Toronto’s New Mayor!
As you know, last week the city held an election to choose a new municipal leader; due to the resignation of outgoing mayor John Tory. Candidates ran on platforms focusing on a few key issues that carry a huge importance when it comes to how the city operates: Taxes, Housing, Transit, Public Safety, and Public Health (to name a few).
After all the votes were tabulated, the city elected Olivia Chow (NDP) as its newest mayor. Congrats to her on her win! She has been a fixture in politics for quite some time and now she will be tasked with running the country’s largest city.
Toronto’s new mayor - Olivia Chow
Now, full disclosure, she was not my top choice. As a resident of Ward 9-Davenport, I have seen many west end neighbourhoods flourish during the time Ana Bailao (mayoral candidate) was councillor. I thought her platform was sensible and realistic, and as someone who could play nice with both sides of the political spectrum I felt she would be a great leader for the city. After leading the early polls she fell just short of Olivia Chow in the final tally.
But i digress. Olivia Chow is our new mayor, so I will highlight some of her plans regarding housing and transit; two issues that are of great importance to me and the city at large.
One of Olivia Chow's key campaign promises was to address the issue of affordable housing in Toronto. Her commitment to increasing the supply of affordable housing units could have a substantial impact on both renters and first-time homebuyers. By implementing policies that encourage the development of affordable housing options, Chow aims to create a more inclusive and accessible market.
That’s great! We would all like housing to be more affordable for all residents. But how realistic are these goals? With the cost of building/developing being so high, I doubt developers will be lining up to build new properties that are purpose built rentals. Chow has also promised to build 25,000 homes on city-owned land (oh?) in the next eight years. Those homes would be developed by the city as well (OH!), with a minimum of 7,500 affordable units and at least 2,500 units to be rent-geared-to-income. And how will the city be paying for these new homes? I think you already know the answer to that question ;)
As I’ve mentioned in previous posts, the number one issue in regards to higher home prices are purely economical. Very limited supply of housing, and massive demand for home ownership. 7,500 new units could/should help some, but just last year the city welcomed in approximately 150K new residents via immigration alone. Our rising population and continued lack of housing supply is the real issue here.
And how will the city’s almost 3 million residents travel throughout the boroughs? I maintain, that the city’s transit infrastructure is atrocious and it is the ONE thing that prevents Toronto from being as great of a city as it should be. There are no simple fixes for this issue. Decades of poor planning and half assed solutions have led to an inefficient mix of subways, LRTs, buses, and streetcars. The subway lines only service a few key areas; if planned correctly from the jump, they would service the entire region (ugh!). Streetcars and buses share the road with cars, leading to brutal levels of traffic congestion and delayed service for riders. For a city of this size, the fact that so many of us still use a car to get from A to B is a problem! An efficient transit system (a la NYC, London, Paris, etc) is the solution to a lot of the city’s problems; especially when it comes to affordability. Bike lanes are also being implemented on many major arteries, and honestly, I wouldn’t have a problem with this if we had an extensive and well-run transit system that eliminated the need to still own a car. I really could go on for days about this topic but let’s look at how Olivia Chow plans to address it.
The following excerpt is from a CP24 article written by Katherine DeClerq:
Chow has promised to build a dedicated busway to replace the decommissioned Scarborough RT to the tune of about $60 million. She said the funding would come from replacing the Gardiner Expressway with an at-grade boulevard between Cherry Street and the Don Valley Parkway rather than rebuilding the roadway. More widely, she has committed to “reversing the recent service cuts” made to the TTC, ensure cell service is available to riders, and make sure public transit is “fast and reliable.”
Personally, I think these are just more of the same half measures that won’t really solve any real transit issues — but, at least she has a plan. Efficient transportation systems and well-planned infrastructure are essential for any thriving city. To be sure, Olivia Chow has shown a commitment to improving public transportation options by attempting to reduce congestion. By investing in expanding public transit networks and promoting alternative modes of transportation, Chow's policies could have a positive impact on the real estate market.
In regards to the city’s transit systems, we may be too far gone at this point to truly fix it. A complete overhaul/construction project would be too costly and disruptive. No major political candidate would even dare to suggest it. For what it’s worth, I don’t think any citizen would put up with it either as there’s enough traffic and disruption on the roads already. So (much to my chagrin), it seems we will just have to live with our woefully inefficient transit for the rest of eternity.
City Hall
Olivia Chow's mayoral win marks a new chapter for Toronto's real estate market and overall economy. Her progressive policies, aimed at addressing affordable housing, sustainable development, transportation, and supporting small businesses, have the potential to shape a more inclusive and prosperous city. Although the long-term impact remains to be seen, investors, homeowners, and residents are hoping for an era of change and growth under Chow's leadership. As Toronto embraces this new vision, collaboration and adaptability will be crucial to maximizing the positive effects of these transformative policies.
