June 2010
- Thread starter Ally
- Start date
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- Mar 24, 2009
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- 16,743
GM to boost production at St. Catharines plant
General Motors Co. is expected to announce an investment of roughly $500-million in its St. Catharines, Ont., engine plant Tuesday that will see it produce a new engine and transmission there, sources said. The move is expected to create about 800 new jobs at the facility over the next three years.
Kevin Williams, GM Canada’s new president, is expected to make the announcement alongside federal Industry Minister Tony Clement, CAW national president Ken Lewenza and St. Catharines’ MPP Jim Bradley at GM’s powertrain facility in the city.
In addition to an already announced $235-million investment to build a next-generation of V-8 engines at the plant, the Detroit automaker is also expected to announce that a new fuel-efficient six-speed, front-wheel transmission will be also be built at the plant.
Both projects will create 400 jobs a piece, starting in 2012 for the transmission work and in 2013 for the engine component, sources said.
Read the full article here.
General Motors Co. is expected to announce an investment of roughly $500-million in its St. Catharines, Ont., engine plant Tuesday that will see it produce a new engine and transmission there, sources said. The move is expected to create about 800 new jobs at the facility over the next three years.
Kevin Williams, GM Canada’s new president, is expected to make the announcement alongside federal Industry Minister Tony Clement, CAW national president Ken Lewenza and St. Catharines’ MPP Jim Bradley at GM’s powertrain facility in the city.
In addition to an already announced $235-million investment to build a next-generation of V-8 engines at the plant, the Detroit automaker is also expected to announce that a new fuel-efficient six-speed, front-wheel transmission will be also be built at the plant.
Both projects will create 400 jobs a piece, starting in 2012 for the transmission work and in 2013 for the engine component, sources said.
Read the full article here.
- Joined
- Mar 24, 2009
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Existing home sales down in Toronto
Darren Ford listed a condominium in Toronto`s trendy King St. West area for $350,000 earlier this year. Within two days there were 20 showings and a "mountain of business cards" from other agents.
He expected at least four offers. But no one showed up when it was time to make a deal.
"People thought the property was going into multiple offers and they were just sick and tired of the scene, so they never bothered to show," said Ford, an agent with Keller Wiliams. There was also, tellingly, a lot more inventory on the market than the prior year.
Ford eventually contacted an agent who had shown interest and sold the property for full list price. But it was a lesson in things to come.
"It went from sheer craziness to a much more balanced market," said Ford.
The Toronto market is showing its first tentative signs of a slowdown as sales of existing homes in the Greater Toronto Area fell by one per cent in May, compared with the same time last year.
Read the full article here.
Darren Ford listed a condominium in Toronto`s trendy King St. West area for $350,000 earlier this year. Within two days there were 20 showings and a "mountain of business cards" from other agents.
He expected at least four offers. But no one showed up when it was time to make a deal.
"People thought the property was going into multiple offers and they were just sick and tired of the scene, so they never bothered to show," said Ford, an agent with Keller Wiliams. There was also, tellingly, a lot more inventory on the market than the prior year.
Ford eventually contacted an agent who had shown interest and sold the property for full list price. But it was a lesson in things to come.
"It went from sheer craziness to a much more balanced market," said Ford.
The Toronto market is showing its first tentative signs of a slowdown as sales of existing homes in the Greater Toronto Area fell by one per cent in May, compared with the same time last year.
Read the full article here.
- Joined
- Mar 24, 2009
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Jobs scare for laid-off auto workers, study suggests
A study of laid off auto manufacturing employees at three Ontario plants shows only about one quarter are working and most of them earn a lot less since the economy began recovering last year.
The Canadian Auto Workers said Monday that preliminary results from tracking the experiences of 260 laid off members at Chrysler Canada in Brampton and two parts makers reveals almost half of them have also bounced from job to job and are struggling with social problems .
"Bay Street and Main Street are worlds apart," Ken Lewenza, the CAW`s national president, told reporters after releasing the joint study by the union and McMaster University. "Workers victimized by the financial crisis are now being left behind in the so-called recovery."
The study, which also included union members at Collins & Aikman in suburban Scarborough and Kitchener Frameworks in Kitchener, said one quarter of the employees have held three or more jobs and one in six currently works for more than a single company.
About 70 per cent are working in part-time in jobs, on contract, casual labour or self-employment, the study noted.
Furthermore, wages have plunged by more than $10 an hour for 71 per cent of the Chrysler workers and 60 per cent of the Kitchener Framework employees, according to the study
Sam Vrankulj, the study`s author and a member of McMaster`s School of Labour Studies, said about 70 per cent of the employees are shifting to jobs with no union and most of them have no benefits or control over working hours.
