The Murder of Emanuel Jaques, Toronto Shoeshine Boy Real Life Locations

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New Development at Keele St and Sheppard Ave in Downsview

A Toronto street that was once a thriving community of former military homes has sat vacant for close to nine years, but it is finally set to be transformed into something new as part of a planned neighbourhood coming to Downsview Park.

Canada Lands Company (CLC) is advancing plans for its newest community as part of a sweeping transformation of its Downsview lands occupying the closed airport and former military base.

CLC's new Arbo at Downsview community will serve as a western gate to the new mixed-use communities that will transform Downsview in the coming years, and the federal Crown corporation recently filed plans that will move the first phase of Arbo forward.

Arbo will repopulate a pocket of the Downsview Lands that was, up until the mid-1990s, a community of former military housing serving the now-defunct base. 

Blocks of over 80 homes built for personnel of the former Canadian Forces Base at Downsview sat dormant on John Drury Drive and Robert Woodhead Crescent, near Sheppard Avenue and Keele Street, from the base's closure until their ultimate demolition.

1992 aerial image of the former William Baker Houses demolished in 2016. Photo via City of Toronto.

Known as the William Baker Houses, these suburban cookie-cutter homes were cleared of their last residents in 2012 and demolished in 2016, but the cracked residential streets remain — still bearing remnants of the community that once existed in this location.

Those same streets are now devoid of life, with just the foundations of homes remaining in 2024. Google Maps.

CLC is a step closer to bringing life back to these blocks with the December filing of a Draft Plan of Subdivision approval for Phase 1 of Arbo at Downsview.

According to CLC, "This approval is needed to divide what has historically been a single large piece of property into parcels for development and public amenities," and brings the project "one step closer to receiving all necessary municipal approvals to be able to sell or lease the development lands to builders who can bring this project to life.

CLC hails Arbo as "a vibrant transit-oriented community that will provide a mix of housing and set a precedent for thoughtful urban development."

The community's first phase would bring 1,400 units — including a 20 per cent affordable housing component — to the west edge of Downsview Park across three blocks. Along with residential, the new neighbourhood would feature a mix of commercial, retail, and seniors' amenities.

These blocks would be served by a new east-west street running between Keele and Sheppard, as well as a significant amount of green space.

Residents would have access to a major natural amenity in the form of a large woodlot measuring almost 12 acres, as well as a new ecological park measuring over nine acres at the site's interior. A small neighbourhood park measuring 1.2 acres would offer more traditional outdoor space for the new community.

Approval of this Draft Plan would allow CLC to push forward, where planners will work through the Conditions of the Draft Plan of Subdivision approval, concluding the Subdivision Registration stage and finalizing block plans that will allow the transfer of land ownership to the City and future builder partners. 

Arbo marks just the latest plan advancement for CLC's Downsview Lands, coming hot on the heels of announcements for another new neighbourhood to the east and a massive temporary stadium that will occupy a portion of the former airport runway.

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New York Rangers at Toronto Maple Leafs NHL October 19, 2024 Highlights

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Toronto: Real estate insolvencies in Canada set to surpass levels of global financial crisis

Residential property developers are facing rising insolvencies as they struggle with higher borrowing and construction costs – and industry experts warn the trend is likely to worsen as interest expenses remain elevated.

The number of insolvent real estate companies and projects has been rapidly climbing over the past year and is now on track to surpass levels of the global financial crisis, according to data from the federal Office of the Superintendent of Bankruptcy.

“This has been a long time coming,” said Colin Doran, head of development advisory for commercial real estate firm Altus Group, who has been providing advice on distressed real estate projects for 15 years.

“There are no doubt more real estate projects in distress but it’s hard to tell how many can be worked out before ending up in an insolvency position. We expect there will continue to be more unsophisticated developers in trouble,” he said.

From January to May this year, there was an average of 20 real estate, rental or leasing insolvencies in Canada every month. Companies either sought bankruptcy protection or filed creditor proposals to make it easier for them to manage their debts under the Bankruptcy and Insolvency Act.

