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article imageBuy a condominium in Toronto, get one year of free transit rides

By Andrew Moran     Dec 6, 2009 in Business
Toronto's city council recently passed legislation that would require condominiums to provide one year's worth of free rides for the city's public transit.
Toronto transit riders have unfortunately experienced unpleasantness with the Toronto Transit Commission over the last month as the public transit system has decided to increase fares across the board in January 2010. Users also experienced subway shutdowns twice in one month on the Yonge-University subway line.
As a way to encourage Torontonians to give up their car and “ride the rocket,” city council has passed a regulation that would require condominiums to give residents who purchase a unit in central Toronto one year’s worth of free transit rides, according to the Globe and Mail.
Councillor Howard Moscoe, who proposed the initial idea, said this will encourage people to give up their cars and also part of a move to require fewer parking spots in downtown condominiums. The future goal in the end is to get four years worth of free rides.
Moscoe said, reports the National Post, “It turned out to be a great marketing tool for the condo builder. Besides, it doesn’t cost the builder of the condo anything up front. He can buy the transit pass in bulk from the TTC at a 12% discount, and get a 16% write-off on his income tax from the federal government for transit passes. So it’s a win win for everybody.”
One can take any form of public transportation: train, streetcar, LRT and or bus.
The Globe and Mail notes that Toronto is the first city in the world to introduce such a policy.
More about Toronto, Toronto transit commission, Condominium
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