Read the full article here.
A study of laid off auto manufacturing employees at three Ontario plants shows only about one quarter are working and most of them earn a lot less since the economy began recovering last year.
The Canadian Auto Workers said Monday that preliminary results from tracking the experiences of 260 laid off members at Chrysler Canada in Brampton and two parts makers reveals almost half of them have also bounced from job to job and are struggling with social problems .
"Bay Street and Main Street are worlds apart," Ken Lewenza, the CAW`s national president, told reporters after releasing the joint study by the union and McMaster University. "Workers victimized by the financial crisis are now being left behind in the so-called recovery."
The study, which also included union members at Collins & Aikman in suburban Scarborough and Kitchener Frameworks in Kitchener, said one quarter of the employees have held three or more jobs and one in six currently works for more than a single company.
About 70 per cent are working in part-time in jobs, on contract, casual labour or self-employment, the study noted.
Furthermore, wages have plunged by more than $10 an hour for 71 per cent of the Chrysler workers and 60 per cent of the Kitchener Framework employees, according to the study
Sam Vrankulj, the study`s author and a member of McMaster`s School of Labour Studies, said about 70 per cent of the employees are shifting to jobs with no union and most of them have no benefits or control over working hours.
Read the full article here.
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- Mar 24, 2009
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Brantford: The Block battle
Behind a decaying Renaissance building at 77 Colborne St. in Brantford, Ont., lies a similarly ill-fated garden, a plot of land recently abandoned by the very man who planted and then tended the soil for 25 years without complaint.
But John Podiotis, who lived at the address for some 56 years and was the last to leave the strip, did not abandon the impressive garden on his own terms. Rather the 79-year-old Greek restaurateur was forced to relinquish his property to the City of Brantford this year as part of an expropriation and demolition plan that would see his home and the rest of the south side of Colborne Street reduced to rubble.
Although the future of Colborne Street, which boasts one of the longest blocks of pre-Confederation buildings in Canada, has long been in question, the 41 buildings there were all but condemned as of earlier this year.
Indeed, after a Jan. 7 city council vote heralded a 6-5 majority in favour of calling it quits on the crumbling buildings in Wayne Gretzky`s hometown, the street`s fate appeared sealed.
Read the full article here.
Behind a decaying Renaissance building at 77 Colborne St. in Brantford, Ont., lies a similarly ill-fated garden, a plot of land recently abandoned by the very man who planted and then tended the soil for 25 years without complaint.
But John Podiotis, who lived at the address for some 56 years and was the last to leave the strip, did not abandon the impressive garden on his own terms. Rather the 79-year-old Greek restaurateur was forced to relinquish his property to the City of Brantford this year as part of an expropriation and demolition plan that would see his home and the rest of the south side of Colborne Street reduced to rubble.
Although the future of Colborne Street, which boasts one of the longest blocks of pre-Confederation buildings in Canada, has long been in question, the 41 buildings there were all but condemned as of earlier this year.
Indeed, after a Jan. 7 city council vote heralded a 6-5 majority in favour of calling it quits on the crumbling buildings in Wayne Gretzky`s hometown, the street`s fate appeared sealed.
Read the full article here.
- Joined
- Mar 24, 2009
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Canadian housing starts down in May
Canadian housing starts fell in May as the evidence mounts that the market is due for a slowdown.
Starts fell by 6.3 per cent or an annualized 189,100 units last month that were below market expectations according to figures released by the Canada Mortgage and Housing Corporation.
The figures come on the heels of building permit figures last week showing a marked decline in home building intentions.
"Canadian residential construction activity has peaked for the time being, particularly with the housing market backdrop losing momentum," said BMO Nesbitt Burns deputy chief economist Doug Porter.
"Building is expected to slow markedly over the summer as builders respond to the broader cooling in Canada`s previously white-hot housing market."
The Toronto market however, bucked the national trend by holding steady with a 0.9 per cent increase in starts to a seasonally adjusted and annualized rate of 33,400 units. The increase in starts was mainly due to condominium building.
Read the full article here.
Canadian housing starts fell in May as the evidence mounts that the market is due for a slowdown.
Starts fell by 6.3 per cent or an annualized 189,100 units last month that were below market expectations according to figures released by the Canada Mortgage and Housing Corporation.
The figures come on the heels of building permit figures last week showing a marked decline in home building intentions.
"Canadian residential construction activity has peaked for the time being, particularly with the housing market backdrop losing momentum," said BMO Nesbitt Burns deputy chief economist Doug Porter.
