Mimico GO station of South Etobicoke has been ageing. Its redevelopment is in jeopardy as a new report from CBS News suggests Metrolinx terminated its deal with the project’s developer. Travel hasn’t been easy in the area due to the burden on the station, and now the South Etobicoke residents will have to wait longer for better transit services.
The news of the agreement’s cancellation was confirmed by Metrolinx to CBC News in February. After the agency got the information that the “court-appointed receiver took control of the developer’s lands,” the project was called off.
As per the 2022 agreement, Vandyk Properties was to be rebuilding the station and surrounding the same with a transit-oriented community (TOC). The TOC was supposed to include 300 underground parking spaces, 96 bicycle spaces, a retail plaza, and a greenway path.
The report suggests that Vandyk Properties owes in excess of $300 million. Grand Central Mimico, the master-planned community, was originally planned to include two million square feet of mixed-use development and 1.85 million square feet of living space.
Since before the Budget Day on April 16, Prime Minister Justin Trudeau has been making announcements addressing the housing crisis facing the North American nation. From incentivizing the construction of affordable housing to reconstruction, these plans promise to improve the housing infrastructure of Canada.
The real estate sector’s most influential leaders and innovators will be gathering in Calgary for a conference that, in all probability, is going to be the biggest real estate event in Alberta. Titled, ‘Rock’N REAL ESTATE 2024’, the BUZZ conference will be taking place in Carriage House Hotel & Conference Centre on Thursday, May 2. The meeting will open at 7:30 am with a light continental breakfast. The discussion will go from 8 am to 5 pm followed by an hour of networking session at the end of the event. Cocktails on the house!
Canadian housing activity was largely stable in March, but a key spring selling season lies ahead. Existing homesales edged up 0.5% in March (seasonally adjusted) and were up a modest 1.7% from sluggish year-ago levels (although an early Easter long weekend likely reduced volumes somewhat). While current activity might seem quiet compared to the exuberance in 2021 and early 2022, sales volumes are trending about in line with pre-COVID norms, albeit at the low end of that range.
“We are changing the way we build homes in Canada. In our housing plan and Budget 2024, we are delivering ambitious action and investments to build more homes, make it easier to rent or own, and help the most vulnerable with stable housing. This is about restoring fairness for every generation, and housing is at the heart of that”, said Canadian Prime Minister, Justin Trudeau about the country’s new housing plan.
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