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As Toronto home prices skyrocket, developers are betting they can lure millennials to a place they may have feared to tread: suburbia.

New projects in some of the city’s oldest suburbs are being pitched with walkable neighbourhoods, condo towers, cafes, shops and a hip city feel. The phenomenon has been dubbed “hipsturbia.”

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“Downtown Toronto is going to continue to thrive, but I think subway connected, suburban-urban locations are going to see a bit of a rebound in the next three to five years,” Sean Menkes, director of office and retail at Toronto-based Menkes Developments Ltd.

Menkes is working with public-pension manager British Columbia Investment Management Corp. on two projects in Vaughan, a suburb northwest of Toronto. Festival, a four-tower community with 85,000 square feet of retail, will follow last year’s launch of Mobilio. Both are located around Vaughan’s new transit-oriented city centre.