The authorities in Ontario are preparing to give a major push to affordable housing in the entire region. There are several public properties, numbering roughly 243 which includes land and buildings which are owned by taxpayers in Ontario which have made it to the provincial surplus list. As part of a new mission, the Progressive Conservative government has confirmed that sale of these properties was being fast-tracked in order to raise anywhere between $105-135 million in public funds over the next 4-5 years. This will also lead to public savings of more than $9.5 million yearly for maintaining properties which are unused.
The list has several properties which have been sold recently or are under contract or are already in the due diligence stage and so on. There are several listings which have sale prices ranging between $5, 000-$14.7 million for quarter-acre properties like in Hornepayne Ontario to 43 acres of land near Burnhamthorpe Road and Hwy.403 at Oakville.
30 surplus properties were reportedly sold between the 1st of April last year and 31st of March this year. Infrastructure Ontario sold 13 other properties to several government bodies. The Government continues tracking all these properties for working out their best possible usage. It has been reported that selling these properties may actually boost the real estate market in Ontario with the authorities reportedly planning to monetize several surplus properties for affordable housing projects. Several developers are slated to purchase many of these properties and hence this could lead to multiple new projects coming up in various parts of Ontario.
Many of these locations are of special interest to real estate developers but there is municipal attention on several properties as well. Affordable housing is a major priority for the authorities and hence there is a dedicated move to convert many of these unused lands and structures into such projects.