Higher taxes on land transfers and empty homes won\u0027t pay for the spending Olivia Chow wants, writes Jack Mintz. Read more.
That’s not all. In addition to growing slowly, the city’s population is aging, with 16.5 per cent over 65 today compared to 15.7 per cent before the pandemic. And with young families moving out of the city, the number of children under 14 is down 1.2 per cent since 2019 — though it’s rising elsewhere. Despite higher land values, property assessments have grown roughly half as quickly as in the rest of the GTA.
As if these trends were not disturbing enough, Toronto’s downtown is facing the same downward drift as San Francisco, New York and London. With businesses becoming accustomed to new hybrid arrangements that allow employees to work at home for a good chunk of the week, fewer workers are making daily commutes to downtown. Transit ridership, though improving, is still well below pre-pandemic levels and the transit corporation’s deficit is $1.4 billion this year, a major financial drain.
Mayor-elect Chow wants to improve bus and subway ridership by restoring cancelled runs and providing free Wi-Fi, but that will cost a lot unless ridership recovers further. And she courts controversy by wanting to build more bike lanes everywhere and tear down the lakeside Gardiner Expressway in favour of a ground-level boulevard. The resulting increase in traffic congestion will be another reason to avoid downtown.
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