The logic-defying and alarming increases in Toronto’s housing prices have affected us in Weston to some extent. The boom is largely taking place outside our borders. While we still live in an affordable area, interestingly the net effect of the current market is lower property taxes for us. This is because higher assessments in other parts of the city mean that those residents are taking a larger share of the total assessment. That’s the good news.
The bad news is that housing prices (and rents) are rising at an unsustainable rate. What are we being told about the rise in housing prices? The big lie is that it’s simply a lack of supply and that more housing is needed. Based on this lie, there are proposals to eat into Toronto’s Green Belt and put more housing there.
A new report issued this week from the Ryerson’s City Building Institute tackles the housing shortage theory and disproves it. While there is enough housing for residents, the seeming shortage is likely caused by money looking for a safe haven in Canada. According to the report, it’s hard to trace foreign money that’s causing the boom but unless we do something about money flooding our city (such as a foreign buyers’ tax or a progressive property surtax), a lot of (especially) young people will be putting themselves at risk, saddled with an impossible debt. This could trigger a financial crisis, once the bubble inevitably bursts causing even more turmoil.
The Olympic Variety building, but not the business, is for sale for just shy of a million dollars. The owners of the variety store and office will stay “or vacate”, and the building could, the listing says, be converted into a medical or law office.
Your humble correspondent would be heartbroken if May and Steven left. Olympic Variety is a community fixture and my pantry.
First the owners of Satin Finish proposed building 99 townhomes on their property at 8 Oak Street that runs along Knob Hill Drive. Then they ran into some opposition, had a re-think and came back with plans to build 509 units. An effort was made to save the original brick building that fronts the site on Oak but that has come to nothing. Council recently voted to allow demolition of the non-residential brick building, subject to a ‘beautification agreement’. Nobody yet knows what this means as it is subject to negotiations between the owners and council. It’s part of the Section 37 nonsense Ontario requires the city to use instead of council being able to direct developers in what they can and should do. Contrary to the site’s current industrial use zoning, the owners want the site to become an apartment and townhome development. Across the street is a set of townhomes that went through a similar process back in 2004. The OMB ruled in favour of the developer and the zoning was changed to residential.
John Tory and his council allies have a huge revenue shortfall. Instead of raising the lowest property taxes in all of Ontario, they are hoping to find efficiencies (a.k.a. gravy) elsewhere.
Apparently one tactic is keeping staff low at city hall. If heritage buildings can’t be designated thanks to staff shortages, developers can take advantage of the delay and demolish priceless properties. “We’re understaffed”, is the plea from the Planning Department. Unscrupulous developers don’t like to preserve heritage buildings. Therefore one can only assume that the Planning Department is woefully short of staff by design. Consider this recent Tweet to Councillor Joe Cressy from Chief Planner Jennifer Keesmaat:
As the Toronto Star points out, it’s harder to chop down a tree than demolish a 110 year-old Beaux Arts heritage building.
Maybe this particular building wasn’t worthy of protection but now we’ll never know.
Incidentally, Josh Matlow is a city councillor who proactively seeks out heritage buildings in his corner of Toronto. He has listed and mapped significant properties in Ward 22. Perhaps his example should be emulated by all councillors and maybe the city should make the process less cumbersome if we are to retain any of our rapidly disappearing heritage.
Urban Toronto describes itself as, “Toronto’s premier website focused on condos, architecture, urban development and real estate.” It is read by many in the industry.
There is a recent article in the U.T. site that details future development projects in our area. They believe that the driver of this new activity may be the Eglinton Crosstown LRT with the possibility of a future connection to Pearson Airport.
Just as the UP Express is beginning to make a difference in Weston, according to an Inside Toronto article, people in Mount Dennis are anticipating a boost to their area as a result of the Eglinton Crosstown and the new Mount Dennis Station. The 19 km line with a 10 km underground stretch between Keele and Laird is set to open in 2021 after ten years of construction.
Incidentally, without former Premier Mike Harris, we could be riding a different version of the line today. This is a map of the subway line that Harris buried (and not in a good way) in 1995.
The Eglinton West Line would have run from Eglinton West Station all the way to Renforth along a right of way that had been reserved for the Richview Expressway (killed in the 1970s). Sadly, the Eglinton road allowance was sold for small change by Rob Ford in 2010 but nobody thought to tell John Tory as he was putting crayon to napkin for his SmartTrack plan. The allowance is now being filled in with some spectacularly awful townhomes.
Gratuitous side note: right wing politicians claim to be able to lower costs but their penny wise antics often end up costing us more in the end.
The new Mount Dennis Station will adapt the old Kodak Recreation Building and will be part of a transportation hub connecting with buses and the UP Express lines. Let’s hope that combined with the end of the vacant property rebate, the new transportation infrastructure will actually breathe fresh life into the area.