Governing Ourselves informs members of legal and regulatory matters affecting the profession. This section provides updates on licensing and qualification requirements, notification of Council resolutions and reports from various Council committees, including reports on accreditation and discipline matters.
THE COLLEGE’S NEW ADDRESS
College sees benefits of new home
It has been over a year since the College moved to its new, permanent home. The move and the renovations are now complete, and we are already seeing the benefits.
Convenient location
Our location at 101 Bloor Street West — one block west of Bay Street in downtown Toronto — means we are more central and accessible by public transit for members and staff and in closer proximity to stakeholders, government and education partners.
The College is no longer dealing with fluctuating rents in a volatile commercial real estate market. College members, as owners, now have a hedge against rising future facility costs.
A year ago, the College was leasing space at 121 Bloor Street East at $12 per square foot. We were facing a late 2012 increase that would have significantly increased our rent.
Occupancy cost savings
The College expects annual savings of $1 million in rent. Efficient new energy and water initiatives and forward-thinking financing strategies are aimed at stabilizing our facility costs.
Among our primary goals is saving money without sacrificing quality in both services to members and what the public expects from a regulatory body.
One hundred per cent equity
As owner of a facility purchased in a very favorable market, the College is creating equity for College members. The College will pay off the mortgage on its majority interest in the property within 25 years. Before and after that time, members will have a cost-effective facility that helps the College fulfill its mandate of working in the public interest.
Increase in property value after 25 years
While the future cannot be predicted with certainty, it appears that the College made its purchase at or near the bottom of the real estate market. If one assumes that mid-town Toronto real estate grows by slightly more than inflation, say five per cent, the property should almost quadruple in value over 25 years. At that point, instead of a rent bill that would have quadrupled, we’ll have a mortgage-free building.
Final cost to buy and renovate consistent with budget established in 2008
In 2008, your Council established $33,450,000 as a reasonable budget for a new College home. Three years later, the final price of $33,900,000 is only slightly higher than originally planned — a very good outcome when so many projects far exceed their budget. Buying the building cost less than anticpated due to its age and condition, but those issues in turn contributed to higher renovation costs.
