October 2009
- Thread starter Ally
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Thornhill Project will dominate Yonge St.; Development spurred by Subway expansion
A massive development that will transform a key stretch of Yonge Street in Thornhill has generated a flurry of buyer interest, as subway expansion and other transit improvements better connect the 905 to the downtown core.
Stretching along Yonge`s east side between Steeles and Clark avenues -- both proposed stops for a northbound extension of the Yonge subway line -- the 10-acre site also benefits from expansions to the VIVA bus system.
The World on Yonge project, slated for completion in 2013, will consist of four residential high-rise towers, an office complex with hotel facilities, a retail centre, a park and landscaped courtyard. At 20 storeys, the office building will be the tallest in York Region, the developer says.
Some residential buyers camped out overnight in their cars to ensure a prime spot when the sales office opened this week.
"The response has been honestly overwhelming," Marco Filice, vice-president of Liberty Development, said yesterday, noting the project was designed to capitalize on the increased transit service in the region. Most units have only one underground parking spot, while some of the bachelor units lack parking entirely.
Read the full article here.
A massive development that will transform a key stretch of Yonge Street in Thornhill has generated a flurry of buyer interest, as subway expansion and other transit improvements better connect the 905 to the downtown core.
Stretching along Yonge`s east side between Steeles and Clark avenues -- both proposed stops for a northbound extension of the Yonge subway line -- the 10-acre site also benefits from expansions to the VIVA bus system.
The World on Yonge project, slated for completion in 2013, will consist of four residential high-rise towers, an office complex with hotel facilities, a retail centre, a park and landscaped courtyard. At 20 storeys, the office building will be the tallest in York Region, the developer says.
Some residential buyers camped out overnight in their cars to ensure a prime spot when the sales office opened this week.
"The response has been honestly overwhelming," Marco Filice, vice-president of Liberty Development, said yesterday, noting the project was designed to capitalize on the increased transit service in the region. Most units have only one underground parking spot, while some of the bachelor units lack parking entirely.
Read the full article here.
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Toronto Mayor David Miller will not run Again: Update
Toronto Mayor David Miller announced at City Hall Friday morning that he will not seek a third term, saying he wants to spend more time by his family and has helped the city become "safe, strong, clean and green."
Accompanied by his wife and children, he arrived at a press conference to applause and said:
"I`m announcing this morning that I will not be seeking a third time as mayor of Toronto in next year`s municipal election."
The mayor says he is confident in his vision for the city he loves, but after his re-election in 2006 he realized the pressures on him as a father and husband became immense. If he won the next election, he said his daughter would be attending university by the time he left office.
"My reasoning is simple. I have accomplished what I set out to do," the Mayor went on. "If I ran again, it would be about me and my electoral success and not about the Toronto I love."
Read the full article here.
Toronto Mayor David Miller announced at City Hall Friday morning that he will not seek a third term, saying he wants to spend more time by his family and has helped the city become "safe, strong, clean and green."
Accompanied by his wife and children, he arrived at a press conference to applause and said:
"I`m announcing this morning that I will not be seeking a third time as mayor of Toronto in next year`s municipal election."
The mayor says he is confident in his vision for the city he loves, but after his re-election in 2006 he realized the pressures on him as a father and husband became immense. If he won the next election, he said his daughter would be attending university by the time he left office.
"My reasoning is simple. I have accomplished what I set out to do," the Mayor went on. "If I ran again, it would be about me and my electoral success and not about the Toronto I love."
Read the full article here.
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Barrie gets Top Marks as a Place to Invest
Barrie and Orillia have again been identified as among the most promising places in Ontario to invest in real estate.
"This is great news for the City and continues to support our strong standing as one of Canada`s leading cities in which to live, work, and play," said Hany Kirlos, Barrie`s director of strategy of economic development.
"It shows we`re doing something right," added Dan Stoutt, president of the Orillia and District Real Estate Board.
Only the Kitchener-Waterloo area and the City of Hamilton topped the Barrie-Orillia area in the top ten investment locations in the province.
