When talking about accommodating large numbers of a city’s residents while still aiming for more affordable prices, vertical cities are often mentioned. When a city’s borders cannot be expanded land-wise, high-rise buildings allow for the expansion of cities vertically.&nbsp;These buildings are intended to include housing primarily, but also other services that people are able to access all within in block. Healthcare, shopping, offices, and homes are now being stacked on top of each other. With already 37.6% of Torontonians living in condos, the concept of a vertical city does not seem too absurd. Less and less people in urbanized places are living in detached homes; condos are becoming a prosperous property type for all types of homeowners and investors. However, do experts think vertical cities will serve the residents common good? Today, we will discuss whether the idealistic vertical city will improve quality of life and affordability for city dwellers.&nbsp;Attached to the idea of building a city vertically to reduce space is the 15-Minute City. As the name suggests, 15-Minute Cities are spaces that include all services and resources residents will need within a 15-minute walk. Un-walkable cities are an overwhelming North American concept. Many European cities are even hostile to cars. If they can do it, why can’t we? With goals to decrease carbon emissions, encourage people to choose walking or cycling to driving, and increase convenience, the 15-Minute City looks promising. How can this help residents through real estate, specifically?In order for the 15-minute city to be economically viable in Canada we will need to dramatically increase density in our cities. It is not feasible otherwise. This means that we will have governments open and actively encouraging policies that allow for vertical expansion. However, beyond policy, they will also need to radically change the way that infrastructure is built in Canada. Not a tweak. Not a small push. A fundamental change in the speed and cost of infrastructure delivery. Failure here will have a devastating impact on the success of the cities and place a significant burden on our country.&nbsp;The benefits of walkable cities, or vertical cities for that matter, for the real estate sector, involve city prices. To accommodate thousands of people in one building, more condos will have to be built or existing buildings must be expanded. The result will be a boom in inventory in a small area.&nbsp;For condo investors, the walkable city model may be just what you need. Increasing inventory and services within a neighbourhood will promote accessibility; more homes close to schools, grocery stores, retail, hospitals, and more, make lives easier, therefore increasing demand. With condos generally being a prime investment, the 15-Minute model opens the door to a new world. Vertical cities guarantee that all condos can be considered a “prime location”; being close to everything you need, all spaces are appealing. For investors, the resulting increase in property value from these models are promising.&nbsp;This urban style cannot be achieved just anywhere. Canada’s largest communities are rapidly expanding due to immigration from outside the country and migration of Canadians from other provinces. Toronto, as Canada’s current most dense city, will continue to benefit from these migration patterns, growing even more; this allows for a transformation, by opportunity and possibly necessity, to a vertical city. Canada is on pace to admit close to 500,000 immigrants annually (at least for the next 3 years), with most ending up in major urban areas. With population expansion exceeding urban expansion, especially in a country with population density as low as it is, vertical cities and condo living may just have to be the future of Canada’s city life.We support freedom. A 15-minute city that imposes penalties and costs on individuals that venture beyond its boundaries is a non-starter. You must be free to travel if you wish. The plan with a properly built vertical city is that you may not want to.

Vertical Expansion and the Walkable City

The 15-minute city concept can be incredibly beneficial for Canadians. We need rapid policy changes and radical change in the way we build infrastructure

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