A real estate development company, WE Charity International has announced the sale of three of its Toronto properties for $36 million. However, some properties didn’t sell, losing the company $2 million, while a fifth went for a loss of $14 million. The real estate development company held on to a Toronto Art Deco residential tower, Summit Apartments, on Spadina Avenue for $23 million. While the Third Party buyer has signed a lease, WE Charity is investigating the reason for the fall. “We will continue to promote Summit Apartments as a project to be proud of and we look forward to bringing this much anticipated home to our clients in 2020,” said owner Louis Lasserre.
The Ontario government released the budget estimates which shows that the NDP’s promised health care funding cuts are on the way. The province was planning to cut 800 jobs from hospitals over two years. However, now they have slashed $2.5 billion from the financial plan. This $2.5 billion represents 14% of the spending on provincial health care in 2012. “The budget deficit is getting out of control, the provincial debt is getting bigger, and we don’t have the money to deal with these issues,” said NDP Leader Andrea Horwath. “The cause of this problem is Tory’s plan to impose tax cuts, and their attacks on health care.” However, the province’s deficit is continuing to increase, a problem that is not at all attributable to the NDP government. The finance minister in addition to cutting health care budget, has also reduced the deficit from $11.3 billion in 2017 to $14.6 billion in 2018.