The list appears in Top Ontario Investment Towns, a 102-page report prepared by Real Estate Investment Network (REIN), a Western-Canadian based research organization. The report analyzes the current and future prospects for real estate investment opportunities in Ontario.
Ottawa is sixth on the list and Toronto is eighth.
"Expanding infrastructure, health care and education facilities, coupled with a diversified economic base and an excellent quality of life, are key pillars that will propel Barrie`s economic growth well into the future," said Kirlos.
Read the full article here.
Barrie and Orillia have again been identified as among the most promising places in Ontario to invest in real estate.
"This is great news for the City and continues to support our strong standing as one of Canada`s leading cities in which to live, work, and play," said Hany Kirlos, Barrie`s director of strategy of economic development.
"It shows we`re doing something right," added Dan Stoutt, president of the Orillia and District Real Estate Board.
Only the Kitchener-Waterloo area and the City of Hamilton topped the Barrie-Orillia area in the top ten investment locations in the province.
The list appears in Top Ontario Investment Towns, a 102-page report prepared by Real Estate Investment Network (REIN), a Western-Canadian based research organization. The report analyzes the current and future prospects for real estate investment opportunities in Ontario.
Ottawa is sixth on the list and Toronto is eighth.
"Expanding infrastructure, health care and education facilities, coupled with a diversified economic base and an excellent quality of life, are key pillars that will propel Barrie`s economic growth well into the future," said Kirlos.
Read the full article here.
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Barrie Ranks High for Investment
Barrie is one of the best places in Ontario to invest, says the Real Estate Investment Network.
The city – linked with Orillia in a district called Simcoe Shores – ranked third in the real estate research organization`s five-year strategic forecast, Top Ontario Investment Towns.
Topping the list were Kitchener-Waterloo-Cambridge, an area known as the "technology triangle" and Hamilton. Falling in line behind Barrie were Brampton, Durham Region, and rounding out the rest of the top 10 were Ottawa, Brantford, Toronto, Vaughan and Whitchurch-Stouffville.
Barrie`s economic development director Hany Kirolos credits several factors for the endorsement.
"Expanding (transportation) infrastructure, health care and education facilities, coupled with a diversified economic base and an excellent quality of life, are key pillars that will propel Barrie`s economic growth well into the future. This is great news for the city, and the findings will be considered as we complete the economic development strategy this fall," said Kirolos.
He added the city`s young population – which is in its prime earning and spending years – also played a part in the city honours.
Read the full article here.
Barrie is one of the best places in Ontario to invest, says the Real Estate Investment Network.
The city – linked with Orillia in a district called Simcoe Shores – ranked third in the real estate research organization`s five-year strategic forecast, Top Ontario Investment Towns.
Topping the list were Kitchener-Waterloo-Cambridge, an area known as the "technology triangle" and Hamilton. Falling in line behind Barrie were Brampton, Durham Region, and rounding out the rest of the top 10 were Ottawa, Brantford, Toronto, Vaughan and Whitchurch-Stouffville.
Barrie`s economic development director Hany Kirolos credits several factors for the endorsement.
"Expanding (transportation) infrastructure, health care and education facilities, coupled with a diversified economic base and an excellent quality of life, are key pillars that will propel Barrie`s economic growth well into the future. This is great news for the city, and the findings will be considered as we complete the economic development strategy this fall," said Kirolos.
He added the city`s young population – which is in its prime earning and spending years – also played a part in the city honours.
Read the full article here.
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City stays in Top 10 for buys in Real Estate
The city has made a list of top 10 Ontario communities for real estate investors for the third year in a row.
Brantford made it onto the list of Top Ontario Investment Towns for the first time in 2007. It placed fifth in a ranking that included perennial favourites Ottawa, Hamilton, Barrie, Orillia, Brampton and Toronto. It held its position last year, sharing it with Hamilton.
This year, it slipped to seventh, possibly a reflection of the economic fallout of the native land claims dispute and battles over ownership during the past year, and an uncertain industrial base marked by plant closings.
