Saturday, September 10, 2016

The two million dollar tear-down in North York

Take a gander at this two million dollar plus listing in north Toronto.

This lovely home on 57 feet of street frontage on Tobruk Crescent is obviously being marketed as a tear-down.

For two million bucks.

Bear in mind that we're an hour commute from King and Bay, and that's on a good day. Or, you could take a twenty minute hike to the Finch subway station, and then sub to the downtown in a forty year old subway car in which the air-conditioning hasn't worked properly for the last ten years.

That's an hour commute too, but at least you don't have to worry about parking when you get there. But your shirt will be sticking to your armpits, and you will have that subway smell about you, which is probably not what you're looking for if you just bought a four million dollar monster home in the northern reaches of Toronto.

Ya, the local micro-developers who will buy this place and rip it down aren't gonna replace it with something smaller... they gotta make a buck too. So by the time this particular place is bought, levelled, and a bigger, posher place put up, we'll be close to four millions all in.

The Farm Manager spent a spell on Tobruk twenty years ago, when that same house might have traded for maybe $200,000.

What the fuck is going on?

Here's what's going on. It's all about supply and demand. Whereas a few years ago four millions would get you a castle on one of the most posh streets in the Bridle Path neighbourhood, today it'll get you a McMansion on Tobruk in North York.

Where at least you can walk to the Finch subway station.

A handful of big dogs have become billionaires exploiting the shortage of buildable land in and around Toronto.

A whole lot of micro-developers have become millionaires buying up places like this house on Tobruk and working their magic.

Meanwhile, our government wants to up the immigrant quota to 300,000 per year. Most of them will want to settle in the greater Toronto area. Where is this gonna go?

Good question.

And where is our government?

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