innsertnamehere
Superstar
They owned a detached home in close proximity to Downtown Toronto. By definition they have at least a million dollars in wealth.
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- Thread starter Monarch Butterfly
- Start date
nfitz
Superstar
Owning a home in Toronto doesn't make you very wealthy. It's hardly a liquid asset.
sixrings
Senior Member
At the very least it makes you a have vs a have not. I wouldn’t say you’re wealthy but you’re doing a lot better than most of torontonians.
Undead
Senior Member
Property was quite liquid in Toronto under the low interest rate regime between 2010 and 2021.
nfitz
Superstar
If one is dead perhaps, and the replacement accommodation is in a church yard. You still need somewhere to live.
sixrings
Senior Member
Yes but you can leverage the property for other things. It’s more of an asset then what you’re suggesting.
nfitz
Superstar
And yet is still doesn't make one very wealthy.
I'm not sure I'd be leveraging too much these days. That's why people were jumping out the windows of tall buildings in 1929.
Coolibop
Active Member
The property titles were free and clear?
innsertnamehere
Superstar
It makes you as wealthy as Bezos owning hundreds of billions of stocks of Amazon makes him wealthy.
If anything, housing is far more liquid than Bezos’ holdings.
Nothing frustrates me more than people pleading poor when they own millions in assets. Its assets. They could sell tomorrow and have millions in their bank account. It makes them wealthy, full stop.
nfitz
Superstar
Bezos $500 million of housing isn't liquid?!? https://www.architecturaldigest.com/story/jeff-bezos-homes-property-portfolio
An average price house value in Toronto does not make one very wealthy.
sixrings
Senior Member
It’s like an NBA player making 50 million and saying they aren’t rich. The rich one is the team owner. At some point when you own more than the general public whether you want to admit it or not…. You are rich.
Back on topic please.
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TOtramz
Active Member
is there any way to see the progress of the court battle in public documents or is it all kept under wraps ?
tor7719
New Member
Are there no longer CLC meetings or slides since there is legal action? All news outlets have gone quiet.
nfitz
Superstar
Is there a need for CLC meetings, etc., now that construction is finished?
I expect that their communications contract expired. Similar to what we saw on Eglinton - but that one wasn't even finished yet.