Amare
Senior Member
Looks amazing to me, love the podium and the cross-braced cladding. For the most part, i'm a fan of First Capital and their works as they tend to think outside of the standard boring Toronto box.
Sorry but this is an uninspiring development compliments of First Capital of course. It's going to ruin the street scape of the Annex which made it such a special place for visitors and residents. . The main reason people come down here is because it's not wall to wall condos. The city has to demand more than faceless condos that are going to be snapped up by investors only to be rented out. No one is anti development we just want good city planning.
In reality , a large portion of people will use their parents inheritance for a 50-100% down payment which should bypass the income requirements.Sure, but let's run the numbers. Let's assume they buy a 600 sq.ft. 1+den or 2 bedroom at $1,400 psf (reasonable guestimate for a pre-con in this area). Assuming a 20% down payment puts the mortgage at 672k. Most banks will approve mortgages about 4x one's annual income. So the couple needs a combined income of 168k minimum. Two intermediate professionals/middle managers can afford that, but no way is a cleaner or food delivery worker making that much. And besides, most food delivery workers downtown are on bikes, not cars. Cleaners might be getting picked and brought to sites by their company. Most people living here will probably be professionals working downtown and taking the subway. If this site does need parking, the ratio should be no more than 0.1 spots/unit.
Probably well under 50% with the average gift in Toronto being around 125k, but agreed in principleIn reality , a large portion of people will use their parents inheritance for a 50-100% down payment which should bypass the income requirements.
Sure, agreed.Jobs that pay 70k plus will become more scarce in the future due to artificial intelligence absorbing white collar work.
Most people in gig work won't be buying here.More people will be working a lower paying job and gig work in the evening/weekend etc. Gig work almost always requires a car.
Probably well under 50% with the average gift in Toronto being around 125k, but agreed in principle
Sure, agreed.
Although my thinking on this issue echoes David Graeber's concept of bullshit jobs.
I don't think 70k+ jobs will necessarily be scarce going forward. Companies will just invent new bullshit positions so that people have an income to consume the goods and services produced by said companies.
In fact, I would argue this already describes a significant portion of office work: fluffy workfare positions which enable continued consumer demand and prevent people going destitute.
My point being that there will be enough middle/upper middle class workers in the future to afford units in these areas. There won't be some surge in gig workers buying in these areas and needing parking spots. A really odd claim to make.
Most people in gig work won't be buying here.
I'm not opposed to buildings having parking. But I think it's logical for one building right beside a subway station to have no parking.
It's perplexing seeing the odd objections advanced should one dare suggest a building in a super transit friendly location have no parking.
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When you put it that way, agreed!I should have clarified that dont think there will be a surge of precariat buyers in this area and agree with you regarding downtown buildings on subway lines,,, but at the same time I dont think zero parking should become the 'new normal' for the inner suburbs of Toronto too. In fact I think they key to more affordable housing lies in areas like Rexdale . Affordable buildings should have ample parking.
Prime land in the downtown produces more property tax for city coffers if it caters to upper market. So encouraging zero parking and dependence on transit makes sense for the work-from-home laptop elite.
Usually gig workers deliver groceries and packages or whatnot to people who are working these cushy fluff laptop jobs from the comfort of their home. The more fluff jobs, the more demand for gig workers, generally speaking. The vast majority fluff positions are filled by internal hiring , regardless if the company posts an ad, so they are generally reserved for the well-connected of society .