Still, Mayor Mike Hancock said Friday he is pleased to see Brantford still on the list.
"It`s nice to get that kind of recognition," he said. "Given the economy and the native protests, it`s been a very difficult year.
"But the fact that we`re still there and in some very company is just confirmation of what I`ve believed for a long time: Brantford is a community with the right attitude, the right skills, the drive, the vision. It has all of that and the right location between two U. S. borders, at Windsor and Niagara Falls."
Read the full article here.
The city has made a list of top 10 Ontario communities for real estate investors for the third year in a row.
Brantford made it onto the list of Top Ontario Investment Towns for the first time in 2007. It placed fifth in a ranking that included perennial favourites Ottawa, Hamilton, Barrie, Orillia, Brampton and Toronto. It held its position last year, sharing it with Hamilton.
This year, it slipped to seventh, possibly a reflection of the economic fallout of the native land claims dispute and battles over ownership during the past year, and an uncertain industrial base marked by plant closings.
Still, Mayor Mike Hancock said Friday he is pleased to see Brantford still on the list.
"It`s nice to get that kind of recognition," he said. "Given the economy and the native protests, it`s been a very difficult year.
"But the fact that we`re still there and in some very company is just confirmation of what I`ve believed for a long time: Brantford is a community with the right attitude, the right skills, the drive, the vision. It has all of that and the right location between two U. S. borders, at Windsor and Niagara Falls."
Read the full article here.
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Economic Optimism drives Hamilton Buying Boom
A new entrepreneurial spirit that is breathing life into a once-battered economy is the reason Hamilton has become one of the province`s top real estate bets.
The Real Estate Investment Network has named Hamilton the second-best place in Ontario to buy a house or invest in commercial property.
"Known formerly as a hard-working steel town, Hamilton has transformed itself into a diverse economy," says the Top Ontario Investment Towns report released today.
"An entrepreneurial spirit has entered the city as it puts the wheels in motion to create a major high-tech industrial park, in conjunction with growth at McMaster University. In fact, Hamilton`s leadership has been very innovative in terms of its revitalization plans throughout the city."
Don Campbell, president of REIN and author of Real Estate Investing in Canada, said today`s investors must be selective and should target cities with the greatest potential.
Read the full article here.
A new entrepreneurial spirit that is breathing life into a once-battered economy is the reason Hamilton has become one of the province`s top real estate bets.
The Real Estate Investment Network has named Hamilton the second-best place in Ontario to buy a house or invest in commercial property.
"Known formerly as a hard-working steel town, Hamilton has transformed itself into a diverse economy," says the Top Ontario Investment Towns report released today.
"An entrepreneurial spirit has entered the city as it puts the wheels in motion to create a major high-tech industrial park, in conjunction with growth at McMaster University. In fact, Hamilton`s leadership has been very innovative in terms of its revitalization plans throughout the city."
Don Campbell, president of REIN and author of Real Estate Investing in Canada, said today`s investors must be selective and should target cities with the greatest potential.
Read the full article here.
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Property Disclosure Statement Truths
Basement flooding. Mould behind the walls. Cracks in the foundation. These are just some of the stories I have received from buyers who discovered defects in their home shortly after closing, which were not disclosed by the seller.
I have also reviewed many articles written by legal commentators who have taken the position that sellers should rarely complete a Property Condition Statement (PCS) because of potential liability that may result. In Ontario, this PCS form is called a Seller`s Property Information Statement (SPIS).
In order to properly understand these issues, we need to first review the law as to what disclosure a seller is legally obliged to make to a buyer when selling their property.
There are two kinds of defects: patent defects and latent defects. A patent defect is a defect that is obvious when you walk into the home, for example a broken window. The buyer cannot complain about this defect because they can easily see it when viewing the home. They are thus governed by the legal doctrine of caveat emptor or buyer beware, and have to accept these defects on closing, unless they include a clause in their agreement that the seller will repair the defect.
Read the full article here.
