Another week in Toronto has come to a close and, from November 23 to 27, real estate stories continued to take our desktops by storm. In fact, you may have struggled to keep up with it all!
And, let's be real: everything -- *gestures vaguely* -- is a lot right now, so there's a fair chance you don't want to spend your weekend doom-scrolling, trying to catch up on all the latest news about what's up, what's down, and what's not budging. In fact, we wouldn't recommend it.
To make your day a little easier, we've gathered up this week's top articles and assembled them below. Consider this place your Toronto real estate news digest, where you can get the picture before you go outside to get some (socially distanced) fresh air.
With that, we'll get right to it. Here are your top "storeys" for the week:
1. Rogers Centre Could Be Demolished As Jays’ Owner Plans New Stadium
In news that is relatively humbling for one of Toronto's biggest landmarks, major changes could be coming to the SkyDome Rogers Centre. As first reported by the Globe and Mail, the Toronto Blue Jays’ owner wants to construct a new stadium as part of a downtown Toronto redevelopment, which means bidding adieu to the iconic venue. Shawn's going to be so sad when he finds out...
2. Keesmaat Launches Affordable Housing-Focused Development Group
The newly-announced Markee Developments — established in-part by Toronto's Former Chief Planner Jennifer Keesmaat — aims to co-exist alongside housing provided by the public sector and non-profits… not replace them. To do so, the group has crafted a new model for the building, financing, and delivery of affordable housing. And they're making sure these abodes are sustainable and aesthetically pleasing, too.
3. Buyer Beware: Class-Action Lawsuit Against Cancelled Condo Project Dismissed
When buyers launched a class-action suit against a developer that cancelled a preconstruction condo project, they argued that they should be awarded damages reflecting the lost increase in value of their units. But, the court recently dismissed their class action case in Ritchie v Castlepoint Greybrook Sterling Inc, and the details of that ruling are a good reminder that purchasing preconstruction is always a “buyer beware” situation. *Insert gritted-teeth emoji here.*
4. Sold: Parkdale 3-Storey Goes for More Than $700k Over Asking
Sure, homes go for "over asking" in Toronto pretty regularly. But a property selling for nearly 150% of its asking price? Now that's a much rarer ordeal. So, what was it about 90 Cowan Avenue that saw its price tag increase to 147% of what it was listed for? We suppose you'll just have to read on to find out...
5. Will a COVID-19 Vaccine Cause Home-Buyer’s Remorse for Those Who Fled the City?
In a climate of eerily vacant downtown offices, Zoom meetings, silent concert venues, empty (or permanently closed) city restaurants, and perpetual stir-craziness, the appeal of trading downtown Toronto for the surrounding suburbs is admittedly understandable. But a vaccine is on the horizon, and this development begs the question: will those who chose to leave wish they hadn't?
6. ‘Buy Local or It’s Bye Local’: Roncesvalles Launches ‘Not for Lease Campaign’
Dozens of local businesses in Roncesvalles were plastered with “For Lease” signs this week — as part of a campaign aimed at reminding the public of the importance of shopping locally. The impactful campaign, which the Roncesvalles Business Association (BIA) launched Tuesday, also shows the dire reality of what a local neighbourhood could look like without small businesses. And if you ask us, it wouldn't look good.
7. The Rosebud Motel from ‘Schitt’s Creek’ is Officially for Sale for $2 Million
Holy Schitt! The beloved motel that the Rose family called home has officially hit the market -- and it could be yours for a cool $2 million. Throughout Schitt Creek's illustrious six-season run, the motel’s exterior was used as the filming location, along with the Hockley Valley property, which sits just over an hour north of downtown Toronto.
8. Airbnb Names Toronto as One of its 10 Biggest Revenue Cities in the World
Airbnb -- which was founded in 2008 -- will go public in a December 2020 IPO. With at least four million hosts and 7.4 million listings of home rentals and experiences -- from guided wine tours to mountaintop yoga to pottery classes, and everything in between -- The Wall Street Journal reported that the home-sharing giant is expected to garner a valuation of about $30 billion. According to Airbnb, its top ten cities by revenue include London, New York City, Paris, Los Angeles, Rome, Barcelona, Tokyo, Toronto, San Diego, and Lisbon.
