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February 3, 2012 -- Greater Toronto REALTORS® reported 4,567
sales through the TorontoMLS® system in January 2012. This number was 8.8 per
cent higher than the 4,199 sales reported in January 2011. Sales growth was
strongest for low-rise home types in the regions surrounding the City of
Toronto.
“A favourable affordability picture bolstered by very low
posted fixed mortgage rates has kept home buyers confident in their ability to
achieve the Canadian goal of home ownership,” said Toronto Real Estate Board
President Richard Silver.
“The buyer pool remains diverse in the GTA with strong
interest in home types across the pricing spectrum,” continued Silver.
The average selling price for January 2012 transactions was
$463,534 – up by almost nine per cent compared to January 2011.
“Low inventory levels have kept competition between buyers
strong, resulting in robust annual rates of price growth over the last year.
Strong price growth is expected to attract more listings. A better supplied
market should result in a slower rate of price growth, especially in the second
half of 2012,” said Jason Mercer, the Toronto Real Estate Board’s Senior
Manager of Market Analysis.
Toronto Star
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A record 28,190 condos were sold across the GTA last year,
up 24 per cent from the previous high set in 2007, says condo research firm
Urbanation.
While sales remained sky-high in the final quarter of 2011,
at a record 7,226 units, the inventory of unsold suites has been creeping up.
As of the end of last year, it stood at just under 15,000 units — about 18 per
cent of existing condos — up from 12,272 in the first quarter of 2011, Urbanation
notes in its second annual report on the state of the GTA condo industry.
That’s still below the five-year 21 per cent average for
unsold suites.
“The more successful the condominium market is in Toronto,
the more reports surface warning of oversupply or a correction in prices,” said
Ben Myers, executive vice-president of the condo tracking company.
Myers points to speculative buying, over-leveraging and
“herd behaviour” as three risk factors that are hard to assess but could lead
to a correction in Toronto condo prices.
But he notes that so far there seems to have been very
little “dumping” — or flipping — of units for a quick profit before move-in
day, which suggests most purchasers are likely “long-term, hold-and-rent
investors” who are boosting the much-needed supply of rental accommodation in
the GTA.
Urbanation predicts the market will remain strong this year,
although it will revert to more normal sales levels of 20,000 or so units.
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Toronto Star
The Canadian Real Estate Association has launched a new
system for tracking home and condo sales prices aimed at giving buyers and
sellers a more precise picture of what’s happening right in their
neighbourhoods.
The new system will track Canadian and regional home sales
and price escalations based on “benchmark prices.” Those benchmarks are based
on quantitative factors (the number of rooms, bathrooms, age of home) and
qualitative factors (proximity to schools, parks) and are intended to shine a
light on highly localized factors that may be skewing prices up or down but not
necessarily reflect market conditions.
CREA has also established a new MLS Home Price Index —
similar to the Consumer Price Index which measures price inflation — that
tracks prices relative to January, 2005 based on house type, be it
single-family homes with one or two storeys, townhouses, row homes or condo
apartments.
As of January, the benchmark price of a single-family home
in Toronto hit $606,600 — $100,000 more than the $499,800 benchmark price for a
similar home in the rest of Canada. That Toronto home cost 50.3 per cent more
than it would have in January, 2005.
Over time, far more localized data will become available for
MLS districts that should paint a clearer picture of neighbourhood trends.
“One of the key goals is to take a little bit of volatility
out of housing statistics,” says Jason Mercer, senior analyst for the Toronto
Real Estate Board. “It’s going to provide a good tool for consumers to
understand where their home fits into the market.”
CREA will continue to release its traditional Canada-wide
and regional breakdowns of average and median home prices, which it claims are
often “misinterpreted” and can swing significantly, as national prices did last
year when there was a rush of foreign investors snapping up homes in high-end
Vancouver neighbourhoods.
Right now, just five major real estate boards across Canada
are part of the new system — the GTA, Greater Vancouver, the Fraser Valley,
Calgary, and Greater Montreal.
Eight more boards will start using the new measures this
year, and another eight boards next year.
Hello every one!
The below is a great article to read!
Read, understand and ask question prior to signing any Mortgage documents!!
What's the catch?!!
"I
came home from vacation this weekend to discover that last Friday one
of the big five banks announced (through the media..tricky tricky..) a
historic 5 year fixed rate of 2.99% (what the heck??) in an attempt to
shore up their dwindling market share. The rest of the lending industry
is working with an average 3.29% which was, and in fact still is the
lowest rate ever historically offered when comparing apples to apples.
The move to announce through the media made a huge splash and the media
bit. Every news outlet from here to Timbuktu had it as "breaking news"
and front page fodder. As you would expect this is creating allot of
fuss.
The question is, what's all the fuss about? The devil is
in the details. The two mortgage products are simply not the same. My
understanding is that this "deeply discounted" product is extremely
restrictive, available for a very short time, eliminates the borrower's
ability to get out of the mortgage for the full 5 years, forces a 25
year amortization, drastically reduces pre payment privileges,
eliminates double up or miss a payment options, all limiting increased
equity, allows refinance only with the incumbent lender and last but not
least, eliminates the borrower's bargaining power to negotiate at
refinance or renewal time. This is basically the stripped down economy
car of mortgage offerings with a catch... The car can only be serviced
at the dealer. And when it comes time to sell, it can only be sold back
to the dealer at a price they dictate. Am I saying this is all bad? Well
no, I guess. If one likes to drive the most basic of cars with hands
shackled to the wheel while hurtling toward a cliff with no way to avoid
the inevitable plunge...then I guess it's great.
