If you’re a millennial hoping to build your life and grow a family within the city, you will likely know that Toronto’s condo boom is also in short supply of family friendly units.

While developers have spent the past decade or so building smaller condo units with single folks or investors in mind, a 2017 housing report by Ryerson University and Urbanation points out that developers and city planners need to look at the changing demographic landscape to help guide the housing development of tomorrow. The report notes that as millennials mature and begin to raise families and as baby boomers age and decide to move out of their homes and into condos, the city will require more family-oriented housing units for these groups.

Yet condos are getting taller and smaller overall. Proportionately speaking, developers are building fewer two-bedroom condo units than ever before. The size of so-called family units is shrinking when compared with, say, a three-bedroom condo from a decade or two ago. Many condos buildings are towers, and as such, considered unliveable by some. At the same time, affordability has also taken a hit. For example, in 2007, the price gap between a detached house and average condo was $205,000. In 2017, the difference jumped to over $600,000.

The report titled Bedrooms in the Sky calls for a shift in how developers meet the housing needs of the future and the so-called “missing middle” housing options that fall somewhere in between a detached home and small condo apartments.

Toronto, Ontario, Canada

“This missing middle includes low-rise walk-ups and stacked townhouses that can infill low-density neighbourhoods predominated by single-family homes,” says the report. “Mid-rise buildings can also help bridge the gap between detached houses and small apartment units. Mid-rise buildings tend to include larger units and can be more attractive to families than high-rise buildings due to their moderate scale and better integration into existing communities.”

At the time of the report’s release in November, 2017, just three per cent of condos slated for development in the GTA were in buildings under five storeys and only seven per cent were for five to eight storeys.

Buildings under six storeys can be built using wood-frame construction, a feature offering developers greater flexibility, according to the report.

Building bedrooms in the sky for growing families may be the way of the future for those who want to own property in the GTA. In order for families to stay put, developers need to make condos that are spacious and family friendly. That requires political will and the recognition that if condo prices continue to climb, good families will be forced to relocate outside the city.

Don’t let the naysayers bring you down. There are still numerous ways in which to invest in real estate in the GTA.

Investments come with certain rewards and risks so it’s important to go in with your eyes wide open. How risky, how accessible and how difficult or easy depends on your resources and your tolerance level.

Given the city’s escalating real estate prices, making a quick buck in the market is not as easy as it once was. But that doesn’t mean earning a profit on your holdings is a product of a bygone era. You likely need to be in it for the long haul.

An ideal scenario would give investors a positive cash flow in which your investment property spikes in value and your dream tenants never squawk about helping you pay off the mortgage. In today’s market that would be the stuff of dreams, however. Investors in Toronto are lucky to break even on their outlay. Your cash flow, which is the amount you keep after collecting rent and paying the expenses on your property, may see you recover your costs. But if you’re looking to fund your kid’s university education or a vacation home this may not be for you.

Let’s look at the types of investments that might be right for you:

Income Property

These are typically detached and semi-detached homes that have been converted into apartments. Houses in the city typically grow in value greater and faster than do condos so that’s an argument in their favour. You should be able to at least balance your expenses against your income and – who knows? – maybe realize a positive cash flow. Of course, know that you will have all the headaches that come with renting out a space, too.

Condos

These investments are hot, hot, hot right now. But condo investing likely means a more long-term proposition. Thanks to the city’s very low vacancy rate, landlords have the upper hand and can pick and choose from a list of preferred tenants. The maintenance and all-round work of keeping a condo in good repair is significantly less than with a freehold house. Their appreciation levels over time are also respectable.

Commercial Property 

These are often also known as mixed use properties as they have a mix of retail, office and apartment space. A big reason to invest in these properties centres on earnings, which are generally higher than that of residential buildings. Other bonuses include the pride retail and commercial business operators take in their businesses. The leases you negotiate with commercial tenants can be attractive, too, as the onus is often on the tenant, and not the landlord, to pay the expenses associated with the space. On the down side, there is more work involved with managing a commercial property, you will likely need more upfront funds for your investment than with a residential property and there is a higher liability risk as more people will be accessing the property due to its commercial focus.

There are still a few good months to go in our efforts to manage and maintain our lawns and gardens.

While simply keeping on top of your vegetable garden and grass trimming can be work enough, August is a good time to get to know your garden a little better. So let’s explore those vaguely familiar, weird-sounding lawn-and-garden chores that you can begin applying. Who knows? Maybe you’ll find one you really like doing.

Deadheading:

This, quite simply, is the process of removing dead or dying blossoms from flowers and shrubs. The purpose for doing so is that it encourages the growth of more blooms.

Aerating:

This process pokes small holes in your grass so that air, water and nutrients can more easily penetrate the grass roots. This makes your grass stronger and greener.

Dethatching:

If healthy grass is important to you, you may want to take this step. Thatch is that layer of dead grass that sinks down into the soil line. As thatch builds, it prevents water and nutrients from leaching down into the roots.

Aphids:

These small insects are likely not an avid gardener’s favourite creature. Aphids suck sap from plants and they can cause heavy-duty damage to plants, shrubs and crops.

Biodegradable:

This word applies to natural substances that break down or decompose quickly thanks to the work of microorganisms. Food, leaves, wood, paper and cotton are all examples of biodegradable products.

Dibble:

These smallish tools might save your finger nails as the point makes holes in the ground for seeds, plants or bulbs.

Heirloom:

When plants are called heirloom, this refers to old fruit, flower and vegetable plants that have been grown by gardeners and farmers since before World War Two. These plants are generally grown in small-scale operations.

Hydroponics:

This is the art and science of growing plants without soil.

Irrigation:

This essentially means delivering water to your lawn and garden. When you sprinkle water on your flowers, whether with a watering can or hose, though there are many other methods, you are irrigating.

Symbiosis:

This is the relationship that occurs when life forms interact with each other. Sometimes it is beneficial, sometimes not. For example, marigolds release a chemical that wards off a type of worm. Beneficial, right?

Succulent:

All the rage right now, this often thick and fleshy type of plant retains water in dry climates.

Xeriscaping:

This is a type of water-saving garden that works well in drought conditions. Native flowers, plants and shrubs are ideal for this as they are accustomed to our climate. These gardens tend to be less maintenance and attract birds and beneficial insects.