Editor

3-tower condo complex could be coming to Yonge and Eglinton area

More than 120 tenants in a midtown apartment building say they’re worried they’ll be forced out if the city approves a new development application in one of Toronto’s most desirable neighbourhoods.

They live at 55 Brownlow Ave., a mid-rise building just a block west of Mount Pleasant Road and Eglinton Avenue East that’s been targeted for redevelopment. That means they’ll have to move once the developer’s application is approved, likely within the next couple of years.

“Some of the tenants have lived in this building for over 50 years, and a lot of those people are [on] fixed incomes,” said Megan Kee, a tenant who’s helping to organize residents.

https://www.cbc.ca/news/canada/toronto/tenants-midtown-toronto-building-priced-out-1.6758697

The Globe and Mail’s “Architourist”, Dave LeBlanc, takes aim at the precedent that will be set for The Annex by the demolition/development of 145 St. George St.

https://www.theglobeandmail.com/real-estate/toronto/article-a-dustup-over-height-in-the-low-slung-annex/

The Annex Gleaner summarizes the major development projects going on in the Annex, and asks, among other things, why the “replacement of the existing building with an incompatible 29-storey structure is warranted because it is economically a ‘higher and best use’ that will generate profits for the developer but give back nothing to the community and our commons.”

http://gleanernews.ca/index.php/2022/08/19/developings-developments-on-your-doorstep-aug-2022/

According to research from Steve Pomeroy, a senior research fellow at Carleton University in Ottawa, rentals that were once considered affordable are seeing significant price increases.

https://www.cbc.ca/news/canada/financialization-and-canadian-renters-1.6378257?cmp=newsletter_Marketplace%20Watchdog_6096_465017

A prominent skeptic of Ontario’s ambitious housing plan has emerged — Canada’s oldest bank. The province’s Housing Affordability Task Force released a plan to build 1.5 million homes over 10 years. BMO senior economist Robert Kavcic dumped a bucket of cold water on the plan. Not only does the bank say it doesn’t make sense, they hint it sounds like Ontario’s last real estate bubble

https://betterdwelling.com/ontarios-plan-to-build-1-5-million-homes-isnt-possible-after-peak-demand-bmo/