At this pace, Canada is on track to reach about 240 real estate insolvencies this year, which would be 57-per-cent higher than 2023 and 13-per-cent higher than 2009, when a wide swath of businesses ran into problems owing to the financial crisis and global recession.

And that does not include the number of developers and projects that have been forced into receivership for not paying bills. The Office of the Superintendent of Bankruptcy does not include receiverships with its publicly available bankruptcy statistics. However, insolvency experts say they are seeing more projects go into receivership.

So far this year, the real estate sector accounts for 55 per cent of the receiverships recorded by Insolvency Insider Canada, a website that tracks the largest insolvencies in the country. That compares to 30 per cent last year and 33 per cent in 2022.

Sam Mizrahi’s luxury downtown Toronto condo tower The One has been one of the highest profile projects to default on its loans, with lenders owed $1.6-billion. And dozens of other developers have faced similar pressure from their lenders or have filed for bankruptcy protection.

“For the first time in a really long time in Canada, we are seeing some stress in the system,” said Syl Apps, who co-heads the Canadian operations of Hines Interests LP, a Houston-headquartered real estate firm that owns and manages about 850 properties in 30 countries.

So far, that stress is being felt amongst the relatively smaller developers or those that do not have the financial strength to weather interest costs that have soared since 2022.

Take Maplequest Ventures, a small developer that had plans to build housing on two parcels of land in Brampton, Ont. Maplequest took out a $24-million loan from KingSett Mortgage Corp. in 2017 to develop one of its Brampton sites into 147 townhouse units, 288 mid-rise apartment units and 1,599 high-rise apartment units, according to court filings.

The loan soon had an interest rate that was tied to a major bank’s prime lending rate, which moves in tandem with the central bank’s benchmark rate. By 2021, the KingSett loan had an interest rate that was the bank’s prime lending rate plus 5.8 per cent.

The loan eventually became much more expensive as the Bank of Canada raised interest rates from 0.25 per cent to 5 per cent over 2022 and 2023. During that time, the prime lending rate jumped from 2.45 per cent to 7.2 per cent.

This year, Maplequest defaulted on its loan to KingSett Mortgage Corp., as well as another loan with First Source Mortgage Corp., court filings show. The lenders lost confidence in the developer, triggering them to apply for a court-appointed receiver to oversee the project.

The court filings did not explain the reasons for Maplequest’s default. The developer’s CEO and its lawyer did not respond to a request for comment. KingSett did not immediately respond to a request for comment.

Some of the current problems in residential development can be traced back to 2017 when home prices were rising quickly in Toronto and demand exploded for new condos.

That year, there were nearly 31,000 preconstruction condo sales in the Toronto region, according to industry research firm Urbanation Inc. That was a record level and led to a surge in demand for construction workers and building materials – which started driving prices up.

The cost of construction rose 10 per cent from 2017 to 2018 in the Toronto region and 8 per cent across the country’s major cities, according to Statistics Canada’s residential building construction price index.

Developers quickly expanded, including less experienced builders who were able to sell out preconstruction projects as waves of mom-and-pop investors flooded the market.

At that point, investors were able to easily make a profit on the condo’s price appreciation and the majority of them could cover their mortgage costs by renting their units out.

But the torrid pace of launches and sales helped mask problems that developers were starting to face. By 2021, low interest rates were fuelling the pandemic real estate boom and preconstruction sales soared to near record highs of 30,550 units in the Toronto region. By then, the cost of building was 34-per-cent more expensive across the major cities compared to 2017, according to Statscan data.

Then the pandemic slowed down development. Construction was hindered because workers had to socially distance on site. Developers delayed the start of construction – and they also delayed project launches.

This all added to the costs. Developers had to carry their mortgages for longer. Building materials were in short supply. And when the Bank of Canada raised interest rates, developers had to pay much more for their loans. Now that mortgages are more expensive, some preconstruction condo buyers are not able to qualify for the loan needed to close on their purchase, which is contributing to the malaise in the sector.