I for one am
not advising borrowers to move to this type of loan for a mere 3 tenth
of 1%, regardless of lender. In my opinion, flexibility is power. The
power to manage debt is far greater than the power of a low rate with
heavy restrictions. Savvy borrowers work toward debt reduction actively
managing their mortgages by taking advantage of the perks and
flexibility offered through sound mortgage structure not restrictive
discounting. The bottom line is that actively managing a mortgage with
plentiful per payment opportunities and refinance calculated with
discounted rates rather than posted rates can drive the cost of
borrowing way down while also increasing the borrower's equity in the
property.
The bottom line is, when an already deeply
discounted item is put on sale.... check the code date cause it could
get smelly very quickly..
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Statistics show that investing in real estate makes a lot of
sense. More people have become millionaires owning real estate than any other
investment. Many of us know someone who invested in real estate and have become
wealthy. Real estate is one of the safest and most profitable means of creating
wealth. Banks will even lend money for the purchase of real estate because they
know it is one of the safest and most profitable investments available. Here is
just some simple reasons why real estate makes sense.
1. Proven Track Record
If you look at the average real estate prices you will see a
trend where real estate prices continue to go higher. If one examines real
estate prices five years ago compared to today you will see that prices are
much higher. The same can be said if one looks back 10, 15 and 20 years back,
you will find real estate prices have always increased. Just look at the value
of your own home. Most likely it has increased from when you last purchased the
home. There is an old saying,"invest in real estate and wait, not wait to
invest in real estate." A smart investor once said, "do whatever it takes
but buy one property a year and soon you will be wealthy". Real Estate has
always been the greatest wealth-builder in history, unlike the volatile stock
market where it’s difficult for the average person to make money. Also as the
population continues to grow and more immigrants settle in our great country
than the demand for real estate will only continue to grow and push real estate
prices higher.
2. Ownership
Real Estate is a tangible asset and you control when to sell.
Obviously the longer you keep your investment the great your profits.
3. Leveraging
With a small down payment you have the ability to own a
property with little money down that carries. Leverage, plain and simple, is
debt; it's using other people's money to buy, which actually allows you to use
less of your own money to get more property. This is what is referred to as the
“Power of Leveraging”.
4. Capital Appreciation
Appreciation is the increase in value of a property over
time due to inflation, supply and demand, capital improvements and other
factors. When rents or occupancy rates increase it translates into higher
property values. Occasionally we have hot real estate markets which further
push real estate prices higher.
5. Mortgage Reduction
While you are receiving rent each month from your tenant you
are actually building equity as your mortgage is being paid down. Over time
your cash flow is increasing because your rent is increasing but your mortgage
is being paid down.
6. Good Overall Returns
The power of Real Estate investing provides investors with
stable rents, increased property values, and tax savings.
7. Predictable Revenue
In the long run the cash flow from the real estate
investment provides consistent income during our retirement years.
8. Operating Capital
Real Estate provides monthly cash flow to give the
investment the ability to withstand economic downturns or temporary shortfalls.
9. Refinancing Opportunities
The power of refinancing allows real estate investors the
ability to borrow against the equity in their properties to purchase additional
properties. This simple strategy has made many average people become
millionaires.
10. Tax Efficiency
Owning real estate has many tax advantages. Investors should
speak to their own accountants to determine the best tax strategy for their
particular situation. Real Estate is treated more favourable than other
investments and taxes are deferred until property is sold.
11. Diversification
Real Estate is a great way to diversify and you still have
security, liquidity, and long term appreciation. Which are all the basics of
good investing?
12. Efficient & Synergistic
Investing with Invest@Ease provides investors with cost
savings and efficiency which is usually unattainable to individual investors if
they went at it alone.
13. Flexibility
With Invest@Ease investors can start at their own comfort
level, and buy additional investments as they become more comfortable.
14. Bottom Line
Real Estate has a great track record of providing cash flow,
tax advantages and appreciation over the long term.
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By Susan Pigg
Business Reporter
There are growing concerns that Ontario’s push to curb urban
sprawl and intensify development has taken off with unexpected vigour.
Condo development is in overdrive in the downtown core while
construction of new single-family homes in the regions has “run out of gas” —
down 57 per cent in the last decade, veteran housing experts are quietly
warning.
Land prices are skyrocketing as developers, keen to cash in
on the biggest condo boom in the world, are engaging in “extremely competitive”
bidding for the dwindling number of prime development sites left along subway
lines.
At the same time, a “perfect storm” of high development
surcharges by municipalities and a shortage of develop-ready land in the
outlying regions has seen housing starts decline so dramatically, they now lag
far behind demand.
The numbers are so confusing and worrisome, most of the
discussion about what to do — if anything — is just going on behind the scenes
at this point, although some will feature prominently Thursday at the Canadian
Mortgage and Housing Corporation’s annual Toronto Housing Outlook Conference.
“Maybe we need to rethink what high density means,” says George
Carras, a well-respected watcher of the housing market.
