In TORONTO, downtown-dwelling millennials now make up close to half the population. They’ve largely abandoned cars, take public transit, have fuelled new office and condo development, and are driving urban renewal in Canada’s largest city.
In a 10-city study by commercial brokerage firm CUSHMAN & WAKEFIELD, city cores from Mexico City to Manhattan, Chicago to Washington, Boston to San Francisco, Miami to Atlanta, Los Angeles to TORONTO are exploding with an influx of millennials (those born between the early 1980’s and late 1990’s. They want to live close to work and the action. Because of gentrification and the high cost of housing in the core, some families and the urban poor are being forced to move further out to the fringes. Critical transit improvements are needed in most of the world’s major cities. They’re being hobbled by red tape, too many impact studies, NIMBYism and a lack of funding, the report says.