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Commercially zoned properties for lease or sale seem to be in abundance around the city. Agents market these properties as ideal for development (meaning condo’s or townhouses) if they are in or adjacent to residential areas or have existing rezoning applications in process anticipating that the only demand is to be rezoned residential as discussed in the Aug 11 streetlevel post below.
But this movement of residential ownership is not merely movement but a gentrifying process in which morphs from self-perpetuating to a snow-ball effect. That is, movement to the finite space of the city (less so for vertical residences which increase in number and size) increases demand over supply forcing prices up and spreading high-demand areas into their formerly less expensive neighbours. Low income people are compressed into smaller or outlying areas while new owners of newly high priced land make it increasingly difficult for their commercial neighbours who they find themselves rubbing up against.
Posted By David