“I wouldn’t say the (province’s intensification) policy
hasn’t worked. But there may have some unintended consequences.”
The biggest one, developers and housing experts fear, is
that housing is already becoming unaffordable and will become completely out of
reach when interest rates start rising.
Despite all the construction cranes on the Toronto horizon
and suburban homes still springing up in the outlying regions, the total supply
of new housing in the GTA — from condos to detached homes — is down about 32
per cent now over a decade ago, says Carras.
There are just 4,000 so-called develop-ready sites for
single-family homes left in the GTA now, down from about 12,000 in 2007, he
notes. And most of those are in far-flung areas of Durham such as Clarington,
too far for most to commute.
The effects are now being felt from two provincial policies
introduced five years ago — the greenbelt policy which set strict limits on how
far the GTA could sprawl and the Places to Grow policy which encouraged higher
density development.
What no one anticipated at the time was that the global
financial meltdown would send investors scurrying to safe havens like Canada,
looking for the keys to hard assets like real estate.
That, and the “urbanization trend” that’s taking hold right
across the country — young professionals, in particular, wanting to live close
to work — has sent demand for high-rise soaring, says John O’Bryan, vice
chairman of commercial real estate company CB Richard Ellis.
A decade ago, some 35,000 homes — detached, semi-detached
and townhouses — were being built across the GTA, says Carras. That’s now down
to 15,000 a year.
While high-rise has risen from an average of just 12,000 to
about 20,000, that increase of 8,000 units doesn’t begin to make up for the
shortfall of new homes, especially given immigration which is seeing about
100,000 new people a year migrate to the GTA, says Carras.
The Building Industry and Land Development Assoc. (BILD) has
warned that “regulatory inertia” is also contributing to housing shortages and
escalating land and housing prices. Municipalities in the GTA have asked that
some 10,500 hectares of so-called “whitebelt” lands — lots between the existing
cities and the greenbelt — be freed up for development.
But provincial approvals and Ontario Municipal Board reviews
have slowed the process and it could be two more years before major parcels are
released, says Joe Vaccaro, acting president of BILD.
Right now the “active inventory” of low-rise housing in the
GTA stands at just 6,000, says Carras, a record low from historic levels of
about 24,000.
Already the region is at risk of an affordability crisis
that will only worsen if supply doesn’t pick up and interest rates do, notes
economist Will Dunning in a recently released report Restricted Land Supply and
Rising Housing Costs in the GTA, done for the Residential Construction Council
of Ontario.
House prices have risen 78 per cent in the GTA from 2000 to
2010 — on average 5.9 per cent per year, well above the 2.1 per cent inflation
and 2.7 per cent wage increases during the same period.
Rate Sale!Second Mortgages!9.99% - 75% LTV's!NO Income Requirements! (POORER CREDIT SCORE USED TO DETERMINES RATES) Lenders commitment fees up to 2.5%
> Toronto & G.T.A. > Barrie
> Burlington > Hamilton
> Ottawa & Suburbs > London
> Kingston > Peterborough
> Orillia > Guelph
> Kitchener / Waterloo > Oakville
Most Other Ontario Locations
- Up To 75% LTV
Subject to pricing & LTV changes
Recently I have had many calls from past clients and others who were referred to me. Their question has been for financing regarding Financing Small Businesses. Below is a useful link to what is available from Industry Canada.
I hope you find this useful.
Thank you and kind regards
http://www.ic.gc.ca/eic/site/csbfp-pfpec.nsf/eng/home
Creating excitement in a culturally rich corridor that’s about to get denser By Jennifer Febbraro
Corridor
Continued from PH1
From stylized benches along tree-lined sidewalks to curbless paving techniques, John Street will be a pedestrian-friendly zone that welcomes and excludes traffic with ease, as required.
Christene DeGasperis, marketing director of aspen ridge Homes (aspenridgehomes.com) and developer of upcoming condo Studio, credits Mr. Vaughan for inspiring the building’s concept. Studio, which will be housed in a former OCAD building, will incorporate a public art gallery that features works by OCAD students, a café and 18,000 square feet of retail. “Adam brought our company together with OCAD,” Ms. DeGasperis says, “but the gallery theme will be phenomenal for condo residents as well as pedestrians exploring John street.” Studio intends to push back its first-level townhomes to complement the widened sidewalks.
With photos of tattoo art scattered throughout the condo, it’s clear studio is catering to a young, hip demographic. As such, the condo will divide its space into “we zones” and “me zones.” We zones include a gym, bar, media lounge, pool table and dining room. Me zones sport a yoga room, a meditation lounge with heated floor, and an outdoor hot tub (condo prices range from $330,000 to $900,000).
Mr. Vaughan emphasizes the John Street Cultural Corridor is not his baby alone, but a co-operative vision of the Entertainment District Business Improvement Association, whose master plan several years ago identified John street as a priority project. Recently, to generate buzz about upcoming changes, the BIA sponsored a design contest for the empty lot at King and John streets. See the winners at torontoed.com/johnst/vote.
The winner received $5,000 cash, a one-night stay at the Fairmont Royal York, dinner for two at Epic, two tickets to a performance in the entertainment district, and a two-year subscription to Azure magazine, the contest’s media sponsor. However, there is no guarantee the design will be used for said corner.
