Not necessarily. It is Waterfront Toronto’s standard practice to commission an appraisal immediately prior to undertaking any potential transaction to ensure the most current land valuation. The CAD$675 million land value attributed to Quayside is very high and doesn’t reflect all of the realities of the site. Land values are constantly changing based on market conditions and—in addition to location—there are a variety of factors that can impact its value.
For example, in the case of Quayside, other factors to consider include the cost to implement infrastructure to service large areas of the site, soil conditions and the costs to remediate, costs related to affordable housing requirements, and challenges presented by building on infill land, to name a few. It’s not always easy, or appropriate, to compare a site on the waterfront with other sites across the city of Toronto.