Sale of three more properties raises money for much-needed repairs

Sale of three more properties raises money for much-needed repairs

February 06, 2012

TORONTO, Feb. 6, 2012 - Toronto Community Housing has sold three more stand-alone properties for a total of $2,640,000.

The properties sold for 58 per cent more than their assessed values of $1,669,000. Net proceeds from the sales will go into a State of Good Repair Fund to be used strictly to pay for capital repairs to improve Toronto Community Housing buildings.

The three properties were identified as costly to repair and maintain under Toronto Community Housing's 10-year real estate asset investment strategy, Housing Works, which was developed in 2008. Toronto City Council approved the recommendation to sell the properties in August 2010.

One of Toronto Community Housing's biggest challenges is bringing its 58,500 units of housing to a state of good repair. It faces a backlog of $650 million in unfunded capital repair needs, which affects the quality of housing and life for its 164,000 tenants.

"Selling three costly to maintain and repair properties for 58% more than their assessed value is a solid deal for tenants and taxpayers. The proceeds will help Toronto Community Housing make much-needed repairs that will improve tenants' quality of housing and quality of life."

-Len Koroneos, CEO, Toronto Community Housing

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Media Contact
Kyle Rooks
Toronto Community Housing Media Relations