If you are tired of showing up for home inspections and seeing eighty other people there, you can breathe a sigh of relief: GTA is predicted to become the fastest growing region of Ontario in the next 25 years. And while this is partly influenced by the fact that there will be an increasing number of people looking to buy housing (hello millennials!), it is also predicated by the fact that there will be an increase in housing and infrastructure. And it is supported by the largest infrastructure investment in Ontario’s history: more than $160 billion over 12 years. Here is some insight into what this rapid growth will mean for the GTA:
Much of this considerable financial venture will be devoted towards improving roads and transit, whereby new public transit development will be carried out in four significant commercial growth areas. Not only are these areas major thoroughfares of high volumes of people, but they have been identified as showing the biggest need for increased access and ease of movement. These include East Harbour, Vaughan Metropolitan Centre, the Pearson Transit Centre, and the Hurontario Light-Rail Transit corridor.
With transportation covered, and improved ease of access occurring between the CBD and the suburbs, you will soon start to see new metropolitan hubs and nodes appear on the map. And this is the same place you will start to see developers increase investment in residential and commercial real estate. New housing opportunities will be erected to meet the needs of a growing population, a sprawling city, and a demand by a selective demographic, arguably never experienced in history the same way before.
What does this mean for future homeowners or those hungry to hit the house hunting market? You can expect smaller, more compact spaces that may be lower in square footage, but maximal on efficiency and convenience. They’ll be outfitted with top of the line technology and appliances, trendy in-house services and amenities, and likely with lots of neighbors: the increase in condominium sales and developments shows the growth will probably still keep moving vertical to increase the density of the area.
With new transit and new real estate developments, the growth in the GTA sounds like a win all over, especially for those who are eager to enter the housing market and take full advantage of the exciting expansion plans.