"Building is expected to slow markedly over the summer as builders respond to the broader cooling in Canada`s previously white-hot housing market."
The Toronto market however, bucked the national trend by holding steady with a 0.9 per cent increase in starts to a seasonally adjusted and annualized rate of 33,400 units. The increase in starts was mainly due to condominium building.
Read the full article here.
- Joined
- Mar 24, 2009
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Privacy czar finds breaches at mortgage brokers
The personal financial information of thousands of consumers across Canada has been seriously compromised because of lax security at several Greater Toronto Area mortgage brokerages, says the federal privacy commissioner.
"There are a whole army of rogue thieves, an industry of criminality that is increasingly targeting personal information," Jennifer Stoddart said in an interview Tuesday. "You can take someone`s credit card and go buy things, you can empty their bank account with the right information."
Stoddart said she launched an investigation into the brokerages after they reported 14 suspicious breaches in the space of a few months in 2008.
"In each case, someone impersonating an experienced mortgage agent downloaded credit reports for people who hadn`t even applied for a mortgage," the commissioner said in her annual report tabled in Parliament.
"As a result the personal information of clients, not to mention any number of other people with absolutely no connection to the brokerages was left at risk."
According to the commissioner, thieves posing as legitimate mortgage agents were able to obtain employment at the brokerages. The "fraudulent agent" then gained access to hundreds of credit reports through an internal web based credit reporting system.
Read the full article here.
The personal financial information of thousands of consumers across Canada has been seriously compromised because of lax security at several Greater Toronto Area mortgage brokerages, says the federal privacy commissioner.
"There are a whole army of rogue thieves, an industry of criminality that is increasingly targeting personal information," Jennifer Stoddart said in an interview Tuesday. "You can take someone`s credit card and go buy things, you can empty their bank account with the right information."
Stoddart said she launched an investigation into the brokerages after they reported 14 suspicious breaches in the space of a few months in 2008.
"In each case, someone impersonating an experienced mortgage agent downloaded credit reports for people who hadn`t even applied for a mortgage," the commissioner said in her annual report tabled in Parliament.
"As a result the personal information of clients, not to mention any number of other people with absolutely no connection to the brokerages was left at risk."
According to the commissioner, thieves posing as legitimate mortgage agents were able to obtain employment at the brokerages. The "fraudulent agent" then gained access to hundreds of credit reports through an internal web based credit reporting system.
Read the full article here.
- Joined
- Mar 24, 2009
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Liberals admit HST will cost families up to $480 a year
HST rebate cheques are being mailed out this week, but Ontarians may want to bank some of the money as the new tax will eventually cost households up to $480 a year.
In fact, 51 per cent of Ontario families will pay more in taxes by 2012, according to the Liberal government`s own study on the impact of the business-friendly 13 per cent harmonized sales tax. The tax takes effect July 1.
Speaking to an Ottawa radio station, Premier Dalton McGuinty emphasized that the transition payments of up to $1,000 per household should offset higher levies on gasoline, electricity, and other goods and services.
"We`ve worked really, really hard to minimize the impact of the HST," McGuinty told CFRA Radio.
"That`s money we`re passing directly to our families through the federal government to help them cope with the HST," he added, referring to the three installment cheques totalling up to $1,000 being sent out starting Thursday.
Read the full article here.
HST rebate cheques are being mailed out this week, but Ontarians may want to bank some of the money as the new tax will eventually cost households up to $480 a year.
In fact, 51 per cent of Ontario families will pay more in taxes by 2012, according to the Liberal government`s own study on the impact of the business-friendly 13 per cent harmonized sales tax. The tax takes effect July 1.
Speaking to an Ottawa radio station, Premier Dalton McGuinty emphasized that the transition payments of up to $1,000 per household should offset higher levies on gasoline, electricity, and other goods and services.
"We`ve worked really, really hard to minimize the impact of the HST," McGuinty told CFRA Radio.
"That`s money we`re passing directly to our families through the federal government to help them cope with the HST," he added, referring to the three installment cheques totalling up to $1,000 being sent out starting Thursday.
Read the full article here.
- Joined
- Mar 24, 2009
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New pipe manufacturer brings jobs to Welland
The city is getting a small manufacturing boost and a few more jobs.
Welded Tube of Canada is expanding into Welland and investing $50 million in a new plant which will be located on the site of the old Shaw Pipe facility at 191 Ridge Rd.
"Welland has gone through some incredibly difficult times and to find business people to take a chance on this city means a lot to us," Mayor Damian Goulbourne said Tuesday.
"I think you can say that things have stabilized and we do have a bright future ahead of us."
