Toronto Ïce Condominiums at York Centre | 234.07m | 67s | Lanterra | a—A

Richard White said:
Thy did this at 150 Dan Leckie Way. Part of it was affordable housing and the rest was a regular condo.

It didn't work out well as there was a clash of lifestyles. The property values took a nosedive in the condo, the police were there often, etc.
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I didn't mean it like that. That's a stupid idea IMO and not surprised it didn't work. Build entire buildings that are less luxurious. Specifically built for middle class income earners. So yes, you won't get all the frills but a decent property. That IMO shouldn't bring down values. This nonsense with making half a building low income or affordable is silly IMO.
 
Also dislike the government having their hands in everything mainly because they usually mess things up. I'd rather them focus on getting more affordable housing built. Removing all the red tape that slows down the building process. Amend zoning, fix gridlock and address public transit. These are things government is responsible for.

Airbnb got popular because hotels are expensive. Uber got expensive because taxis are expensive, there's a common theme here. The cost of living is going to the moon yet we hear inflation is 2% lol. There's a lot of work that needs to be done here. I'm looking at the government....not airbnb owners, landlords, builders, or anyone else.
 
junctionist said:
That sort of business operation needs to be regulated with a view to keeping housing affordable for residents of the city. Every effort needs to be made to keep housing affordable and grow the city's middle class.
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Yes! What's happening now in Toronto is hurting a whole lot of people who were responsible for building this city. I was born here and almost everyone I knew back then, were forced to leave the city, including my own family, due to rising home prices/taxes. It's a sad situation for people who were born here and grew up here. My brother keeps talking about moving back to Toronto but I avoid telling him the average 1 bedroom apartment rental has now reached 2,300 dollars a month and he was in a tizzy when he had to pay 1,400 dollars a month back in 2007! lol Middle-class people are shit out of luck in Toronto and it only gets worse every day.
 
Torontovibe said:
But that would be a great start!
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Yes, but I don't think it would make much of a dent. Also calls to question...to what lengths should the government go to control what you do with your property? I don't have an answer as I feel both sides have valid arguments.
 
Torontovibe said:
Yes! What's happening now in Toronto is hurting a whole lot of people who were responsible for building this city. I was born here and almost everyone I knew back then, were forced to leave the city, including my own family, due to rising home prices/taxes. It's a sad situation for people who were born here and grew up here. My brother keeps talking about moving back to Toronto but I avoid telling him the average 1 bedroom apartment rental has now reached 2,300 dollars a month and he was in a tizzy when he had to pay 1,400 dollars a month back in 2007! lol Middle-class people are shit out of luck in Toronto and it only gets worse every day.
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I don't really listen to the "averages". I can easily find a 1 bed under $2K. The problem is the $2300 condo you're talking about is luxury built for high income earners. We aren't building condos in the core for middle income earners. It's all luxury geared to the rich. The solution isn't to reduce the pricing of the luxury buildings through taxes and other policy. It's to fill the gap and encourage building homes for low and middle income earners. Banning AirBnB will help some, but certainly not middle/lower income earners.

I think rents skyrocketed even more with all the rule changes a few years ago (including the stress test) which increased the amount of people looking for rentals as they could no longer afford to buy. Then rent made controls made things even worse and put a cap on supply further increasing rents.

There's a lot of work that has to be done here.
 
TheKingEast said:
I don't really listen to the "averages". I can easily find a 1 bed under $2K. The problem is the $2300 condo you're talking about is luxury built for high income earners. We aren't building condos in the core for middle income earners. It's all luxury geared to the rich. The solution isn't to reduce the pricing of the luxury buildings through taxes and other policy. It's to fill the gap and encourage building homes for low and middle income earners. Banning AirBnB will help some, but certainly not middle/lower income earners.

I think rents skyrocketed even more with all the rule changes a few years ago (including the stress test) which increased the amount of people looking for rentals as they could no longer afford to buy. Then rent made controls made things even worse and put a cap on supply further increasing rents.

There's a lot of work that has to be done here.
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I have been doing condo security for several years now and you would be very hard pressed to find a condo under $2000 a month for a one bedroom. I have only seen it once or twice in the past year.

The problem is the maintenance fees, taxes, etc in condos. Even in Scarborough a hole in the wall apartment is 1500 a month for 1 bedroom.

I currently work at MLS and this building is not luxury anymore. It was once but the allure has worn off now that 10 York, 88 &100 Harbour have gone up. The building went from Luxury when it was constructed to utility now that it is approaching 10 years old. A one bedroom here is just over $2000 a month.
 
