By Jack Koehler, Eshenbaugh Land Company | YLG Co-Chair
In May, I had the privilege of representing ULI Tampa Bay at the 2018 Young Leader’s Exchange in Toronto. It was a rare opportunity to network with commercial real estate professionals from across the U.S./Canada while learning about the developments that have helped transform Toronto into one of the most forward thinking, diverse cities in the world. Below are some interesting facts that I picked up during the three-day event.
- The Toronto Region is currently averaging approximately 100,000 new residents a year (total population of 6.4 million). Many of these residents are not Canadian born. In fact, over 50% of current residents within the city limits were born in other countries.
- Like many other major cities throughout North America, Toronto is approaching an affordability crisis. Several sources cited condominium prices within the city reaching upwards of $2,000 per square foot.
- Canada has an interesting approach to affordable housing, what they call Social Housing. Two programs were discussed during our tours: 1. The tenant(s) pay 85% of the average market rent for the unit OR 2. The tenant(s) rent is set to 30% of annual household income (minimum of $85 per month).
- There are over 93,000 Social Housing units within the city with several thousand more either under construction or in planning.
- Over seven million square feet of office is currently under construction with over 15 million square feet in planning/permitting.
- Due to an estimated one million migratory birds dying per year as a result of window collisions, all windows up to six stories must be dotted.
- Toronto utilizes many forms of mass transit such as subway, buses, light rail, and ferries. Hopefully, Tampa will find ways to effectively implement these transportation methods in the near future!
Jack Koehler, Eshenbaugh Land Company | YLG Co-Chair
ULI Tampa Bay’s Young Leaders Group (YLG) is for ULI members under the age of 35 who want to be actively involved in shaping the future of the real estate industry in the area.
The Young Leaders have an active program calendar in addition to regularly scheduled ULI Tampa Bay events. Contact firstname.lastname@example.org for more information on how to get involved.