Welcome!

By registering with us, you'll be able to discuss, share and private message with other members of our community.

SignUp Now!

March 2010

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
News articles for March 2010.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Orillia Taxes increase 1.9%

City staff earned a round of applause Thursday after councillors approved a modest budget increase of 2.25% for 2010.

After three days of deliberations, the budget committee settled on that figure, which results in a 1.9% increase in a homeowners` tax bill.

"That`s pretty darn good, you know. That`s very good, in fact," Mayor Ron Stevens said after treasurer Bob Ripley revealed the lowest budget increase the city has seen in years.

The 1.9% translates into an increase of about $43 on a house assessed at $160,000; $54 on a house assessed at $200,000; $81 on a house assessed at $300,000; $108 on a house assessed at $400,000; and $134 on a house assessed at $500,000.

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Lake Simcoe Regional Airport: Oro-Medonte Township and City of Barrie Partners after Orillia`s departure

Oro-Medonte Township and the City of Barrie`s municipal partnership for Lake Simcoe Regional Airport will soon be struck, said Oro-Medonte Mayor Harry Hughes.

The new agreement, which sees Barrie and Oro-Medonte partnering to operate the airport without Orillia, was discussed by Oro-Medonte council on Wednesday.

"We thought we had it to the stage where our council could pass it, but then we detected a couple of areas where we needed to have wording further clarified," Hughes said. "Once we get that tuned, (the agreement should be made) in the next couple weeks."

Orillia pulled out of the former agreement in November 2008 to avoid any conflicts in terms of getting government funding for its library/market square project.

The city was looking for money to build a new library from the same upper-tier government program from which the airport, located on Oro-Medonte Line 7 was also seeking funding.

The airport did receive $9.2 million for expansion projects.

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
RBC branch heralds new era in Regent Park

Regent Park residents finally have a bank in their community, something they`ve wanted for years and years.

Before now tenants had to rely on local cheque-cashing outlets or walk quite a distance to find a commercial bank. They don`t tend to appear in abundance near public housing neighbourhoods.

Officials with Toronto Community Housing, the landlord for Regent Park, say they`ve done some research and concluded there hasn`t been a bank on the Regent Park "footprint`` since the housing was built decades ago.

But that all changed quietly a few weeks ago, when the shiny new RBC branch near the corner of Parliament and Dundas opened its doors — a 3,500-square-foot, full-service bank.

The branch has scheduled a formal opening for Monday, complete with ribbon-cutting and photo ops.

The RBC is nestled at the bottom of the new One Cole condominium in Regent Park. Both are part of the billion-dollar remake transforming the neighborhood from concentrated public housing — with its accompanying crime and social ills — to a mixed housing community.

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
House sellers, buyers balk at bidding wars

When it came time to sell his newly renovated property in Toronto`s upscale Bloor West Village, Christopher Lecomte had one stipulation: "No games."

He knew the home, with a flagstone walkway and Muskoka-styled porch, would be highly sought after. But the last thing he wanted to do was create a stressful auction-style environment for the sale of the property.

"I didn`t want to artificially stimulate a bidding war by underpricing the home and then waiting a week to take offers. I think that whole attitude is killing the market," says Lecomte. "Nobody wins that way."

In a market where listings are down significantly compared with those of a year earlier, it has become standard practice for some agents to try to stimulate multiple offers for a property.

The controversial marketing method has caused frustration with buyers and agents. And it has also created something of a backlash by those who say it is misleading, if not unethical.

But the tide may be turning. Some vendors like Lecomte are deciding not to participate. And some buyers are avoiding properties that seem deliberately underpriced.

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Landlords keeping tax breaks, tenants say

For Prabir Kar, the fight over $18.61 was a matter of principle.

In December, he received a notice from the city, one of 128,000 sent to tenants across Toronto, telling him he was eligible for a rent reduction because his landlord had gotten a break on property tax.

But when he paid January`s rent – $961.06, down from the $979.67 he had paid the month prior – he says his landlord returned the cheque.

"They refused to take my new rent," the 41-year-old student said. It wasn`t until he and several neighbours complained to their landlord that he got the reduction.

The $18 a month wouldn`t make a big difference in his day-to-day life, he said. But that wasn`t the point: "It is my money," he said.

Kar is among thousands of renters across the GTA who claim their apartment owners aren`t readily passing the automatic tax breaks along to their tenants.

