ON Economic Fundamentals 2008-08

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High expectations for condo craze

In Toronto, $25 million will get you the priciest condominium in the city. In New York, that`s a down payment. In London, forget about it.

If there`s a global financial crisis happening, someone forgot to tell the crazy rich people. While there is a grinding slowdown in real estate in many markets, at the top end, records are still being broken. At least for now.

In India, they`re building a condo worth more than $1 billion. Last week, a house was reportedly sold in France for 500 million euros, or about $775 million.

The most expensive condo in Canada is the $25 million penthouse at the still-to-be-built One Bloor in Toronto, sold to a Hong Kong buyer. In second place is Toronto billionaire Alex Shnaider`s future $20 million penthouse at the top of the Trump Tower.

While local real estate is slowing in many areas, the good news for Toronto is that prices did not get as carried away as in many other big cities during the boom. That`s likely to cushion the blow as the economy continues to sag.

http://yourhome.ca/homes/article/484040

 

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Presence of asbestos kills home purchase

Carlos Lameiro fell in love with a three-bedroom bungalow, near Dixon Rd. and Kipling Ave. in Etobicoke. It has a finished basement with a separate entrance, air conditioning, two kitchens and a great location. Unfortunately, it came with a problem no one knew about.

After Lameiro`s offer to buy the house was accepted, he had five banking days to arrange for a home inspection. He hired Elliott Drewnowsky of Rescom Inspections to check out the house from top to bottom, but when the report came back it disclosed an unfortunate problem.

http://www.yourhome.ca/homes/article/482517

 

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Reopened route welcome

The Sarnia Road bridge quietly reopened yesterday at noon without pomp or ceremony but to the delight of area motorists.

The single-lane crossing, owned by Canadian Pacific Railway, was closed twice in the past year after transport trucks damaged it. "The closed bridge was quite an impediment to good movement in the area," said John Lucas, the city`s manager of transportation engineering.

http://lfpress.ca/newsstand/News/Local/200...547196-sun.html

 

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SOHO`s future hopes rest on hospital`s demolition

It`s a downtown London neighbourhood that has caught "an air of optimism." But until the old South Street hospital site is demolished, that optimism won`t translate into a neighbourhood transformation.

The city councillor who represents the so-called SOHO - or south of Horton Street - district says residents "are concerned" that plans to redevelop the old hospital site might stall, while the city, the province and London Health Sciences Centre dither over who will pay to demolish the aging medical complex.

http://lfpress.ca/cgi-bin/publish.cgi?p=24...les&s=homes

 

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Loft project taps into incentives

The transformation of an old industrial property into affordable housing in West Brant is the first project to receive funding under the city`s new brownfield tax incentives program.

Council has agreed to rebate $40,190 to Brantcord Warehousing Inc. toward expenses incurred in transforming an industrial building on Sherwood Drive into the Cordage Lofts.

Brantcord, run by local developer Howard Rotberg, is carrying out a two-phase plan to convert the existing building into 28 affordable housing units, then build a parking lot and new residential buildings on the west end.

The money will pay for the removal of metal contaminants in the soil where a former railway corridor ran behind the building.

http://www.brantfordexpositor.ca/ArticleDi....aspx?e=1168545

 

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It`s the time of year for student housing

As Mary Tovell gives a tour of her bright basement apartment, she`s cheery and welcoming. This retired woman is living on her own and she enjoys the company of the Georgian College students she has housed.

"They`re very nice people, very interesting and fun to talk to," Tovell said. "I learn from them and they`re very awesome."

Tovell has been renting her one-bedroom basement out to a college student each school year for two years now.

"It helps pay for my heat during the winter, which is really expensive," she said. "I`m retired so it`s really helpful."

Tovell said she hasn`t had any problems with the female students to whom she has rented.

http://www.orilliapacket.com/ArticleDisplay.aspx?e=1169634

 

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Jamieson seeks rezoning for possible expansion

Jamieson Laboratories has applied for rezoning of 4.5 acres of airport property just south of its Rhodes Drive location which is under consideration for an expansion that could add new jobs.

