Since 2008 TLC has managed the disposition of over 80 TDSB properties that have yielded a total sale value of $800M returned to the Board.
All sales of school board property in Ontario is governed by The Education Act and Ontario Regulation 444/98.
The process for selling a school board asset may be summarized:
- The TDSB must determine that a property is no longer required for student accommodation.
- A declaration of surplus for sale or lease is required by the Toronto District School Board of Trustees
- TLC undertakes the Regulatory process for disposition of assets (sale or lease)
Ontario Regulation 444/98
- Circulation process advising approximately 65 other public agencies of the property available for sale or lease
- The selected agencies are prescribed by the Province of Ontario and are offered the property in a specific order according the Regulations 444/98 Part III, Schedules 1-4
- The agencies have 90 days to respond in writing of their interest in the property; and a further 90 days to submit an offer at market value
- Failing negotiations or any interest in the property, the TLC may undertake a sale process in an open, competitive market with the engagement of Brokerage services.
- Should a property be listed with a Brokerage, the contact (email & mobile) will be listed on the web site and all inquires are required through the Brokers office
Currently there are no TDSB properties available for sale or lease on the open market