“The point is to get Torontonians excited about what John Street could be,” explains Harold Madi, a partner at the planning partnership, the urban group who work intimately with Mr. Vaughan and the BIA. However, when it comes to John Street’s revitalization, he says that condo developers are smitten. “Being a part of this project just makes the properties that much more appealing,” enthuses Mr. Madi. “Right now, it’s a hodgepodge area, but we anticipate that the population will more than double in the next five years, with about 9,000 residential units coming down the pipeline.”
While it’s true that even a pauper may enjoy the public art John Street will soon be famous for, a wide range of condos will be available. So far the most brand-recognizable franchise, the Ritz-Carlton residences (theresidencestoronto.com) bustle with the energy of last-minute cleaning and the screwing in of light bulbs. The 53-storey tower on Wellington street West, between Simcoe and John Streets, includes 267 hotel rooms and 135 luxury residences ranging from $1.6-million for 1,600 sq. ft., to more than $10-million for 10,800 sq. ft. and don’t bother asking the 10,800-sq.-ft. space has been snapped up by a mystery kabillionaire.
John Street will be a pedestrian-friendly zone that welcomes and excludes traffic with ease
“The Ritz exudes a regal presence out towards the north side of the street,” says Stephen Price, COO of Graywood Developments. “We anticipate this will be a big attraction for celebrity guests, especially around festival time.” But residents won’t necessarily bump into them. Condos begin on the 22nd storey and include a private lobby and amenity centre.
Graywood is simultaneously developing a more boutique-type establishment at the Mercer St. themercercondos.ca), just around the corner from the theatre district. “For this development, we’re definitely going for a Soho feel,” Mr. Price says” the Mercer is about developing the area, while maintaining the heritage value and character of buildings at the street level. ”Though still at the pre-sales stage, Mr. Price is confident the 415 units on this short, hidden street will move quickly. Begin at mid $200, 000s for 363 sq ft.
The Festival Tower (festivaltower.com), which juts above the Bell Lightbox, was just the beginning of an avalanche of development. So many people were disappointed the condo was sold-out that Niall Haggart, executive vice-president of the Daniels Corp., has launched a sort of satellite Festival tower — the Cinema tower Condos (cinematowercondos.com). “Residents will enjoy the same privileges as those at the Festival Tower,” Mr. Haggart says. “And each will automatically receive a membership to the Bell Lightbox.”
Steps from King and John streets, the 440 units in Cinema tower Condos are still being priced, but Mr. Haggart says the price point will ring in significantly lower than the Festival tower. “Both the Festival and Cinema Towers are a catalyst to draw people to the neighbourhood,” Mr. Haggart says. “So it’s critical to plan for how pedestrians will mingle with residents, how sidewalks should look, how traffic should flow.” Mr. Haggart crescendos with talk of dialoguing with the city and contributing to the community. There is talk of Artscape, a community-arts organization, being involved at the ground level.
Further south, Blue Jays Way is receiving its own hotel-and-condo combo, Bisha (bisha.com), on the former site of the diesel playhouse and Leoni’s, a restaurant fondly remembered by Baby Boomers. With 100 hotel rooms and 332 condo suites, this boutique build uniquely incorporates one floor of affordable housing, which will be available to hotel employees.
In collaboration with ink Entertainment, Brian Brown, vice-president of Lifetime Developments, says the joint investors have been searching for the perfect location for Bisha for more than a decade. “Now we’re glad we waited,” Mr. Brown says. “Thanks to Adam Vaughan’s hard work, we’re happy to be part of his larger vision of John Street.” For its exterior, Bisha will maintain the heritage façade built in the 1800s. With two restaurants, two bars, a 7,000-sq.-ft. rooftop patio on the 41st floor and an infinity pool with city views, Mr. Brown says it will likely be a focal point for TIFF soirees. “We’re going for the younger demographic,” he says. “To draw this group, we’ve made sure Bisha is just as much about luxury as it is about affordability.” Condo prices range from the mid-$300,000s to approximately $1.5-million.
There’s just one remaining portion of John Street that no one’s claimed, says architecture critic Christopher Hume in a video tour of the future cultural corridor. Mr. Hume points to the corner of John and Front streets, at the mammoth exit to an underground parking garage. “I think this is the part that needs the work. The John street corridor would end kind of ignominiously at a parking garage. But this is an occasion to do something interesting.” that’s a siren call, as far as Mr. Vaughan is concerned.
National Post
Douglas Porter and Benjamin Reitzes
The age-old question of whether to lock into a longer-term fixed mortgage rate or stay in a variable rate has become an increasingly complex and important issue recently, with short-term rates at extreme lows and pressure likely to build for higher rates in the year ahead. Historically, there is little debate which has been the better option: typically borrowers save money by staying in variable products, and riding the rollercoaster of fluctuating rates. In fact, fully 82% of the time since 1975, the cost effective route for borrowers was to stay variable (Chart 1). And, if anything, the spread between 5-year fixed mortgage rates and variable rates has been widening further in recent years, and is now close to an all-time high (Chart 2). However, there are a number of important caveats to point out, before rushing to assume that the variable option is again the hands-down winner.
We have been in a long-term declining rate environment, almost without a break, since the early 1980s.