"There is nothing firm at this time," said general manager John Falls. "There are too many things up in the air."

The vitamin and health supplement plant, which employs 350, has become landlocked at its current location, he said.

http://www.canada.com/windsorstar/news/sto...d2-d083ec965c54

 

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Money`s not the only thing you lose when thieves swipe your ID

Writer April Duffy discovers debit card problems can also cost you time and more than a little embarrassment.

I love my debit card. I love how easy it is to use anywhere and I love never having to go to the bank. It is a wonderful invention and I use it all the time. And I`m not alone -- recently somebody else got a kick out of using my debit card too.

I discovered this unplanned sharing during a quick stop at a convenience store. Right when I should have gotten a debit receipt I instead got the whisper and smile.

http://www.canada.com/ottawacitizen/news/b...e4-51ed9cd2f6b9

 

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Mobile home, mobile rent

Q: If you live in a mobile home park and you sell it, does the owner/landlord of the land have the right to increase the rent to the new owner? Also, every year there is an increase in rent and on top of this, we pay municipal taxes. Is this legal? When paying rent, should a portion of the rent be used for those taxes? Is this not double-dipping?

http://www.canada.com/ottawacitizen/news/h...24-bdde1c0143f0

 

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Copps, convention site get $2.2-million boost

Copps Coliseum and the city`s downtown entertainment complex are about to get a

$2.2-million cash infusion.

Duncan Gillespie, CEO of Hamilton Entertainment and Convention Facilities Inc., said yesterday that Copps will see $1.6 million in improvements, with another $600,000 going to the convention centre.

http://www.thespec.com/News/Local/article/423695

 

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Seeking solutions for the worst intersection in the region

Traffic planners now know why Ottawa Street South in Kitchener is hell for drivers.

The most dangerous road in the region is one kilometre where Ottawa Street meets Alpine Road, Homer Watson Boulevard and Strasburg Road, at Highway 7/8 and the Laurentian Power Centre.

On average, there`s a collision there every four days. That`s more than double the expected crashes, based on traffic volume. Every 17 days, someone gets hurt in a crash.

http://news.therecord.com/News/Local/article/403825

 

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Rideshare operator challenges law

GUELPH

Brent Drewry is brazenly breaking the law every day and daring the province to stop him.

His crime? The Guelph resident helps connect drivers and passengers in Ontario for the ridesharing service PickupPal.

That, says bus operator Trentway-Wagar of Peterborough, violates the Public Vehicles Act. Except under narrow circumstances, the act forbids arranging rides with drivers who lack a licence to drive "public vehicles" like buses.

"If you arrange for your sister to pick up your friend, and along the way, your friend buys your sister a coffee to thank her for the trip, it`s illegal from the perspective of the users, because they have not met all the requirements, and it`s illegal for you because you`ve arranged the ride," Drewry said.

http://news.therecord.com/Business/article/403733

 

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Complex in works for city`s north end

GUELPH

A new professional office complex is about to appear on a major artery in the city`s north end.

Local property owner Nather Aziz is planning a two-storey building with roughly 500 square metres of space at 670 Woolwich St., beside the Arby`s restaurant just north of Speedvale Avenue.

"It`s going to be a high-quality building," Aziz said, outlining upscale amenities like a stone exterior finish.

http://news.guelphmercury.com/Business/article/371223

 

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Condo boom is ending, report predicts

New condos are still shooting up to crowd the Toronto skyline, but behind the scenes the condo boom times are ending, a new report predicts.

"We`re expecting a slowdown in 2009," said Jane Renwick, editor and vice-president of Urbanation, a condominium market research company.

"So we would say that we were at 22,000 [condo] sales at the end of 2007. We`re predicting 16,000 sales to round out this year. And we`re expecting sales to dip beyond that in 2009."