Basement flooding. Mould behind the walls. Cracks in the foundation. These are just some of the stories I have received from buyers who discovered defects in their home shortly after closing, which were not disclosed by the seller.
I have also reviewed many articles written by legal commentators who have taken the position that sellers should rarely complete a Property Condition Statement (PCS) because of potential liability that may result. In Ontario, this PCS form is called a Seller`s Property Information Statement (SPIS).
In order to properly understand these issues, we need to first review the law as to what disclosure a seller is legally obliged to make to a buyer when selling their property.
There are two kinds of defects: patent defects and latent defects. A patent defect is a defect that is obvious when you walk into the home, for example a broken window. The buyer cannot complain about this defect because they can easily see it when viewing the home. They are thus governed by the legal doctrine of caveat emptor or buyer beware, and have to accept these defects on closing, unless they include a clause in their agreement that the seller will repair the defect.
Read the full article here.
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Red-Hot Real Estate shatters Price Record
When Bill Thom listed his client`s Toronto bungalow for sale last month he expected a favourable response from potential buyers.
After all, the real estate agent had underpriced the property deliberately. But he also underestimated the strength of the market.
The tiny 1,000 square foot bungalow in the Yonge St. and Sheppard Ave. neighbourhood of Willowdale was priced at $380,000. In one week, the home went through 170 showings. By the end of the week Thom and his client had 35 offers.
In a sale that still has the real estate community talking, the home eventually sold for $550,000 or an astounding $170,000 above the asking price.
"I didn`t expect that so many people would be interested," said Thom. "It really shows how much stronger the market is despite the recession."
Read the full article here.
When Bill Thom listed his client`s Toronto bungalow for sale last month he expected a favourable response from potential buyers.
After all, the real estate agent had underpriced the property deliberately. But he also underestimated the strength of the market.
The tiny 1,000 square foot bungalow in the Yonge St. and Sheppard Ave. neighbourhood of Willowdale was priced at $380,000. In one week, the home went through 170 showings. By the end of the week Thom and his client had 35 offers.
In a sale that still has the real estate community talking, the home eventually sold for $550,000 or an astounding $170,000 above the asking price.
"I didn`t expect that so many people would be interested," said Thom. "It really shows how much stronger the market is despite the recession."
Read the full article here.
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Home Sales sharply higher in September
Existing home sales in the Toronto area were up 28 per cent in September compared to last year, according to figures released Monday by the Toronto Real Estate Board.
"We have experienced an increasing rate of existing home price growth in the GTA as sales have continued to outpace 2008 results," said board president Tom Lebour.
The board said 8,196 homes traded hands during the month.
The average price of an existing home was also up, by 10 per cent to $406,877.
One reason has been a dearth of listings. Active listings were down significantly in September by 42 per cent to 15,894, according to the board. That has meant buyers are competing for less product on the market, which has led to bidding wars in some neighbourhoods.
Read the full article here.
Existing home sales in the Toronto area were up 28 per cent in September compared to last year, according to figures released Monday by the Toronto Real Estate Board.
"We have experienced an increasing rate of existing home price growth in the GTA as sales have continued to outpace 2008 results," said board president Tom Lebour.
The board said 8,196 homes traded hands during the month.
The average price of an existing home was also up, by 10 per cent to $406,877.
One reason has been a dearth of listings. Active listings were down significantly in September by 42 per cent to 15,894, according to the board. That has meant buyers are competing for less product on the market, which has led to bidding wars in some neighbourhoods.
Read the full article here.
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Scarborough Top Spot for Investors?
Vancouver investor Don Campbell thinks Scarborough is due for a real-estate renaissance. He figures the oft-maligned area offers the greatest potential price gains in Toronto in the next five years.
"I know, I know, I get a lot of head shaking every time I bring that up," says Campbell, author of Real Estate Investing In Canada. "But I love these areas in transition, and I think Scarborough is due for a positive change."
Campbell makes money in real estate by buying in unpopular areas and seeing the money grow as the neighbourhoods become more gentrified. Politicians and some residents have long complained that Scarborough gets a bad rap.