The Bank of Canada’s overnight rate is now as low as it can go, so there is simply no further downside for variable rates. The surprises by definition can only be to the high side from here.
Posted rates do not tell the whole story, and the actual rates that borrowers negotiate have made the call much closer between fixed and floating in recent years than the headline figures would suggest.
Fixed rates were advantageous during only two recent periods—through the late 1970s and briefly in the late 1980s; in both cases, ahead of a period of rising interest rates, as is the case now.
The Case for Staying Fixed
A conventional fixed rate mortgage can mitigate a number of risks. Inflation hasn’t been a problem in Canada since the Bank of Canada adopted inflation targeting, averaging precisely 2% since 1991. However, there is an outside risk of an inflation flare-up as global central banks keep the pedal to the policy metal, and amid record government deficits. These efforts risk sparking inflation, especially if the global economic recovery is stronger than expected.
Either of those potential scenarios could force the Bank of Canada to raise interest rates aggressively, driving variable mortgage rates higher, but leaving fixed rate choosers unscathed. Another reason fixed rates are attractive in the current environment is that short-term rates are already as low as they can go—rates are only going to move higher from here as the economy recovers. Considering the likely upward trend in interest rates (similar to the late 1970s and 1980s) as the economy is emerging from recession, this may be one of those rare periods when a fixed rate turns out to be the superior choice. Further illustrating the potential rationale for going fixed is the near record low “real” 5-year rate (Chart 3). Finally, a fixed rate may ultimately prove more expensive, but you get certainty, and that certainty is worth something to many.
The Case for Going Variable
The clearest advantage to a variable rate mortgage is that it has been consistently less costly than its conventional counterpart over time. There have only been a small handful of occasions in modern history where a variable rate was the less favourable option. And, the current outlook for inflation remains benign, with significant excess capacity in both Canada and the U.S., which will likely keep price pressures at bay well into 2011. The soaring Canadian dollar is putting additional downward pressure on prices, reducing the near term need for the Bank of Canada to raise rates. There even remains some risk of deflation south of the border. Low and steady inflation, taken with a fragile global economic recovery, points to the Bank keeping its commitment to hold rates steady through June 2010 (conditional on the inflation outlook). There is also some risk to locking in as fixed rates could fall if the economy performs worse than anticipated.
Even as rates start to rise, one can always lock into a fixed rate at a later date. But with BMO’s 5-year variable rate at a record low 2.25% (matching the prime rate), the extra 2.29 percentage points on the special 5-year fixed rate offer may simply be tough to swallow for many (Table 1).
The verdict: The decision really does depend on the individual, for those who don’t have a lot of financial flexibility, and would run into difficulty from a pronounced upswing in interest rates (typically first-time buyers), the moderate extra cost for peace of mind may be a price worth paying. And frankly there is a reasonable scenario where fixed rates may actually prove to be a cheaper alternative at this point. In fact, mortgage pricing is relatively efficient and the fixed rate is usually a good approximation of expectations of the variable rate. However, our core view is that the most likely economic and interest rate outlook will ultimately again slightly favour the variable rate option, and that’s particularly the case given BMO’s current rate of 2.25%—but it’s a much closer call than usual.
...
In the GTA, the average asking price for newly built condos rose by 8 per cent to $530 in the fourth quarter of 2010, from $493 in the fourth quarter of 2009.
In the former city of Toronto, new construction averaged $643 per square foot. In the downtown core, it was a lofty $723 per square foot.
Resale condominium pricing was much more affordable, with existing units selling for $374 per square foot on average in the GTA. In the city of Toronto it was $487, and in the downtown core it hit $518.
...
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http://www.moneyville.ca/article/932540--gta-condo-sales-near-record-high
TORONTO, Janaury 19, 2011 -- In a deputation to the City of Toronto's Budget Committee later today at the East York Civic Centre, the Toronto Real Estate Board (TREB) will tell City Councillors that REALTORS® are encouraged with the direction of the City's proposed 2011 Budget and believe that it is a significant step towards fulfilling Mayor Ford's strong commitment to repeal the Toronto Land Transfer Tax.
TREB is scheduled as the first speaker, today at 6:00 p.m., at the City Budget Committee public hearings being held at the East York Civic Centre, 850 Coxwell Avenue.
"By demonstrating restraint and prudent fiscal management, this budget sets the stage for City Council to deliver on Mayor Ford's clear commitment to repeal the Toronto Land Transfer Tax by next year," said TREB President Bill Johnston.
For years, GTA REALTORS® have been telling the City that the fair way for it to address its financial challenges is to get its finances in order, instead of burdening homeowners and homebuyers with additional taxes, like the Land Transfer Tax.
"Torontonians spoke out strongly against the idea of the Land Transfer Tax when it was first proposed in 2007. The public spoke loudly then, and they spoke even louder last October when they gave Mayor Ford an overwhelming and clear mandate to repeal this unfair tax," added Johnston.
TREB will be telling the City's Budget Committee that the proposed budget that they are reviewing is an important step to delivering on the Mayor's Land Transfer Tax mandate because it begins the process of addressing the City's financial challenges with fair options, including cost-containment measures and a forthcoming detailed program and service review.
