Development grinds to a halt?

We got councillor Adam Vaughan's latest newsletter and this little line kinda disturbing us

In short, new developments are slowing down in the area. Of course, that puts the big questions about the health of the largely condo builds that are going on in thee area

There are the CityPlace developments to the west of Spadina as well as a few condos going through builds to the north and south of Bathurst and Lakeshore. Nothing suggests that anything has stopped.

Vaughan's website (very nice by the way) has a development map of the Waterfront area. Worth checking out

Anyhow, here's an excerpt from his letter.

The last year can be neatly split in two. The first half of 2008 was much like the year before. The dominant issues in the ward were still being driven by a torrent stream of new development coming to communities’ right across Trinity-Spadina. Our office worked hard to keep residents aware of changes to city services (like monster bins) while making sure existing services were delivered to the expected standards.

Then the markets crashed. Not a single new building has been submitted to my office since June. This has huge implications. Even though these new development proposals often challenge and de-stabilize (if not threaten) existing communities, there are also benefits. Many parks, sidewalk improvements, libraries and other community assets are financed by revenue from new construction. As well, derelict land is often brought back to life, while the strength of our communities is realized as new services and character comes into the neighbourhood.