1208TNTO Toronto`s condo boom is heading for a bust
A prominent Toronto housing economist is warning of an impending chill in the city`s overheated condominium market.
The record number of units set for completion in 2009 and beyond will drive down housing prices and cause vacancy rates to go up as some condos sit empty.
By the end of September, there were 33,919 condos under construction in the Toronto metropolitan area – more than three times the city`s annual average – said economist Will Dunning in a report on the rental and condo markets.
Metrolinx is taking control of the proposed rail link between Union Station and Pearson International Airport, removing the controversial project from GO Transit`s jurisdiction.
The project has been stalled for years, stuck between downtown policy planners and opposition from Weston residents on the Georgetown GO line, who would see increased rail traffic that they fear would split the neighbourhood.
There was some last-minute closed door discussion Monday night before council formally approved a development agreement for the construction of Orillia`s new university campus.
During the meeting, council adjourned to go into a closed session for approximately 20 minutes.
"It was necessary," Mayor Ron Stevens said when council reconvened, apologizing for the break.
Coun. Michael Fogarty said the discussion centred around some of the terms in the agreement for the protection of both the city and Lakehead University.
"The partners realized they needed tightening up," Fogarty said.
Barrie homeowners face a property tax increase of less than 3.5 per cent next year, but a hike in user fees, according to preliminary city operating budget data presented last night.
On a city home assessed at $229,000, that would represent an annual increase of $87 in taxes. Total taxes on that house, municipal and education, would total $3,224. Residents are facing hikes in water and sewer charges again in 2009, as well as fewer discounts in such charges as tipping fees at Sandy Hollow landfill.
Jon Babulic, Barrie`s chief administrative officer, said the city is developing a long-term plan to deal with its future finances -- but it relies on a long list of factors.
1208WIND Essex playing hardball with wind turbine plan
ESSEX - The Town of Essex became the first area municipality to propose a ban Monday on wind turbine projects until all health questions raised by residents are clearly answered by provincial experts.
"We are gambling with the health, safety and quality of life of the people around us," said Coun. Ron Rogers, who proposed the ban. "We need answers and guidance from our provincial ministries."
Ottawa new house sales plunged 65.9 per cent in November to just 156 units as buyers fled the market while they wait for the global economic crisis to ease.
The Ottawa Home Builders Association called it the worst sales month in a decade.
Sales of single-family units fell the hardest, down 72 per cent to just 58 units.
Canada would lose at least 582,000 jobs -- mostly in Ontario -- within five years if the Detroit Three automakers go out of business, according to a new provincial report.
The review, prepared for the Ministry of Economic Development and to be released today, warns the collapse of General Motors, Ford and Chrysler would send lasting shock waves through the economy.
1208DOSH Controversial student housing report canned . . . for now
OSHAWA -- Landlords, students and homeowners came to City Hall prepared for a lengthy debate on Monday, but it was much ado about nothing after councillors decided to withdraw a controversial report on Oshawa`s student housing situation. Politicians said the decision was made after new information came to light that could potentially change recommendations in the report penned by Oshawa`s new student housing task force.
1208TNTO City eyes rumble strips to protect bicyclists
Toronto may be getting ready to rumble.
The city is looking at installing rumble strips – grooves in the pavement – to separate cars from bikes along a major bike route planned for Lawrence Ave. E.
Rumble strips have traditionally been used on expressways such as Highway 401, producing a staccato noise that warns drivers they`re veering onto the shoulder.
Canada`s banks have issued a veiled warning to the government of Ontario – cut corporate taxes or risk losing high-paying financial sector jobs to other jurisdictions.
The Canadian Bankers Association – which represents 51 domestic and foreign banks – is telling Ontario in a carefully worded pre-budget submission to cut corporate taxes in its next budget. It argues that tax cuts are necessary to boost the province`s productivity, which is key to preserving a high standard of living and "a large number of high-quality, high-paying jobs."
1208TNTO Office rents fall as vacancies rise in Toronto
Toronto-area office vacancies rose modestly to close out the fourth quarter of the year, but analysts expect more empty cubicles in 2009 as layoffs and cost-cutting hit the financial services sector and the local downtown economy.
Vacancy rates hit 4.9 per cent in the fourth quarter, up from 4.7 per cent in the third, says a report by CB Richard Ellis released yesterday. Rents for top-quality buildings also fell as a result, from $25.37 per square foot in the third quarter to $24.74 in the fourth.
