I am involved in various partnerships doing planning financing, multi family, purpose built apartments and single family subdivisions in the Metro GTA. I have also done financing in the Kitchener Waterloo area through participation in syndicated mortgages over the years. Blue Mountain is right in line with what we experience. We have one subdivision in Richmond Hill, surrounded by other completed older developments, we were approved in early 2020 and we were supposed to get building permits in 2020. Covid was the excuse for missing then. We got a partial permit for 70 out of 240 houses in 2022 and 70 more houses in late 2023 and are waiting on the final 100 in 2024 with no visibility of when the lords of construction with deign to provide us with the permits to build what was approved 4 years ago. You can guess where I will never invest in construction again. I could go into a long post about other issues but let me end with the fact that purpose built apartments in the GTA, with appropriate affordable units, are only being built because of the HST elimination and federal loans. It would make no financial sense to build anything otherwise. Condos and purpose builds carry very similar development charges. I participate in developments in Mexico as well. They have nothing like our planning/permitting delays there.
Municipal issue in Richmond Hill. Not a provincial issue. As to incompetent Toronto this month increased development fees by 20%. Housing is going to be more expensive.
Very informative & indicative of how bureaucracy wreaks havoc. Liberal press conferences can sometimes sound decent & then reality sets in & nothing gets done.
The Public sector has never been larger, there are more consultants than ever…… & fewer things get done. Hopefully Poilievre will mimic President Milei in Argentina & slash the Federal payroll.
I am involved in various partnerships doing planning financing, multi family, purpose built apartments and single family subdivisions in the Metro GTA. I have also done financing in the Kitchener Waterloo area through participation in syndicated mortgages over the years. Blue Mountain is right in line with what we experience. We have one subdivision in Richmond Hill, surrounded by other completed older developments, we were approved in early 2020 and we were supposed to get building permits in 2020. Covid was the excuse for missing then. We got a partial permit for 70 out of 240 houses in 2022 and 70 more houses in late 2023 and are waiting on the final 100 in 2024 with no visibility of when the lords of construction with deign to provide us with the permits to build what was approved 4 years ago. You can guess where I will never invest in construction again. I could go into a long post about other issues but let me end with the fact that purpose built apartments in the GTA, with appropriate affordable units, are only being built because of the HST elimination and federal loans. It would make no financial sense to build anything otherwise. Condos and purpose builds carry very similar development charges. I participate in developments in Mexico as well. They have nothing like our planning/permitting delays there.
Just SMH reading about the unnecessary delays courtesy of our Provincial Gov’t or this a municipal issue ?
4 years after getting approval & still no shovels in the ground. Can Gov’t possibly be any more incompetent ?
Municipal issue in Richmond Hill. Not a provincial issue. As to incompetent Toronto this month increased development fees by 20%. Housing is going to be more expensive.
Very informative & indicative of how bureaucracy wreaks havoc. Liberal press conferences can sometimes sound decent & then reality sets in & nothing gets done.
The Public sector has never been larger, there are more consultants than ever…… & fewer things get done. Hopefully Poilievre will mimic President Milei in Argentina & slash the Federal payroll.