Expropriation is for the greater good. As long as the homeowner gets market value, plus 10 or 15% bonusing to be fair.
There’s a house on Hopedale listed at $1.195 million, which would mean the homeowner of the expropriated house would get $1.3 to $1.4 million.
I would argue that 15% is on the low side.
When evaluating the worth of a home, there is a lot more than just what the other houses in the area are going for. Maybe this one guy has done a lot of work on his house, gutted it, made it open concept, lowered the basement, etc. Put in higher end fixtures, kitchen hardwood, etc. Every last dime of this would need to be added to the bill. Then there would be compensating for his time and effort. It takes years to get a house "right" if you're that kind of guy. (I am and I'm speaking from experience.)
Then there is the grief associated with finding another home and fixing it up. Life is finite. Maybe the guy had fixed his original house up with the intention of living the rest of his life there and now the government has robbed him of that. You spend 5 or more years making a house right, you're 60 years old now, you never had the intention of doing this all over again and along comes the government and throws you out for "market value"? I think not.
Needless to say, all his relocation costs would (or should) be covered. Including waiving all land transfer taxes on his new purchase. (Land transfer taxes can be very substantial now in the City of Toronto.)
Bottom line, as far as I'm concerned, this would need to be a very detailed accounting of what the guy has into the house, not "market value" which is bullshit.
10 or 15%. Are you kidding??? It is huge inconvenience to move, have a temporary house, search for a new house, move again, etc. You may not even be able to find a comparable house that you like in the area you want. IMHO, 50% on top of the "market" value of the house (to guarantee you can find a comparable house you like without any hassle) + $100K moving and temporary hosing expense + $250K to compensate for inconvenience.
I would agree with this.
Blah blah blah.
this line is never getting built, it’s all just empty air promises on the part of politicians.
They have no vested interest in building proper subways for the city. Toronto is already a cash cow for the country, the less they need to invest in it, they will.
I sort of agree with this. The line is Doug Ford's idea of a good idea. If his government falls in the next election, it will never get built. But if he re-elected, it may get built. If you had asked me that same question 6 months ago, I would have said that if Ford gets re-elected it WILL get built, but post COVID-19 extreme debt and deficits, I have my doubts.
Besides, the proposed route makes no sense.
Toronto needs a Queen Street line from Victoria Park on the Bloor line, dropping down to Queen, under Queen all the way to Sherway Gardens - End of story. Anything else is stupid. (Mind you, I can't imagine how much expropriation would need to occur then.)
If you get market value +, it means that you will be able to buy a comparable house in the broader area.
$350K for housing costs and inconvenience is exorbitant on a $1.195M house.
Remember, Metrolinx isn’t a private developer that’s profiting on this. It is a Provincial agency that is funded by taxpayers. No way, would a 30% premium ever be approved.
350k is literally peanuts, not even peanuts, it's peanut dust in the bottom of the jar relative to the cost of construction of this line.
You need to hire the right lawyer who can make a constitutional argument about whether it is right or not to expropriate your house,, make a lot of noise, you'll get a better deal, don't worry.
