39-41 Roehampton Ave + 50 Eglinton Ave E Rear (Metropia/Capital Dev, ?s, TACT) | Page 2

Discussion in 'Buildings' started by ProjectEnd, Jan 6, 2017.

  1. interchange42

    interchange42 Administrator Staff Member

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    The building I live in considered dissolving for a sale about a decade ago now, and we were told that 80% of the owners would have to vote for it, for it to be unassailable in the courts should an owner on the losing side object. It's not a new figure that's been pulled out of thin air.

    42
     
    #16
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  2. sunnyraytoronto

    sunnyraytoronto Senior Member

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    The thing about holding out is you could hold out for more money,.... that's your right as a property owner. It's your right as a property owner to sell or not to sell, and when to sell,... or at least it should be.

    Regardless of whether it's strata-condo ownership or freehold-land ownership,... it's property rights belonging to private individuals.

    If the other owners want to sell, that's fine, that's their right,..... if the new owner of those units (developer) wants to house homeless folks in those units, that's their right as well,..... but some one who owns something shouldn't be forced to sell against their will.

    When the City, Province or Country expropriate a property, there's a long process where it's reviewed and expropriation is seen as a last resort when all other negotiation fails,..... and that property is deemed required by the City, Province or Country for public use and the benefit of the majority of the public,.....

    Here, this is effectively an expropriation initiated by other condo owners,.... for the benefit of a developer. It would be interesting to see if the condo-owners who basically got expropriated will challenge this rule in court,..... especially since apparently this is the first time this rule has been applied in Ontario.
     
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  3. AHK

    AHK Active Member

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    When individuals purchase a condominium, as opposed to a freehold detached home, one is also accepting and committing to a completely different set of rights and obligations. The basic law defining these rights and obligations is the Condominium Act, and the associated Regulations, by the province, which for condominiums in Toronto, would obviously be the Government of Ontario. Condominium law is an area of Provincial jurisdiction, so the laws would be different in Alberta, BC, etc.

    When one buys into a condominium corporation, one has to accept and live with the fact that decisions will be made that are in the overall owners at large, irrespective of one's own personal feelings on a specific issue. To provide protections for owners against being forced to accept decisions which are not widely agreeable, the Act requires certain minimum thresholds, which vary according to the nature of the issue. The highest level of threshold, 80% approval, is reserved for the most serious issues, such as changing the Declaration, or winding up the Condominium corporation. AGM's, or adoption of new or modified Rules for the condominium require a 50% threshold (in person or by proxy).

    All prospective condominium buyers should be aware of these issues - if not, or not willing to accept them, buying into a condominium development would probably not be the right choice for that buyer.
     
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  4. PMT

    PMT Active Member

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    48 storeys:
    upload_2017-1-13_14-45-15.

    upload_2017-1-13_14-45-35.

    upload_2017-1-13_14-46-12.
     
    #19
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  5. TOphotog

    TOphotog New Member

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    A few in 39 are suing the Condo Board, feeling they didn't get fair market value for their unit. Market value in 39 was tricky to determine, considering the age of some of the systems which were going to need replacing soon. The building was actually in two parts, so it had two roofs, two HVAC systems, etc. Expensive to maintain.

    Lesson to be learned: never ever buy a condo in a low-rise building in Toronto.
     
    #20
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  6. ProjectEnd

    ProjectEnd Senior Member

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    Interesting proposal.

    The massing is nice (recalls the two aA / Freed projects to the east) but the detailing seems overly busy. Interesting approach from someone (Prish) who said that he wanted to do 'excellent background buildings' until he / they (TACT) had the experience to break out. I wonder if this represents the first project in that new paradigm...
     
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  7. maestro

    maestro Senior Member

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    I'm not sure about first time. Gupta's Rosedale on Bloor site included the purchase of a 10 unit condo (MTCC 1373). There was also a 320 unit condo that voted to put their building up for sale at Jane and Edgeley. It just didn't sell so I guess the condo remains. There are a few others as well. I can't think of their information right now.
     
    Last edited: Jan 13, 2017 at 3:59 PM
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  8. WislaHD

    WislaHD Senior Member

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    This one caught me off guard to be honest. Didn't expect to be seeing such density proposed next to E Condos so soon.
     
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  9. sunnyraytoronto

    sunnyraytoronto Senior Member

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    Interesting that this 48-storey development proposal is coming from Metropia/CapitalDev. Metropia has head office nearby and is a partner in 58 & 38 storey e-condo with Bazis & RioCan; so Metropia is blocking their own customers in e-condo's 38-storey NorthTower.

    I wonder if this one will have direct subway connection via a direct connection into e-condo since Metropia is involved in both.

    Transition on this one will be interesting since e-condo SouthTower will be 58-storey but e-condo's NorthTower (which is beside this proposal site) is 38-Storey.
     
    #24
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