Will the tide turn at the Beach?
As one of Toronto’s most desirable areas to live in, one would think that the retail & gastronomic offerings in the Beach would be abundant and thriving. Such is not the case for the flailing Queen St. East. Storefront after storefront remain empty and decrepit despite it’s booming residential population and it’s summer tourist traffic of beach lovers and volleyball players.
On July 1st, City Council removed a tax rebate program which gave landlords a tax break on unoccupied storefronts, giving the owners plenty of incentive to leave the units vacant. With the tax rebate gone, it remains to be seen if local business owners are willing and/or able to afford the exorbitant rents that many landlords are demanding for the available spaces. Find out more here