Toronto real estate hits new level of absurd
Andrea Ford

Toronto real estate hits new level of absurd

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Andrea Ford  
A group of Toronto[1] residents is concerned a new townhouse development proposed for their neighbourhood will drive down the value of their homes and negatively affect the area’s “character.”

“I’m really concerned about my property value going down,” Lisa Goodwin, a member of the Density Creep Neighbourhood Alliance” told the Toronto Star.

“Right now all the houses are $1.1 million to, say, $2.2 [million] but they’re looking at putting in places that are only $500,000.”

Goodwin is one of about 50 neighbours on Keewatin Ave., near Mt. Pleasant and Eglington Ave. East, who are fighting back against a proposed 80-unit townhouse building planned for their street.

“We’re not against development,” Marcia Visser, founder of the Density Creep Neighborhood Alliance told the Star.

“We’re just for planned development that enriches our neighbourhood and maintains and reinforces the physical character of our neighbourhood.”

According to the Star, Visser is “concerned about privacy traffic and an influx of transient people.”

Analysts have questioned the validity of that second concern, considering “transients” (a synonym for hobos, vagrants and vagabonds) are often unable to win mortgages on $500,000 homes.

Still, according to a Ryerson urban planning professor, the disputed development trend is here to stay.

“The simple fact of the matter is that the creation of a more sustainable, equitable, and affordable city requires the development of midrise and other more-dense housing options along major roads, subways, and streetcar lines in already built up areas,” Christopher De Sousa, director of the School of Urban Planning and Regional Planning at Ryerson University told the Toronto Star.

“This is a typical story in Toronto[2] and communities just have to know it’s coming.”
 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate[3]

Investment Hot Spots:
Hepworth, Gimli, Ebenezer, Sainte-Claire, Cartwright[4][5][6][7][8]

References

  1. ^ Toronto (www.canadianrealestatemagazine.ca)
  2. ^ Toronto (www.canadianrealestatemagazine.ca)
  3. ^ Click here to get help choosing the best mortgage rate (www.canadianrealestatemagazine.ca)
  4. ^ Hepworth (www.canadianrealestatemagazine.ca)
  5. ^ Gimli (www.canadianrealestatemagazine.ca)
  6. ^ Ebenezer (www.canadianrealestatemagazine.ca)
  7. ^ Sainte-Claire (www.canadianrealestatemagazine.ca)
  8. ^ Cartwright (www.canadianrealestatemagazine.ca)
A group of Toronto[1] residents is concerned a new townhouse development proposed for their neighbourhood will drive down the value of their homes and negatively affect the area’s “character.”

“I’m really concerned about my property value going down,” Lisa Goodwin, a member of the Density Creep Neighbourhood Alliance” told the Toronto Star.

“Right now all the houses are $1.1 million to, say, $2.2 [million] but they’re looking at putting in places that are only $500,000.”

Goodwin is one of about 50 neighbours on Keewatin Ave., near Mt. Pleasant and Eglington Ave. East, who are fighting back against a proposed 80-unit townhouse building planned for their street.

“We’re not against development,” Marcia Visser, founder of the Density Creep Neighborhood Alliance told the Star.

“We’re just for planned development that enriches our neighbourhood and maintains and reinforces the physical character of our neighbourhood.”

According to the Star, Visser is “concerned about privacy traffic and an influx of transient people.”

Analysts have questioned the validity of that second concern, considering “transients” (a synonym for hobos, vagrants and vagabonds) are often unable to win mortgages on $500,000 homes.

Still, according to a Ryerson urban planning professor, the disputed development trend is here to stay.

“The simple fact of the matter is that the creation of a more sustainable, equitable, and affordable city requires the development of midrise and other more-dense housing options along major roads, subways, and streetcar lines in already built up areas,” Christopher De Sousa, director of the School of Urban Planning and Regional Planning at Ryerson University told the Toronto Star.

“This is a typical story in Toronto[2] and communities just have to know it’s coming.”
 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate[3]

Investment Hot Spots:
Hepworth, Gimli, Ebenezer, Sainte-Claire, Cartwright[4][5][6][7][8]

References

  1. ^ Toronto (www.canadianrealestatemagazine.ca)
  2. ^ Toronto (www.canadianrealestatemagazine.ca)
  3. ^ Click here to get help choosing the best mortgage rate (www.canadianrealestatemagazine.ca)
  4. ^ Hepworth (www.canadianrealestatemagazine.ca)
  5. ^ Gimli (www.canadianrealestatemagazine.ca)
  6. ^ Ebenezer (www.canadianrealestatemagazine.ca)
  7. ^ Sainte-Claire (www.canadianrealestatemagazine.ca)
  8. ^ Cartwright (www.canadianrealestatemagazine.ca)

Authors: Canadian Realestate Magazine

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