Posts Tagged ‘condos’
A few days ago, the Toronto Star featured the article “Midtowners battle the rise of the midrise” by Manisha Krishnan. This examined the plight of midtowners near Yonge and Eglinton faced with possible real estate depreciation.
A group of midtown Toronto residents has banded together to fight what it’s dubbed “density creep,” amid a push for midrise development citywide that shows no signs of abating.
The Density Creep Neighborhood Alliance formed in response to a proposed townhouse development on Keewatin Ave. near Mt. Pleasant Rd., north of Eglinton Ave. E.
The group of about 50 neighbours claims the project — a four-storey, 80-unit building that will replace eight properties from 200-214 Keewatin Ave. — will ruin their stretch of million-dollar homes set on deep, private lots.
“I’m really concerned about my property value going down,” says Lisa Goodwin, 49, a stay-at-home mother of two who has lived in a four-bedroom dwelling on Keewatin Ave. for 19 years.
“Right now all the houses are $1.1 to, say, $2.2 (million) but they’re looking at putting in places that are only $500,000.”
Would that we all owned such inexpensive property in Toronto. blogTo noted the mockery online, as did the CBC. I do agree to a certain extent with this, but I also agree with a Facebook friend that in Canada’s culture, with its aspirations to property ownership, depreciating house prices could well mean relative poverty. The extent to which this culture of ownership is a good thing is entirely open for debate, and yet does not seem to be discussed.
Writing for the South China Morning Post‘s The Hongcouver blog, Ian Young argues that Vancouver’s real estate market is uniquely unaffordable to new entrants largely because of the impact of wealthy investors. Vancouverites and other West Coasters, thoughts?
One position states there’s nothing particularly unusual about Vancouver’s housing situation. Yet this He doesn’t have a million either.neglects the fact that the city’s unaffordability is now globally exceptional, exceeded only by that of Hong Kong.
Foreign money might be a factor, concede some, but it must similarly influence other markets, right? Not really – since immigration data demonstrates that the influx of rich immigrants to Vancouver (80 per cent of them Chinese) is unmatched by any other city in the world, at least in terms of wealth-migration schemes that clearly define asset benchmarks.
Others seek to frame unaffordability as inevitable, since Vancouver is a city of limited land supply. But plenty of other cities are in the same boat: New York and Singapore spring to mind. Both are expensive cities, but Vancouver has left them in the dust in terms of unaffordability. If Vancouver (price/income ratio 10.6) could achieve the affordability of New York (6.1), or Singapore (5.0) I’m betting that Eveline Xia would be dancing down Main Street.
Surely Vancouver has always been unaffordable? A quick check of the stats will show that as recently at 10 years ago, Vancouver’s price/income ratio was in dancing territory, at 5.3.
[. . .]
An exceptional cause must be found for an exceptional situation, and for Vancouver, that can be found quite easily in wealth migration, which exploded in the past decade.
The Toronto Star‘s Alyshah Hasham wrote about the discovery of a schooner nearly two centuries old near Fort York in a condo development site.
It is the oldest ship ever discovered in Toronto, an early 19th-century schooner found this week by archeologists doing a routine exploration of the site for a condo development near Fort York Blvd. and Bathurst St.
It the ship’s day, everything south of Front St. would have been underwater, with several wharves jutting into the lake, the largest of which was the Queen’s Wharf, a major commercial hub built in 1833.
“We suspect this ship was scuttled deliberately to provide a scaffold for the workers building the wharf,” said David Robertson, senior archeologist at Archeological Services Inc.
The archeological dig began in early March with the intent of documenting the wharves built there in the early 1800s, Robertson said. On Monday, they discovered the wooden skeleton of the schooner.
Only a small portion of the ship remains: the ship’s keel, or spine — which runs about 15 metres from bow to stern — and a portion of the hull.
Patty Winsa wrote earlier this week about how the site was and will be preserrfved.
The Church of Scientology’s downtown Toronto location on Yonge just south of Bloor, where I had some readings performed on me on the streetSeptember 2004 and where I witnessed Anonymous protests in February 2008, has today come up in the news for back taxes. The Toronto Star‘s Stephen Spencer Davis reports.
The Church of Scientology of Toronto, which owns 696 Yonge St., owes more than $61,000 in property taxes and penalties for 2014, out of a total of just under $112,000. The organization made only partial payments of its 2014 property taxes, according to Supervisor of Collections Stephen Franceschini.
It also owes $57,348.15 in taxes and penalties on the interim 2015 property tax bill, according to Franceschini.
Property owners receive an interim tax bill near the beginning of each year, and typically a final bill in May. Payments on the 2015 interim bill were due March 2, April 1 and May 1, according to the city’s website.
“We have contacted the local Church in Toronto and they intend to get this paid forthwith,” Scientology spokesperson Linda Wieland said in an email.
The news comes as the organization says it still plans to convert the Yonge St. building into one of Scientology’s “Ideal Orgs,” which it first announced in early 2013. Scientology describes these facilities as “cathedrals” in desirable locations, “intended to meet increasing demand worldwide for Scientology services and initiatives.”