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COVID-19 Planning Impacts: Terra Incognita

From NRU

SvN Approvals and Development Strategy Associate, Anthony Greenberg, contributes to an NRU article by Rob Jowett exploring the potential impacts COVID-19 will have on the planning and development processes in the City of Toronto.

 

“You can assume that there would be a rise, potentially, in appeals for non-decisions,” SvN approvals and development strategy associate Anthony Greenberg told NRU. “I can’t imagine that would be viewed favourably by panel members, but you never know.”

“There’s a potential for [developers] to have to reassess the financing of some of the projects,” says Greenberg. “The demand for the amount of new units, or the price points, or the finishing of certain projects—I think a lot of developers may be re-evaluating these and impact on the number of units and it may need a really different building form.”  Greenberg adds that he thinks a side effect of the crisis could be a cooling-off of the real estate market and a drop in housing prices, and that some developers could look to pursue smaller and simpler infill projects instead of major redevelopments…. he stresses that it is difficult to determine the likely long-term effects of delayed city operations given the current uncertainty around the course of the health crisis.”

 

Click here to read the full article.

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