Luxury home sales in the Toronto area have fallen for the first time in more than a decade, and the recent economic meltdown in global financial markets means there could be a further contraction in high-end housing in coming months, a report says.
The $50-billion transportation draft plan by Metrolinx is based on priority, and not because of the vested interest of board members, says Mayor Hazel McCallion.
McCallion made her comments during City Council yesterday in response to comments made by Brampton Mayor Susan Fennell who felt the transportation planners had ignored Brampton in their plan.
"I am disappointed she feels that way," McCallion said. "I think the light rapid transit planned along Hurontario will enter Brampton at Steeles Ave. I have to say the consultants made the decision based on the priority ..."
0908TNTO Kensington braces for arrival of Starbucks
The corner of Nassau and Augusta streets is one of the storied crossroads of Kensington Market, where the produce of competing fruit stands spills onto the sidewalk. The spot lost a bit of lustre in May, when J & J Fruit Market, 234 Augusta Ave., locked its doors; a sign taped to the window notes, "This establishment is closed by order of the Medical Officer of Health."
A deadline for a decision looming, city leaders say they`re willing to take a multi-million dollar gamble on the future of London Hydro.
"We have no choice," city finance manager Vic Cote said. "We are going to take a measured approach." The province has set an Oct. 17 deadline for utilities to avoid a 33-per-cent transfer tax if they buy, sell or merge with other utilities.
Politicians took a welcome refuge from the economic storm yesterday hailing Honda Canada`s opening of its third plant in Alliston as a marvel.
The $154-million engine plant adds 340 jobs, bringing the total workforce employed by the Japanese automaker to just about 5,000 people, drawing from across the region.
"There are powerful economic winds blowing out there," said Ontario Premier Dalton McGuinty, celebrating yesterday`s calmer climate in Alliston.
Councillors voted recently to delay the implementation of a hike to its commercial development charge until Jan. 31, 2009. As a result, the town won`t face an immediate challenge to its new development charges bylaw from a local developers.
The town approved an amended bylaw last month -- bringing in immediate increases in both the residential and commercial charges levied on new construction, and phasing in an increase in the industrial development charges by July 2009.
0908OTWA City must put `transit first,` roads second, Hume says
Several city councillors say Ottawa needs to build public transit rather than big new roads as a way to cope with growth and increased road congestion, especially in the southern end of the city.
The councillors were reacting to the possible widenings of several regional roads being proposed in the latest edition of city staff`s transportation master plan. The plan, which includes a 25-year, $4.7-billion transit plan, as well as $2 billion worth of widened or new roads, goes to city councillors for debate in November and several councillors are concerned about the inclusion of so many large road projects.
0908OTWA Wetland debate has landowners gaining traction
The city is taking another shot at devising a special policy to address the jurisdictional quagmire of provincial wetland designations on rural land.
Some Goulbourn residents in particular are furious because they say the designations, made by the provincial natural resources ministry, devalue their land and were done in error. Because a wetland designation automatically restricts what landowners can do with their property, a few people took the extreme step of bulldozing their land.
They weren`t recommended in the $50 billion Metrolinx transportation plan, and politicians have been at pains not to talk about them this week.
But road tolls and other taxes that would help pay for the transit improvements proposed for the Toronto region weren`t forgotten at yesterday`s meeting of the agency.
The Metrolinx board`s citizen appointee, former Toronto chief planner Paul Bedford, urged Metrolinx to discuss the money-makers that cities in Europe and the United States have adopted to help pay for public transit improvements.
It will be easier for you to compare the value of your home to your neighbours` under a new and more customer-friendly property value assessment system, created in response to a scathing critique by the provincial ombudsman.
After a two-year freeze on assessments, triggered by André Marin`s harsh indictment of the Municipal Property Assessment Corporation (MPAC), nearly 4.7 million notices are in the process of being mailed to Ontarians, showing an average hike of 20 per cent in home values.
The 45-storey Grand Residence at Parkside Village condo in Mississauga marks the launch of a new community by Amacon.
