This was the vision a four-story luxury condo with eight units in Forest Hill but 7 years after construction began the project still looks like this a fenced off unfinished building it’s pretty awful actually I mean every day I get up and look at this from both from all
Angles of my Suite I’d like it finished built and looking like a real house or demolished one or the other it was supposed to be the ideal project demolishing a single family home to make way for several units the old home was purchased in 2015 by newo developments
For $3.3 million and demolished 2 years later but for the last 2 years it’s pretty much sat idle as recently as January it was on the market for almost 13 million but it didn’t sell newo wouldn’t say if it plans to finish the condo but the president did say it has
Been and remains important to the company in a statement saying the project has been affected by unforeseen delays as a result of the covid crisis along with continued construction cost escalations and fluctuating market conditions specific to mid-rise projects it’s just one example as developers across the GTA are battling The Perfect
Storm with uh prices now uh being sought with interest rates having risen with issues around supply chain uh and labor force so actually having people work on projects uh this can pose real challenges leaving some projects stalled or abandoned because developers simply can’t afford to build them or find
Buyers and it’s not just small projects like new points even Mega developments in Prime locations like the one at Young and blure aren’t spared it was placed into receivership last year and when this happens that affects obviously the housing stock that we have in the city city councilor Josh matlo says the city
Needs to do better to streamline the process for developers there are some boxes that City staff have to check off that may have no context with the actual application in front of them but the developers asked to wait six months to figure something out that may not necessarily have to happen
Anyway and as for the project in his Ward this is not an acceptable situation but he says in a case like this and at this stage the city’s hands are tied Angelina King CBC News Toronto
Construction on a four-storey luxury condo in Forest Hill began seven years ago, but residents say the property hasn’t been worked on regularly for at least two years. Experts say the project has put a spotlight on a problem that has been fuelling the city’s housing shortage: multi-residential building projects that start — then appear to stall.
Read more:
»»» Subscribe to CBC News to watch more videos:
Connect with CBC News Online:
For breaking news, video, audio and in-depth coverage:
Follow CBC News on TikTok:
Follow CBC News on Twitter:
Find CBC News on Facebook:
Follow CBC News on Instagram:
Subscribe to CBC News on Snapchat:
Download the CBC News app for iOS:
Download the CBC News app for Android:
»»»»»»»»»»»»»»»»»»
For more than 80 years, CBC News has been the source Canadians turn to, to keep them informed about their communities, their country and their world. Through regional and national programming on multiple platforms, including CBC Television, CBC News Network, CBC Radio, CBCNews.ca, mobile and on-demand, CBC News and its internationally recognized team of award-winning journalists deliver the breaking stories, the issues, the analyses and the personalities that matter to Canadians.
Another casualty of a recession caused by the real estate bubble
This is what happens when government drags its feet !!!!
Why not nationalise these abandonned project and turn them into social/public housing?
Canada has become a land of loose rules and no consequences. The Government does studies on top of studies and nothing gets done and this goes for both Liberals and Conservatives.
But for 3 and sell for 13!
What greed. No wonder
Who can afford the this nonsense ?
Hope they go broke
Liberals an NDP all lefties you are the ones responsible for this madness going on in North America
dont need more housing
need less gimegrunts
Surprising that it hasn't mysteriously erupted in flames at 3.00am
soo there is a massive housing shortage but construction is stalling due to it not being profitable enough??? yeahhh we are effed as a society
Housing shortage is good for profits.
Nothing personal, just a business decision.
The government only cares about collecting taxes, and things are dragging on. The work efficiency is too low and nothing can be done
People's salaries have not increased much, prices have skyrocketed, and the government prints money. The harsh government imposes tens of thousands of taxes on the people, and the people just have to pay a lot of taxes, and they can't even afford their mortgage, car loan, water, electricity and gas bills