The establishment of the new plant -- a pipe heat treating operation -- will mean 25 new jobs in the city to start.
Further expansion could result in as many as 50 additional employees coming on.
Workers at the new Welland plant will produce 125,000 net tonnes of various sizes of alloy casing and tubing in several grades each year.
Read the full article here.
The city is getting a small manufacturing boost and a few more jobs.
Welded Tube of Canada is expanding into Welland and investing $50 million in a new plant which will be located on the site of the old Shaw Pipe facility at 191 Ridge Rd.
"Welland has gone through some incredibly difficult times and to find business people to take a chance on this city means a lot to us," Mayor Damian Goulbourne said Tuesday.
"I think you can say that things have stabilized and we do have a bright future ahead of us."
The establishment of the new plant -- a pipe heat treating operation -- will mean 25 new jobs in the city to start.
Further expansion could result in as many as 50 additional employees coming on.
Workers at the new Welland plant will produce 125,000 net tonnes of various sizes of alloy casing and tubing in several grades each year.
Read the full article here.
- Joined
- Mar 24, 2009
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- 16,743
May statistics for Kitchener-Waterloo
The average price of detached homes is up 11% to $338,209 on a year over year basis.
The KW real estate board believes that this year is poised to be a record breaking year.
Download the press release.
The average price of detached homes is up 11% to $338,209 on a year over year basis.
The KW real estate board believes that this year is poised to be a record breaking year.
Download the press release.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Chrysler to build Lancia luxury car in Brampton
Chrysler will build a Lancia flagship luxury model at its Brampton assembly plant in about 18 months, according to an industry research and forecasting agency.
U.S,-based AutomotiveCompass says in a global product program update that the company will start assembling the niche Lancia sedan to replace the Thesis nameplate at the plant just northwest of Toronto in the first week of January 2012.
Doug Shepard, forecasting manager for AutomotiveCompass, said Wednesday the plant will probably target annual output of 10,000 to 12,000 Lancia models, which would represent only a small fraction of the plant`s capacity of about 300,000.
"It will be something like the icing on the cake for that plant," he said.
The plant currently builds the Chrysler 300 full-size sedan, Dodge Challenger and Charger sports cars.
Shepard said the Lancia will be similar to the new generation of the luxury 300 model which starts production late this year. The models will be built on the same LX platform or chassis
Read the full article here.
Chrysler will build a Lancia flagship luxury model at its Brampton assembly plant in about 18 months, according to an industry research and forecasting agency.
U.S,-based AutomotiveCompass says in a global product program update that the company will start assembling the niche Lancia sedan to replace the Thesis nameplate at the plant just northwest of Toronto in the first week of January 2012.
Doug Shepard, forecasting manager for AutomotiveCompass, said Wednesday the plant will probably target annual output of 10,000 to 12,000 Lancia models, which would represent only a small fraction of the plant`s capacity of about 300,000.
"It will be something like the icing on the cake for that plant," he said.
The plant currently builds the Chrysler 300 full-size sedan, Dodge Challenger and Charger sports cars.
Shepard said the Lancia will be similar to the new generation of the luxury 300 model which starts production late this year. The models will be built on the same LX platform or chassis
Read the full article here.
- Joined
- Mar 24, 2009
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OPG and Moose Cree start new hydro development
Ontario Power Generation and the Moose Cree First Nation have kicked off construction on Northern Ontario`s biggest hydro project in 40 years.
The Lower Mattagami project will nearly double the output of four existing hydro stations on the river, which flows into James Bay.
That will add 438 megawatts to the stations` output, or enough electricity to power about 400,000 homes, brining the Lower Mattagami`s total output to 924 megawatts.
(By comparison, the big stations at Niagara Falls produce just under 2,000 megawatts.)
The $2.6 billion project will take five years to complete.
Read the full article here.
Ontario Power Generation and the Moose Cree First Nation have kicked off construction on Northern Ontario`s biggest hydro project in 40 years.
The Lower Mattagami project will nearly double the output of four existing hydro stations on the river, which flows into James Bay.
That will add 438 megawatts to the stations` output, or enough electricity to power about 400,000 homes, brining the Lower Mattagami`s total output to 924 megawatts.
(By comparison, the big stations at Niagara Falls produce just under 2,000 megawatts.)
The $2.6 billion project will take five years to complete.
Read the full article here.
- Joined
- Mar 24, 2009
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Ottawa: Falling off the rails
Mayor Larry O`Brien recently acknowledged that the $2.1-billion figure for the light-rail and tunnel project is likely just a rough estimate.