"This place is the most affordable area in Toronto and I think there`s an emerging pride of ownership," says Campbell. "It`s just been beaten down perception-wise, but people are fed up with the bad press about crime and they`re moving on."
According to a report on the best cities to invest in Ontario, authored by Campbell, Toronto`s eastern hub is a "break-out region" in the city that has the greatest upside for an investor.
"With home prices consistently below other regions of Toronto and planned rapid transit expansion, the region will experience rapid growth both economically and population wise," the report says.
Read the full article here.
Vancouver investor Don Campbell thinks Scarborough is due for a real-estate renaissance. He figures the oft-maligned area offers the greatest potential price gains in Toronto in the next five years.
"I know, I know, I get a lot of head shaking every time I bring that up," says Campbell, author of Real Estate Investing In Canada. "But I love these areas in transition, and I think Scarborough is due for a positive change."
Campbell makes money in real estate by buying in unpopular areas and seeing the money grow as the neighbourhoods become more gentrified. Politicians and some residents have long complained that Scarborough gets a bad rap.
"This place is the most affordable area in Toronto and I think there`s an emerging pride of ownership," says Campbell. "It`s just been beaten down perception-wise, but people are fed up with the bad press about crime and they`re moving on."
According to a report on the best cities to invest in Ontario, authored by Campbell, Toronto`s eastern hub is a "break-out region" in the city that has the greatest upside for an investor.
"With home prices consistently below other regions of Toronto and planned rapid transit expansion, the region will experience rapid growth both economically and population wise," the report says.
Read the full article here.
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Bidding Wars drive up Home Prices
The Toronto housing market is on the way to a recovery, although a undersupply of homes is leading to bidding wars, says a report by Royal LePage released today.
The activity in the existing homes market is spilling over into the new homes sector, where housing starts surged in September by a seasonally adjusted and annualized 25 per cent from a month earlier, according to figures also released today by the Canada Mortgage and Housing Corporation.
"The sharp recovery in housing demand is beginning to work its way into the residential construction sector in Toronto," said Shaun Hildebrand, CMHC senior market analyst.
Both single-detached homes and multiple-family homes, which includes condominiums, showed an improvement. A home is considered "started" once the concrete foundations are poured. Starts for single detached homes, considered a key segment rose to their highest level of the year.
"Residential construction will be firing on all cylinders as we head into 2010," said the CMHC.
Read the full article here.
The Toronto housing market is on the way to a recovery, although a undersupply of homes is leading to bidding wars, says a report by Royal LePage released today.
The activity in the existing homes market is spilling over into the new homes sector, where housing starts surged in September by a seasonally adjusted and annualized 25 per cent from a month earlier, according to figures also released today by the Canada Mortgage and Housing Corporation.
"The sharp recovery in housing demand is beginning to work its way into the residential construction sector in Toronto," said Shaun Hildebrand, CMHC senior market analyst.
Both single-detached homes and multiple-family homes, which includes condominiums, showed an improvement. A home is considered "started" once the concrete foundations are poured. Starts for single detached homes, considered a key segment rose to their highest level of the year.
"Residential construction will be firing on all cylinders as we head into 2010," said the CMHC.
Read the full article here.
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Harmonized Sales Tax
For the latest news on HST, visit: http://www.thestar.com/topic/HarmonizedSalesTax
For the latest news on HST, visit: http://www.thestar.com/topic/HarmonizedSalesTax
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CAW, Ford to resume talks
The Canadian Auto Workers union will resume formal contract talks with Ford on Oct. 26 in Toronto, the union said Thursday.
The union will be bringing in its entire CAW-Ford master bargaining committee for the discussions, the CAW said in a statement.
The two sides are attempting to reach a cost-cutting agreement which would position the company`s Canadian facilities for future investment.
"We`re hopeful that we will be able to reach a new agreement with Ford that will suit our members` need for better job security," said CAW president Ken Lewenza.
