How AvranceCorp Developments CEO Samuel Babarinde and church member Angela Carboni walked the path of understanding together

It was in early November 2024, where the brisk Toronto air carried a sense of renewal as AvranceCorp Developments CEO Samuel Babarinde stepped onto the grounds of 3100 Weston Road, a site long familiar to members of the local church community.

 

The property, lush with mature trees and bordered by the gentle bend of the Humber River—had been a gathering place, a backdrop for community picnics, youth programs, charity drives, and a sanctuary of quiet reflection.

 

For Angela Carboni, a long-standing and deeply respected member of the church of St. Basil, the grounds were more than land. They were memories, ministry, and legacy. As whispers of redevelopment began circulating earlier that year, she became the unofficial voice of the congregation, determined to see the future of the land grounds, previously sold to AvranceCorp by the church for $16.5 million dollars in August 2023, treated with reverence.

 

Their meeting wasn’t born out of conflict but out of necessity. AvranceCorp, having ambitious plans to bring 480 units of much-needed affordable housing to Toronto’s northwest, needed clarity and cooperation. The church community, protective of their historic space, needed assurances and respect.

 

The two met on a cool November afternoon with open minds. Babarinde, known for his hands-on business approach and ability to balance development vision with community sensitivity, arrived prepared to listen. Carboni, equally composed and resolute, carried years of lived experience within the community.

 

Over several hours of dialogue, both at the 3100 Weston Road grounds and at the AvranceCorp office, cautiousness quickly melted into consensus. Both realized they were serving the same community, and while the physical space might change, its spirit did not have to be lost.

 

An agreement was forged, away from the bright lights of media cameras and the watchful eyes of journalists.

 

AvranceCorp would grant permission to Carboni and the church members to use the 3100 Weston Road grounds two days a month. It was a simple agreement, that recently celebrated its first anniversary as of November 2025.

 

“I honoured the days he (Babarinde) gave me,” Carboni said appreciatively in a recent interview with AvranceCorp. “I didn’t cross the lights … we don’t want to disrupt anybody or make anyone upset. We never did, from the beginning. So, we honoured it and there’s been no problems.”

 

It’s a wonderful story of mutual respect that many can learn from.

 

“It’s been fine, we worked together,” Carboni added. “I listened. He (Babarinde) gave me that opportunity. The people that come are very grateful. Everything’s been good. I’m glad.

 

“This is the way it should be.”

 

A moment of understanding.

 

About AvranceCorp Developments

 

AvranceCorp Developments is a Toronto-based real estate development company with a $4B+ portfolio and 7,000+ residential units in active development. Guided by urban planning principles and a commitment to innovation, AvranceCorp delivers communities that balance affordability, sustainability, and investor value.

Media Contact

 

Kenai Andrews
Director, Media & Investor Relations
AvranceCorp Developments
📧 kenai@avrancecorp.com
📞 647-368-8888

 

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Why the church of St. Basil passed the 3100 Weston Road torch to AvranceCorp Developments

When AvranceCorp’s name first appeared on the transfer papers in August 2023, the headline felt like a hinge being turned.

 

The estate at 3100 Weston Road—long known to older neighbourhood residents as Rivermede, and to many others for the Marian Shrine of Gratitude, was more than a parcel of land.

 

It was a layered place: a 1930s Tudor-Revival estate set in the Humber River valley; a monastery and school site for decades; and a shrine that drew visitors for prayer and quiet reflection. Those layers made the sale a story that would unfold at the intersection of heritage, faith, community activism, and urban need.

 

The years before the sale had already tattooed the property with stories. Rivermede’s main house and its terraced gardens were the work of an earlier Toronto era, built in the early 1930s for the Gardiner family and sited deliberately on the valley’s slope so the river and trees felt like part of the home. In 1958, the Ukrainian Basilian Order acquired the estate; for much of the latter 20th century the monastery and its associated school anchored a pocket of spiritual life and social service in the north end of the city. Out of that spiritual stewardship grew the Marian Shrine of Gratitude: a carefully landscaped devotional terrace with statues, stonework, and volunteer caretakers who tended the site and kept it open to strangers and worshippers alike.

