How to Invest in New Condos

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How to Invest in New Condos

New condos We need to face the truth of affordable housing in Toronto, especially as we try to retain communities and stop gentrification.

Implementing rent-to-own programs, suggested by former mayoral candidate and chief city planner Jennifer Messmate, is, of course, one way that we can provide low-income individuals and newcomers to the housing market the opportunity to live and own a home. home in Toronto. This gives tenants the opportunity to apply a portion of their monthly rent against their down payment on their home, making renting a path to ownership.

The implementation of neighborhood improvement programs and John Tory’s proposal to build more affordable housing in Toronto are also potential ways to alleviate rising home prices in Toronto while preventing the exit of existing residents. . They ensure that low-income residents are not expelled from the communities in which they live, but rather thrive in the development that surrounds them.

However, we must also be specific about what affordable housing should look like

We must recognize that single-family homes are not the future, but condos Toronto is the fourth-largest city in North America and the largest in Canada, and it’s growing. The horizons will inevitably be made up of more obstructive skyscrapers. The streets will be traveled by more people. The businesses we like and the ones we like will continue to expand throughout the city.

Living in Toronto today means that the detached two-story home of your dreams, perfectly unobstructed from the views of skyscrapers and condos, is still exactly that – a dream. Students, unless you wind up very wealthy soon, that dream is to move to the suburbs or become A New condo for sale

However, some residents do not want to change depending on the growing city. They see the mechanization of Toronto as a problem. Some fear changes in their communities and in the landscape of their neighborhoods. This reflects the Not-In-My-Backyard (NIMBY) attitude that is emerging across the city.

Recently, outgoing city councilwoman Janet Davis tweeted a picture of a “building too tall,” seemingly ruining the pleasure of the skyline for commuters driving west on Dan-forward Avenue. Additionally, famous Toronto author Margaret Atwood, along with several other high-profile residents in the annex, has led a push back against a mid-size condo development in the neighborhood.

This is not to say that the NIMBYism is unfounded

Concerns about gentrification due to the influx of wealthy people and hipsters are not new. But when Davis and Atwood’s concerns coincide with the problems of a housing shortage and declining affordability, then a new condo development in your neighborhood may be necessary.

The setback in the apartment and new condo development is not helping. Rental prices skyrocket as demand intensifies. Many students with budgets and loans are struggling and things are only getting worse.

It is time for us to stop pushing against the economic forces of skyscraper development and start incorporating them into our communities and neighborhood identities. It doesn’t make sense for some residents to want lower, less crowded neighborhoods, especially when key areas like Bloom Street and Yong Street, and the Annex are perfect spots for student housing.

Of course, there are many new ways that businesses and institutions are currently mitigating the affordability problem in Toronto.

As mentioned, neighborhood improvement programs can work to preserve the identity of your neighborhood community. Today, more organizations allow workers to work from home.

Post-secondary institutions are promoting satellite campuses, such as TUM and CUTS, and it is unfortunate that the provincial government has canceled funding for three new GT college campuses. All three levels of government are financing and promoting new roads.

But these solutions are not compared to the physical construction of more houses within the city. And in a city where buildings can be built much faster than rapid transit, what other solutions do we have to ensure access to affordable housing, in addition to building more homes upward?

Toronto is a bustling and fast-growing city. Investment, jobs, and opportunities are coming faster than ever, and behind this growth