The City of Toronto recently started an initiative called “Comprehensive to the Core.” It’s a look at how downtown Toronto–which is growing at 4 times the rate of the rest of the city–should continue to grow moving forward so that it remains a great place to live, work, learn and play.
Here’s a presentation that was delivered last month by the city. It’s mostly infographics and so it’s a quick and fun read. And here’s an infographic that does a nice job of summarizing what’s happening in the core of Toronto.
What it’s saying is that downtown Toronto–which they consider to be bound by Bathurst Street in the west, the Don Valley Parkway in the east, the lake in the south, and Dupont Street in the north–is responsible for 51% of the city’s entire GDP. It’s also responsible for 33% of all jobs in the city and 25% of the city’s entire tax base. And yet in terms of size, it represents only 3% of the city’s land area.
That’s a powerful reminder of the economic potential of density and agglomeration economies. It’s also a reminder that we shouldn’t let politics deprive our economic engine of the services and investments it needs.
The Vanhawks Valour smartbike has been making the rounds on the internet over the past few weeks. They’re a Toronto based startup and they’ve just raised $820,000 on Kickstarter to build and sell the first connected smartbike. The bike will eventually retail for around $1,000.
Here’s a video that explains it all. If you can’t see it below, click here.
I’m pumped to see a Toronto startup doing so well and attracting so much attention globally. I hope they continue crushing it. Good luck guys.
I have a friend in town visiting me from New York this weekend. And since today was such a beautiful day in Toronto, we decided to spend the afternoon on the Toronto Islands–Ward’s Island to be exact. The islands are such an incredible amenity in the city. I try and go as often as I can during the summer. It’s my Central Park.
But in addition to parks and beaches, many people also live on the islands. There are 262 residential properties across the archipelago. Below is what a residential street looks like. There are no cars allowed. It’s a gorgeous place.
But if you want a house on the Toronto Islands you have to get on a waiting list. There only 500 spots and it’ll probably take you about 30 years before you get to a meaningful position on that list. But even then, you’re only buying the house. The land itself is on lease.
But if we didn’t regulate, the islands would be a very different place. 262 homes is not a lot of housing. In fact, it’s less than most of the new condo buildings going up downtown. So it’ll probably always be a heavily regulated market.