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The Toronto Real Estate Market

Discussion in 'TRIBE Main Forum' started by kuba, Oct 21, 2009.

  1. Bernnie Federko

    Bernnie Federko TRIBE Member

    The storeys Margaret Atwood condemns

    “Something is about to happen in Margaret Atwood's backyard. Or, more precisely, her neighbours' backyards. It is a condo: an eight-story luxury building at 321 Davenport Rd. And she is not pleased. On Monday night, she conducted an hours-long battle on Twitter with a group of millennial urbanists (and me) over the eight-story building proposal, talking about ‘violating bylaws and killing folks' trees.’ In other words, she performed the hackneyed role of exercised NIMBY. During her tirade, it was distressing to see someone with such fine antennae seem so out-of-touch. But it was no surprise: In Toronto and other desirable cities, older progressives frequently stand in the way of new development.” – Alex Bozikovic
  2. praktik

    praktik TRIBE Member

    I just hope everyone makes out ok on Bernard street.... a society is judged by how well it treats the least among us
  3. Klubmasta Will

    Klubmasta Will TRIBE Member

    That's an interesting article. I get the arguments on both sides - as both sides have merit - but the suggestion that Margaret Atwood's position is weakened because she is rich is unfair.

    Development that increases density in mature neighbourhoods is almost always an adversarial process, with developers and housing advocates pushing for higher buildings, smaller setbacks and more units, and existing residents pushing for the opposite. The adversarial process is important, as it helps the OMB strike the right balance, which balance may be shifting now with the times.

    I don't blame those Annex residents for not wanting that new condo in their backyard. Having the new 8 storey condo, when the existing zoning allows for a 2 storey structure only, is a massive exception to the bylaw.

    In 2015, we purchased a unit at Sherwood Park Modern Towns, a Freed Developments building at Bayview and Keewatin. We thought the property would be beautiful, and we bought it as an investment for our kids. On March 6, 2017, the OMB ruled that the building could not proceed, in large part due to opposition voiced by existing area residents. We were very disappointed, especially because the property value had increased significantly since we signed the Purchase Agreement. These fights happen all over the city. Our neighbourhood has fought against new developments as well, and will likely continue to do so.

    I see nothing wrong with the "Save Our Annex" position, especially because the 8 storey proposed development is a very large deviation from the existing zoning bylaw. If the OMB ends up allowing a 4 storey development, that might strike the right balance. It will be interesting to see the result of this fight, as it is getting more publicity than other situations given the characters involved, and thus it may shape the outcome of future fights like this.
  4. Bernnie Federko

    Bernnie Federko TRIBE Member

    20% correction in the Toronto market, what will happen next
  5. Spinsah

    Spinsah TRIBE Member

    It will be interesting to watch this one play out since Toronto's planners are putting such an emphasis on midrises on avenues such as Davenport - a street which just a few blocks further south-east has several new mid-rise builds and more on the way. I think some of their concerns are reasonable, such as the larger balconies facing Davenport rather than Admiral. What this fight underscores though is how older established neighbourhoods, especially close to downtown that have a lot of detached and semi-detached housing will need to make concessions for the density the city desperately needs.
  6. Bernnie Federko

    Bernnie Federko TRIBE Member

  7. Bernnie Federko

    Bernnie Federko TRIBE Member

  8. praktik

    praktik TRIBE Member

    I just hope that the neighbourhood association lands on their feet - I mean, first the offense of the dilution of their exclusivity - then the vicious attacks on social media??

    ...the humanity...

    The heart cries out!
  9. Bernnie Federko

    Bernnie Federko TRIBE Member

    Foreign buyers retreat from Ontario market in wake of new tax

    Purchases of Toronto homes by foreign buyers dropped over the summer after a new tax in Ontario began targeting foreign property investment, falling from 7.2 per cent of sales in the spring to 5.6 per cent of homes over the three months ending in August. Data released by the provincial government on Thursday show foreign investment began to fall in a large area around Greater Toronto known as the Greater Golden Horseshoe after a 15-per-cent foreign-buyers tax was implemented in April. The tax was part of a number of new rules designed to cool the region’s housing market. Earlier, Moody’s Analytics forecasted that homeowners across most parts of Canada are facing the prospect of watching their houses fall in value over the next five years, reversing the trend after several years of price increases.

