Toronto 110 Eglinton East | 236.55m | 58s | Madison Group | Rafael Viñoly

[HousingNowTO]

Our HNTO letter of support is below -- along with our concerns about the way that these deals are being interpreted from a land-transfer tax and HST perspective at the moment...
PDF - https://www.toronto.ca/legdocs/mmis/2024/te/comm/communicationfile-184030.pdf

 

[Northern Light]

Our HNTO letter of support is below -- along with our concerns about the way that these deals are being interpreted from a land-transfer tax and HST perspective at the moment...
PDF - https://www.toronto.ca/legdocs/mmis/2024/te/comm/communicationfile-184030.pdf


View attachment 606989

I broadly support the above, with one admonition.

To the extent the City waives any revenues, I want that to translate into either more affordable units than would otherwise have been obtained, or greater affordability than would otherwise have been obtained.

I am concerned that we not simply hand out revenue waivers like candy, but in exchange for a tangible benefit.

 

[HousingNowTO]

I broadly support the above, with one admonition.

To the extent the City waives any revenues, I want that to translate into either more affordable units than would otherwise have been obtained, or greater affordability than would otherwise have been obtained.

I am concerned that we not simply hand out revenue waivers like candy, but in exchange for a tangible benefit.

This is not just the CITY, it is a tax-trigger that happens at all three (3) levels of government -- as they consider the delivery of the "Condo Units in a Block" to an not-for-profit affordable housing owner / operator to be a "Purchase of Multiple Units" -- just like any other one-by-one Condo closing process.

That policy triggers a HUGE tax-burden on the not-for-profits as the Land-Transfer Tax and HST are calculated at the "Current Market Value" --- not the "nominal value" (eg. $1 per unit), etc -- that is in the agreement(s).

 

[Northern Light]

This is not just the CITY, it is a tax-trigger that happens at all three (3) levels of government -- as they consider the delivery of the "Condo Units in a Block" to an not-for-profit affordable housing owner / operator to be a "Purchase of Multiple Units" -- just like any other one-by-one Condo closing process.

That policy triggers a HUGE tax-burden on the not-for-profits as the Land-Transfer Tax and HST are calculated at the "Current Market Value" --- not the "nominal value" (eg. $1 per unit), etc -- that is in the agreement(s).

I'm in complete support of removing that burden; I simply want to ensure the resulting relief produces a tangible benefit and is eaten up somewhere in the process by one or more actors with no resulting gain to show for it.

 

[Tuscani01]

Just because they had the workshops for the city doesnt mean that the city agreed to it. I have a hard time believing that the city agreed to building with no stepbacks with floor plates of over 1000m2 up to 31 & 38 storey's, and then Madison agreed to floorplates of only 500m2 for the remainder. Dont get me wrong, Iove how these look, but I just dont see them getting through both the city's review, or the Madisons internal review.

Guess you’re eating those words now eh?

 

[maestro]

Land transfer is a cash cow but, a tremendous tax burden for just about anyone. I'm not too keen on discounts or exemptions noble cause or not.

 

[The Preservationist]

If this gets approved as currently planned, I would be interested to see what the next move is for the owners of the middle block. Possibly setting the scene up for something very tall?