Talks have been ongoing since early September on economic issues, with little success. Ford is seeking concessions similar to those achieved in recent contract talks with General Motors and Chrysler, which extracted a $19-an-hour reduction in labour costs from the union.
Read the full article here.
The Canadian Auto Workers union will resume formal contract talks with Ford on Oct. 26 in Toronto, the union said Thursday.
The union will be bringing in its entire CAW-Ford master bargaining committee for the discussions, the CAW said in a statement.
The two sides are attempting to reach a cost-cutting agreement which would position the company`s Canadian facilities for future investment.
"We`re hopeful that we will be able to reach a new agreement with Ford that will suit our members` need for better job security," said CAW president Ken Lewenza.
Talks have been ongoing since early September on economic issues, with little success. Ford is seeking concessions similar to those achieved in recent contract talks with General Motors and Chrysler, which extracted a $19-an-hour reduction in labour costs from the union.
Read the full article here.
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Joint Library/YMCA gets Green Light
WATERLOO – Shovels could break ground this week on a joint library and YMCA facility in the city`s west end following council`s approval of the $22.3 million project Monday night.
"The future of this community will be so enriched by this," said an emotional Coun. Karen Scian, calling the decision a "monumental day" for the growing west side.
The project represents a four-way partnership. The city, YMCA of Kitchener-Waterloo and the Waterloo Public Library will divvy up the costs for the facility, which will sit on lands provided by the University of Waterloo.
"We see this as a tremendous gateway feature to our new northwest campus," said Tom Galloway, the university`s director of plant operations.
The city`s contribution totals approximately $13.7 million, while the YMCA will put forward about $8.2 million to the library`s $530,000.
Read the full article here.
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The $22 million dollar project will take 18 months to complete. This is good news for those investing in the Laurelwood area especially.
WATERLOO – Shovels could break ground this week on a joint library and YMCA facility in the city`s west end following council`s approval of the $22.3 million project Monday night.
"The future of this community will be so enriched by this," said an emotional Coun. Karen Scian, calling the decision a "monumental day" for the growing west side.
The project represents a four-way partnership. The city, YMCA of Kitchener-Waterloo and the Waterloo Public Library will divvy up the costs for the facility, which will sit on lands provided by the University of Waterloo.
"We see this as a tremendous gateway feature to our new northwest campus," said Tom Galloway, the university`s director of plant operations.
The city`s contribution totals approximately $13.7 million, while the YMCA will put forward about $8.2 million to the library`s $530,000.
Read the full article here.
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The $22 million dollar project will take 18 months to complete. This is good news for those investing in the Laurelwood area especially.
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Go Bus Service begins Oct. 31
WATERLOO REGION — Transit advocates say the launch of GO Transit bus service between Waterloo Region and the Greater Toronto Area later this month is an encouraging step in expanding options to area commuters.
Buses are scheduled to begin running on Oct. 31 between a number of Waterloo Region stops and Milton and Mississauga. The service extension was announced earlier this year, but final details were only released Thursday.
The schedule calls for 11 eastbound buses and 12 westbound on weekdays, to and from Mississauga`s Square One shopping centre. In addition, two daily peak-time trips in each direction will stop at the Milton GO station, to connect with trains heading to and from Union Station in downtown Toronto. Limited weekend service will also be offered.
Read the full article here.
WATERLOO REGION — Transit advocates say the launch of GO Transit bus service between Waterloo Region and the Greater Toronto Area later this month is an encouraging step in expanding options to area commuters.
Buses are scheduled to begin running on Oct. 31 between a number of Waterloo Region stops and Milton and Mississauga. The service extension was announced earlier this year, but final details were only released Thursday.
The schedule calls for 11 eastbound buses and 12 westbound on weekdays, to and from Mississauga`s Square One shopping centre. In addition, two daily peak-time trips in each direction will stop at the Milton GO station, to connect with trains heading to and from Union Station in downtown Toronto. Limited weekend service will also be offered.
Read the full article here.