 

When AvranceCorp’s purchase became public in 2023, reaction split along predictable lines. Some residents and advocates saw opportunity: a major site close to transit and open space could be a place for new, denser housing in a city that desperately needed it. But others saw loss. The possible erasure of gardens, of quiet prayerful spaces and historic architecture. Some rallied quickly. The Marian Shrine attracted petitions and vocal campaigns to preserve its stone terraces; local councillors and heritage advocates began poring over the property’s past in search of legal levers to protect what the community valued.

 

But few knew just how difficult the decision of the church to sell 3100 Weston Road actually was. Looking at an Aug. 16, 2023  St. Basil the Great of St. Josaphat press release, the church noted several factors in the decision to sell, including declining membership and the realization that the Basilian monastic community was “no longer viable.”

 

“The decision to close the Basilian Apostolate in the Toronto area was not made lightly,” the release said. “After several years of preliminary discussions and much prayer and reflection, a resolution to close this Apostolate was passed at the Order’s Provincial Chapter in February 2016 and was confirmed by the General Superior of the Basilian Order in Rome, along with his Council.”

 

“This resolution was also carried forward and passed at the Order’s Provincial Chapter in February 2020 and was once again confirmed by the General Superior of the Basilian Order in Rome, along with his Council.”

 

Armed with iron-clad approval from all levels of its hierarchy, the church implored its membership to find more constructive ways to be of service other than protesting, acknowledging that “public access to the monastery grounds (including the ‘prayer garden’, ‘shrine’, etc.) is restricted as it becomes the private property of the new owners.”

 

In the church press release, the church informed its congregation that “the religious articles in the prayer garden (i.e., Stations of the Cross, candle stands, statues, etc.) will be reverently removed from the site and, if possible, donated to other groups that can make use of them. In other words, the “Shrine” is permanently closed.”

 

Meanwhile, AvranceCorp began the familiar, slow work that follows any large acquisition: environmental and heritage assessments, site surveys, meetings with city planning staff, and outreach to community groups. Public records and city staff reports that followed in late 2024 and early 2025 would describe the house and grounds in technical language, architectural features, landscape assets, floodplain boundaries, but the conversations in community halls and church basements were about memory and access: would people still be able to walk the paths behind the sanctuary? Would the stonework of the shrine be kept intact? Could new housing co-exist with the quiet that had drawn generations to the site?

 

Heritage advocates pushed the city of Toronto to formally evaluate the estate for protection. Neighbourhood volunteers kept maintenance going at the shrine and organized vigils and petitions. City councillors fielded calls from constituents and prepared motions that referenced both the architectural value of the house and the cultural significance of the shrine. This was not a simple developer vs. community story; it became a layered civic negotiation about what gets preserved, what gets repurposed, and who sits at the table when those decisions are made.

 

For AvranceCorp, the practical imperative was pressing: Toronto needs housing, and large sites near transit and natural amenities are rare. Over the next year the company advanced proposals that tried to thread that needle, designs that concentrated new units on less sensitive portions of the parcel, landscape plans that preserved tree corridors, and promises of community space.

 

By late 2024 and into 2025, those proposals hardened into formal plans and public engagement processes. At the same time, municipal staff issued notices and background reports that documented Rivermede’s architecture and landscape history, which in turn shaped what elements of the site the city signaled it wanted to see retained or commemorated in whatever comes next.

 

And in a November 2024 development that local media never saw coming, an agreement was forged by church leader Angela Carboni and AvranceCorp Development CEO Samuel Babarinde.

 

That agreement, which granted Carboni and the church members use of the 3100 Weston Road grounds two days a month, recently celebrated its first anniversary.

 

Today, many eyes remain on the 3100 Weston Road grounds. But as time has passed, hope and expectations have increased in a challenging Canadian financial climate.

 

By the end of the period that started with the purchase of 3100 Weston Road by the church in 1958 to the 2023 sale to AvranceCorp, the story of 3100 Weston Road had become a case study in how cities evolve. A single estate, its house, its monastery history, its shrine, and its treed grounds, prompted debates about historic preservation, about who benefits from redevelopment, and about the moral responsibilities of developers working on culturally charged land.

 

AvranceCorp continues to work towards its goals of affordable housing with its various projects at 3100 Weston Road.

 

The torch has been passed. And AvranceCorp Developments is prepared to run with it.

 

About AvranceCorp Developments

 

AvranceCorp Developments is a Toronto-based real estate development company with a $4B+ portfolio and 7,000+ residential units in active development. Guided by urban planning principles and a commitment to innovation, AvranceCorp delivers communities that balance affordability, sustainability, and investor value.

