 billion in taxes and contributed to the creation of some 44,000 jobs.

Part of this is now flowing south to Milan.

Note: None of this is tax advice.

Cover photo by ANASTASIIA BUCHINSKAIA on Unsplash