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Toronto Real Estate Board Supports Island Airport

TORONTO, October 24, 2002--The Toronto Real Estate Board (TREB) has told City Councillors that the Toronto City Centre Airport (TCCA) represents a significant economic development advantage that can benefit the City's real estate market. The comments were made in a deputation to a joint meeting of the City's Planning and Transportation and Economic Development Committees.

TREB believes that the TCCA's proximity to the downtown core gives Toronto a significant advantage over other cities competing for business investment. For this reason, TREB supports initiatives that will improve the Airport's accessibility and convenience, including the construction of a bridge.

"The key to a vibrant real estate market is a healthy local economy

– people need jobs before they can buy houses," said Ron Abraham, Chair of TREB's Government Relations Committee.

Abraham told the City Committees that improvements to the City Centre Airport will make significant contributions to Toronto's economic development, and that the resulting jobs would benefit the entire City's real estate market.

TREB also believes that a revitalized City Centre Airport is compatible with the City's waterfront redevelopment plans. Abraham pointed out that the Development Plan and Business Strategy recently released by the Toronto Waterfront Revitalization Corporation bases its projections for housing on the assumption that 15,000 to 25,000 jobs will be located on the waterfront lands.

"We must attract jobs to the waterfront before we can expect neighbourhoods to develop," said Abraham. TREB believes that, with improvements, the convenience of the City Centre Airport would help to attract many businesses and jobs to the waterfront lands.

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