The GTA – projected to experience the fastest rate of population growth nationwide over the next 25 years (42.3%) – will benefit the most from the provincial Ministry of Infrastructure’s infrastructure investment of more than $160 billion over 12 years (starting in 2014). Fully 51% of this amount is allocated towards Ontario’s roads and transit.
“Developers are making significant investments in all types of residential and commercial real estate in locations connected with the expansion of public infrastructure that will be required to accommodate future population growth,” according to the report titled Transit Nodes of Tomorrow: Development Opportunities in the Greater Toronto Area
“Key commercial growth areas in the GTA will emerge at a number of transit-oriented development hubs where there is a confluence of residential and commercial demand, creating significant opportunities for development and investment.”
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This surge of development represents an unparalleled “time of opportunity for forward-looking commercial property owners and occupiers,” according to Bill Argeropoulos, Principal and Practice Leader, Research (Canada) for Avison Young.
“The GTA has experienced extraordinary commercial and residential growth in recent years, and that trend looks set to continue and intensify in the coming decades,” Argeropoulos added. “We are hopeful that the commitments made by private stakeholders and all levels of government will ensure the success of these plans, helping to future-proof the GTA and setting an example for achieving its long-term growth and prosperity.”
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In a newly released study, commercial real estate services firm Avison Young noted that the Ontario government’s moves to improve its transit systems will pave the way for a dramatically strengthened inbound flow of investment into the Greater Toronto Area.