Indeed, some city staff members suspect the estimate could be off by 25 per cent. That makes sense, considering that the original estimates for the now-cancelled first light-rail plan were in the $660-million range but the final contract was for $884 million. And there were some very competent city staffers who under-estimated the cost of that first project.
Until the current light-rail plan goes through a rigorous request-for-proposal process in which private companies present bids, the public is unlikely to know the true cost of the project.
So how much are we looking at? Former transit guru and regional chairman Andrew Haydon, the man who helped build the current bus Transitway, believes the cost of the rail and tunnel plan could be as much as $4 billion if the process gets out of hand. Haydon has a bias -- he likes buses more than rail -- but his warnings ought at least to be noticed by Ottawa taxpayers.
The province has allocated $600 million to this rail plan, as has the federal government. That leaves the city, and its property taxpayers, holding the bag for the rest. Remember, every $10 million in city spending translates into a one-per-cent rise in property taxes for a year. If the rail estimates are off by 25 per cent -- and we`re talking overruns, not savings -- then taxpayers will have to wear it.
Read the full article here.
Mayor Larry O`Brien recently acknowledged that the $2.1-billion figure for the light-rail and tunnel project is likely just a rough estimate.
Indeed, some city staff members suspect the estimate could be off by 25 per cent. That makes sense, considering that the original estimates for the now-cancelled first light-rail plan were in the $660-million range but the final contract was for $884 million. And there were some very competent city staffers who under-estimated the cost of that first project.
Until the current light-rail plan goes through a rigorous request-for-proposal process in which private companies present bids, the public is unlikely to know the true cost of the project.
So how much are we looking at? Former transit guru and regional chairman Andrew Haydon, the man who helped build the current bus Transitway, believes the cost of the rail and tunnel plan could be as much as $4 billion if the process gets out of hand. Haydon has a bias -- he likes buses more than rail -- but his warnings ought at least to be noticed by Ottawa taxpayers.
The province has allocated $600 million to this rail plan, as has the federal government. That leaves the city, and its property taxpayers, holding the bag for the rest. Remember, every $10 million in city spending translates into a one-per-cent rise in property taxes for a year. If the rail estimates are off by 25 per cent -- and we`re talking overruns, not savings -- then taxpayers will have to wear it.
Read the full article here.
- Joined
- Mar 24, 2009
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- 16,743
Renos on a roll
If your goals involve granite and your hopes run to hardwood, you`re in the majority in Ottawa.
A full 58 per cent of homeowners in the capital spent $1,000 or more -- often, a lot more -- on repairs and upgrades in 2009, nearly equalling the 59 per cent in renovation-mad St. John`s, NL.
And even without last year`s home improvement tax credit, 50 per cent of us say we`ll spend 2010 the same way -- spending on renos.
That`s tied with Halifax and Winnipeg and again surpassed only by St. John`s, where 55 per cent have renovation plans, according to a Canada Mortgage and Housing Corp. survey of 10 cities.
Unlike the resourceful Newfoundlanders, however, we`re more likely to pick up a cellphone than a hammer.
Read the full article here.
If your goals involve granite and your hopes run to hardwood, you`re in the majority in Ottawa.
A full 58 per cent of homeowners in the capital spent $1,000 or more -- often, a lot more -- on repairs and upgrades in 2009, nearly equalling the 59 per cent in renovation-mad St. John`s, NL.
And even without last year`s home improvement tax credit, 50 per cent of us say we`ll spend 2010 the same way -- spending on renos.
That`s tied with Halifax and Winnipeg and again surpassed only by St. John`s, where 55 per cent have renovation plans, according to a Canada Mortgage and Housing Corp. survey of 10 cities.
Unlike the resourceful Newfoundlanders, however, we`re more likely to pick up a cellphone than a hammer.
Read the full article here.
- Joined
- Oct 12, 2007
- Messages
- 586
Sub-meter confusion leaves tenants in dark
Threats of power cuts and rent increases over hydro billing
After sitting in the dark in her two-bedroom apartment for more than 24 hours, Laurie Brown finally gave in. The mother of two small children says she had no choice but to pay $500 in hydro bills or risk being without power for days, possibly weeks.
Now the Toronto resident is wondering what she will do next month when another bill from third-party energy provider Stratacon shows up again at her door.
The monthly hydro bill at her 100 Sprucewood Court apartment, previously about $40 to $60 a month, had suddenly shot up to nearly $150 a month and she didn`t understand why. She still doesn`t.
"I was told by everyone not to pay, because the bills are illegal," she said. "But then I ended up in this position where it looks like I am irresponsible," she said. "It`s hard to know what to do."