Today, the cost of residential construction is 81-per-cent higher across Canada’s major cities compared to 2017 and more than double – up 107 per cent – in the Toronto region, according to Statscan data.

The higher borrowing costs are pushing a growing number of developers over the edge and lenders are no longer patient.

“A lot of lenders did that to the best of their ability. They entered into forbearance agreements, accepted some missed payments and basically worked with the borrowers,” said Jeffrey Berger, managing director with restructuring and insolvency firm TDB Restructuring Ltd., whose company is working on between 10 to 15 insolvent real estate projects.

“Two or three years passed, and then it became clear that this was the new normal and things were changing and these loans had to be dealt with in some manner,” he said.

That is what occurred with two plots of land on King David Inc.’s luxury condo development site in Markham, Ont. Part of the project is under construction, according to court documents. King David planned to continue developing on the other two plots and in December, 2021, it borrowed $54-million from First Source Financial Management Inc. The loan had an interest rate of the greater of 8.85 per cent or prime plus 6.4 per cent.

At the time, prime was 2.45 per cent. But by the time the loan was due in April, 2023, prime was 6.7 per cent. King David did not repay First Source by the deadline, according to court documents.

The lender cut King David some slack and agreed to a forbearance agreement, which gave the developer more time to repay the loan. The new deadline was July 8, 2023, the court documents said.

When the company failed to repay the loan by the new deadline, First Source provided a second forbearance agreement that extended the loan repayment deadline to Oct. 8, 2023. Then, when First Source learned that King David would not meet that deadline either, it provided a third forbearance agreement with a deadline of Dec. 8, 2023, that required the borrower to make a monthly interest payment in November.

King David failed to make that interest payment, according to court documents, and First Source decided to take action. In early December, it asked the Ontario Superior Court to appoint a receiver to take over the undeveloped land.

“The lender is concerned by the borrower’s failure to advance the project. The property remains vacant,” First Source chief executive David Mandel said in an affidavit filed with the court. “Despite having been granted forbearance since April, 2023, the borrower has been unable to refinance the loan or bring the loan back into good standing.”

A lawyer for King David said the company is not insolvent or in receivership and that only this specific block of land, known as phase 2 and 3 lands, is in receivership. Asked what led King David to default on payments, the developer’s lawyer, Avi Bourassa, a partner with Ross Nasseri LLP, declined to comment.

First Source did not respond to a request for comment.

The Bank of Canada started cutting its benchmark interest rate this summer, but borrowing remains expensive and there is little demand for preconstruction condos.

Developers used to be able to pass on their higher costs to buyers but prices have jumped so much that buyers will not buy the new condo units.

For those who have already bought investment properties, the purchase price is now at a point that an overwhelming share of new condo owners are burning cash because the rent they can charge is not enough to cover their mortgage payments and other expenses. For example, in the Toronto region, the asking price of a preconstruction condo has nearly doubled from 2017 through this year to around $1,345 per square foot, according to data from Altus. That puts the price of a 550-square foot condo at $740,000.

“There is less room for error. In the past, a developer could be good at sales and make their way to completion. Now they have to be good at all aspects, including planning and execution,” said Altus’ Mr. Doran.

“If developers were already struggling with lower margins impacted by planning delays, construction delays, cost escalation, then the impact of the rising interest rates were a double whammy to their proforma and project profitability,” he said.

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$22 Million Dollar Toronto Airport Gold Heist

 

It took precisely one year, but I can finally tell you exactly how they did the baffling $22-million Toronto airport gold heist, who is accused of pulling it off, what happened to the loot, and the three stupid mistakes that ruined a flawless score. Let me tell you about it.
The Mob Reporter here with new details and exclusive revelations on the biggest ever gold heist in Canada, a job that ranks sixth on the list of all-time biggest gold robberies, and was a daring, big-ticket score of a lifetime that seemed destined to be another unsolved mystery.
And it might well have been, if it weren’t for two — no, three — seemingly small but significant slips that doomed it all, leading to a wave of arrests in Canada for the stolen gold case and more in the United States for a related plot — international gun-running.

