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Given how insanely expensive housing has become, I asked my team today to run an analysis on the affordability impacts of taxes and government charges related to housing in the local Toronto high rise context….A THREAD:
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Matt Young
3.7K posts
Matt Young
@MYoungTO
CEO @republic_dev, real estate & urban development pro based in Toronto. Sharing insights, asking questions. Views are my own.
Toronto Katılım Ağustos 2011
480 Takip Edilen2.4K Takipçiler
Necessary. Great leadership
West End HBA@WestEndHBA
WE HBA CEO @mikejcw and Vince Molinaro of the Molinaro Group appeared alongside Burlington Mayor @MariannMeedWard in @CHCHNews coverage discussing Burlington’s proposal to temporarily eliminate residential development charges. chch.com/chch-news/city…
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Bad take. This perspective is everything wrong with Canada right now. “Weak men make hard times”
Rob Ashton@Rob_T_E_Ashton
Carney’s four-day return-to-office mandate is complete nonsense. There aren’t enough desks. It will make services and traffic worse. And govt’s own numbers show remote work could save $6B. This is a pointless waste of money. Taxpayers and public workers deserve respect not nonsense. cbc.ca/news/politics/…
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@markberrytweets @JohnPasalis Which input are going up? We are seeing downward pressure on costs still.
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@MYoungTO @JohnPasalis I'm with you Matt, but Canada has many major industrial policy problems, I suspect the technocrats will be a deer in headlights until it's too late. there are simply too many players in the pockets of developers. and now input costs are winding up again.... I'm pessimistic
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Today that may be true. But housing needs are evolving and things can turn back to positive on a dime. It’s important there is a system that works before that happens otherwise we’ll be back to the same problem we had before, which was a massive shortage relative to demand which spiked prices.
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@MYoungTO @JohnPasalis I not sure we need a solution right now. there is ample inventory and Canada will likely have to weather an incoming economic slowdown...
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@JohnPasalis I’m seeing more of this in the luxury world. Small boutique ultra premium projects. Will be curious to see if more mid market boutique projects get launched.
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@MYoungTO I think a shift in how condo construction is financed, so it's not as dependent on pre-con sales, is important.
But I imagine that if the market shifts to smaller condos that can be completed in under 3 years, we may naturally see more end-user demand willing to buy pre-con
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@brendanwhitsitt @ChrisSpoke The left is better. More cohesive design. Simpler. I like the black at grade, which provides a great backdrop for really nice signage, window dressing. Etc. The right has too many things going on.
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@ChrisSpoke I think the bricks are more similar than they appear, the street views were taken on different days.
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The punchline here is “buy gambling platforms” but far more interesting is the preamble, which powerfully captures the quiet desperation of young people today. It’s not entitlement; it’s rational frustration when patience and hard work no longer lead to progress, driving many toward high-variance escapes just to feel some agency.
I think the real solution lies in fixing the root cause: building far more housing cheaper, to make that first major hurdle of stability a lot easier to achieve.
sysls@systematicls
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@donnelly_b This is like being a leafs fan. You want it so bad but you have been disappointed enough to have no faith it’s going to happen.
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If Toronto plays its cards right, this could be our major streets.
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@communicable You’re eating at the wrong places. Quetzal, Edulis, DaNico, Martines Wine Bar, Giulia, Lake Inez, Cote de boeuf, Grey Gardens. Our food scene is top notch.
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Toronto food scene ain’t what it once was.
Everyone who says we have great food, show your receipts please. Where? Honest question.
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@ggggmmddgg @JShamess Not for high rise. We only included taxes fees and interest on taxes which are directly paid by the developer or purchaser. Number was just over 29%.
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Toronto may be the definition of FAFO.
Many of us have been pounding the drums for years that the idea of “growth pays for growth” is a flawed process.
Transactional taxes only work when there is transactions.
Now that developments charges are 30% of the cost of new housing and housing can’t be built. The city is facing a substantial budget shortfall.
Jeremiah Shamess | Toronto Land & Building Sales@JShamess
Housing is taxed like cigarettes and alcohol. Since our last mayor was in power the thought that “growth pays for growth” has been consummate in the policy. Each unit of housing built is taxed in the range of 22-27% in total cost of the unit. This has created a transactional tax for municipalities, contingent on units of housing being built. Which means that if the housing industry stops, so does the revenue. This means that of the roughly 16,000 units of housing built per year, those 16,000 pay for the entire budget of infrastructure for the city, which is a big part on why housing has become so unaffordable. So today in 2024, there is a 40 year low of housing starts could mean there is a significant budget shortfall for the city. This policy of taxes on housing have increased disproportionately some 600% over the past 10 years and are not slowing down with 2022’s 48.8% increase. What’s the solution? (We wish it would be cut the tax but that isn’t feasible). Find better forms of annual revenue that are annuities each year. What is your idea?
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@ChrisSpoke @MarkJCarney I think it should go well beyond that. They have an opportunity to get creative now. We intend to push some creative ideas that will maximize the desired outcomes.
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@MYoungTO @MarkJCarney Yea, it should really just enter into forward purchase agreements with reputable builders.
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Not a builder, not a financier, not an engineer, not even a lawyer, but an ex municipal councillor.
Interesting choice by @MarkJCarney.
TrendingPolitics.ca@TrendPolCa
JUST IN - Former Deputy Mayor of Toronto, Ana Bailão, has been appointed to lead the new ‘Build Canada Homes’ agency.
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@ChrisSpoke @MarkJCarney My hope is that this agency does no actual home building, but they partner with existing homebuilders who have that expertise, to achieve mutually beneficial objectives.
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I think that Ana was solid as a municipal councillor. I think that, if this agency and role have to exist (unfortunate), it should be filled by someone with experience building housing.
You want the hire to someone with much better options, not someone for whom this is the best option. You would have been a much better hire, for example.
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@Carsten913 @donnelly_b There was a surprising amount of parking around. Many lanes had ground level parking in the rear (in what used to be carriage houses).
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Laneways of Mallorca. 8.5 ft wide. Why can’t we do this in Toronto / North America?
@donnelly_b ?
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@rightonyukon @donnelly_b It’s only the business I’m in 😂
Name 5 reasons which cannot be solved. I’ll wait.
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@MYoungTO @donnelly_b Do you know ANYTHING about architecture or engineering design? There are literally thousands of reasons why you want to design the built environment differently in a Midwestern continental city compared to a MEDITERRANEAN ISLAND
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@donnelly_b @markberrytweets We might be as low as 8m at the pinch points.
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@MYoungTO @markberrytweets I’m surprised you couldn’t go narrower than 10m for pedestrian only!
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@markberrytweets @donnelly_b We tried proposing narrow streets in a masterplan. Nope, 30m minimum. We are getting a pedestrian only area down to 10m though. Progress
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@MYoungTO @donnelly_b Probably fire and servicing requirements. But surely we can solve things like that in the 21st century.
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