[HousingNowTO]

FEDERAL funding announcement - "The federal government announced more than $365 million to build 767 new homes in Toronto..."

As always, CMHC overstates their contribution since 95.8% of that announced $365-MILLION is a fully repayable LOAN.

That said, good to see deals LOCK and dollars FLOW before we waste the next 6-ish months on Federal Elections and Cabinet Re-Shuffles in Ottawa, etc.

CMHC PRESS RELEASE -

767 new homes coming to Toronto

Federal government invests in 767 homes in Toronto.

www.cmhc-schl.gc.ca

 

[Paclo]

Application Details

www.toronto.ca

SPA Resubmission of Block 1 (Tridel condo) in pursuit of NOAC with stat changes in table below:

Additional changes, via the cover letter:

Previously approved office uses were removed as part of the application and the total allowed building height was reduced. Also, since the last submission Block 1 was further divided into two separate blocks, the application now includes lands identified as Block 9 (on Plan 66M 2601). This new block previously contained lands that were to be designated as Privately Owned Public Space, however Block 9 will now be publicly owned due to the critical municipal infrastructure within the lands. Planning and Housing Committee adopted the application on December 5, 2024 and it is expected to be heard at April’s City Council meeting

Another notable change from the previous Block 1 SPA submission is that the Block 1 parking garage is now completely independent. We have removed the below grade connection to Block 2 and provided a separate entry ramp while maintaining the parking requirements outlined in the By-law

Updated renderings:

All necessary building permits have been applied for as of February -- no significant permit issuances on either block since the geothermal permit issuance in November

 

[picard102]

Why are we shortening this building and not increasing the height? There is no more airport to deal with and it's next to a highway/subway station.

 

[Northern Light]

Why are we shortening this building and not increasing the height? There is no more airport to deal with and it's next to a highway/subway station.

Its straight removal of office space from the building.

They didn't replace the office floors with residential, they just shrunk the building.

I wonder what @HousingNowTO thinks of that choice.

 

[ProjectEnd]

Why are we shortening this building and not increasing the height? There is no more airport to deal with and it's next to a highway/subway station.

Its straight removal of office space from the building.

They didn't replace the office floors with residential, they just shrunk the building.

I wonder what @HousingNowTO thinks of that choice.

It's a different world now. No longer are developers just looking for ultimate density - there very much is such thing as too much density. If lease up takes 18 to 24 months (plus) to stabilize because you made the building too big, that's a terrible drag on your IRR.

 

[Northern Light]

It's a different world now. No longer are developers just looking for ultimate density - there very much is such thing as too much density. If lease up takes 18 to 24 months (plus) to stabilize because you made the building too big, that's a terrible drag on your IRR.

In respect of that, there is a Purpose-built-rental building near me just finishing up......partial occupancy has begun. They're talking about finishing lease up mid to late 2026.

That uptake is apparently that slow suggests again.....we have a problem beyond bulding more housing (not that we shouldn't do that)......we need higher incomes.

If a new PBR is taking 18 months to lease up......the housing is there...........but the rent can't/won't come down to a level to get timely up take.........you can't fix that without people earning more money.

 

[rdaner]

^Or getting a roommate.

 

[Northern Light]

^Or getting a roommate.

Getting a roommate in not an acceptable or feasible solution for many.

That also means a larger apartment at higher rent.

Unless your suggesting a more intimate relationship.......for housing which would be a controversial and possibly illegal take.

*****

Regardless, people have the option of taking roommates now...........and the leasing is still taking 18 months. So, not a solution.

 

[Northern Light]

Rental buildings everywhere are much slower to fill than condo buildings and often will stay empty until school schedules allow for better returns.

I have no doubt that for many people co-habitating is undoable but from what I have seen it is more entitlement than an actual reason. But I get it as the transition from a lower density/low rent landscape to a higher order one was never going to be without adjustments.

I find it a little embarrassing how inflexible and incapable of change many North Americans have become. Grow up!

For the record, the above post is literally shameful.

The position articulated is entitled.

I'll leave it at that.

 

[rdaner]

Relax as there are so many unrealistic expectations/regulations built into anything proposed today it is little wonder that we find ourselves in a housing dilemma.

 

[HousingNowTO]

In respect of that, there is a Purpose-built-rental building near me just finishing up......partial occupancy has begun. They're talking about finishing lease up mid to late 2026.

That uptake is apparently that slow suggests again.....we have a problem beyond bulding more housing (not that we shouldn't do that)......we need higher incomes.

If a new PBR is taking 18 months to lease up......the housing is there...........but the rent can't/won't come down to a level to get timely up take.........you can't fix that without people earning more money.

New PBR is taking 18+ months to lease up because the monthly rental per sq foot is likely ~$4 in that building, even out along the "far east" of the Danforth, etc.

eg. new 600 sq. ft 1-Bedroom apartments leasing at somewhere around ~$2,300 / month

The listed rent can't/won't come down to a lower baseline asking price --- but the PBR operational marketing incentives will increase until a new 12-month lease only pays for 10-months (~$5,000 lease incentive), and gets the other 2-months for "FREE".

Until they hope that the PBR consumer-market demand recovers enough for stable rents to recover.

_________________


As to WILSON's Block 1 (Tridel CONDO) --- at HNTO, our volunteers and students really don't have any strong opinions about "future condo" units in unbuilt developments, as they are highly theoretical in the current GTHA market.

Our HNTO focus is on ways to leverage the current "completed & unabsorbed" condo apartments problem in the GTHA market as an opportunity for a smart government to go "Bargain Hunting" on behalf of non-profits and co-ops, etc....

https://twitter.com/x/status/1909218455514939436

 

[HousingNowTO]

"Drilling is well underway at 50 Wilson Heights Blvd., where a city-owned commuter lot is being transformed into a mixed-use, transit-oriented community. Diverso Energy’s geothermal system will provide low-carbon heating and cooling for the first buildings, supporting the City’s TransformTO climate action goals and helping hit the Toronto Green Standard."

LINK - https://diversoenergy.com/project/50-wilson-heights-boulevard/

 

[picard102]

They drill out the geothermal before digging out the site? Would have thought it would be easier once they excavated.

 

[1Ć0]

The listed rent can't/won't come down to a lower baseline asking price --- but the PBR operational marketing incentives will increase until a new 12-month lease only pays for 10-months (~$5,000 lease incentive), and gets the other 2-months for "FREE".

Yup - pretty much everyone is offering 2 free months of rent + move in bonus or free wifi or gift cards. However, the 2 month free rent incentive only applies to certain units - usually with more compromised layouts and views. For eg, Maple House is offering 2 months of free rent on some of the south facing units that look directly into the Ontario Line construction

 

[Edward Skira]