Media Contact

 

Kenai Andrews
Director, Media & Investor Relations
AvranceCorp Developments
📧 kenai@avrancecorp.com
📞 647-368-8888

 

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Sherwood Mortgage Group’s Joe Ferraro breaks down the problem of trying to predict 2026 mortgage rates

In the best of economic times, trying to predict mortgage rates in Canada can be like trying to hold water in your hands.

 

That’s why experts like Sherwood Mortgage Group Level Two mortgage agent Joe Ferraro like to approach rates with caution for first-time homebuyers or clients looking to renew their mortgage.

 

“It all about the education,” Ferraro said on the Dec. 3 edition of AvranceCorp Presents. “It’s all about putting yourself in their shoes. What would you want someone to tell you? Don’t be a yes man. Don’t give them answers that are going to make them feel overly confident or overly comfortable. Tell them the truth. This is the market that we’re in right now. This is what’s potentially on the horizon.”

Currently, a five-year fixed insured mortgage rate in Ontario can be as low as 3.74 per cent, while a five-year variable insured mortgage rate in Ontario can be as low as 3.45 per cent. There are several factors that can influence mortgage rates, including market uncertainty with the American tariffs, inflation, unemployment, and bond yields.

 

“Because if inflation is high, the rates are probably going to be high,” “If unemployment is low or high, it affects the (mortgage) rate,” Ferraro explained. “It all depends on when we get inflation down, which we have. Once inflation gets down, the rate starts dropping.”

 

“There was the old adage: When it’s low rates, it’s high house prices. When it’s high rates, it’s lower house prices. It’s a different world for buyers and sellers. This is one of the few times in history where we’re not seeing that. People were so used to the pandemic rates, in the 1.3s and 1.4s that there was a big sticker shock with people renewing in 2025 and 2026 in the 3s and 4s. But if you look at the average over the last 25 or 30 years, we’re okay. People got too accustomed to the 1.4 or 1.3 or 1.69 variable that after five years, the world changed.”

 

It promises to be an interesting new year in particular for those looking to renew their mortgage.

 

“We’re looking at early to mid 2026 is similar to what we’re seeing right now,” Ferraro said. “They’re (economists) anticipating a tempered spring market. There are so many renewals coming up and the renewal shock. Remember, people in 2026 are renewing five-year mortgages from 2021, pandemic time. People at the 1.4 or 1.3 are going to be renewing at current market rates which are sitting in the low to mid 4s. So whatever amount of money they put to towards that mortgage, you better hope it wasn’t just interest-only or principal was paid down, because that balance now after five years is going to be paid at a much higher amount, whether it’s monthly, bi-weekly, or whatever payment terms they have.”

 

Meanwhile, many eyes are on Canadian prime minister Mark Carney and American president Donald Trump and the upcoming discussions regarding the USMCA trade agreement, which has a mandatory joint review scheduled for July 2026. The American tariffs significantly affected the Canadian economy in 2025, with Canadian company Algoma Steel being the most recent to announce layoffs.

 

“Don’t let anyone ever tell you they know the interest rates pattern,” Ferraro summarized. “Hundreds of people I have spoken to far more experienced than me have all been wrong. No one can predict it. No one could have predicted the pandemic. And everyone thought when the pandemic happened, that mortgage rates were going to go through the roof. They went the opposite way.  They plummeted. And then the Bank of Canada flat-out said we have no reason to raise rates, rates will remain low until further notice. And then in a blink of an eye, they sky rocketed up.”

 

AvranceCorp Presents airs Wednesdays at 2:00 p.m. ET on the AvranceCorp YouTube channel.

 

About AvranceCorp Developments

 

AvranceCorp Developments is a Toronto-based real estate development company with a $4B+ portfolio and 7,000+ residential units in active development. Guided by urban planning principles and a commitment to innovation, AvranceCorp delivers communities that balance affordability, sustainability, and investor value.

Media Contact

 

Kenai Andrews
Director, Media & Investor Relations
AvranceCorp Developments
📧 kenai@avrancecorp.com
📞 647-368-8888

 

Previous Press Releases

AvranceCorp Developments unveils its flagship Toronto Keele Street headquarters

TORONTO, ONTARIO – SEPTEMBER 1, 2021 – AvranceCorp Developments proudly announced the official opening of its flagship location at 4205 Keele Street, marking a significant milestone in the company’s ongoing commitment to community-focused development, modern urban design, and sustainable building solutions.