Tens of thousands of Toronto tenants are still experiencing mass confusion over so-called smart sub-meters in individual apartments in the face of an ongoing dispute over who should pay for hydro costs while the province enacts legislation.
In an attempt to clear up the long-standing issue, the Ontario Energy Board, the province`s energy regulator, ruled last August that any sub-meters installed in apartments on or after Nov. 3, 2005 and up until its decision were unauthorized and "any resulting changes to financial arrangements respecting the payment of electricity charges by tenants to be unenforceable."
Read full article here
Threats of power cuts and rent increases over hydro billing
After sitting in the dark in her two-bedroom apartment for more than 24 hours, Laurie Brown finally gave in. The mother of two small children says she had no choice but to pay $500 in hydro bills or risk being without power for days, possibly weeks.
Now the Toronto resident is wondering what she will do next month when another bill from third-party energy provider Stratacon shows up again at her door.
The monthly hydro bill at her 100 Sprucewood Court apartment, previously about $40 to $60 a month, had suddenly shot up to nearly $150 a month and she didn`t understand why. She still doesn`t.
"I was told by everyone not to pay, because the bills are illegal," she said. "But then I ended up in this position where it looks like I am irresponsible," she said. "It`s hard to know what to do."
Tens of thousands of Toronto tenants are still experiencing mass confusion over so-called smart sub-meters in individual apartments in the face of an ongoing dispute over who should pay for hydro costs while the province enacts legislation.
In an attempt to clear up the long-standing issue, the Ontario Energy Board, the province`s energy regulator, ruled last August that any sub-meters installed in apartments on or after Nov. 3, 2005 and up until its decision were unauthorized and "any resulting changes to financial arrangements respecting the payment of electricity charges by tenants to be unenforceable."
Read full article here
- Joined
- Oct 12, 2007
- Messages
- 586
Home sales decline in May
Home sales and prices fell in May as would-be buyers felt the pinch of changing regulations and higher interest rates.
The decline is a "departure from the normal seasonal pattern," the Canadian Real Estate Association noted in its release Wednesday.
It`s likely that changes to mortgage regulations and rising interest rates pulled forward a number of sales into April that would have otherwise taken place at a later date.
"May was the first full month in which sales activity was affected by these changes," CREA president Georges Pahud said. "An accompanying decline in new listings and housing starts means these changes are also affecting the supply side, which will keep the market balanced and Canadian home prices stable."
Across Canada, sales fell by 9.5 per cent in May compared to near-record levels of activity in April.
While activity declined in more than 70 per cent of local markets, the lower national figure resulted largely from fewer sales in Toronto, Vancouver, and Ottawa, CREA said.
Read full article here
Home sales and prices fell in May as would-be buyers felt the pinch of changing regulations and higher interest rates.
The decline is a "departure from the normal seasonal pattern," the Canadian Real Estate Association noted in its release Wednesday.
It`s likely that changes to mortgage regulations and rising interest rates pulled forward a number of sales into April that would have otherwise taken place at a later date.
"May was the first full month in which sales activity was affected by these changes," CREA president Georges Pahud said. "An accompanying decline in new listings and housing starts means these changes are also affecting the supply side, which will keep the market balanced and Canadian home prices stable."
Across Canada, sales fell by 9.5 per cent in May compared to near-record levels of activity in April.
While activity declined in more than 70 per cent of local markets, the lower national figure resulted largely from fewer sales in Toronto, Vancouver, and Ottawa, CREA said.
Read full article here
- Joined
- Oct 12, 2007
- Messages
- 586
New Habitat homeowners find their `happy place`
I am immensely proud of BILD`s community partnership with Habitat for Humanity Toronto. Each year, our association directly supports the building of a Habitat home for a partner family as a title home donor while encouraging our individual members to support the partnership through labour, material or cash donations.
I also have the honour of representing our association and industry at one Habitat ground-breaking ceremony and one dedication ceremony annually. At the former, I get to meet the partner family who will be moving into the home sponsored by BILD members while at the latter I get to turn over the keys. Both are moving events, literally and figuratively.
This past Tuesday, I participated in the ground-breaking ceremony for Habitat`s latest 29-unit townhome development in the city`s east end. As I arrived on the scene, the Habitat staffers were all business, but in a good way — they clearly enjoy these moments as much as the sponsors and partner families.
The event was kicked off by the inimitable Neil Hetherington, Habitat`s CEO. This guy is a leader and it takes leadership to build 89 decent, affordable homes in 2009, at the peak and in the aftermath of the global financial crisis.
