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Toronto non-mall retail (Odds & Ends)

  • Thread starter marksimpson7843
  • Start date
There is still 60,000 sq ft of space remaining to be leased there on the third floor.

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Portions of it have been leased.

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House of Lords hair salon set to close after 51 years

https://www.thestar.com/news/gta/20...ords-hair-salon-on-yonge-st-set-to-close.html

On Tuesday, Paul Burford, the owner of House Of Lords, declared on Facebook that he was closing his studio due to increasing property taxes. He told his staff on Wednesday that the studio would close on October 1, after 51 years of operation.

“I’m closing down, I made a decision, I’ve had enough, I’m 75, I work every day,” said Burford. “You try to give the customer a good deal, keep the prices down, employ 20 people, and then they whack you with double tax,” said Burford, standing outside of his truck with House of Lords branding painted on it.

“The mayor, I see him today on TV talking about bicycles. We’ve got another zillion dollars worth of bicycles . . . but for Christ’s sake, give us a break on Yonge St.”
 
The Mayor and Council needs to convince the Province that their way of assessing the value of a site for tax purposes—for the perceived value of the land as it could be were it redeveloped to its full potential—is terribly flawed.

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interchange42 said:
The Mayor and Council needs to convince the Province that their way of assessing the value of a site for tax purposes—for the perceived value of the land as it could be were it redeveloped to its full potential—is terribly flawed.

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Click to expand...

Typically the MPAC values are close to what such properties would actually sell for. There is going to be a lot of media fed this message ( MPAC is the problem) yet few will actually look at whether this is correct.

The problem is not in the MPAC valuations but rather the tax rates themselves. The city knows this and is aware of the tsunami of closures coming. That is why they moved to end the property tax rebate for vacant commercial properties.
 
Sorry, maybe I'm not understanding your post, but I'm getting the feeling that you believe that it's a good thing to base the tax rates on what a property would sell for. That system dooms both the smaller buildings themselves, and the lessees within them, in areas close to where towers have wiped out other pre-existing built fabric. That's a problem.

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