    Separately, the head of the Ontario Real Estate Association says the federal government should stop its “war on first-time home buyers” and hold off on proposed changes to mortgage qualification rules as the slumping Ontario housing market absorbs the impact of two recent interest-rate increases. OREA chief executive officer Tim Hudak, who represents 70,000 Ontario real estate agents, said changes proposed by Canada’s banking regulator, the Office of the Superintendent of Financial Institutions (OSFI), will make it harder for many people to get mortgages at a time when several other recent policy changes are still being absorbed and interest rates are increasing.
  10. acheron

    acheron TRIBE Member

  11. Bernnie Federko

    Bernnie Federko TRIBE Member

    More Ontario renters are being served with eviction notices that suggest the landlord intends to occupy the unit for his or her own use – and the trend is accelerating, according to new data obtained by The Globe and Mail.

    Data provided by the Social Justice Tribunals Ontario (SJTO) show the number of eviction applications that include an N12 notice – signifying that the landlord, a purchaser or a family member requires the rental unit – has almost doubled over the last five years.

    The rapid rise in the serving of these notices coincides with a market stressed by rising rental prices and falling vacancy rates, and the 2017 expansion of the provincial rent control regime means that landlords have fewer tools to raise rents on existing tenants. Among rental housing advocates, this is seen as a tactic used in bad faith, where the landlord never intends to make personal or family use of the unit and simply intends to put it back on the market for higher rent or to sell it.
  12. Bernnie Federko

    Bernnie Federko TRIBE Member

  13. Bernnie Federko

    Bernnie Federko TRIBE Member

  14. Bernnie Federko

    Bernnie Federko TRIBE Member

  15. Bernnie Federko

    Bernnie Federko TRIBE Member

  16. Bernnie Federko

    Bernnie Federko TRIBE Member

  17. Bernnie Federko

    Bernnie Federko TRIBE Member

  18. Bernnie Federko

    Bernnie Federko TRIBE Member

    At least $5-billion was washed through real estate in B.C. – in turn driving up the cost of buying a home by at least 5 per cent. That’s just one finding from two new reports released by the B.C. government which detail how failures in law, regulations and enforcement are impacting the Canadian economy.

    The problem extends far beyond B.C.: Ontario, Alberta and the Prairies accounted for even more laundered funds, with one report estimating the total figure across Canada at $40-billion just last year.

    “Clearly this is a national issue,” B.C. Attorney-General David Eby said, underscoring “the total indifference of governments – until now – to this malignant cancer on our economy and our society.” He reiterated his call for further federal support, saying that changes at the highest level are the only way to solve the issue.

    Unlike other money-laundering watchdogs around the world, Canadian rules prevent officials from accessing the federal financial intelligence database. That lack of two-way information flow is hindering action, the report said.
  19. Bernnie Federko

    Bernnie Federko TRIBE Member

  20. Bernnie Federko

    Bernnie Federko TRIBE Member

    Gonna be mucho government hand wringing once these chickens come home to roost...

  21. Bernnie Federko

    Bernnie Federko TRIBE Member

    Decade-long mortgages have always been a really bad idea for almost everyone. One big reason: The best 10-year fixed rates have never outperformed the best five-year fixed rates over any 10-year period in modern history. But HSBC has just announced a 3.24 per cent 10-year fixed rate, the lowest 10-year fixed rate ever advertised by a lender in Canada, according to RateSpy.com data. Bank of Canada Governor Stephen Poloz recently called on lenders to sell more long-term mortgages, to reduce financial system and borrower risk

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