Following Hetherington, John Mollenhauer, my counterpart at the Toronto Construction Association, took to the podium to say that he didn`t know if TCA had ever been a part of something more worthwhile. Based on my experience, I know it won`t be long before he makes that statement in the declarative as opposed to interrogative.
Read full article here
I am immensely proud of BILD`s community partnership with Habitat for Humanity Toronto. Each year, our association directly supports the building of a Habitat home for a partner family as a title home donor while encouraging our individual members to support the partnership through labour, material or cash donations.
I also have the honour of representing our association and industry at one Habitat ground-breaking ceremony and one dedication ceremony annually. At the former, I get to meet the partner family who will be moving into the home sponsored by BILD members while at the latter I get to turn over the keys. Both are moving events, literally and figuratively.
This past Tuesday, I participated in the ground-breaking ceremony for Habitat`s latest 29-unit townhome development in the city`s east end. As I arrived on the scene, the Habitat staffers were all business, but in a good way — they clearly enjoy these moments as much as the sponsors and partner families.
The event was kicked off by the inimitable Neil Hetherington, Habitat`s CEO. This guy is a leader and it takes leadership to build 89 decent, affordable homes in 2009, at the peak and in the aftermath of the global financial crisis.
Following Hetherington, John Mollenhauer, my counterpart at the Toronto Construction Association, took to the podium to say that he didn`t know if TCA had ever been a part of something more worthwhile. Based on my experience, I know it won`t be long before he makes that statement in the declarative as opposed to interrogative.
Read full article here
- Joined
- Oct 12, 2007
- Messages
- 586
Hyman: Periodic inspections could infringe on owner`s privacyQ: Does our board have the right to inspect all of the units at intervals to ensure that they are properly maintained?
A: The corporation or a person authorized by it has the right on reasonable notice to enter a unit or exclusive use common elements at a reasonable time to perform the objects and duties of the corporation or to exercise its powers. Unit maintenance, except as otherwise provided in a declaration, is the obligation of the unit owner. I am of the opinion that unless the board has reason to believe that an owner has failed to carry out necessary maintenance the corporation has no right to enter the unit to inspect. Periodic inspections appear to infringe upon an owner`s right to privacy and to be beyond the objects, duties and powers of the corporation.
If a board concludes that maintenance at regular intervals by the owners is necessary to prevent damage to the building or injury to residents, such as cleaning of dryer ducts within the units in order to prevent a fire, a rule could be passed requiring each owner to provide evidence that the work was carried out. If an owner fails to provide such evidence, the corporation would be entitled to have access at a reasonable time on reasonable notice to carry out an inspection. If the work has not been carried out and there is a risk of damage or injury, the corporation will be entitled to perform the maintenance and to add the cost to the owner`s common expense contributions.
Q: Owners received a budget for the next fiscal year and a statement that our common expense contributions will remain the same. A couple of months into the fiscal year, we received notice of a sizeable special assessment, payable in the next couple of months. I asked a director why the additional funds required by the corporation were not included in the budget. I was advised that the board did not want to show an increase in common expense contributions in order to maximize the sale value of the units. Is this procedure acceptable?
A: A board may choose to levy a special assessment rather than increasing the monthly common expense contributions. An existing special assessment or any circumstances of which the board of directors is aware that will necessitate a future common expense increase or will require a special assessment must be set out in status certificates. If an existing special assessment or the requirement for a future special assessment, known to the board at the time of issuance of the status certificate is not revealed in the certificate, the corporation will be unable to enforce the assessment against the unit purchaser.
Q: We have a rule forbidding more than one dog in a unit. Several residents employ dog walkers who often come into the building to pick up or deliver a dog accompanied by three or four other dogs. They track dirt through our newly carpeted hallways, fill up an elevator and are often rowdy and noisy. Can anything be done?
Read full article here
A: The corporation or a person authorized by it has the right on reasonable notice to enter a unit or exclusive use common elements at a reasonable time to perform the objects and duties of the corporation or to exercise its powers. Unit maintenance, except as otherwise provided in a declaration, is the obligation of the unit owner. I am of the opinion that unless the board has reason to believe that an owner has failed to carry out necessary maintenance the corporation has no right to enter the unit to inspect. Periodic inspections appear to infringe upon an owner`s right to privacy and to be beyond the objects, duties and powers of the corporation.
If a board concludes that maintenance at regular intervals by the owners is necessary to prevent damage to the building or injury to residents, such as cleaning of dryer ducts within the units in order to prevent a fire, a rule could be passed requiring each owner to provide evidence that the work was carried out. If an owner fails to provide such evidence, the corporation would be entitled to have access at a reasonable time on reasonable notice to carry out an inspection. If the work has not been carried out and there is a risk of damage or injury, the corporation will be entitled to perform the maintenance and to add the cost to the owner`s common expense contributions.
