The Effect of Changing Distance From Toronto's Central Business District on Parking Prices.

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The Effect of Changing Distance From Toronto's Central Business District on Parking Prices

Aakash Dheer

IB HL Geography Extended Essay

Mr. Derek Poon, Advisor

3766 Words

Introduction

Toronto, 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