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Investors should have ‘no fears’ over Bayside plans

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Guest | 30 Oct 2013, 09:12 AM Agree 0

The idea of mixed-income neighbourhoods in Toronto is nothing new, but the city’s proposed plan to spend $15 million in the new waterside project has irked many. Including Mayor Ford.
While all details will not be finalised until May, the overall agreement could see the city acquiring 20 per cent of the overall development as affordable housing options.
Fears that some investors may be dissuaded by such a set-up have quickly been played down by real estate agents.
“I do not think that investors will have any problems with this,” says Jarrod Armstrong from RE/MAX Hallmark Realty Brokerage. “We have similar developments in Kensington and Regent Park and they are working well.”
Christina Kroner, sales representative with Sage Real Estate, says that while there may be a negative stigma towards some developments and a “not in my back yard” mentality amongst some people, more investors are embracing the concept as mixed-developments become more common.
  • Mark Campbell | 31 Oct 2013, 11:19 PM Agree 0
    There will inevitably be renters in any condo development, though, without subsidy, they will pay market rents. When the city buys condos, which will be subsidized units, I guess that would make Toronto taxpayers defacto landlords in common. At the same time, the city seems to be trying to divest itself of TCHC properties, many of which have suffered neglect and fallen into squalor. Food for thought....
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