I recently had the opportunity to interview urbanist Richard Florida on my Toronto Under Construction podcast. While this discussion delved into urbanism and gentrification, it also offered new-home buyers a unique lens to understand the city’s potential and the key issues shaping its development. Florida is the author of The Rise of the Creative Class, which focuses on how the “clustering force” of young creatives and tech workers in metropolitan areas led to greater economic prosperity. He’s also on the faculty of the University of Toronto and a former senior editor at The Atlantic.

As a native of New Jersey, Florida has had a different perspective on Toronto, arriving here as an expat in 2007 with his wife from Washington, DC. In his opinion, Toronto’s growth has been nothing short of extraordinary. As he puts it, the city has become a global hub for innovation and creativity, from its vibrant neighbourhoods to its diverse cultural scene. However, in noting this, he does observe issues as well. “Toronto is one of the world’s most remarkable cities – its diversity, talent and creativity are unmatched.”

Engine of urban economic growth

Seeing the city with the fresh eye of a newcomer, he could see its potential, and it drew to the namesake of his most famous work, the creative class. He calls the creative class “the engine of urban economic growth,” which is evident in its thriving arts, tech and entrepreneurial sectors. To Florida, they can choose amongst so many locales: The charm of Kensington Market or the family-friendly vibes of Leslieville. Toronto’s neighbourhoods offer something for everyone. The creative class brings a dynamic quality that draws more of itself. However, this surge in popularity, especially among those with youth and talent, causes housing prices to rise. He noted that to remain competitive, Toronto must address affordability and infrastructure challenges head-on. “The very things that make Toronto attractive – its culture, diversity and talent – are at risk if younger generations can’t see a future here.”

Despite these legitimate concerns, Florida remains a steadfast advocate for this city, believing a city full of promise for new-home buyers. Its vibrant culture, world-class amenities and strong job market make it a magnet for talent from around the globe. “Toronto’s brand is its openness and diversity. That’s its superpower.” He further notes that for those exploring new home options, the city’s ongoing investments in transit, including the Crosstown LRT and expanded bike lane networks, signal a shift toward more sustainable urban living. There is a push towards acceptance and embracing higher density and spaces where cars aren’t as prevalent.

Ambitious projects

Toronto’s skyline continues to evolve with ambitious projects reshaping its urban landscape. For example, the revitalization of Ontario Place promises to blend public and private investment to transform the waterfront into a vibrant destination. Despite some controversy, Florida believes such projects are vital: “These developments inject life into the city and create spaces where people want to live, work and play.”

He notes, however, that while innovative projects are critical, we must remember the unique tapestry of this city that brought us here. Places such as Kensington Market, which are challenged economically and by the forces of economic change. “It’s about balance,” says Florida. “We need to meet the housing needs of a growing population while respecting the cultural fabric of these communities.”

Ultimately, it’s nice to see, even through the eyes of a newcomer, the force this city has. Although there have been recent challenges, there is faith that the creative class has chosen a city such as Toronto, and perhaps that is why prices have risen in part. They will do anything they can to stay. Toronto needs them, and they need Toronto.