Posted AT 4:41 AM EDT on 15/06/05
Business flees Toronto for suburbs, study says
Toronto is in danger of becoming "a bedroom community for the 905 region," as higher taxes and growing traffic congestion drive businesses out of the downtown core, a new report warns.
The report, scheduled to be released today by the Canadian Urban Institute, a Toronto-based think tank, says that between 1998 and 2005 just seven new "Class A" top-of-the-line office buildings were built in downtown Toronto, even as condominium construction boomed.
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