Category Archives: Uncategorized

Time to get Toronto working again!

09 Monday Jun 2025

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Like most, I’m frustrated with Toronto’s stagnation. We should be a preeminent international city! Here is a list of actionable priorities that local, provincial, and federal governments in Canada can pursue to encourage voluntary return-to-office (RTO) across the public and private sectors. These strategies aim to make returning to offices more attractive, practical, and economically beneficial for both employees and employers, without mandates (carrot over stick).

Local Government Priorities (Municipal)

1. Improve Urban Commuting Experience

  • Subsidize or reduce transit fares during peak hours.
  • Expand express routes, frequency, and service reliability for GO trains, subways, and municipal buses.
  • Offer parking incentives or discounted rates for downtown garages.

2. Activate Downtown Cores

  • Fund more events, pop-up experiences, markets, and public performances, since summer is upon us.
  • Create “Back-to-Office Days” with perks like free coffee, music, or food trucks.
  • Partner with BIA/Chambers to offer discounts or rewards to office workers at nearby retail, gym, and restaurant establishments.

3. Invest in Safety, Cleanliness, and Public Space

  • Increase visible police presence in business districts.
  • Maintain clean sidewalks, improve lighting, and enhance attractive landscaping.

4. Support Flexible Office Infrastructure

Provincial Government Priorities

1. Tax Incentives for Office-Based Work

  • Offer tax deductions for commuting costs (e.g. transit, parking).
  • Introduce tax credits for employers who maintain or upgrade in-person office environments.

2. Occupational Health & Safety Enhancements

  • Publish and promote certification programs for healthy indoor air quality and ergonomic workspaces.
  • Offer rebates to companies who retrofit for better ventilation and wellness amenities.

3. Public Service Leadership

  • Make provincial ministries lead by example with a hybrid-first but office-visible workforce strategy.
  • Reward innovation in team-building and productivity in in-person formats.

4. Support Mental Health & Social Reconnection

  • Launch a campaign around “Work, Wellbeing, and Belonging” to highlight the benefits of face-to-face collaboration.
  • Expand access to mental health and burnout prevention programs, with a focus on reintegration anxiety.

Federal Government Priorities

1. Align Government Office Policies

  • Clarify a consistent federal hybrid workplace standard across departments.
  • Publicize success metrics and pilot studies to support balanced return-to-office models.

2. Tax and EI Reform to Encourage Re-engagement

  • Consider limited-time EI contribution relief for employers increasing in-office staffing.
  • Update CRA guidance on home-office tax deductions to slightly favour in-office workers.

3. National Infrastructure Support

  • Invest in transit systems and regional rail that link suburban communities to urban job centers.
  • Fund broadband infrastructure in rural areas but pair with policies encouraging hub-based hybrid work.

4. Strategic Communication Campaign

  • Launch a national public awareness campaign on the benefits of collaboration, mentoring, and career growth via in-office work.
  • Highlight stories of businesses thriving through a flexible but in-person culture.

Cross-Governmental Collaboration Ideas

  • Launch a Tri-Level RTO Task Force to coordinate incentives, messaging, and data.
  • Create “Workplace Innovation Grants” for businesses testing new office models. Encourage voluntary return-to-office (RTO) across the public and private sectors. These strategies aim to make returning to offices more attractive, practical, and economically beneficial for both employees and employers, without mandates.

#Toronto #TorontoCRE #CREbroker #TorontoRocks #CREInsider

Land Assembly – Greater Toronto

17 Saturday Aug 2024

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Assembling land is a process where developers acquire multiple adjacent parcels of land to create a larger, more valuable property suitable for development. This process can be complex and involves several key steps: 

1. **Identification and Planning** – **Market Analysis:**

We begin by conducting a market analysis to identify areas where land assembly would be most profitable. This involves understanding zoning laws, market demand, and the potential for development. Once we identify a strategic area where multiple parcels can be combined. Factors such as location, existing infrastructure, and future development potential are considered. 

2. **Research and Feasibility Study** – We research the ownership, zoning, and any restrictions on the properties that are of interest. This includes understanding the current  land use and the potential for rezoning if necessary. When required we can assist with a feasibility study to assess the potential return on investment, including costs associated with acquiring the land, potential legal issues, and the overall development costs.

3. **Negotiation and Acquisition** – We will confidentially approach landowners on your behalf with offers to purchase their properties. This can be a sensitive process, especially if owners are not initially willing to sell.  Price negotiations are critical. Developers often have to pay a premium to convince owners to sell, especially if there is sentimental value attached to the property or if the owners recognize the potential value of the assembled land.  Once terms are agreed upon, purchase agreements are drawn up. These agreements must be carefully crafted to include contingencies for zoning approvals and review of plans, environment and building condition reports, leases and other potential obstacles.

4. **Financing** – **Raising Capital:** Developers need significant capital to purchase multiple parcels of land. This often involves securing financing from banks, investors, or private equity firms. In a volatile economic market like today, it usually involves a large VTB mortgage, at a time when bank lending is very conservative. Further developers may structure deals creatively, using options, joint ventures, or partnerships to manage the financial burden.

5. **Legal Considerations** – **Title Clearance:**Ensuring that the title for each parcel is clear is crucial. Developers work with title companies to verify ownership and clear any liens or encumbrances. 

6. – **Rezoning and Permitting:** Developers often seek to rezone the assembled land to increase its development potential. This requires working with local government agencies, planning boards, and possibly attending public hearings. Once all parcels are acquired, developers may need to legally consolidate the properties into a single parcel for development purposes. 