Richard White said:
I have been doing condo security for several years now and you would be very hard pressed to find a condo under $2000 a month for a one bedroom. I have only seen it once or twice in the past year.

The problem is the maintenance fees, taxes, etc in condos. Even in Scarborough a hole in the wall apartment is 1500 a month for 1 bedroom.

I currently work at MLS and this building is not luxury anymore. It was once but the allure has worn off now that 10 York, 88 &100 Harbour have gone up. The building went from Luxury when it was constructed to utility now that it is approaching 10 years old. A one bedroom here is just over $2000 a month.
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I mean, I am a landlord so I know for a fact there are condos under $2K. I can tell you that there are plenty of tenants paying under 2K right now in rent controlled units. I even went as far to search. I found at least 100 condos under $2K in he core.

I do agree maintenance fees and taxes are a problem for sure. I was also talking about new condos. When MLS was built, it was not luxury. On top of that Lanterra is not a good builder. Look at their existing projects...they look like crap. The main problem is everything going up now is luxury, so that just brings up values of surrounding buildings. I mean, I bought a condo for $200K 10 years ago. It is literally no frills but the area is A1. It's worth over $600K now and the new builds in the area are going for 650-700K. I'm not even getting $2K rent for it. It's rent controlled and my payments are low so not too stressed about it.

Getting back to taxes and maintenance fees. Yes, they are sky high and I don't see things changing. Also consider landlords are trying to make the rent cover the mortgage and maintenance fees....as condo prices increase, so do rents. It is a mess of epic proportions.
 
TheKingEast said:
I mean, I am a landlord so I know for a fact there are condos under $2K. I can tell you that there are plenty of tenants paying under 2K right now in rent controlled units. I even went as far to search. I found at least 100 condos under $2K in he core.

I do agree maintenance fees and taxes are a problem for sure. I was also talking about new condos. When MLS was built, it was not luxury. On top of that Lanterra is not a good builder. Look at their existing projects...they look like crap. The main problem is everything going up now is luxury, so that just brings up values of surrounding buildings. I mean, I bought a condo for $200K 10 years ago. It is literally no frills but the area is A1. It's worth over $600K now and the new builds in the area are going for 650-700K. I'm not even getting $2K rent for it. It's rent controlled and my payments are low so not too stressed about it.

Getting back to taxes and maintenance fees. Yes, they are sky high and I don't see things changing. Also consider landlords are trying to make the rent cover the mortgage and maintenance fees....as condo prices increase, so do rents. It is a mess of epic proportions.
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Important to distinguish, current tenants paying under 2k, vs availability at under 2k.

Just did a quick survey via realtor.ca, shows 10 units available in downtown for rent for 2k or less (1 bdrm). That's supply, but certainly not much; using viewit.ca suggests a slightly more robust offering, but still no more than about 30 units.
 
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"quick search" might have been too quick. There are 8 alone in corktown. This is also a slow time for rentals anyays. That's neither here nor there. The point is you can still find a 1 bedroom today well under the "average".
 
TheKingEast said:
"quick search" might have been too quick. There are 8 alone in corktown. This is also a slow time for rentals anyays. That's neither here nor there. The point is you can still find a 1 bedroom today well under the "average".
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Probably for "well under the average... one bedroom"
 
AHK said:
Probably for "well under the average... one bedroom"
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There are some very imaginative iterations of 'bedroom' out there, particularly at the lower end of the scale. Not to mention 'kitchen', 'bathroom', 'window', etc.
 
At the end of the day, people have the right to make money from something they own. Nothing against the concept of Airbnb at all. The unforseen problem of Airbnb in condos is just how prevalent it has become and the problems it poses to those that call the building home. It is also sad that those units could actually be lived in by a long term tenant or owner. I feel if this was a smaller single building, issues could be better dealt with and possibly have rules enforced more efficiently. Unfortunately ICE is huge, making it impossible to actively enforce rules of the condominium to those breaking the rules - which is almost always short term Airbnb guests. Stronger rules should be in place on Airbnb's side so that repeat offences by a unit would result in the inability to host on the Airbnb platform. Rules should be tough to let people know they mean business. Sadly this will never happen.
 
Dustin William said:
Stronger rules should be in place on Airbnb's side so that repeat offences by a unit would result in the inability to host on the Airbnb platform. Rules should be tough to let people know they mean business. Sadly this will never happen.
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Never say never. Once the city rolls out their new Airbnb rules, things should slowly start to turn around. It won't be perfect, but you'll def see less revolving doors. This building deserves a chance.
 
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