Marianne0909

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My husband and I bought a unit at King Toronto a year ago. We are not foreign investors, but purchased it as our retirement home. Here's my post from last October about our rationale for buying a King Toronto unit. We are still as excited as ever about this decision and have no regrets. The penthouses, given the price, are going to attract only a very small percentage of super wealthy people, but in reading through this forum, I think this condo will attract more of a range of buyers than some of the naysayers think.
https://urbantoronto.ca/forum/threa...stbank-bjarke-ingels-group.16800/post-1496302
 

Rimsky44

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So, like my building: sold out, but empty. I've lived in a building across from KING's site for 7 years. No more than 4-5 units have ever been occupied on my floor with 12 units. Some floors are completely unoccupied. While I don't mind it myself as a resident, it really kills the potential of the neighbourhood. If foreign investors are just going to buy these to sit empty to profit after some time or if they're going to list rentals at too high a price, then it's really going to have a negative effect on the neighbourhood and the dynamic of the building itself.

Toronto needs strict policies on discouraging absent owners. Toronto real estate is functioning as a bank to park money instead of as homes for people to live. No wonder the rental market is verging on unsustainable.

Agreed - the Federal/Ontario/Toronto vacant home tax, if implemented, is a step in the right direction but it seems to be undergoing rounds and rounds of consultation. People complain about it, but the tax is reducing a specific negative externality - reduce hoarding/vacancy of a scarce supply (rental or for ownership/living) critical to a city's growth. Not saying Vancouver's right since a lot of people complain about their tax too, but their 1.25%p.a. tax on empty homes has incentivised owners to rent them out (or for those that don't, provide tax revenues to hopefully help deal with the problem).

And to be clear, I'm not singling out China - just that Westbank historically focused on that market. I know it's a global issue and know many working in NY, San Fran, London, etc. buying up properties here too as their earning power is so much higher outside Canada (both in absolute amount earned, as well as the benefit of a stronger USD/GBP).
 

tzchn

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Walked by the Hermes building in Tokyo and snapped some pics, wonder if the glass blocks will look like this

DSC01141.jpg
DSC01137.jpg
 

TossYourJacket

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Agreed - the Federal/Ontario/Toronto vacant home tax, if implemented, is a step in the right direction but it seems to be undergoing rounds and rounds of consultation. People complain about it, but the tax is reducing a specific negative externality - reduce hoarding/vacancy of a scarce supply (rental or for ownership/living) critical to a city's growth. Not saying Vancouver's right since a lot of people complain about their tax too, but their 1.25%p.a. tax on empty homes has incentivised owners to rent them out (or for those that don't, provide tax revenues to hopefully help deal with the problem).

And to be clear, I'm not singling out China - just that Westbank historically focused on that market. I know it's a global issue and know many working in NY, San Fran, London, etc. buying up properties here too as their earning power is so much higher outside Canada (both in absolute amount earned, as well as the benefit of a stronger USD/GBP).

If we directed the funds from a vacancy tax into building affordable housing that would be a great start.
 

neuhaus

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Not a specific tenant, but it does state there will be a grocery store on-site in the booklet. Sales office also told me this when purchasing.

something upscale and specific like Pusateri’s or McEwan’s would be fitting and well served here, as there’s a Loblaws on Queen, another Loblaws coming on Lake Shore, a Farm Boy on Front, Sobey’s on Bremner, Fresh & Wild at King & Spadina, and a Whole Foods at The Well (was originally where Farm Boy is going but the deal fell apart with Minto).
Westbank says that all their retail tenants will be first class and carefully curated. I can’t imagine a mainstream supermarket going in here and there isn’t a large enough contiguous retail space that can accommodate one.
 

MetroMan

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Oh thank the lord! I've been waiting years to see this shack torn down. Not only was it ugly, but with their impending closing, Spice Route didn't care to follow rules anymore. They had installed large speakers on their patio, blasting music at all hours. They knew that the complaint process would last longer than they'd be around. That said, they broke fire code rules that had them immediately shut down about a dozen times in the last year or two. I'm sorry I missed the demolition. I'll walk by tomorrow with a smile on my face.
 

MetroMan

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I’m going to make a push for my living wall idea. 5 years of construction is going to be painful if this is going to be a typical construction zone lined with ugly dark hoardings plastered in layers of old posters.

A living wall fits the theme of the development perfectly and would soften the look of construction along such a large stretch of King Street.

From what I can tell, access to the site will be from Wellington which will help significantly with no construction trucks and mud all over King Street. Closing the site off with a living wall instead of hoarding would make half a decade of construction much more bearable for residents.

 

officedweller

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Vancouver
P.S. hope the condo corp builds a strong reserve fund.

Maintenance fees will probably be high to prune and clean-up the plantings, etc. and all that garden infrastructure, not just cabling, but also membranes in the planters, will eventually need to be replaced in the future (>25 years).
 

tzchn

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Maintenance fees will probably be high to prune and clean-up the plantings, etc. and all that garden infrastructure, not just cabling, but also membranes in the planters, will eventually need to be replaced in the future (>25 years).
1578860406550.png


Compared to the Shangri-la (Westbank), maintenance fee is now at $1.20/sf after 7 years
 

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