I’ve got both ends covered.
Let’s break how they did the gold job, the accused, the investigation, and the simple mistakes the bandits made that led police to arrests for the gold heist and for gun running in Canada and in the United States.
The five arrested in Canada are: Parmpal Sidhu, 54, of Brampton, an Air Canada employee. He is charged with theft over $5,000 and conspiracy to commit an indictable offence; Amit Jalota, 40, from Oakville, charged with possession of property obtained by crime, theft over $5,000, and conspiracy to commit an indictable offence; Ammad Chaudhary, 43, from Georgetown, charged with accessory after the fact; Ali Raza, a 37-year-old jewelry store owner from Toronto, charged with possession of property obtained by crime; and Prasath Paramalingam, 35, from Brampton, charged with accessory after the fact.
The alleged driver, Durante King-Mclean, 25, from Brampton, is wanted in Canada but in custody of the United States.
Police are also searching for three more men, considered fugitives:
– Simran Preet Panesar, 31, from Brampton, who was an Air Canada employee at the time of the theft but resigned after the heist. He is wanted for theft over $5,000 and conspiracy to commit an indictable offence;
– Archit Grover, 36, from Brampton, who is considered a fugitive in Canada and the United States. In Canada he is wanted for theft over $5,000 and conspiracy to commit an indictable offence. In the U.S. he is accused of helping King-Mclean after his roadside arrest and hindering the investigation.
– Arsalan Chaudhary, 42, from Mississauga, wanted for theft over $5,000, possession of property obtained by crime and conspiracy to commit and indictable offence.
Two people were arrested and charged in the United States: The alleged driver, Durante King-Mclean, and Jalisa Edwards, 25, from Ft. Lauderdale, Florida. Paramalingam and Grover are wanted in the United States in the gun case.

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Toronto Maple Leafs @ Boston Bruins April 20, 2024 NHL Playoffs Game 1

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Toronto In The Rear View Mirror Part 38

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Is this Canada or India? Exploring Brampton, Ontario

On the latest episode of Ratio'd, Harrison Faulkner goes to Brampton, Ontario to see Canada's mass immigration crisis first hand. Brampton is one of Canada's most infamous ethnic enclaves and has become a symbol of the federal government's years-long commitment to mass immigration. 2021 census data showed that Brampton was over 80% non-white and that the majority of Brampton residents are of Indian origin. Tune into the latest episode of Ratio'd, to see the side of Brampton that you never hear about it in the legacy media.

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Toronto Police raid tents in downtown encampment seizing drugs and gun

Two men were arrested in a drug bust when cops raided tents in a downtown homeless encampment Friday evening.

Toronto Police say officers executed a search warrant on “a number of tents” in Clarence Square Park at Spadina Ave. and Front St. W. just before 8:30 p.m.

“Two people were located and arrested,” Const. Laura Brabant said in a statement released Saturday.

She said “a quantity of drugs” – including cocaine, meth and fentanyl – and “a metal replica firearm” were located inside of one of the tents police searched.

Pablo Jose Bermudez Garcia, 57, of Toronto, is charged with four counts of drug possession for the purpose of trafficking, two counts of possession of proceeds obtained by crime under $5,000, and one count each of possession of a weapon for a dangerous purpose and possession of a prohibited weapon.

Garcia was previously accused of a violent 2014 armed robbery of a convenience store where the female clerk was badly beaten after attempts to subdue to her with a noxious substance failed.

It’s unclear what happened with those charges.

The second accused, Gregoriou Fera, 33, of Toronto, is charged with one count of assault and two counts of possession of drugs for purpose of trafficking.

Clarence Square Park, which has doubled as a drug injection and ingestion site, had a large shipping container installed just last week that will serve as an Information and Help Centre according to the city.

Anyone with information regarding this investigation is asked to call police at 416-808-5200 or Crime Stoppers anonymously at 1-800-222-TIPS (8477).

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2 Black men were arrested for Jane and Sheppard shooting of black teen

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