First houses on the market

First houses on the market

August 09, 2011

Toronto Community Housing has placed two houses for sale on the open market: 140 Waverley Rd and 2575 Kingston Rd. Both properties are vacant single-family houses with significant capital repair needs.

With the "For Sale" signs in the ground, the company has taken the next step in raising an estimated $16 million that can be re-invested into much-needed housing repairs elsewhere in its portfolio, creating access to more social housing for those in need .

On June 15, 2011, Toronto City Council approved the sale of 22 single-family houses with significant capital repair needs, recognizing that the proceeds of the sales would help address Toronto Community Housing's $650-million backlog in capital repairs.

On average, Toronto Community Housing's single-family houses require $62,400 in repairs over the next 10 years. In contrast, apartment units require half that amount, $32,400 per unit. A number of houses sit vacant because of their state of repair, and some require as much as $175,000 in repairs.

For more information, visit www.140Waverley.com and www.2575Kingston.com. Those interested in purchasing either house should contact DeClute Real Estate at 416-686-9618and ask for Simon Milberry or Rick DeClute.