The financialization of Transit Oriented Development in York South Weston, Toronto, Ontario

Abstract

Transit-Oriented Development (TOD) is a form of planning that has dominated the discourse around sustainable development in cities. Where transit investment is met with higher density housing and commercial land uses, there has been little attention given to the actors who participate in this form of development. This thesis aims to explore the link between TOD and the financialization of housing, commercial land uses, and development in general. The purview of this study is based on the presence of the new Line 5 – Eglinton Crosstown, a new Light Rail Transit line in Toronto, Ontario. The line passes through a ward in the city that has various indicators suggesting various social issues, York South Weston (Ward 5). In this area, there has been material development activity to warrant discussion on who TOD really serves.

This study is based on quantitative and qualitative information available pertaining to developments and properties in proximity to the new transit line. Using City of Toronto development information, information about the Landlords and property owners who have submitted development applications in and around the transit line is analyzed, with various factors considered. Additionally, information about REITs and other financialized players (Private Equity, Development companies, etc.) is analyzed to determine if there is heightened activity related to TOD in Toronto, and potentially within York South Weston. The findings from this study aim to add to the discourse on TOD and namely if financialized players view this style of development as favourable and profitable. The main research questions are centered around how TOD affects lower income people in these areas, and what can be done to curtail any intended or unintended negative externalities generated.