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Ontario investing in Ford plant

The Ontario government will invest up to $81-million to help retain and create up to 757 jobs during the next five years at the Ford Motor Co. Essex Engine Plant in Windsor, Ont.

The investment, announced Friday, will contribute toward the creation of a research centre that will study diesel and advanced powertrain technologies.

Ford closed the plant in November, 2007, but reopened it after a $17-million investment by Ontario and a commitment of financing by the federal government just days before the 2008 election was called in September that year. The plant is now scheduled to produce a more fuel-efficient version of Ford`s 5.0-litre V8 engine, which is used in the Mustang sports car.

The Ontario investment allows Ford the opportunity to increase its investment in reopening the plant to $736.4-million.

So far, Ford has announced an investment of $590-million for the plant and the research and development initiative.

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
GTA homes market to cool: CMHC

The Toronto-area real estate market will continue to do well in 2010 before retrenching significantly next year, a CMHC forecast says.

Sales of new homes in the Toronto area are expected to rise 30 per cent compared with 2009, while existing home sales should be up 2.5 per cent, according to a report released Tuesday by the Canada Mortgage and Housing Corp.

"We have entered this year with significant amounts of momentum as a number of temporary factors have boosted sales and prices in recent months," CMHC economist Ted Tsiakopoulos said.

"But moving forward, the rate of appreciation will slow down as you have higher mortgage carrying costs, less pent-up demand and increasing supply pressures."

The market this year will be the flip side of last year, which saw the market flounder in the first half before rocketing upward in the second half, CMHC analyst Shaun Hildebrand said.

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Olympics are over, but records still being set as K-W area home sales surge in February

KW experienced record sales for the month of February. People are trying to buy before the HST takes effect and before the changing credit rules take place on April 19[sup]th[/sup], 2010.

Please see the attached pdfs for more information.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Starts continue rebound

The national housing agency says housing starts rebounded in the second half of 2009 and will further strengthen this year.

Canada Mortgage and Housing Corp.`s first-quarter market outlook predicts housing starts will range between 152,000 and 189,300 units in 2010, up from 149,081 in 2009.

And the agency says housing starts will number between 156,400 and 205,600 units in 2011.

In the Toronto Central Metropolitan Area (CMA), housing starts are forecast at 33,700 in 2010, up from 25,949 in 2009. In 2011, starts will be in the 30,300 range, says Ontario senior market analyst Shaun Hildebrand.

CMHC`s chief economist, Bob Dugan, says housing markets will benefit from improving economic conditions and low mortgage rates.

He says recent federal government measures will help moderate housing activity as some potential buyers will have to save a larger down payment or consider less-expensive homes.

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Toronto housing market expected to be cool next year

Sales of new and existing homes in the Toronto area should fall significantly next year, as the market continues to slow, according to a forecast released today.

The Canada Mortgage and Housing Corporation said existing home sales will drop to 83,000 units, falling by 9.3 per cent over 2010.

The new homes market will be even harder hit, falling by 10.1 per cent over 2010 figures according to the federal housing agency in their first outlook for 2011.

New mortgage rule changes, higher interest rates and the introduction of the harmonized sales tax in Ontario will all have an impact on sales, say analysts.

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Toronto leads building rebound

When the Greater Toronto Area building industry takes a hit, Stephen Rockett`s business is usually among the first to feel the pain.

After what he describes as a "disastrous" 2009 that saw profits fall by 40 per cent, the owner of Mississauga-based Rockett Lumber and Building Supplies Ltd. laid off about 150 workers, chopping his workforce by about a third. This year he`s hiring many of them back.

"The outlook is much more positive, job sites are moving again," said Rockett, the president of the company started by his father Ben 58 years ago.

So far, the first numbers trickling in from the beginning of the year look good.

The value of building permits in the Toronto area increased by 18.3 per cent in January over December, according to figures released by Statistics Canada Thursday.

The federal agency said $1.18 billion worth of permits were taken out at the start of the year, compared with just under a billion worth at the end of last year.

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Toronto: St. Clair Ave. W: New life for an old strip

When Larry Blankenstein talks about St. Clair Ave. W., he sounds like a father watching his child get on a bike for the first time: The ride is a little wobbly initially, with a fall here and a scraped knee there, but progress is steady and the open road beckons.

For Blankenstein, the tired, old strip of St. Clair west of Bathurst St. is ripe for growth and opportunity. As it turns out, his development company is both a driver of that growth and, along with the community, a beneficiary.