7. **Site Planning and Design:** With the land assembled, developers work with architects, engineers, and urban planners to design the project and obtain the necessary permits.  Depending on the complexity of the site this may involve environmental impact assessments and other regulatory approvals. Further different municipalities within the GTA have differing timelines for approvals.  Budget 3 to 4 years to have all approvals in place. 

**Selling or Leasing?** –  The final development is marketed to potential buyers or tenants. – Developers may choose to sell the complete project, lease it out, or a combination of both, depending on their financial goals. Typically if there is retail ground floor space, this is retained by the developer and leased out to suitable tenants.

**Exit Strategy:** Developers typically have an exit strategy in place, whether it’s selling the property, refinancing, or holding onto it for rental income.  

 

Challenges in Land Assembly –

**Resistance from Owners:** Some landowners may refuse to sell, potentially stalling or complicating the assembly process. 

-**Legal and Regulatory Hurdles:** Navigating zoning laws, environmental regulations, and other legal challenges can be time-consuming and costly. –

**Financial Risk:** The process is capital-intensive, and there is always the risk that the assembled land may not yield the expected returns.

Land assembly is a crucial strategy for developers looking to undertake large-scale projects in urban and suburban areas, but it requires careful planning, negotiation, and execution.

Ways in which a new commercial tenant can show a landlord their financial strength (especially in a tight market)

05 Thursday Oct 2023

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Here are some ways in which a commercial tenant can show a landlord their financial strength:

  1. Provide financial statements: The tenant can provide their financial statements to the landlord, including income statements, balance sheets, and cash flow statements. These documents will show the landlord the tenant’s financial performance, liquidity, and ability to pay rent.
  2. Credit reports: The tenant can provide their credit report to the landlord to show their creditworthiness and ability to pay bills on time.
  3. Bank statements: Providing bank statements will show the landlord the tenant’s cash position and how much money they have available to pay rent.
  4. Business plan: A well-thought-out business plan that includes projected income, expenses, and profits can show the landlord the tenant’s long-term viability and potential for growth.
  5. References: Providing references from suppliers, customers, or other landlords can give the current landlord a better sense of the tenant’s reputation and reliability.
  6. Guarantor: If the tenant has a parent company or an individual guarantor with a strong financial standing, they can offer to guarantee the lease payments. This can provide additional security to the landlord.
  7. Offer higher security deposit: The tenant can offer to pay a higher security deposit to the landlord to show their financial strength and commitment to the lease.

Overall, the key is to be transparent and provide the landlord with as much information as possible to demonstrate the tenant’s financial strength and stability.

Finding the “win-win” in real estate transactions

04 Wednesday Oct 2023

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Bridging the price gap between a buyer and seller of commercial property requires effective negotiation and creative solutions. Here are several strategies that can help:

  1. Market Research and Comparative Analysis: Both parties should conduct thorough market research to determine the fair market value of the property. Comparative analysis of recent sales of similar properties in the area can provide valuable insights and serve as a reference point for pricing negotiations.
  2. Open and Honest Communication: Establish open lines of communication between the buyer and seller. Discuss their motivations, expectations, and concerns regarding the property’s price. This can help identify areas of flexibility and potential compromise.
  3. Third-Party Appraisal/Broker Opinion of Value: Consider obtaining an independent appraisal from a professional appraiser or an experienced local broker. A neutral third-party assessment of the property’s value can provide an objective perspective and serve as a basis for negotiation.
  4. Flexible Payment Terms: Negotiate flexible payment terms, such as installment payments, deferred payments, or creative financing options. This can make the property more affordable for the buyer while still meeting the seller’s financial objectives.
  5. Property Upgrades or Repairs: If the property requires repairs or upgrades, the seller could offer to undertake some of these improvements before closing the deal. Alternatively, the buyer could agree to take on certain improvements after the purchase, potentially justifying a higher price.
  6. Earnest Money Deposit: The buyer could offer a larger earnest money deposit to demonstrate their commitment and seriousness. This gesture may help convince the seller to be more flexible on the price.
  7. Seller Financing: In this arrangement, the seller acts as the lender and finances part of the purchase price. This can make the property more accessible to the buyer and potentially lead to a higher final sale price for the seller.
  8. Contingencies: Consider including certain contingencies in the purchase agreement, such as obtaining necessary permits, securing financing, or achieving specific performance milestones. These contingencies can provide a level of assurance to both parties and facilitate price negotiations.
  9. Escalation Clause: An escalation clause allows the purchase price to increase if another buyer submits a higher offer. This can encourage the seller to lower their price to match or beat potential competing offers.
  10. Leaseback Agreement: In a leaseback arrangement, the seller agrees to lease the property from the buyer for a specified period after the sale. This can provide the seller with additional income, time to relocate or wind down the business and make the purchase price more appealing to the buyer.
  11. Mediation or Arbitration: If negotiations reach an impasse, consider involving a neutral third party, such as a mediator or arbitrator, to facilitate discussions and help the parties find common ground.
  12. Time Sensitivity: Highlight any time-sensitive factors, such as the buyer’s need to secure the property quickly or the seller’s desire for a swift transaction. Urgency can sometimes prompt parties to compromise on the price.

Remember that successful negotiation often involves give-and-take from both parties. It’s essential to approach the process with a willingness to understand each other’s perspectives and find mutually beneficial solutions.