Finance Minister Vic Fedeli announced Monday that the Ontario government will build 54 low-cost homes on the eastern side of Lake Ontario to help tackle the city’s housing crisis. But that’s not the only news about the lakefront property that has the city and real estate experts weighing in.
CNN Geek Out’s Matt Elliott takes a look at the latest developments around a recently made deal between Toronto and Warner Bros. The studio is planning to build a new tech campus with at least 25,000 employees on a 50-acre portion of an underwater dredged reservoir known as the “Marble Beach.” It’s expected to start construction by the middle of this year, with completion expected in the early 2020s.
The decision on the Warner Bros. deal ruffled feathers among residents and real estate experts — mostly because it will remove too much prime waterfront real estate from public ownership. But why is it happening? Some experts say the city is caving in to the needs of developers.
“As long as there are economic realities to be met, it’s entirely reasonable that the government will take the best possible deal,” said Rennie Miller, president of Vintage Residences, a real estate group that specializes in Toronto properties.
We also talk about other real estate developments in and around the city, including residents who are being asked to help pay for the new Toronto-area subway system.