"We`re in the middle of a transition for this whole neighbourhood and I think the neighbourhood will reap the benefits," says Blankenstein, president of Lash Development Corp., which, along with The Goldman Group, is building two highrise condominium towers at the northwest corner of St. Clair and Bathurst.

"People are very happy that we`re developing it and they hope that more developers will come in, because it`s changing the whole face of the neighbourhood."

Another thing that has changed the face of the neighbourhood is the new St. Clair streetcar right-of-way, which Blankenstein says is a major reason why the developers chose to locate the condos where they did. But he acknowledges that not everyone has embraced the line, in part because the lengthy project created upheaval in the community.

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Ontario drives housing starts to 2008 levels

OTTAWA - New-home construction rose to almost 200,000 units in February, a light at the end of the tunnel for buyers seeking relief from a red-hot sellers` market, analysts say.

Canada Mortgage and Housing Corp. reported yesterday that housing starts climbed 6.1% in February to a seasonally adjusted 196,700 units, the highest level since October 2008, driven largely by a spike in Ontario, where starts soared 28.6% from the month before.

Homebuilders in Ontario and British Columbia are racing to put supply on the market before the harmonized sales tax kicks in on July 1, said economist Pascal Gauthier of TD Economics.

Added pressure is coming from buyers concerned about tighter qualifying standards on mortgages, which take effect April 19, and higher borrowing costs expected in the second half of the year.

But February`s housing starts show that supply is finally firming up at the same time that demand is poised to ease, Mr. Gauthier said.

"Come the second half and into 2011, it`s likely to be a friendlier environment for buyers ... just on the supply/ demand balance," he said.

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Ontario`s McGuinty outlines plan to cope with recession

Ontario Premier Dalton McGuinty`s Liberal government outlined a five-year agenda that includes lower taxes for businesses, efforts to make Toronto a financial center and a "review" of state-owned assets as Canada`s largest province copes with the impact of slowing global growth for its goods.

In a speech to the provincial parliament that marks the start of the legislative session, Mr. McGuinty`s government also pledged to lay out plans to bring the province`s finances back to balance in a way that won`t undermine growth.

"No place has escaped the Great Recession unscathed," according to a prepared text of the speech provided to reporters. "The choices we make during the next five years will be decisive in the life our province."

Ontario, home to the country`s auto industry, has been among the provinces hardest hit by the global recession as demand for manufactured goods waned. At 9.2%, Ontario`s jobless rate is almost a full percentage point above the national average.

The Ontario government plans to invest $32-billion over the next five years to stimulate the province`s economy by building new roads and other infrastructure. The province is also supporting long-term training programs, according to the speech.

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Canada housing starts jump 6.1% in February, driven by Ontario numbers

OTTAWA — New home construction rose to almost 200,000 units in February, a light at the end of the tunnel for buyers seeking relief from a red-hot sellers` market, analysts say.

Canada Mortgage and Housing Corporation reported Monday that housing starts climbed 6.1 per cent in February to a seasonally adjusted 196,700 units, the highest level since October 2008, driven largely by a spike in Ontario, where starts soared 28.6 per cent from the month before.

Home builders in Ontario and British Columbia, are racing to put supply on the market before the harmonized sales tax kicks in on July 1, said economist Pascal Gauthier, of TD Economics.

Added pressure is coming from buyers concerned about tighter qualifying standards on mortgages, which take effect April 19, and higher borrowing costs expected in the second half of the year.

But February`s housing starts show that supply is finally firming up at the same time that demand is poised to ease, Gauthier said.

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Housing sales typically heat up in spring market

As we approach the traditionally busy spring season, we can anticipate an increase in activity. There are a number of reasons why spring usually shapes up to be an active period for the resale housing market. Families often coordinate their moves with the school calendar, purchasing in spring to provide for a late summer closing.

Others are simply motivated by every spring`s promise of a fresh start. Many buyers are also prompted to begin their search when the snow has melted, making streets and properties more accessible. Sellers, meanwhile, choose this time of year as it affords the opportunity to extend household fix-ups to the outdoors, contributing to improved curb appeal and saleability.

Typically the summer months afford many of the same benefits as the spring market, without the fast pace. Last summer`s activity was markedly stronger than previous years, reflecting both pent-up demand from the recessionary months prior and an emerging all-season attitude toward real estate in our city.

