Entries from March 2010
Toronto Vintage Photographs – Christie Pits
March 30, 2010 · 1 Comment
Categories: Heritage Properties
Tagged: Christie Pits, History, toronto, Toronto History
Toronto Landmarks: The CN Tower
March 28, 2010 · Leave a Comment
Perhaps the most iconic City of Toronto landmark is Canada’s National Tower. In the beginning, the tower was referred to as the Canadian National Tower and was named after its builders, the Canadian National rail company. In 1995 the ownership was transferred over to the Canada Lands Company, and now both of the titles “Canada’s National Tower” or the “Canadian National Tower” are acceptable. Commonly, the structure is referred to as the CN Tower and it is currently the tallest freestanding structure in the Americas. Due to many other tall buildings currently under construction that are set to be completed in the next couple of years, the CN Tower will not likely hold this title for much longer.
Construction on the tower lasted from 1973 to 1976 and it stands at 1,815.4 feet tall, or 147 storeys. One of the major contributing factors that led to the need for the construction of the tower was that the large boom in the 1960s and 1970′s had resulted in many tall buildings being built in the downtown Toronto area. Broadcasting into the downtown core was difficult, and a large tower would have to be created that stood taller than these sky scrapers. Currently, television stations, FM radio stations, communications and cell phone companies use the CN tower for broadcasting.
The coloured LED lights on the tower change periodically depending on what’s going on in the city. To commemorate holidays or sporting victories, the lights may change to reflect the colours of the season or the winning team. When the lights are off or are very dimly lit in the spring and fall, it’s to ensure that no birds are killed due to hitting the tower during their migratory seasons.
The CN tower contains six elevators that take visitors up to the Sky Pod, the ball at the top of the tower. The Sky Pod contains a restaurant, an observation area and a glass floor.
Categories: Toronto Landmarks
Tagged: Canada Lands Company, CN Tower, Observation deck, Sky Pod
Earth Hour in the Cricket Club
March 27, 2010 · Leave a Comment
By Susan Eickmeier
Are you participating in Earth Hour? The Toronto Cricket, Skating and Curling Club is!
Earth Hour will be taking place this year on March 27 at 8:30 p.m. It’s expected that hundreds of millions of people across the globe will turn off their lights and stop using electricity of any kind as a form of solidarity towards climate change.
The CN tower, which some lucky Cricket Club residents may be able to see right from their homes, will also be participating in Earth Hour by dimming its exterior lights from 8:30 to 9:30 p.m.
Earth Hour began in 2007 in Sydney, Australia. In 2008, over 50 million people in 35 countries participated. In 2009, Earth Hour dominated 88 countries, 4000 cities and saw hundreds of millions of people participate in the largest global climate change initiative ever.
Earth Hour doesn’t require any donations. All one has to do to participate is shut off all of their lights and energy-using appliances (and that means the television too!). Many choose to listen to a battery-operated radio or go on their charged laptops to hear or read about what’s going on in the rest of the world for the hour.
The Toronto Cricket, Skating and Curling Club that sits just on the edge of the Cricket Club neighbourhood has already pledged to not only participate in Earth Hour but to cut their energy use.
Previously, the Club had its 20,000 watt lighting system on for 24 hours a day, despite the fact that the Club is not always in use. Now, the Club has granted its members access to the lighting controls over all six of its ice surfaces for when off-hours curlers want to use the ice. That way, the Club lights are only on when they need to be, saving energy and saving the Club around $2,000 in electricity costs per year. The Club has also guaranteed through its policies that all of their decisions will be made with environmental, social and economic considerations in mind.
Earth hour can also create an opportunity to try out some fun activities, such as having a candle-lit pow-wow in the living room, flashlight scavenger hunts for recyclables, telling scary stories, or going for a walk through the Cricket Club and getting a chance to see all of the constellations in the sky that normally aren’t visible due to the bright city lights.
Let’s see if we can get the whole Cricket Club to go dark for one hour!