 

Strategically situated in one of Toronto’s fastest-growing corridors, the new Keele Street location is designed to serve as a central hub for AvranceCorp’s expanding portfolio of residential, commercial, and mixed-use development projects. The facility will house the company’s development, planning, content creation, customer experience, and community engagement teams, offering an accessible space for clients and partners.

 

“We are thrilled to open our new location at 4205 Keele Street,” AvranceCorp Developments executive vice president Ravi Thakur said. “This space reflects our vision for the future. It’s collaborative, community-driven, and built with sustainability at its core. Toronto continues to be a key market for our growth, and this opening represents our long-term investment in the city and its vibrant neighbourhoods.”

 

Minutes away from the Keele Street York University campus, the facility is open for client interaction and features a large board room for meetings, a podcasting room for content creation, and several offices to facilitate the management of the Real Estate firm.

 

The location is also equipped with energy-efficient systems, low-impact design elements, and environmentally conscious material selections, in alignment with AvranceCorp’s commitment to achieving long-term carbon reduction goals across its portfolio.

 

AvranceCorp Developments emphasized that the Keele Street location will serve as a think-tank platform for deeper collaboration within the various management and development teams.

 

“Our work is rooted in partnership,” Thakur added. “From housing initiatives to mixed-use communities, our goal is to create spaces that uplift neighbourhoods and empower the people who live in them. This new location will help us strengthen those relationships and accelerate the positive change we aim to deliver.”

 

About AvranceCorp Developments

 

AvranceCorp Developments is a Toronto-based real estate development company with a $4B+ portfolio and 7,000+ residential units in active development. Guided by urban planning principles and a commitment to innovation, AvranceCorp delivers communities that balance affordability, sustainability, and investor value.

Media Contact

 

Kenai Andrews
Director, Media & Investor Relations
AvranceCorp Developments
📧 kenai@avrancecorp.com
📞 647-368-8888

 

Previous Press Releases

AvranceCorp Developments Vice Chairman and Acting CEO Ravi Thakur reflects on 2025, opens up on groundbreaking projects coming in 2026

AvranceCorp Developments Vice Chairman and Acting CEO Ravi Thakur, recently spoke on AvranceCorp Presents, reflecting on a challenging year in the real estate sector and offering bold opportunities for the company in 2026.

 

Previously on AvranceCorp Presents, Mandy Bujold from the Grand Valley Construction Association and Joe Ferraro from the Sherwood Mortgage Group confirmed clouds of uncertainty from their respective skilled trades and mortgage sectors in 2025. But it was particularly interesting to hear from Thakur, who shared his thoughts from a developer’s perspective.

 

“The overall feeling in the real estate sector has been, post-COVID, very dormant, hardly moving, and very depressing to say the least,” Thakur said candidly to AvranceCorp Presents host Kenai Andrews. “2025 in my mind has been a year of recalibration, not retreat. Well-capitalized projects, well-structured projects moved forward, while speculative developments slowed down. The key takeaway was discipline. Strong balance sheets, fixed pricing, and conservative assumptions really the mattered the most to move forward than ever.

 

Thakur also pointed to some interesting projects that AvranceCorp Developments is working on to help the industry forward in 2026. These include AvranceCorp Capital Management (ACM), a financial investment division which raises and manages capital for real estate projects.

 

Specifically, AvranceCorp Capital Management connects accredited institutional investors with real estate-backed private equity along with structured debt offerings.

 

“2026 is about execution for us,” Thakur added. “We are advancing our projects in the new year. Capital management and our proprietary tokenization exchange is going to the public opening markets to basically address some of   the structured liquidity in which the current market is facing. By going this route, we can address a multitude of questions.”

 

“One is the first-time buyer, which has been knocked out of this market. Second, we are going to increase the liquidity to monetize our projects. And also with our proprietary exchange, which has been patented in 250 countries, will pave the way for other real estate companies to come and trade real estate tokens on blockchain, which is highly compliant institutional trade, is the way to deal with these problems head on.”

 

Season’s Greetings and Happy New Year, from everyone at AvranceCorp Developments.

 

Media Contact

 

Kenai Andrews
Director, Media & Investor Relations
AvranceCorp Developments
📧 kenai@avrancecorp.com
📞 647-368-8888

 

Previous Press Releases