During the fall months, another spike is usually seen. Typically, the fall market reaches a crescendo in October, when between 6,000 and 8,000 homes change hands, in comparison to more than 9,000 transactions that often take place at the height of the spring season in May.

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
CHBA Conference: Builders optimistic about 2010 housing market

VICTORIA– Good riddance to 2009 and a cautious welcome to 2010 emerged as the oft-repeated themes of the 67th annual Canadian Home Builders` Association conference .

As conference chairman Tom Cochren said in a breakfast speech last Saturday morning, "2009 was a good year – to have behind us." The quip prompted laughter from the crowd of about 500 at the Victoria Conference Centre.

"Now we are gathered in Victoria to look forward to the future, to consider the opportunities that lie ahead and how we can position our business to make the most of them," Cochren said from a podium bedecked with a fake giant daffodil. "We are surrounded by the first signs of spring as we meet and discuss a new springtime for our industry."

This year, delegates from across Canada shared Cochren`s optimism and presentations by pollster Allan Gregg and by TD Financial Group economist Don Drummond bombarded them with recent data to bolster that optimism, while leavening the good news with a few caveats.

Gregg, for example, revealed fresh polling data, including numbers that indicate a quarter of adult Canadians – homeowners and renters – expect to buy a home in the next two to three years. And Drummond pointed out, among many other things, there`s a "natural force of gravity" of house formation that eventually results in more housing starts. Both presenters hinted that interest rates will soon rise and noted that Canada isn`t isolated from the world economy, although, as Gregg said, "many Canadians (46 per cent in a poll he cited) drank the Kool-Aid about our ability to withstand the global downturn."

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Dupuis: Hudak must rethink land transfer tax plan

Every time I hear or read that provincial Progressive Conservative Party leader Tim Hudak is thinking of a land transfer tax holiday to create jobs, and I`ve heard it many times since last fall, I swear I am going to write a contrary column.

You would think that someone in my position would welcome such a commitment but, to be honest, a blanket land-transfer-tax holiday would be a waste of money.

In the darkest days of the protracted recession of the early 1990s, the government of the day introduced the original land transfer tax rebate. At the time, the rebate applied to new homes only. While the house price cap was too low, it was a brilliant program from the standpoint of encouraging first-time buyers to consider new homes.

The point of the original land-transfer-tax rebate was to stimulate jobs, hence the restriction to newly built homes. At some point several years later, the current provincial government extended the rebate to all first-time buyers, whether they were buying new or resale homes, notwithstanding the fact that only new homes create jobs.

With apologies to my colleagues in the resale sector who would argue that resale housing spins off jobs as buyers spruce up their new acquisition, the same holds true for new home buyers who spend tens of thousands in their first years of occupancy buying everything from draperies to fence and deck material.

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Changing your mind can be costly

Real estate home or condominium agreements may be the largest contractual obligation that a buyer and seller may ever sign. It is a serious obligation and both buyers and sellers must understand the consequences of changing their minds once the contract has been signed and accepted.

Most offers written in Ontario provide that the deposit is to be paid within 24 hours of acceptance of the offer by the seller. That means that if a seller accepts the offer at 4 p.m. on March 15, then the deposit must be paid to the seller`s listing brokerage no later than 4 p.m. on March 16. The only way to extend this deadline is if there is an agreement by the seller and the buyer in writing.

However, I have heard of many situations where buyers have had a "change of heart," during this 24-hour period and decide that they will not pay their deposit and that will be the end of the matter. Not true. By not paying the deposit, the buyer has breached the agreement. The seller can then bring an action to sue them for any damages they may incur.

For example, let`s say a buyer puts in an offer today for $300,000, which the seller accepts. Then the buyer changes his or her mind and refuses to pay the deposit. Now the seller states that the buyer has breached the agreement. The market changes and the seller resells the property to a second buyer for $280,000. The seller can then sue the original buyer for the $20,000 loss. Sellers can conduct such a lawsuit by themselves in Small Claims Court, because the limit in Small Claims Court in Ontario was increased on Jan. 1 to $25,000. Nevertheless, sellers should always seek legal advice before embarking on any legal process.

Now let`s use the same example, an agreement to sell for $300,000, but it is the seller who has a change of heart and refuses to either accept the buyer`s deposit or just refuses to close the deal altogether. The buyer can now start legal proceedings to tie up the seller`s property and sue for specific performance of the agreement.

Read the full article here.
 
Top Bottom