Susan Eickmeier is a Sales Representative with Royal LePage R.E.S. Ltd/Johnston & Daniel Division working in the Central Toronto market. Susan is also a regular contributor to the Muddy York Blog. Susan’s website is located at www.susaneickmeier.com
Categories: Cricket Club
Tagged: CN Tower, Cricket Club, Earth Hour, Skating and Curling Club, The Toronto Cricket
First-Time Home Buyer’s Credit a.k.a. Disability Home Purchase Credit
March 26, 2010 · Leave a Comment
By Martin K. I. Rumack
This is a credit for taxpayers which was introduced in the January, 2009 budget and which is still in existence today, as opposed to the Home Renovation Tax Credit which expired on January 31, 2010.
This particular credit is worth $750.00. This credit did not receive the same amount of media attention as the Home Renovation Tax Credit did, nor is it as well known as the Home Renovation Tax Credit. To be eligible for this credit, the following conditions must be met:
- Buy a home, alone or as a joint tenant – Note: only one person is eligible for the credit; If more than one person qualifies, two (2) people can share the credit;
- The party or parties claiming the credit must be shown as the registered owner in the Land Titles registration system;
- The home can be brand new or previously owned;
- The home can be a single-family, semi-detached, townhouse, mobile home, condominium unit, or a share in a co-operative housing corporation which provides the party claiming the tax credit with both possession and an equity interest in the co-op unit;
- The closing date must have occurred after January 27, 2009;
- The home must be your principal place of residence, and you must live in the home within one year after closing;
- Either: The home is intended to be used for a disabled family member and yourself, and the home would provide a more suitable environment for the disabled party who will inhabit the home in terms of their personal needs and care; or is more accessible for the disabled family member, who qualifies for the Disability Tax Credit;
- Or: You or your spouse must never have owned a home which you occupied, including jointly, during the previous five years.
Finally, this credit is non-refundable and can be used to reduce income tax only for the applicable year and only if you have income tax payable; in other words you cannot qualify for a refund if you do not have tax payable in that year.
Martin K. I. Rumack is a Toronto based Barrister and Solicitor and is a regular contributor to the Muddy York Blog. Contact Information: 202 – 2 St. Clair Avenue East, Toronto, Ontario, M4T 2T5, Tel: (416) 961-3441 (Ext. 26). Mr. Rumack can be mailed directly at martin@martinrumack.com.
Categories: Legal Information
Tagged: Disability, Disability Home Purchase Credit, First Time Home Buyer, home renovation tax credit
HST – The Harmonized Sales Tax & Real Estate Commission
March 25, 2010 · 1 Comment
How will commissions be impacted by the Harmonized Sales Tax on real estate transactions as the HST implementation date of July 1st, 2010 approaches? Here is the breakdown:
- If the transaction is written and closes before July 1st, 2010, then only GST will be payable upon the amount of the commission.
- If the transaction is written before July 1st, 2010 and closes after July 1st, 2010, then this transaction would fall into a grey area. The Canada Revenue Agency (CRA) has been asked to provide an interpretation on this scenario and as of yet they have not supplied with one. Until the ruling comes down, it is best to assume the worst and anticipate that the full HST would be payable. The fact that the contract was written before July 1st, and ninety percent (90%) of the work related to the contract will have been completed, we are hopeful that only the GST portion will apply. Of course, CRA holds the key to this answer.
- If the transaction is written after July 1st, 2010, then the full HST would be payable on the commission.
The Muddy York Real Estate Blog will keep you posted as to developments and rulings from CRA on this topic.
Categories: General Information
Tagged: Canada Revenue Agency, commission, CRA, Harmonized Sales Tax, HST, Real estate commission
Toronto Real Estate Market Report – Spring 2010
March 24, 2010 · Leave a Comment
Categories: Market Information · Uncategorized
Tagged: Real Estate, Spring market, toronto, Toronto Real Estate Market
The History of the Muddy York name
March 23, 2010 · Leave a Comment
Muddy York was the nickname bestowed upon the early settlement of the York area in Upper Canada in the late 1700s and early 1800s. The capital of colonial Upper Canada was formerly in the Niagara region, but in 1798 the pre-War of 1812 tensions between the early Canadians and Americans began to mount and it was decided that packing up and moving a little further north would be an excellent idea, and they settled in York.
