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rfmcdonaldA few days ago, the Toronto Star featured the article "Midtowners battle the rise of the midrise" by Manisha Krishnan. This examined the plight of midtowners near Yonge and Eglinton faced with possible real estate depreciation.
Would that we all owned such inexpensive property in Toronto. blogTo noted the mockery online, as did the CBC. I do agree to a certain extent with this, but I also agree with a Facebook friend that in Canada's culture, with its aspirations to property ownership, depreciating house prices could well mean relative poverty. The extent to which this culture of ownership is a good thing is entirely open for debate, and yet does not seem to be discussed.
A group of midtown Toronto residents has banded together to fight what it’s dubbed “density creep,” amid a push for midrise development citywide that shows no signs of abating.
The Density Creep Neighborhood Alliance formed in response to a proposed townhouse development on Keewatin Ave. near Mt. Pleasant Rd., north of Eglinton Ave. E.
The group of about 50 neighbours claims the project — a four-storey, 80-unit building that will replace eight properties from 200-214 Keewatin Ave. — will ruin their stretch of million-dollar homes set on deep, private lots.
“I’m really concerned about my property value going down,” says Lisa Goodwin, 49, a stay-at-home mother of two who has lived in a four-bedroom dwelling on Keewatin Ave. for 19 years.
“Right now all the houses are $1.1 to, say, $2.2 (million) but they’re looking at putting in places that are only $500,000.”
Would that we all owned such inexpensive property in Toronto. blogTo noted the mockery online, as did the CBC. I do agree to a certain extent with this, but I also agree with a Facebook friend that in Canada's culture, with its aspirations to property ownership, depreciating house prices could well mean relative poverty. The extent to which this culture of ownership is a good thing is entirely open for debate, and yet does not seem to be discussed.
