When Fan Yang’s wife became pregnant with the couple’s second child five years ago, they decided to move out of their 700 square-foot condo in downtown Toronto.
Housing that is bigger than a shoebox condo but smaller than a single-family detached home is referred to as the “missing middle.” Some observers say Toronto has been plagued with a lack of such housing for decades.
He says the 8.6-acre plot of land is on track to create a mixed-use complex including 808 residential units in its first phase, of which 60 per cent will have at least two bedrooms and are suitable for families with children.
“The status quo of doing private deals, throwing up one condo after another, doesn’t provide the answers so it’s a market failure.
Lorinc points to Toronto’s zoning rules and the 200 square kilometres within the city that is zoned only for detached single-family homes, the least efficient category of residential space.
But the clock is ticking.
Despite the latest run-up in prices, Yang is considering upsizing from his two-bedroom unit to accommodate the needs of his growing family in the longer term.