"For years, Toronto's taxpayers have been bearing the burden of unsustainable City budgets. We believe that the proposed 2011 Budget stops the bleeding, and that by moving forward with Mayor Ford's commitments, including repealing the Land Transfer Tax, next year's budget will allow the City to flourish," said Johnston.
Second Suites in Toronto
In an effort to increase the supply of affordable housing, Toronto City Council passed a by-law last year that legalized second suites, also known as accessory apartments.
As a result, second suites are now legal in the City of Toronto in all single family and semi-detached homes, providing they meet certain criteria, including fire and building codes (see below for details).
Following is a list of frequently asked questions regarding the legalization of existing second suites and the creation of new second suites in the City of Toronto. This background information was adapted from information provided by City of Toronto planning staff. For legal and zoning information on second suites in other Greater Toronto Area municipalities, please contact your local planning department.
FREQUENTLY ASKED QUESTIONS:What is a second suite?
A second suite is a self-contained unit (rental or rent-free) in a single-detached or semi-detached house. Most second suites are basement apartments. They have also been called granny flats, in-law suites and accessory apartments.
Are second suites new?
No! In the past, second suites were permitted in some areas of the City (York, East York, and parts of former Etobicoke, North York and Toronto). Some parts of the City have had a long experience with this form of housing. As well, provincial legislation, in force between July 1994 and November 1995, allowed for the creation of second suites in all areas of the province.
Why has it taken a year for the City's second suites by-law to come into effect?
In July 1999, City Council adopted the second suites by-law. This by-law was appealed to the Ontario Municipal Board (OMB) by a number of residents' groups and individuals. The OMB held a hearing on the appeals in February 2000. The OMB issued a decision in April approving the City's by-law but directed that two amendments be made. The amendments dealt with: (1) parking provisions in some neighbourhoods in the former Toronto, and (2) building alterations.
The final by-law was approved by Order of the OMB on July 6, 2000. As a result of the Order, the second suites by-law (including the amendments) is now in effect.
Where are second suites permitted in the City?
The new by-law permits second suites in all single-detached and semi-detached homes throughout the new City of Toronto -- with certain conditions.
What are some of the conditions that apply to second suites?
Some of the conditions include:
the second suite must be self-contained with its own kitchen and bathroom.
the house, including any additions, must be at least 5 years old;
the floor area of the second suite must be smaller than the remaining unit;
in most cases, homes with a second suite must have at least 2 parking spaces and parking can be in tandem (one behind the other). There is an exception for parts of the former City of Toronto (R2, R3 and R4 districts) where only 1 parking space is required for a house with a second suite. Please contact the City of Toronto's Urban Planning and Development Services Department to determine if a property is located in a R2, R3, or R4 district.
Before planning any changes to the outside appearance of a dwelling the homeowner should contact the City of Toronto's Urban Planning and Development Services Department; and
all new second suites must comply with the Ontario Building Code and require a building permit. Existing second suites must comply with the Fire Code as well as zoning and property standards.
How can I find out if an existing second suite complies with the regulations?
The unit will have to be inspected by Fire Department staff. There is a fee for the inspection and you may be required to upgrade the suite to meet the code requirements and other standards. Contact the City's Urban Planning and Development Services Department for more information (see phone numbers below).
Does the City provide grants or loans to encourage the creation of second suites?
There is currently no grant or loan program for second suites. The City is discussing the potential for a program with senior levels of government. TREB's Government Relations staff is monitoring this initiative and will inform members if the City implements a program.
Will a second suite impact property taxes?
In most cases, there will be little impact on property taxes. A major exception would be where the second suite is created by constructing an addition, thereby significantly adding to the value of a house.
For specific zoning, property standards, or fire and building code questions please contact the City of Toronto's Urban Planning and Development Services Department:
East York | (416) 397-4591 |
Etobicoke | (416) 394-8055 |
North York | (416) 395-7000 |
Scarborough | (416) 396-7071 |
Toronto | (416) 392-7522 |
York | (416) 394-2535 |
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| | Waterfront Toronto Makes List of 2010 Heroes |
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| Waterfront Toronto was named a 2010 Hero in Torontoist’s annual Heroes and Villains list. The popular blog asked readers to vote for the very best and worst people, places and things in Toronto during 2010. Waterfront Toronto received an Honourable Mention after ranking 7th from a list of 30 nominees.
 Torontoist lauded Waterfront Toronto for the amount of “positive stuff that happened on our city’s watery edge in 2010” and for the organization’s ability to “make sure public and private lakeshore dollars go exactly where they’re needed.” From the opening of Canada’s Sugar Beach and Sherbourne Common to preparations for the Pan Am Games in the West Don Lands, Torontoist praised Waterfront Toronto’s ability to “do public-private partnerships the way they ought to be done, with a little something for everyone, including nice amenities for average schmoes like ourselves.”
More than 8,000 votes were cast during the two-week long competition which ended on December 31st.
See the complete list of 2010 Heroes and Villains on Torontoist. |
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| 2010 Revitalization Progress Praised by Media |
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| The tremendous strides made in waterfront revitalization in 2010 were recognized with significant media coverage at the end of the year. Waterfront renewal was hailed as the “biggest comeback” of 2010 by NOW magazine. Popular blog Urban Toronto called waterfront revitalization an initiative that that will bring “immense civic pride for our city for years to come”. Plans for the Bayside development in the East Bayfront also received the title of “notable birth” from Urban Toronto.
