GEO 793- Geography of Toronto - Final UPDATED ACTUAL Exam Questions and CORRECT Answers
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Course
GEO 793- Geography of Toronto
Institution
GEO 793- Geography Of Toronto
GEO 793- Geography of Toronto - Final
UPDATED ACTUAL Exam Questions and
CORRECT Answers
Gentrification: - CORRECT ANSWER- A process of converting an urban neighborhood
from a predominantly low-income renter-occupied area to a predominantly middleclass/higher owner-occupied area.
Pros of Ge...
GEO 793- Geography of Toronto - Final
UPDATED ACTUAL Exam Questions and
CORRECT Answers
Gentrification: - CORRECT ANSWER✔✔- A process of converting an urban neighborhood
from a predominantly low-income renter-occupied area to a predominantly middle-
class/higher owner-occupied area.
Pros of Gentrification: - CORRECT ANSWER✔✔- 1) A more esthetically appealing
neighborhood
2) Increased public safety
3) Increasing land values
4) Decreased crime rates
5) Decreasing urban sprawl
6) Increasing options for food, retail outlets, and job
Cons of Gentrification: - CORRECT ANSWER✔✔- 1) Decrease in affordable housing
2) Decrease in affordable retail spaces
3) Increased policing of communities of color
4) Changes in the culture of the neighborhood
5) Removal of low-income residents
,6) Increasing tensions within the local community
Financialization: - CORRECT ANSWER✔✔- the process by which financial institutions,
markets, etc., increase in size and influence.
Financialization of housing market: - CORRECT ANSWER✔✔- - Housing as a financial
asset vs housing as shelter
- Multi-family rental housing is increasingly been treated as a financial asse
- Housing is treated as a commodity—a vehicle for wealth and investment—rather than a
social good.
Toronto as the ideal case study: - CORRECT ANSWER✔✔- - It's a cycle
+ Highly gentrified
- Buying property & renovating it and sell it for a higher price
+ Located at the center of Canada's largest CMA
+ Large rental sector
- 46% of households are renters
- CMA includes areas surrounding the city (Richmond Hill, Ajax, etc)
+ Canada's financial centre
From social housing to vacancy decontrol: - CORRECT ANSWER✔✔- 1950s-1970s
+ Apartment construction was massive in the city
1980s-1990s
+ rental housing construction declined in favour of condominium development
1990s
+ The decline of social housing construction in the 1990s
+ In early 1990's
,* Federal gov't says they don't have $$$ to help fund public housing
+ In mid 1990's
* Provincial gov't wouldn't support/fund public housing
1997
+ The 1997 Tenant Protection Act and vacancy decontrol
The 1997 Tenant Protection Act: - CORRECT ANSWER✔✔- a law passed that if you were
already renting from somebody, you can't double or triple the rent
- If instead the place is vacant & you're deciding to rent it out right now, then you can set it to
whatever you want
Financialization of rental housing in Toronto: - CORRECT ANSWER✔✔- - Financialization
of rental housing started as a way to capitalize on:
• Deregulation
• Downloading
• Lack of affordable housing
- Private real estate companies' transformation into Real Estate Investment Trusts (REITs)
Downloading: - CORRECT ANSWER✔✔- process of passing on responsibility to someone
else
- Ex. Federal gov't not supporting public housing and passing that responsibility to provincial
housing
Deregulation: - CORRECT ANSWER✔✔- process of having less rules/materials to make
the building
Real Estate Investment Trusts (REITs): - CORRECT ANSWER✔✔- companies with
shareholders with the only goal of making profit
, - companies that own or finance income-producing real estate across a range of property
sectors
Strategies of financialized landlords: - CORRECT ANSWER✔✔- Financialized landlords
have developed strategies to maximize profits for investors
- Treating homes as financial assets
- Cutting costs
+ don't pay for services clean common areas/repair as often (don't pay for services)
- Increasing revenues
+ increasing rent (2.5% per year/ rent control), introduce new fees ($ to rent common room,
garbage disposal)
- Gentrifying-by-upgrading
+ The landlord wants to improve appearance of building by increasing the rent
+ in Ontario, rent's increase at a cap of 2.5%
Geography of post-crisis intensification and expansion: - CORRECT ANSWER✔✔-
Following the 2008-2009 recession, the financialization of rental housing intensified
- New and aggressive financialized landlords entered the Toronto market and have adopted 2
major locational strategies
1) • Suburbs: squeezing profits from existing tenants
+ offer less services offered
(ex. cleaning elevator 2 weeks instead of 1 week)
Repositioning spatial inequality: - CORRECT ANSWER✔✔- - Investing in multi-family
housing has been quite profitable for financialized landlords
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