Comment 83606

By elm st (anonymous) | Posted December 07, 2012 at 20:08:24 in reply to Comment 83602

No, I think that's both a sales tactic to seek investors (see current lawsuits over the Trump tower to see how well this works) and a way for the developer to reduce his risk in the same way condos do. Condos would bring the tax advantages as the article shows.

The reason Stinson is even in Hamilton is because at 1 King st he also built an apartment hotel, but then failed to understand that these were taxed as commercial properties and ended up loading the buyers with tax rates three times the residential rate. Whoops. Suffice it to say the man can't find work in Toronto anymore. Don't know if he's worked this out.

To randomguy - if this is the reason no one builds rental housing anymore, then why did they ever in the past? Are these tax rates a recent phenomenon?

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