 Both the Toronto Sun and the National Post included waterfront revitalization in their best of 2010 wrap up stories and both said “expect more of the same” in 2011. Corus Quay and the recently opened south portion of Sherbourne Common were cited by the Toronto Sun as examples of the need for continued waterfront revitalization. Canada’s Sugar Beach was one of the top 20 most viewed posts on BlogTO in 2010 and, even though it is a park and not a building, it was named one of Urban Toronto’s favourite buildings of 2010 for being a “wonderful addition to the waterfront”. The park was also one of the National Post’s “over achievers” for the year.
In a column entitled “Toronto's future unfolding on the waterfront” published in late December, The Toronto Star’s Christopher Hume said: “the best show in Toronto right now is down on the waterfront, where the future is unfolding.” He added that “indeed, 2010 could well be remembered as the year we got our first glimpse at what a revitalized waterfront could really mean to this city.”
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| Update: Sherbourne Common Skating Rink |
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| The staking rink at Sherbourne Common is scheduled to open on Monday, January 31. The 920 square metre skating rink, located directly in front of the park’s Pavilion, features stunning views of Lake Ontario and Toronto’s downtown skyline.
Over the past few months, construction crews have been working to complete final detail work on the roof of the Pavilion. Construction fencing surrounding the rink is now being removed to allow the city’s Park, Forestry and Recreation Department to operate the skating rink for the remainder of the skating season.
The skating rink was designed as an outdoor neighbourhood facility. A seating wall surrounds the eastern and western edge of the rink and rubber mats have been installed along the wall to make it easier to get skates on and off.
As the community develops, there will be amenities surrounding the skating rink. Until then, we recommend that visitors to the rink bring their own snacks and warm beverages. Washroom facilities will be available in the park’s Pavilion between the hours of 9am and 10pm. The ice surface will be serviced daily by a Zamboni.
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| Construction Update | Sherbourne Common North |
| Work continues on Sherbourne Common North where crews are installing a new granite curb along the park’s western boundary. Late last year, the park’s western edge was extended about 20 metres across the boulevard and into Lower Sherbourne Street. Lower Sherbourne Street will continue to be closed to northbound traffic until the street is realigned with Dockside Drive, a new street next to George Brown College.
Crews have also installed nearly all of the park’s ipe benches and are working on laying concrete precast pavers on the north end of the site. The pavers will be installed in long stripes between the Pacific Sunset Maple trees planned for this wooded area of the park. Tree planting will occur prior to the official opening of the park this spring.
West Don LandsEven with the onset of frigid winter weather, some construction progress continues in the West Don Lands. At Don River Park, the use of tarps and portable heaters around the scaffold of the fireplace have enabled workers to continue to apply masonry and to ensure that any mortar applied will cure properly.
Winter weather conditions have halted landscape work in the area of the pavilion, where tarping and portable heating are not viable options. Conditions have also halted work on the construction of Mill Street where frozen ground prevents excavation work from continuing.
As conditions improve, work on Mill Street and more intensive work on Don River Park will resume. |
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Installation of granite curb at Sherbourne Common North.
The pavilion under construction in Don River Park (in the foreground) and the fireplace (in the background).
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| York Quay Revitalization: Construction Liaison Committee |
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| On January 7, Waterfront Toronto and Harbourfront Centre held the first Construction Liaison Committee (CLC) meeting for the York Quay Revitalization project. The CLC was established to create a regular forum for public feedback during the construction of the new underground parking garage located just west of Queens Quay Terminal on the Harbourfront Centre site.
The CLC is a small, focused committee made up of property managers from the adjacent condominium buildings as well as representatives of the York Quay Neighbourhood Association, and the Waterfront Business Improvement Area. As work progresses, CLC members will meet on a monthly basis with the project team and contractor to discuss and report on any construction issues such as noise, traffic management, debris, etc.
At the first CLC meeting, Ellis Don, the project’s construction manager, provided an overview of upcoming construction activities. Crews are expected to begin caisson drilling in mid-to-late February. Caissons, the concrete structural pillars that will support the garage, must be installed before any excavation can begin. While caisson drilling will result in some noise during construction work hours, the activity is much less noisy than the pile-driving required as part of earlier work along the water’s edge promenade and at the Simcoe WaveDeck.
Ellis Don will provide regular construction notices to members of the CLC as the project moves forward. CLC members will share these notices with residents and businesses in the area. |
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York Quay site prior to start of major construction.
 Southwest view of the York Quay site.
More Information
Notes from the first CLC meeting are now available on our website. For more information about CLC members, or if you have feedback about construction, call (416) 214-1344 or email info@waterfrontoronto.ca |
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| Queens Quay Public Drop-In Session |
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| More than 250 people attended a public drop-in session on January 19 to review detailed design plans for the revitalization of Queens Quay for which construction is expected to start later this year. The session featured five information stations including a 25-foot long detailed plan of Queens Quay, samples of materials, renderings of the project area and a physical mock-up showing the dimensions of the new Queens Quay Promenade and Martin Goodman Trail. Members of the project team were available over the course of the evening to discuss the plans and to answer specific questions attendees had related to their homes or businesses. |
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If you were unable to attend the meeting, more information about the project is available on the Queens Quay section of the Waterfront Toronto website. |
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| | In late December, Toronto and Region Conservation in partnership with Waterfront Toronto submitted the Environmental Assessment (EA) for the Don Mouth Naturalization and Port Lands Flood Protection Project to the Ministry of the Environment for review and approval.
