It’s January of the new year. While there are many things to be optimistic and hopeful about, from a real estate perspective, January is a tough month. Things are slow, supply is even more scarce and things can seem helpless. But that’s just January. Coupled with the state of the market in Toronto, things can seem bad but don’t fret too much. Plenty of good things are on the way.
We’ve talked a lot about Toronto’s housing crisis and its ‘missing middle’. These are important issues that affect us all whether you’re renting in the city, looking to purchase your first property or a seasoned speculative investor. There are a number of creative solutions that have been proposed to alleviate the burdens of the housing crisis but more needs to be done. We’ve explored many creative solutions including Laneway Housing a few weeks ago to purpose-built co-ownership and cohousing projects. We have concluded that a combination of all creative solutions as well as amendments to zoning laws need to be implemented. Today we will look at a new proposal to combat the housing crisis in the city, the Hi-Lo Hybrid.
The Hi-Lo Hybrid is a development proposed by PHAEDRUS Studio, a Toronto-based design and architecture studio. The Hi-Lo Hybrid is a project that boasts five levels that includes a mix of residential, retail and live-work space all encompassed in a narrow lot and laneway of a single-family home. It will be located on a heavy transit main street in Toronto and will have enough space for either four 3-bedroom units or eight 1-bedroom units (or a combination) on the upper floors. The ground level will be reserved for retail and live-work space.
This style of project is fairly common in regions across Europe and North America but Toronto’s archaic zoning laws make it almost impossible to construct on the majority of its major streets that would benefit most from it. Toronto’s high demand for increased density among its existing areas is often met with resistance. As we mentioned in our article, Toronto’s Missing Middle, the Yellow belt, a 250km area of single-family homes that are strictly zoned as low-rise residential buildings only, would benefit greatly from such a project.
A project such as the Hi-Lo Hybrid allows for an option for higher density housing without resorting to high-rise, and often over-priced, condo towers in many of Toronto’s main strips. Toronto needs higher density planning and with laneway housing alternatives and projects such as the Hi-Lo Hybrid, we may be able to achieve it without sacrificing our views and skylines.
We at GoCo look forward to new developments such as the Hi-Lo Hybrid. These innovative architectural designs are also a segue to more opportunities for co-ownership. Find out more about the Hi-Lo Hybrid and PHAEDRUS Studio here.