How Retrofitting Creates Vibrant Cities

Retrofitting and revitalizing aging properties helps create lively communities that cater to a diverse range of residents and businesses. Avenue Living 's #retrofitting program with the Canada Infrastructure Bank/ Banque de l'infrastructure du Canada will allow us to extend the life of older, more affordable properties, delivering housing stock that meets the needs of varying demographics.

In 普华永道 ’s 2023 Emerging Trends in Real Estate report, they emphasize the importance of older buildings in creating a vibrant and integrated city and the benefits these properties offer #communities. The findings reference Jane Jacobs, a renowned author and journalist with a focus on urban studies and economics, who explored the topic in her 1961 publication: The Death and Life of Great American Cities. She theorized, “The district must mingle buildings that vary in age and condition, including a good proportion of old ones,” calling attention to the value that older properties bring to an urban landscape.??

According to the #CMHC, 90% of rental properties were built before 2000 and serve as the foundation of Canada’s rental market. Retrofitting these aging properties allows us to quickly and efficiently improve a building’s functionality with minimal disruptions to residents.??

Further, Jacobs stated, “If a city area has only new buildings, the enterprises that can exist there are automatically limited to those that can support the high costs of new construction.” Real estate of varied functions, ages, and costs creates cityscapes that meet the needs of a diverse clientele. This approach makes room for small local businesses, large corporations, and the people who work at or frequent them.???

Approximately 40% of renters belong to the workforce housing demographic, representing the largest number of renters who drive significant demand. As workforce housing owner-operators, we understand the importance of quality, affordably priced housing in reasonable proximity to the workplace. That’s why we look past the flashy downtown high rises and focus on the assets that cater to the everyday North American.??

#Affordability enables #diversity by creating communities where an inclusive spectrum of individuals and families can live and work. Without a variety of different real estate offerings that serve a range of needs and budgets, a neighbourhood loses the diversity that makes it dynamic and lively.