New development announced

Frances Nunziata’s email circular announced a new proposed development
in Weston: The Humber.

The affordable condominium complex is proposed for 10 Wilby Crescent, near the river and Lions Park. 23285-81106If that address rings a bell, it’s because The Riverstone, a smaller, 10-storey development, was proposed for the location several years ago.

The newer development is both ofhtaller and denser, with 234 units. To be built as proposed, it will require a planning exemption, to allow for 16-storeys.

To make the homes affordable, UrbanToronto says that the developer will minimize common amenities and use an unusual financing model:

The condominium units are sold at cost …. Options for Homes retains a second mortgage equal to the difference between the condominium unit’s market value and its purchase price. Condominium buyers do not make payments on the second mortgage but instead repay it when the unit is sold, which deters “buy and flip” speculators.. Options for Homes shares in the market appreciation of units in proportion to the value of the second mortgage.

 

 

Author: Adam Norman

I am raising my two children in Weston.

5 thoughts on “New development announced”

  1. The previous condo development failed because existing units in the two Hickory Tree Road buildings were (and remain) less expensive. Unless the price points of these new units are lower, this project will also have trouble getting off the ground- especially since the new proposal is denser, taller and far less attractive.

    1. Options for Homes is similar but a different organization to Habitat for Humanity that helps people up and out of social housing. There are several built and proposed projects across the City. One such building is on the old CMHC office site just east of Allen Road on Lawrence. It is about 15 years old. This is potentially a positive for Weston as it may help some local families. We should get behind projects like these.

    2. The Hickory Tree condos may have a less expensive purchase price, but the maintenance fees are outrageous. Options for Homes buildings keep their fees much lower than average.

  2. haha the WOAA (Weston Old Anglos Association) is gonna have a fit! “More rift raft coming to the area thanks to these buildings”. Or maybe they won’t care since its on the other side of the tracks…

  3. This building will fail like the last one. The location is terrible, and seriously who will buy down there especially if one goes and looks at it at night……

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