1208CATH City hall to become more `business-friendly`
It may soon be easier to get a building permit for something as big as a subdivision or as small as a swimming pool, with St. Catharines councillors` approval this week of a strategy to streamline city hall.
The 20 recommendations of the Mayor`s Development Review Task Force were approved at Monday`s council meeting, along with $162,000 to create a new database to implement some of them.
The improvements are meant to send the message that St. Catharines is open for business, said task force member Tim Kenny.
1208BTFD
City asks for delay in zoning to permit brick-making plant
City council wants Brant County to hold off a request to change the zoning of the former Blue Bird bus factory on Airport Road to make way for a brick-making plant.
An Ontario numbered company has applied for an exception to the long-standing special zoning for the former bus factory to allow for a brick plant. The current zoning doesn`t allow it.
PROTECT ITS POSITION
However, city council has moved quickly to protect its position and the safety of the airport.
The Champlain Hotel is for sale, but the Tux II night club will continue to operate in the rear of the building for many years to come.
"They just renewed their lease of 10 years," said Vipul Bhagat, who has owned the landmark hotel at the corner of Front and Mississaga streets for four years.
Orillia will take a closer look at electricity retailers in the city and whether they can license the companies at the municipal level.
At Monday night`s council meeting, the city`s legislative services department and licensing committee were directed to report back to council on the possibility of licensing or prohibiting electricity retailers/marketers within the city.
Electricity retailers go door to door selling three-or five-year contracts that lock people into a set kilowatt-per-hour electricity rate.
1208WIND City facing pressure on border, mayor says
The provincial and federal governments are forcing an inferior border fix on Windsor now because they figure the community is hurting economically and can`t fight back, Mayor Eddie Francis charged Tuesday.
Francis said the two levels of government want to pressure Windsor into accepting the binational Detroit River International Crossing study team`s proposal for highway access roads -- instead of the city-sponsored GreenLink plan, which calls for more tunnelling covered by park land.
1208OTWA Experts look at running downtown transit tunnel against grid
Ottawa`s transit tunnel could be built across downtown without following a street grid, to make the project simpler and end up with a train ride with fewer sharp turns.
At a briefing yesterday on the proposed tunnel -- the cornerstone of the city`s new transportation plan -- city transportation managers and consultants said it may make sense to build "across country," rather than along streets such as Albert and Slater, where the bus Transitway runs today.
Building under streets is, in some ways, simpler because the city owns the land. But it can create problems because of the need for sharp turns to follow the streets.
Beleaguered Vaughan mayor vows to stay put, refuses to resign
Vaughan council may want her to go but Mayor Linda Jackson is not resigning.
In a packed media conference at city hall Monday, all eight members of council pleaded for the mayor to vacate her position immediately, citing a "blatant disregard for city policies and lack of common sense management practices" related to her 2007 office expenses as reasons for the call. "We are demanding that Linda Jackson resign immediately. At a time when good management is critical, this council has lost confidence in her ability to lead our city. We are taking this step with great reluctance," Thornhill Councillor Alan Shefman said. "... She has once again failed to demonstrate integrity and leadership. This mayor has failed in every way possible. Her actions drag everyone down. She has shamed the people of Vaughan. She is now the only freight in her own front-end loader."
Durham residents are facing a 7.9-per cent hike on their water and sewer rates come January.
This average is a combination of an 8.6 per cent increase on water bills and 7.1 per cent on sewers. The Region estimates the average residential customer, who uses 273 cubic metres or 60,000 gallons of water per year, will pay $665 for water and sewer next year. "The 7.9-per-cent increase that we recommended means an increase of $48 for the year for the average customer," said the Region`s finance commissioner, Jim Clapp.
1208YORK Light-rail plan favoured over Yonge line extension
It`s not that the TTC doesn`t want to extend the Yonge subway line 6.8 kilometres into York Region. It`s just that Toronto doesn`t want it built at the expense of the city`s other priorities.
After listening to a lengthy update yesterday on the $2.4 billion plans for the extension from Finch station to Richmond Hill Centre, north of Highway 7, councillors on the Toronto Transit Commission are still looking for projected ridership when the proposed extension opens – as soon as 2017.
