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Now that triplex is approved by right, I suspect far fewer single family cubes. Return on investment is way better if you include multiple units in your cube. Some rich neighbourhoods will still build cubes but in the burbs, I think they will dry up.
Gotta have some place for the people that live in them now to hang their hats. Build new stuff, let them move in and then tear down the old stuff.Here is a prime example of why Toronto/TCHC should not be in the affordable housing business:
Toronto Community Housing looking to demolish 'unsalvageable' Swansea Mews complex
A 154-unit public housing complex in Toronto’s west end that was deemed unsafe for occupancy last June after a ceiling collapse seriously injured one of its tenants could soon be demolished.toronto.ctvnews.ca
First, many TCHC buildings are literally falling apart due to lack of basic maintenance. Some are worse, some are better.
Second, tear this down and build new housing here BEFORE parking lots etc., people were booted out of this condemned mess in June 2022!
Looking for new solutions to a problem (parking lots..), without correcting the old ones first is foolish.
Public community housing is a complete crapshow anywhere. Barrie/Simcoe are proudly moving forward with an "affordable" condo building that costs over $1M per unit to build plus the land. They can buy condos in Barrie now for ~$500K. Double the units, no waiting, no maintenance to take care of, etc if they build a distributed housing pool. That also avoids stigma as over time, most buildings will have some units in the pool.Here is a prime example of why Toronto/TCHC should not be in the affordable housing business:
Toronto Community Housing looking to demolish 'unsalvageable' Swansea Mews complex
A 154-unit public housing complex in Toronto’s west end that was deemed unsafe for occupancy last June after a ceiling collapse seriously injured one of its tenants could soon be demolished.
First, many TCHC buildings are literally falling apart due to lack of basic maintenance. Some are worse, some are better.
Second, tear this down and build new housing here BEFORE parking lots etc., people were booted out of this condemned mess in June 2022!
Looking for new solutions to a problem (parking lots..), without correcting the old ones first is foolish.
Rooming houses in the downtown core are nothing new. it's just spreading out now.
Same thing happens everywhere. The owners that have been there always lose identity over time. Where there was once grandmas rocking on every front porch, there are now families that play in their backyards and never interact with the community. Some subdivisions are bought almost exclusively by foreign students. Some are bought almost exclusively by races congregating together (and statistically the original owners were all white). Where there were large lots with wartime houses, every sale goes to someone with disposable income an order of magnitude higher than the existing residents. Change happens and is inevitable. You don't have to like it. You can do like Jampy did and try to buy enough land around your house so you care less about what happens outside of that boundary.
If you want to protect the neighbourhood, you can go the HOA route. That is how much of the USA functions. I will never voluntarily live in one of those crapholes. So many busybodies with nothing better to do than enforce an endless list of rules.
What young family can afford a sfh home in a nice neighbourhood? I'd rather have a 1000 sq ft walkup in a nice neighbourhood than an apartment style dwelling any day of the week. Commuting from a sfh in peterboro may cost the same as the walkup in newmarket but you never see your kids.
One of the potential paths for this is something like your house. Not a bad house but it has a few issues that are expensive to deal with. Rebuild as a triplex with you living on the ground floor with no stairs. You can easily age in place. Rent out the other two units to cover the rebuild costs and hopefully kick out some income as well. You are in a better dwelling for later in life, you have income, two other families have decent places to live (without crazy condo fees to cover elevators and new carpet every five years) and when it comes time to sell the property is worth far more than the sfh next door.
Not with me. I may decide to follow the same path. Or get out and go somewhere else.
It's also tied into the principal residence exemption with no limit. If you have a $40M principal residence increasing at 3M per year tax-free, that's a good deal. Most people I know would likely be in a much smaller house if not for unlimited cap gain exemption. I know I would have bought a much smaller house for hundreds of thousands less. Frees up more money for use now. Bought bigger on purpose as it has some current advantages and prinicipal residence is the single largest driver of net worth outside of a defined benefit pension (I have no pension other than CPP).
This happened to my neighbors, the LTC home behind them looked like the Shitt's Creek motel till 2008 when they rebuilt. The new building had 30 more beds but looked like a public school, 2 stories with a 10' rooftop mechanical mezz 2x the footprint and 5x the floor space. Neighbors behind the building traded a ravine view for the elegance of a 24'brick wall and listening to the peaceful music of delivery trucks and rooftop mechanicals.
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