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Full recovery in Steel demand by 2010, Association says
BEIJING — Global steel consumption will rebound by more than 9 percent next year, recovering after this year`s 8.6 percent decline, which was less severe than earlier expected thanks to strong China growth, a global body said on Monday.
China, by far the world`s biggest producer of steel, will show an 18.8 percent jump in apparent consumption to 526 million tonnes this year, the World Steel Association said on Monday. The body previously expected China`s demand to fall 5 percent.
In April, the group had forecast that global apparent consumption — which does not make any adjustments for possible changes in stock levels — would fall 14.1 percent this year.
"The global recovery is stronger than we predicted in April. According to our current forecast, China will rebound 19 percent in 2009 and 5 percent in 2010," Daniel Novegil, chairman of the World Steel Economics committee, said in a statement.
Global demand will rise 9.2 percent to 1.206 billion tonnes next year from 1.104 billion tonnes, the group said in its first forecast for 2010.
Read the full article here.
BEIJING — Global steel consumption will rebound by more than 9 percent next year, recovering after this year`s 8.6 percent decline, which was less severe than earlier expected thanks to strong China growth, a global body said on Monday.
China, by far the world`s biggest producer of steel, will show an 18.8 percent jump in apparent consumption to 526 million tonnes this year, the World Steel Association said on Monday. The body previously expected China`s demand to fall 5 percent.
In April, the group had forecast that global apparent consumption — which does not make any adjustments for possible changes in stock levels — would fall 14.1 percent this year.
"The global recovery is stronger than we predicted in April. According to our current forecast, China will rebound 19 percent in 2009 and 5 percent in 2010," Daniel Novegil, chairman of the World Steel Economics committee, said in a statement.
Global demand will rise 9.2 percent to 1.206 billion tonnes next year from 1.104 billion tonnes, the group said in its first forecast for 2010.
Read the full article here.
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Plenty of Food for Thought in Canada-West Foundation Tax study
Do raise the HST, and lower income taxes; don`t exempt much, not even groceries. Do make tax bases broad and rates low; don`t cut taxes at the expense of needed services. Do worry about the tax rate, but focus even more on what is taxed and how the money is spent.
There`s plenty of food for thought — and for debate, regardless of whether you look at tax issues from the right or the left — in a newly released study by Casey Vander Ploeg of the Canada-West Foundation.
But even if this study puts a bee in every bonnet, it`s worth a policymaker`s or a thinking citizen`s time. Because it takes an all-too-rare approach, focusing on the West, yet encompassing the whole mix of taxes that fund our governments and influence how and how fast our economies grow.
It`s often a mug`s game to analyse and debate taxes one at a time, although that`s what most of us do. The links among the myriad taxes imposed by all levels of government are so numerous and complex — and so often conflict with each other in what behaviour they foster or impede — that it`s impossible to know for sure whether it`s wise or worthwhile to tweak just one little thread in the web.
Read the full article here.
Do raise the HST, and lower income taxes; don`t exempt much, not even groceries. Do make tax bases broad and rates low; don`t cut taxes at the expense of needed services. Do worry about the tax rate, but focus even more on what is taxed and how the money is spent.
There`s plenty of food for thought — and for debate, regardless of whether you look at tax issues from the right or the left — in a newly released study by Casey Vander Ploeg of the Canada-West Foundation.
But even if this study puts a bee in every bonnet, it`s worth a policymaker`s or a thinking citizen`s time. Because it takes an all-too-rare approach, focusing on the West, yet encompassing the whole mix of taxes that fund our governments and influence how and how fast our economies grow.
It`s often a mug`s game to analyse and debate taxes one at a time, although that`s what most of us do. The links among the myriad taxes imposed by all levels of government are so numerous and complex — and so often conflict with each other in what behaviour they foster or impede — that it`s impossible to know for sure whether it`s wise or worthwhile to tweak just one little thread in the web.
Read the full article here.
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Ontario Taxpayers bracing for Years of deficits
Ontario`s finance minister is bracing taxpayers for years of budget deficits, warning Canada`s most populous province could be in for a "long, slow grind" before it swings back to true economic recovery.
