Monthly Archives: March 2010

Starting a Vegetable Garden

Posted on March 14, 2010 | Leave a comment

Anyone who grew up with a vegetable garden nearby can attest to the fact that there is nothing as delicious as a freshly-plucked cherry tomato that’s still warm with sunlight. A vegetable garden can not only leave you with the resources to make zucchini bread for months on end, but it can offer up the opportunity to experiment with vegetables you can’t find in your local produce section, like purple heirloom carrots or yellow tomatoes.

Now that it’s finally March, it’s the time to start sprouting your seeds or obtaining seedlings from local garden centers or farmers’ markets. From plunking a seed into a hole in the ground and using seed-starter lighting kits to your own miniature greenhouse, the amount of money invested in a vegetable garden is entirely up to you.

Planting approximately twice the seeds as plants you’d like to have will ensure you grow strong seedlings and provide a few extra just in case. Either way, it’s likely that friends and neighbours will be more than willing to eagerly take any extra vegetables off your hands.

Determine what types of veggies you’d like to grow (and eat) and make sure they’ll do fine in a Southern Ontario climate. You might not be able to grow bananas, but there’s a lot out there that you can grow, like asparagus, onions, peas, berries, corn, garlic, grapes, squash and peppers.

The location of the garden should be semi-sheltered from the wind and should receive whatever amount of sun allows for optimal growth, which differs from one variety of vegetable to the next. The garden can be planted after the last frost, depending on when the vegetables will be ready to harvest. Follow the directions on the seeds or seedlings with regards to spacing out the plants, and you’ll have a productive vegetable garden to enjoy in no time. Cooking is much less of a chore when you have your own home-grown ingredients to choose from.

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RBC: Canadian employment rises in February as unemployment rate falls

Posted on March 12, 2010 | Leave a comment

Canadian employment rose by 20,900 jobs in February, a slightly stronger gain than forecasts for a more moderate 15,500 rise going into today’s report.  The February rise builds on the 43,000 gain reported in January.  The unemployment rate edged down to 8.2% in February as employment gains outstripped an 8,600 rise in the labour force in the month.  

February’s gains reflected a 60,200 jump in full-time employment following January’s more moderate 1,400 gain.  Part-time employment declined by 39,300 in the month.  Gains were concentrated in the goods-producing industries that rose for the first time in three months with a 17,800 gain.  Employment in services industries rose for a second consecutive month but by a more subdued 3,100.  The rise in employment in goods producing industries was mainly concentrated in the manufacturing (16,900) and forestry, fishing and mining (10,600) sectors.  Gains in service-producing industries reflected fairly strong gains in the accommodation and food services (26,500) and the business, building and other support services (18,400) sectors with a notable offset coming from a 33,500 decline in wholesale and retail-trade services.  The gains in accommodation and food services may have been partly related to the 2010 Winter Olympics and Paralympic Games in British Columbia during the month.

For February, British Columbia, Nova Scotia and Saskatchewan led the employment gains.

The annual gain in the average hourly wage rate for permanent workers picked up to 2.5% in February, up from the 2.2% recorded in January but still well below the 3.9% annual rise a year earlier.

The increases in employment in both January and February bode well for the pace of expansion to remain firm in the first quarter of 2010 following the surprisingly strong 5.0% surge in growth in the fourth quarter of 2009.  Although the monthly employment numbers are volatile, the combined 63,900 jobs created so far in January and February suggests that the quarterly job gain in the first quarter of 2010 could exceed the total 20,700 gain recorded in the fourth quarter of 2009.  This pick-up in labour markets remains consistent with our expectation that GDP growth early in 2010 likely remained solid at a 3.8% annualized rate in the first quarter of 2010.  We expect the unemployment rate to remain elevated near term; however, we expect that sustained economic growth will eventually put downward pressure on the measure over the second half of 2010 and, as the recovery continues to pick up, the Bank will begin to look to withdraw monetary stimulus.  However we expect that moderate inflation growth will allow the
Bank of Canada to keep the pace of tightening moderate.  The overnight rate is expected to be held steady at 0.25% until the end of the second quarter. Rates will start to rise over the second half of this year yet by only 100 basis points, finishing 2010 at 1.25%.

Nathan Janzen, Economist, RBC Economics

Source: www.royalbank.com

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Competition Bureau Update

Posted on March 12, 2010 | 1 Comment

By Bill Johnston, Broker, MA, LL.B.

As I am sure you are aware, the market is hot nearly everywhere! It is a great time to be a seller, with interest rates startlingly low and buyers in large supply. Well-priced, properly staged and professionally marketed properties are attracting big prices.

Some of you have enquired about the recent Competition Bureau issues highlighted for a short time in the media. Here are the keys points:

1. The Bureau feels that current Canadian Real Estate Association rules restrict members from offering very limited services to sellers. The bureau wants the rules changed so that a member can put a listing on the mls system for a seller and then let the seller deal directly with potential buyers and buyers agents. Current rules require the member to maintain some level of involvement throughout the marketing and sale process.

2. The fact is that some members have been offering minimum service levels for years. Generally speaking, sellers do not understand and are incapable of handling the details involved in a transaction and need professional guidance. That is why the minimum service level brokers seem to disappear rapidly.

3. While the media have portrayed the dispute between CREA and the Bureau as a commission issue, it isn’t. When I came into the business in 1982, most brokerages insisted that their salespeople get a 6% commission on all listings. Through the 1980’s the business changed radically, and salespeople were freed to negotiate commissions unrestricted by a company policy. Today, you can hire a salesperson for many of the reputable firms in your neighbourhood for as little as 0% commission on the listing side! In fact, a few years ago a couple of salespeople advertised that they would pay sellers to list with them! Of course, you will get what you pay for. Excellent salespeople require payment for their services.