The plans renaturalize the mouth of the Don River by rerouting it through the Lower Don Lands and at the same time protect more than 290 hectares (717 acres) of land currently at risk due to flooding. They also allow the current channelization of the river mouth to be reimagined as a dynamic urban canal neighbourhood. The flood mitigation measures in the plan eliminate a potential half-billion dollar flood risk, while simultaneously unlocking the economic development potential for the area.
As required under section 6.2(1) of the Environmental Assessment Act and according to the Terms of Reference approved by the Minister of the Environment on August 17, 2006, the EA is available for public review and comment until February 11, 2011. The EA has been made available for download by Chapter in PDF format.
http://www.trca.on.ca/DMNPEA
Hard copies of the EA are also available for review on site at the following locations during normal business hours:
Ministry of Environment 
Environmental Assessment and Approvals Branch
2 St. Clair Ave West, Floor 12A
Toronto, ON M4V 1L5
416-314-8001
Ministry of Environment
Central Region Office
5775 Yonge Street, 8th Floor
North York, ON M2M 4J1
416-326-6700
Waterfront Toronto
20 Bay Street, Suite 1310
Toronto, ON M5J 2N8
416-214-1344
Toronto Reference Library Toronto and Region Conservation
789 Yonge Street 5 Shoreham Drive (Lobby)
(2nd Floor Reference Desk) Downsview, ON M3N 1S$
Toronto, ON M4W 2G8 416-661-6600
416-395-5577
City of Toronto Clerk's Office Urban Affairs Library
10th Floor, West Tower 55 John Street, Metro Hall
City Hall 100 Queen Street West Toronto, ON M5V 3C6
Toronto, ON M5H 2N2 416-397-7241
416-392-8016
Please submit any concerns or comments in writing to Ms. Solange Desautels at the Ministry of the Environment no later than February 11, 2011. A copy of all comments will be forwarded to TRCA and Waterfront Toronto (the project proponents).
Ms. Solange Desautels
Senior Project Coordinator
Environmental Assessment & Approvals Branch
Ministry of the Environment
Toronto, ON M4V 1L5
E-Mail: Solange.Desautels@ontario.ca
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| Website Enhancements | It’s getting better all the time |
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 As part of our ongoing effort to improve our communications, we have made a number of changes to our website www.waterfrontoronto.ca. The improvements were based on usability testing and include: a new more simple navigation system, enhancements to the interactive map, improved page layout, and better search engine options. We have also added document links within our calendar page, added a document library and a new and improved image gallery viewer. Please visit the website and let us know what you think by sending us your feedback at info@listofcondo.com
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Home Leader Realty Inc.
300 Richmond St. West, #200, Toronto, ON, M5V 1X2
O: (416)-599-9-599 , Ext#150
T: (416)-888-7654
F: 1(800)-970-7654
e-mail: moini@hotmail.com
http://www.HomeLeaderRealty.com
As a Home owner you know that real estate prices and sales volume tend to rise in the first five or six months of the beginning of the year.
By August we tend to see a dip in sales as both buyers and sellers (and most realtors) are in vacation mode.
In general by September we see an increase in activity until December. Keep in mind that the volume of sales generally don't reach the same plateau as in June/July after September.
So it would make sense for most sellers to list their home for sale when the market is at its best - May/June. Right?
Yes and No.
From a buyer's perspective:
- Because of new mortgage rules taking place in March and April, most first time home buyers will be looking for a closing date of mid March or so.
- Not enough real estate inventory may make it difficult for buyers to find their dream home.
From a seller's perspective:
- These new mortgage rules will bring more buyers onto the market which could possibly mean better prices/terms on the sale of their home.
- There is more competition in May and June; making much more competitive for sellers.
I propose that we get out there and list your home as soon as we can so that we can excel .
If you want to do sell for most and increase your profit substantially, you must contact us to start the process.
On January 17, Finance Minister Jim Flaherty announced three new changes to the rules for government insured (default insured) mortgages. The intent of these changes is to support the long-term stability of the housing market and address rising household debt in Canada.
3 changes to default insured mortgages
1) Lowering the maximum amount consumers can borrow when refinancing their mortgages
This change will lower the maximum mortgage amount to 85% of the appraised value of the property from the current 90%. This change will help to promote savings in homeownership and ensure that homeowners don’t become overextended by using all the equity they have built up in their home when refinancing.
2) Reducing the maximum amortization period for new government insured (default insured) mortgages
The maximum amortization for all new default insured mortgages will be reduced to 30 years from the current 35 years. This change will help reduce total borrowing costs for consumers, helping them to build up equity more quickly.
3) Withdrawing government insurance backing on lines of credit secured by homes: effective April 18.
No impact to RBC as we do not currently participate in this product.
The effective date of the first two changes will be March 18. Applications submitted and approved by CMHC prior to March 18 will still qualify under current guidelines.
Canadian Mortgages - Finding Your Home