By Brian Madigan LL.B.
(Ontario Real Estate Source)
To some extent this is good news. The leading candidates for the position of Mayor of Toronto now all seem to be annoyed and rather surprised by the new city of Toronto parking by-law.
There are four front running candidates, Rob Ford, George Smitherman, Rocco Rossi and Joe Pantalone.
Rob Ford says he will get rid of it. He was surprised that it was in the by-law. He didn't read the by-law himself but he voted for it. No one actually seems surprised that Ford never read any of the details.
George Smitherman says it's Rob Ford's fault. After all, he was a member of council and he voted for it.
Rocco Rossi says the whole council should be recalled. This was just a complete mess.
Joe Pantalone has been somewhat silent about the by-law. He was deputy Mayor at the time, and he should have read the by-law or been briefed by someone.
So, all in all, sometime after the election in late October, the new council will meet and someone will propose the repeal of this section of the by-law. The new mayor would need the support of a majority of the elected councillors.
That's the good news, but what happens to all those real estate deals that should be closing in the meantime?
Right now, with this by law in place, sellers and buyers need to call their lawyers.
Brian Madigan LL.B., Broker is an author and commentator on real estate matters, if you are interested in residential or commercial properties in Mississauga, Toronto or the GTA, you may contact him through Royal LePage Innovators Realty, Brokerage 905-796-8888