While the Toronto economy is producing jobs at a prodigious rate, there may not be enough room in the city to accommodate them, a new report reveals.
According to a report from the Canadian Urban Institute and Real Estate Search Corporation, approximately 15,000 new jobs are expected to be produced for the financial services sector between now and 2015. However, based on building projections and vacancy rates, there aren't enough developments to house these jobs, particularly in downtown Toronto.
Jeff Orlans, chairman of the Toronto Office Coaltion, the organization the report was prepared for, said the ramifications could be significant.
"What this means is that those jobs will go to car-dependent locations outside the 416 region, adding to existing high levels of congestion," said Orlans.
To ameliorate the issue, the report urges provincial planners to amend Ontario's growth plan and expand the number of tracts of land designated as growth centers.
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