Urbanation released a report yesterday about the Toronto condo market`s second quarter of 2008.

http://network.nationalpost.com/np/blogs/t...jeter-tret.aspx

 

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Apprentice workers in limbo

John Greco is sick of hearing about Ontario`s struggling economy.

Every time he reads about another lost job, his frustration grows.

He`s frustrated, he says, because he could help-- if only the provincial government would let him.

If the Decc Electrical owner had his way, he`d give 20 budding electricians an apprenticeship tomorrow. But restrictions on hiring new apprentices in this province are so onerous he`s given up trying to grow his electrical business in Ontario.

http://www.torontosun.com/News/Canada/2008...555656-sun.html

 

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Fence draws line in sand over waterfront access

BALM BEACH, ONT.–Idyllic and twee, this little lakeside hamlet, complete with a shabby arcade featuring a menu of greasy summertime delights, would seem the unlikeliest place to be pondering its own version of martial law. But here in the Township of Tiny on the shores of Georgian Bay, desperate times call for desperate measures.

It`s been quite a summer. Vandalism, assaults, broken bones, torn earlobes, a chainsaw attack, arson, charges of public mischief, hundreds and hundreds of police calls – and all this in the space of just a few months. Increasingly, a day at the beach here is anything but.

Balm Beach has become the most visible flashpoint in the growing schism between public access and private ownership of the province`s cherished – and increasingly crowded – waterfront places, and a sudden, stark notice to the public at large: Ontario waterfront is more likely than not to be private.

http://www.thestar.com/News/Ontario/article/484318

 

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Builders call for update of GST rebate thresholds

While you`re trying to figure out how you can afford the homes offered in this section, the Canadian Home Builders` Association has been thinking about the same thing and has hit on a great solution. A recent report by the CHBA presents a compelling case for indexing the GST new housing rebate thresholds.

Housing affordability across Canada has certainly improved as a result of the federal government`s action to reduce the GST by two percentage points, but there`s some unfinished business that goes all the way back to the time the GST and the new housing rebate was introduced in 1991.

http://www.yourhome.ca/homes/article/482516

 

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Alder restaurant set for November opening

Renovations are expected to begin next month for a new restaurant at the Alder Street recreation centre. Some details of the lease agreement have yet to be worked out, but the opening of Hogey`s Sports Bar and Banquette Hall is slated for Nov. 1.
"Things are going ahead," restaurant proponent Gerry Hogenhout says, noting he`s "delighted" with the progress that`s been made.
A liquor licence application has been filed, a kitchen review and renovation plans have been discussed with a local contractor, structural drawings have been completed and a logo has been designed.
"I certainly have been getting a lot of favourable comments," Hogenhout says. "People ... want to see something done in there."

http://www.orangevillebanner.com/news/article/54819

 

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A change in the wind

The summer slump in the Toronto real estate market has industry players dusting off strategies they haven`t used in eons: Agents are becoming reacquainted with conditional offers, lengthy periods of negotiations and — most remarkably — asking prices that actually reflect what the seller would accept for the house.

"I`ve done things this year that I haven`t done in 10 years," says Wilfred Veinot of Sutton Group Partners Realty Inc.

Mr. Veinot calls this market "a reality check for sellers."

The mantra in the industry, he says, is becoming, "Sellers are thinking last year; buyers are thinking next year."

http://www.theglobeandmail.com/servlet/sto...RealEstate/home

 

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New Rona store clears planning hurdle

Welland - Council has agreed to remove the holding symbol on the proposed Rona development on Woodlawn Road. The staff-supported move to relax the planning restriction for Calloway Real Estate Investment Trust opens the door for the development of a Rona home improvement store near Wal-Mart on the north side of Woodlawn Road, west of Primeway Drive.

The developer had approached the city to build a 4,831-square-metre (52,000-square-foot) building with a 4,708-square-metre (50,676-square-foot) outdoor storage area.

Council amended zoning on the property in January to allow construction but put a holding symbol on the property. The symbol was to be lifted when the developer met certain conditions.

http://www.wellandtribune.ca/ArticleDisplay.aspx?e=1170194