About 6,000 condo units and townhouses are planned for the 11-block pedestrian-oriented development.
"Parkside Village will redefine the face of downtown Mississauga. It represents the genesis of a revitalized City Centre," says Lilliana Di Franco, Amacon`s vice-president of marketing and sales.
0908LNDN Former realtor gets house arrest for fraud
A former London realtor who scammed more than $1 million from financial companies before her scheme collapsed was sentenced to house arrest yesterday.
Judith Armstrong, 55, apologized to the court before Ontario Court Justice John Getliffe sentenced her to a 23-month conditional sentence. Armstrong, who pleaded guilty to five charges of fraud over $5,000, owned MinCom London Reality Inc., a real estate company with nine agents.
0908CATH Region OK`s $2 million for Brock U. research site
Taxpayers will contribute $2 million towards a new bioscience research centre at Brock University.
Regional council Thursday approved a $1-million contribution this year, plus another $1 million paid over eight years.
Brock president Jack Lightstone asked council earlier this year for $3 million to $5 million toward the $90- million Centre of Innovation for Biomanufacturing.
Any help is "wonderful," said Ian Brindle, associate vice-president of research.
Lakehead University and Georgian College were a hot topic for approximately 300 real estate investors who took part in a bus tour around Orillia on Friday. The members of the Real Estate Investment Network (REIN) were interested in hearing about the potential housing rental opportunities created by the postsecondary institutions. Dennis Bottero of Landen Homes, a local business, said he is looking into rental homes for students. Bottero is from just north of Toronto, but started investing in Orillia in 1991.
"I see (Orillia) continually growing. I like to see that the city is... upgrading West Street, Coldwater Road and attracting the universities in," he said. "I`m interested in investing in student housing. I think there`s a need and opportunity there."
0908OTWA Construction costs eating up infrastructure fund
The city`s special tax for infrastructure isn`t helping the city catch up on a list of badly needed projects because the money is being sucked up by rising constructions costs, Ottawa`s treasurer says.
The three-year levy, an extra two per cent on city property-tax bills, was introduced in this year`s budget and city council had hoped it would help the municipality move faster on a list of improvements needed for roads and sewers and other infrastructure, which public-works officials have said are about $1 billion behind.
Q: I live in a 257-unit condominium complex consisting of townhomes and court homes with three or four bedrooms each.
Until the O-Train came into being, the complex consisted of young families, seniors and single parents. Now with the O-Train and close proximity to Carleton University, investors are buying up the homes and, in many cases, subdividing the rooms and renting to students. There are four to six students in each home.
0908HAMN Steelcare makes a difference in the North End
It`s just not enough to blindly hand over money to the United Way from each week`s paycheque, says Steelcare Inc. president Demetrius Tsafaridis.
When he was approached by United Way CEO Darrel Skidmore to get involved in raising money, Tsafaridis initially said `no.` When he worked at Dofasco, money just came off his paycheque. Tsafaridis didn`t know where it went or what impact it had.
Critics are rallying to persuade the province against a new highway from New Hamburg to Stratford.
Highway 7/8 is overwhelmed today. A replacement, north or south of the current highway, is one option under review in a Ministry of Transportation planning study.
Some farmers who might lose land to a new route are opposed. Merchants in New Hamburg are campaigning against any new route that bypasses their town.
After almost nine years to the day the Newmarket Antique Mall opened in the giant blue and yellow building at the river end of Main Street, it`s closing its doors.
For some, it was an eyesore. For others, it was a treasure trove. But as of Oct. 12, the Newmarket Antique Mall will be no more.
0908YNEW Town revisits incentives for business owners
Newmarket wants to help property owners revitalize the historic downtown.
The community improvement plan was adopted in 2003 to build on the strengths of the historic downtown. It provides 10 financial incentive programs to help property owners revitalize their buildings and help preserve the town`s heritage.
With the programs slated to expire in December, the economic development team at the town is proposing amendments to improve the programs, assistant director of planning Jason Unger said.
