Toronto Community Housing has completed the sale of five stand-alone properties for a total of $3.45 million.

Net proceeds of $3.28 million 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 five properties, all vacant, 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. 

Quote 

“Selling five vacant, costly to maintain and repair properties for 109% of their assessed value is a solid deal for tenants and taxpayers. The sale means $3.28 million more for capital repairs that will improve tenants’ quality of housing and quality of life.”

—Len Koroneos, CEO, Toronto Community Housing 

Quick Facts

• The five properties are located at 5 Scarborough Rd., 2575 Kingston Rd., 140 Waverly Rd., 77 Leuty Ave., and 44 Maclean Ave.
• The properties were sold by real estate agents on the open market to the highest bidders.
• All five were vacant and in need of extensive repairs.
• The properties sold for 109% of their assessed value of $3,214,000.
• City Council approved the sale at its meeting on August 25-27, 2010.

For further information:

• Find out more about Toronto Community Housing’s capital repair challenges and our State of Good Repair Fund

• Follow Toronto Community Housing on Twitter

Contact

Sinead Canavan

Toronto Community Housing Media Relations

416-981-4346

sinead.canavan@torontohousing.ca