Q: Owners received a budget for the next fiscal year and a statement that our common expense contributions will remain the same. A couple of months into the fiscal year, we received notice of a sizeable special assessment, payable in the next couple of months. I asked a director why the additional funds required by the corporation were not included in the budget. I was advised that the board did not want to show an increase in common expense contributions in order to maximize the sale value of the units. Is this procedure acceptable?
A: A board may choose to levy a special assessment rather than increasing the monthly common expense contributions. An existing special assessment or any circumstances of which the board of directors is aware that will necessitate a future common expense increase or will require a special assessment must be set out in status certificates. If an existing special assessment or the requirement for a future special assessment, known to the board at the time of issuance of the status certificate is not revealed in the certificate, the corporation will be unable to enforce the assessment against the unit purchaser.
Q: We have a rule forbidding more than one dog in a unit. Several residents employ dog walkers who often come into the building to pick up or deliver a dog accompanied by three or four other dogs. They track dirt through our newly carpeted hallways, fill up an elevator and are often rowdy and noisy. Can anything be done?
Read full article here
- Joined
- Oct 12, 2007
- Messages
- 586
Toronto home sales jump 34% in past year
Toronto real estate is so hot right now that it is luring potential buyers into the market like sharks to blood in the water -- if sharks were motivated by the looming threat of increased interest rates in the second half of 2010 and the dreaded July HST deadline.
Buyers attracted by historically low interest rates set a record in April for both prices and number of sales. The Toronto Real Estate Board Wednesday reported the sale of 10,898 residential properties in April -- a 34% increase compared to April 2009.
Among the buyers was downtown condo resident Lana Thompson, who with her husband had gone through five bidding wars since they started looking last spring for a home with a little more space and a good French-immersion school nearby for their kindergarten-aged son.
The Thompsons found themselves embroiled in escalating bidding sessions with up to as many as 14 other buyers at a time -- on one occasion their bid lost when the sale was awarded to a buyer offering $157,000 over the asking price.
They finally found the perfect three-bedroom place in April in Bloor West Village and paid no more than the asking price of $699,800.
Read full article here
Toronto real estate is so hot right now that it is luring potential buyers into the market like sharks to blood in the water -- if sharks were motivated by the looming threat of increased interest rates in the second half of 2010 and the dreaded July HST deadline.
Buyers attracted by historically low interest rates set a record in April for both prices and number of sales. The Toronto Real Estate Board Wednesday reported the sale of 10,898 residential properties in April -- a 34% increase compared to April 2009.
Among the buyers was downtown condo resident Lana Thompson, who with her husband had gone through five bidding wars since they started looking last spring for a home with a little more space and a good French-immersion school nearby for their kindergarten-aged son.
The Thompsons found themselves embroiled in escalating bidding sessions with up to as many as 14 other buyers at a time -- on one occasion their bid lost when the sale was awarded to a buyer offering $157,000 over the asking price.
They finally found the perfect three-bedroom place in April in Bloor West Village and paid no more than the asking price of $699,800.
Read full article here
- Joined
- Oct 12, 2007
- Messages
- 586
Home sales decline in May
Home sales and prices fell in May as would-be buyers felt the pinch of changing regulations and higher interest rates.
The decline is a "departure from the normal seasonal pattern," the Canadian Real Estate Association noted in its release Wednesday.
It`s likely that changes to mortgage regulations and rising interest rates pulled forward a number of sales into April that would have otherwise taken place at a later date.
"May was the first full month in which sales activity was affected by these changes," CREA president Georges Pahud said. "An accompanying decline in new listings and housing starts means these changes are also affecting the supply side, which will keep the market balanced and Canadian home prices stable."
Across Canada, sales fell by 9.5 per cent in May compared to near-record levels of activity in April.
Read full article here
Home sales and prices fell in May as would-be buyers felt the pinch of changing regulations and higher interest rates.
The decline is a "departure from the normal seasonal pattern," the Canadian Real Estate Association noted in its release Wednesday.
It`s likely that changes to mortgage regulations and rising interest rates pulled forward a number of sales into April that would have otherwise taken place at a later date.
"May was the first full month in which sales activity was affected by these changes," CREA president Georges Pahud said. "An accompanying decline in new listings and housing starts means these changes are also affecting the supply side, which will keep the market balanced and Canadian home prices stable."
Across Canada, sales fell by 9.5 per cent in May compared to near-record levels of activity in April.
Read full article here