Trending in Toronto: Mixed-Use Developments
The newest trend in the Toronto housing market is mixed-use developments.
In order to fuel the development of housing, the City Of Toronto has been offering developers incentives and initiatives for new builds and renovations. These include fast-tracking approvals on plans, offering more public and city owned land to build on and changing the zoning on current buildings that developers want to revamp. This is how mixed-use housing was born.
Mixed-use housing is a strategy for developers to build communities that are more affordable to renters by mixing them with commercial spaces. This could include ground-level retail storefronts or designated office space on the upper floors of a building. These areas will allow residents to work, eat, play and live in a dense urban environment.
More and more Torontonians are opening themselves up to larger communities localized in smaller spaces. Multi-use housing is the way forward, offering residents a sense of community that they may not find in a regular apartment building. Including everything from outdoor public spaces to shops, restaurants and gyms, all within a short walk of where people live and work, these developments help redefine city blocks. With 50 of these versatile developments already at the occupancy stage in Toronto, mixed-use developments are only expected to grow in popularity.