267 York Street - 45s and 40s (Approved)

[haljackey]

Originally Posted by Djeffery

Had to chuckle as I listened to the London Free Press podcast today. They were talking this new concept of housing that Ironstone is doing, called a "Flex Haus" (they even trademarked the name), designed to help people become homeowners. The build a house and put a completely finished rental unit in the basement, so the owner can buy this place and immediately rent out the basement to help pay the mortgage. And they talked like this is a new thing. I can't even count how many duplexes I lived in when I was a kid and I'm 55 now lol. I think they are billing it the way they are because they say it's rare for a new build subdivision where someone has the home professionally finished off with separate dwelling units up to code done by the homebuilder rather than after the fact. Perhaps, but when we built our new house on Fleming Drive (the street beside Fanshawe College that had the St Patricks Day riot 12 or 13 years ago) in 1996, many of the people had the basements finished off into student rental housing while they lived upstairs.

The houses they have listed right now are $800-870k and the rental numbers they use to show how affordable these homes are are $1500 for the basement and $2900 for the main (which also has an upstairs). I don't know, this sounds like something designed for an investor wanting a second rental property, this is still a pretty penny for someone trying to get into the market.

I know we're getting off topic here, but ya the house would be cheaper for first time buyer if the basement was unfinished. We need housing with smaller sticker prices so people can qualify for a mortgage. Sure the rental can supplement income but that means you need to find someone to pretty much live with and take on landlord responsibilities- and that's what people are trying to escape.

If they want a rental they can invest in it themselves at their own dime. We shouldn't have to rely on the rent from others to help pay for our mortgage. Imagine being a tenant in a place like that too- you're not getting much out of that deal.

[CanadianTalk]

Council approved the zoning changes for these two proposed buildings.

[jammer139]

Still no Detailed Site Plan Application has been filed on this proposal.

[jammer139]

Another year has come and gone and there as been nothing but crickets from the owners of CitiPlaza on this proposal.

[Cantilever]

Originally Posted by jammer139

Another year has come and gone and there as been nothing but crickets from the owners of CitiPlaza on this proposal.

I wouldn't be surprised if both this and 50 King are waiting for the big York St. Sewer build, as i suspect they will feed into that capacity.

Could see both of those go forward together, and especially if there are federal/provincial housing funds.

[jammer139]

The sewer built was never a concern. The new sanitary sewer under the forks has already been installed and awaits final testing and clean-up. The rebuild of York St. has been done around Ridout St for years now. And west of the Convention Centre has been completed since last year.


On top of that both those projects are likely 4 year builds where sewer connections are after the pits are excavated for the underground levels and foundations.


I suspect both projects are sitting on their hands watching the vacancy rates of the newest downtown buildings like hawks. An over supply of "luxury" apartments that they can't lease for the expected monthly rent won't make the developer's finance people happy or the mortgage lenders.


This likely applies to Fitzrovia's 35s tower at Richmond and Oxford and some of York's other downtown proposals.

Originally Posted by Cantilever

I wouldn't be surprised if both this and 50 King are waiting for the big York St. Sewer build, as i suspect they will feed into that capacity.

Could see both of those go forward together, and especially if there are federal/provincial housing funds.