Toronto Greek community looks to sell churches to pay debt to stay afloat
Facing $4.5 Million Shortfall, Toronto’s Greek Community Eyes Sale of Key Church Properties to Stay Afloat
According to an official announcement by the GCT. The organization is set to lose earnings of more than $2 million by the end of 2021, adding to an already high debt of $4.5 million. The situation, according to the statement, is blamed on the impact of the Coronavirus pandemic and the organization’s inability to hold fundraisers.
The Greek Community of Toronto owns and operates four Greek Orthodox churches— St. Demetrios, St. John the Baptist, Annunciation of the Virgin Mary and St. Irene Chrisovalantou.
Hundreds of people have commented on the Greek Community’s Facebook post, some supporting the decision to sell one or two of the four parish properties, while the most members passionately oppose the move.
The complete statement by the Greek Community of Toronto is here.