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  • Writer's pictureSouthJTGrows

Building Housing and Supporting Community Needs are NOT Mutually Exclusive

South JT Grows is getting tired of the narrative that providing affordable housing and increasing housing stocks at the expense of current and future community planning is an either-or situation. Who benefits the most when highrise luxury condos are approved with only 10% affordable units and the average starting price for a one-bedroom unit begins in the low 700-800K.

The average Toronto resident earns $34,125K annually or $17.50 per hour. A downpayment for a 750K one-bedroom unit is 50K. The average rent for a one-bedroom apartment in Toronto is 2, 044K. Realistically, if an average Toronto resident is precariously employed or on fixed social assistance, and is carrying some debt due to the fact income has NOT kept pace with the cost of living, who benefits by building 18-storey luxury condos in a small land area like the South Junction Triangle?

Our group's motto is "Growing Responsibly, Organically, and Well". Purposefully built rental apartments at 72 Perth is growing responsibly with both height and type of units available for the average Toronto resident. Sterling-Junction is growing well, as this adds employment opportunities and housing for those who can afford 50K for a down payment.

South JT Grows is extremely concerned about an 18-storey condo planned by Kingsett Capital, one of the largest private equity real estate investment firms in Canada. Given their corporate goal is “A breadth of funds to meet investor needs”, it is safe to assume that this highrise condominium is not about building homes for the average Toronto resident or what is best for the South Junction Triangle community, but rather it is to maximize their investors' dividends as seen by their breakdown of studio and one-bedroom units, and their sizes, as well as how many

affordable rental units are offered - 10. This building is FOR “entitlement opportunities” FOR the investor class under the guise of adding housing stock. This development is irresponsible for so many reasons.

On 16 February 2022, South JT Grows met with Councillor Ana Bailão to discuss the issues arising with the Application at 1423-1437 Bloor Street West and 278 Sterling Rd.

This letter is our response to that meeting. It was sent to Councillor Ana Bailão's office via email.



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