Dwight Duncan said that while there are signs the economy is turning around, more pain lies ahead before Ontario returns to strong growth. He said the Liberal government of Premier Dalton McGuinty will undertake a systematic review of service delivery in the province over the next five months, insisting that spending on priorities like education and health care will be maintained.
The scope of Ontario`s financial crisis is underscored by its sputtering economy, so closely tied to the United States.
The province`s gross domestic product, a key measure of economic health that represents the dollar value of all goods and services produced, stood at $508.9-billion in the second quarter. That`s roughly the same size as it was in 2005, meaning Ontario`s economy has not grown in the four years since. Government revenues are also now back at levels they were that year.
Since peaking in the fourth quarter of 2007, real GDP has shrunk 5%.
Read the full article here.
Ontario`s finance minister is bracing taxpayers for years of budget deficits, warning Canada`s most populous province could be in for a "long, slow grind" before it swings back to true economic recovery.
Dwight Duncan said that while there are signs the economy is turning around, more pain lies ahead before Ontario returns to strong growth. He said the Liberal government of Premier Dalton McGuinty will undertake a systematic review of service delivery in the province over the next five months, insisting that spending on priorities like education and health care will be maintained.
The scope of Ontario`s financial crisis is underscored by its sputtering economy, so closely tied to the United States.
The province`s gross domestic product, a key measure of economic health that represents the dollar value of all goods and services produced, stood at $508.9-billion in the second quarter. That`s roughly the same size as it was in 2005, meaning Ontario`s economy has not grown in the four years since. Government revenues are also now back at levels they were that year.
Since peaking in the fourth quarter of 2007, real GDP has shrunk 5%.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Toronto now the Bedroom Community of 905: Study
If you ask Les Liversidge why he left Toronto for Markham, he is quick to answer: "It was the business taxes, principally the tax bill on the building itself that did it."
Four years ago, the 55-year-old lawyer owned a building in north Toronto out of which he ran a small firm that practised occupational safety and workers` compensation law. His dilemma was property taxes -- they had gone through the roof.
Taxes are one factor -- albeit a major one -- that have helped push the city of Toronto down the list on the FP/ Canadian Federation of Independent Business rankings of entrepreneurial cities. Toronto is now dead last on a list of 96, while suburban Toronto, known as the 905 district, sits at 33. The evidence is clear that businesses, some with a need to stay close to Toronto, are opting for the suburbs.
At one point, Mr. Liversidge said he was paying $4,000 to $6,000 in taxes on the 1½-storey building he occupied from 1992 to 2005, but a new assessment on the property put the tax at $65,000 to $70,000. Increases were capped by legislation but, even with the cap, his bill jumped to $27,000.
He could see the writing on the wall.
Mr. Liversidge owned a property that was only going to get more expensive to run.
Read the full article here.
If you ask Les Liversidge why he left Toronto for Markham, he is quick to answer: "It was the business taxes, principally the tax bill on the building itself that did it."
Four years ago, the 55-year-old lawyer owned a building in north Toronto out of which he ran a small firm that practised occupational safety and workers` compensation law. His dilemma was property taxes -- they had gone through the roof.
Taxes are one factor -- albeit a major one -- that have helped push the city of Toronto down the list on the FP/ Canadian Federation of Independent Business rankings of entrepreneurial cities. Toronto is now dead last on a list of 96, while suburban Toronto, known as the 905 district, sits at 33. The evidence is clear that businesses, some with a need to stay close to Toronto, are opting for the suburbs.
At one point, Mr. Liversidge said he was paying $4,000 to $6,000 in taxes on the 1½-storey building he occupied from 1992 to 2005, but a new assessment on the property put the tax at $65,000 to $70,000. Increases were capped by legislation but, even with the cap, his bill jumped to $27,000.
He could see the writing on the wall.
Mr. Liversidge owned a property that was only going to get more expensive to run.
Read the full article here.