(Source: The Toronto Star)
pointed out that far from being free, the Metropass policy would cost approximately $400,000 on a typical 300-unit building. But as one condo builder rightly noted, the cost on a city-wide basis rises exponentially. Some more quick math reveals that even in a year of relatively weak condo sales, such as this one, this new policy represents a massive burden on condo buyers.
This year, builders will sell approximately 10,000 condo units in the City of Toronto. Multiply that by roughly $1,000 for each “free” Metropass and all of a sudden we are talking about a $10 million extraction from condo buyers, year in, year out. And if I’m right that one-third to one-half of condo buyers will have no use for the “free” Metropasses, we’re looking at a $3 million to $5 million grant to the TTC at best or at worst, the equivalent amount of pure waste.
Read Stephen Dupuis’ full article “Dupuis: Free Metropass policy needs review” in the Toronto Star (December 19, 2009).