York was miniscule compared to the city of Toronto today, and its streets were covered in mud because of the lack of maintenance and predominantly clay-based soil. Thus, Muddy York was a nickname bestowed upon the area. The unpaved early roads were considered very treacherous, and constant rainfall and many of the area’s geographic features such as underground streams and creeks kept the soil constantly moist. It was not uncommon for horses, carriages and people to become stuck in the mud.
The streets were also known to be full of rocks and tree stumps, and the mud of Muddy York was not only composed of wet dirt, but held a lot of the city’s waste from local animals and daily life. It is no coincidence that the city of Toronto was hit with small cholera outbreaks in both 1832 and 1834.
York became Toronto in 1834 with a population of 10,000 people. Only King Street had city-built sidewalks until the year after York became Toronto, although store owners would often create their own small sidewalks out of boards and planks. Eventually, wooden sidewalks were created on each Toronto street, but only on one side due to budget constraints. To further complicate things, many of the materials used in road construction were combustible, not to mention being lined with the wooden sidewalks. This resulted in a few new laws regarding carrying open lanterns or burning coals on the streets.
While the name of “York” can still be found in areas like North York, York University and East York, the “Muddy” part has long left us. It’s something to reflect on the next time you hit a pothole. The history of Muddy York now includes the presence of the popular Muddy York Real Estate Blog, launched in 2008 and is also a repository for over 400 articles related to real estate, history, commentaries and variety of other relevant pieces.
Categories: Commentary
Tagged: toronto, Muddy York, Upper Canada, 1812 War, York, York University
IF THE COMPETITION BUREAU WINS AGAINST THE CANADIAN REAL ESTATE ASSOCIATION – WHO REALLY WINS? WHO LOSES?
March 31, 2010 · 3 Comments
By Nan Campion
Part 1 of 3 Series: The Competition Bureau has stated that sellers should be allowed to list their property on the Multiple Listing Service without accepting and paying for all of the services that a real estate agent can offer. It has even been suggested by the Bureau that one possibility would be for the seller to pay a flat fee to list their home on MLS and not involve an agent any further in their process. Buyer’s and Buyer’s Agents could then contact the seller directly and negotiate their own deal. On paper this sounds like a great idea doesn’t it? The belief is that the seller would pay far less in fees and he or she would be free to handle their transaction themselves. I have no reason to doubt that the Competition Bureau means well in suggesting this reduction in services and fees. It sounds logical, however, if this suggestion is accepted I believe we will be putting the quality and ethics of real estate transactions in Canada back decades.
Perhaps people have forgotten what it used to be like. When I first entered the business in about 1980 the common adage was “buyer beware”. In those days agents had a contract with the seller only and owed a fiduciary duty only to that party. The buyer was at the mercy of both the seller and the agent. The seller knew their property well, both the good and the bad and might or might not choose to share all of the relevant information with the buyer. The agent had no responsibility to inform the buyer of anything that might affect the enjoyment of owning this property, nor their eventual return on investment. There was no requirement to tell a buyer that a commercial property was planned to be built behind the house they were considering or that there was a crack house next door. The buyer had no protection. Over the years the real estate associations have worked tirelessly to improve the business and to ensure that both parties are fairly represented. The Real Estate Associations decided that although representing only the seller was legal, and no lawyers that I am aware of ever suggested that this wasn’t a good practice, the real estate association decided that it was not a fair practice so a few years ago they introduced the Buyer Agent. Now both parties were on equal footing as both the buyer and seller had a qualified agent representing their interests.
With implementation of the suggestion by the Competition Bureau that sellers could be allowed to represent themselves while on MLS, we would not only be back to “buyer beware” but on top of that we would have “seller beware”. Here are 3 primary reasons for concern:
A good agent negotiating for a client either buyer or seller has the experience that can make a major difference financially to the client.
The Competition Bureau thinks that in giving people more choice they are improving the situation for sellers. Are they really? I think this arrangement would put buyers and seller back on unequal footing and put us back in a Wild West mentality – the survival of the fittest. Shouldn’t we be beyond that in 2010?
Nan campion is a Broker with Royal LePage/Johnston & Daniel Division. Nan is a regular contributor to the Muddy York Real Estate Blog.
Categories: Commentary
Tagged: Buyer Beware, Canadian Real Estate Association, Competition Bureau, CREA, MLS, Multiple Listing Service