How Many People On Waiting List For Affordable Housling?

...why weren't these homes renovated and put back into the inventory of TCH?

Native group buys 20 community housing homes

07 June 2010 05:53

As real estate deals go, this was a sweet one for the purchaser.

Wigwamen, an aboriginal housing organization, has bought 20 single-family homes from Toronto Community Housing in a deal recently approved by city council.

Instead of purchasing the properties outright — they’re estimated to be worth nearly $9 million — Wigwamen will have to pay only about $400,000 in outstanding mortgages.

In late 2008, these properties and nearly 600 other single-family homes owned by the city’s community housing agency were at the centre of controversy.

Many are in established neighbourhoods, including the upper Beach, and Broadview-Danforth, their values have risen to close to $500,000 or more each.

That fact raised the ire of a few Toronto councillors, who argued that some of the properties should be sold and the money put toward rent subsidies.