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The Effect Of Changing Distance From Toronto's Central Business District On Parking Prices

3643 words - 15 pages

IntroductionToronto, Ontario, Canada is one of the most culturally diverse metropolises in the world, with a population of over 4 million people, and a downtown area wielding much of Canada's financial, political, and educational power (United Nations). With many attractive factors, such as business and employment opportunities, entertainment and shopping districts, and the availability of transportation in such a small area, downtown Toronto is quickly becoming very densely populated, with a population of 670,000 people in an area of under 100 square kilometers (Statistics Canada). This population density of over 7000 people per square kilometer will in turn affect demand for housing, services, and parking (Statistics Canada). A fundamental concept of economics is that as demand for a good or service increases, the price of the good or service will increase as well (Parkin). Therefore, in an area with more people living in it, the demand for parking will be higher than a less densely populated area. As a result, the most densely populated area of the city will be the most expensive. In Toronto, this location is the downtown Central Business District (CBD) area, meaning the highest prices for parking will be located inside of the CBD (Wakefield). One of the prime commercial locations in Toronto is the intersection of Yonge Street and Dundas Street, (heretofore referred to as the YDI) which is surrounded by instantly recognizable retail stores, major shopping centers, restaurants, and skyscrapers; all are features that make the intersection truly valuable, at least in the geographic sense. As one moves away from the YDI, however, the height of the buildings decreases, the frequency of recognizable brand name stores lessens, and the sense of being in a densely populated downtown area rapidly diminishes. The characteristic of decreasing building height is relevant because at the core of the CBD, competition for land results in higher rent prices and businesses must therefore be more productive by maximizing land space (Waugh). On a limited expanse of land, the only way to do this is to build upwards, so taller buildings within the CBD will indicate a more economically prosperous area (Wakefield). Because of these immediately recognizable changes in the visual characteristics, it was decided to investigate if the spatial changes in the areas affected the financial aspects. Therefore, the topic selected was "The Effect of Change in Distance from Toronto's Central Business District on Parking Prices".MethodologyAll parking lots within a distance of 1.5 kilometers North and South on Yonge Street and East and West on Dundas Street will be taken into consideration in the investigation by using line sampling. The area of investigation is only 1.5 km because this study aims to determine the changes in parking prices within and near the CBD, and selecting a larger area will result in an area of investigation beyond the sphere of influence of the CBD. By...

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