Bill Johnston is a Broker with Royal LePage Your Community and his website is located at www.billjohnston.ca.

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HST – The Harmonized Sales Tax Explained

Posted on March 11, 2010 | 2 Comments

The long standing controversy on bringing Ontario a Value Added Tax ended permanently on June 18, 2009, when the Ontario Provincial Government announced the implementation of the Harmonized Sales Tax (HST).  The effective date of this new tax will be July 1st, 2010.

This tax is called a Harmonized Sales Tax because it will effectively replace the 5% Federal Goods and Services Tax (GST) and the 8% Provincial Sales Tax (PST) thereby creating a combined 13% harmonized sales tax.

The HST is quite similar to the current GST, and as such it does not apply to the purchase price of resale residential properties.  The new tax will apply to all real estate commissions, home inspection services and legal fees which were previously exempt from PST (8%).

The largest impact to the real estate industry will be in new construction, which will include all single family dwellings, semi-detached, condominiums and even mobile homes.  The new tax will capture properties that have undergone substantial renovations, as well as vacant land.  When purchasing a new home, be mindful of agreement clauses referencing taxes and specifically who is responsible for the payment of such taxes (provincial versus federal).

For properties that have undergone substantial renovation or new construction, the HST will not apply if the transaction closes before July 1, 2010 or the Agreement of Purchase & Sale was dated prior to June 18, 2009 (even if it closes after June 30, 2010), this is effectively known as “grandfathering”.  Be careful of any changes to an Agreement of Purchase & Sale where the property is transferred after June 30, 2010 as it may invoke the HST.

In the case of new construction, if the possession and the ownership are transferred prior to July 1st, 2010 then provincial portion of the HST does not apply. If the possession or ownership of a new construction unit is transferred after June 30, 2010 then the provincial portion of the HST does apply, unless the transaction is grandfathered.

Other HST exemptions include anyone who enters into an Agreement of Purchase & Sale before June 18, 2009 to close after June 30, 2010 and the purchaser assigns their interest via an Agreement of Purchase & Sale to a new buyer (called the assignee).  Then the assignee might not be responsible for HST, in most circumstances.  However, any profit earned by the original purchaser may be subject to HST.

There are also transitional rules for the treatment of tax on real estate commissions based on the state of completion of the subject property.  If the property is less than ten percent (10%) completed on July 1st, 2010 then HST will be payable on closing; if the property is greater than ten percent ( 10%) and less than ninety (90%) complete then HST will be based on the percentage of work completed; if more than ninety( 90%) completed then HST should not be payable.

It is important that you discuss your specific transaction with your real estate lawyer to ensure that any nuances or particulars are fully captured or addressed from the HST perspective.  Please keep in mind that the tax is still subject to interpretation as revisions may still be introduced prior to implementation.

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The Federal Budget and the Real Estate Industry

Posted on March 10, 2010 | 1 Comment

Governor General Michaelle Jean delivered the Throne Speech this week, marking the opening of the third session of the 40th parliament and ending the prorogation. The federal budget was also announced, and though important issues like the rewording of the National Anthem and freezing parliamentary salaries were brought to the nation’s attention, only a few key homeownership and real estate-related matters were touched upon.

The federal budget was shown to have significantly fewer measures for the 2010 year in contrast to the 2009 year, when stimulating the housing market was a priority.

The extremely popular Home Renovation Tax Credit will not be coming back this year, much to the dismay of would-be renovators. Homeowners were able to receive a tax credit for the 2009 tax year for up to $1,350 on renovations and supplies purchased up until February 1st.

Although Finance Minister Jim Flaherty also mentioned that the Canadian housing market was stable and healthy, the Canadian Home Builders’ Association told the Canadian Press after the announcement of the budget that a permanent 2.5 GST home renovation tax would help offset the GST hit that renovations take in general. The CHBA also mentioned that a GST credit would help to fight the underground economy by not supporting unregistered and non-legit businesses who accept cash only and offer little recourse for homeowners should the job be poorly done.

“This is the single most important step the federal government can take to protect housing affordability and choice,” said Gary Friend, president of the CHBA, “What Canadians need now are permanent policies that end the erosion of housing affordability.”

Previously, home buyers could only withdraw $20,000 from their RRSP to put towards a down payment on a home, and this amount was raised to $25,000. A tax credit for first-time home buyers was also introduced.

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RBC Economics: Canadian Housing starts rise in February

Posted on March 9, 2010 | Leave a comment

Canadian housing starts rose 6.1% to an annualized 196,700 in February from a slightly revised 185,400 (was 185,600) in January.  Expectations going into the report had been for a smaller rise to 190,000 units.

The rise in total housing starts in February was almost entirely the result of increases in the multiple-starts segment.  The relatively volatile multiples component was up 19.1% in February to an annualized 89,900 units.  The more stable singles component rose as well, although by a much more modest 0.5% to 89,200 units.  Rural starts were estimated at 17,600 in February, down from the 21,100 estimate in January.

Starts were boosted by a large 28.6% surge in Ontario, although gains were also recorded in Atlantic Canada (14.3%), the Prairie region (10.8%) and British Columbia (8.0%).  Providing partial offset to these increases was a 14.1% drop in Quebec starts.

Today’s report that Canadian housing starts rose solidly in February, although largely driven by gains in the volatile multiples component, is in line with our expectation that housing activity in Canada will continue to pick up during the first half of 2010 following the surge in activity at the end of last year.  This rise is expected to reflect still low interest rates and pent up demand built up over the first half of 2009.  It is also expected to reflect a partial pick-up in housing activity leading up to the harmonization of the provincial and federal sales taxes in British Columbia and Ontario in July.

The implementation of the HST will raise the level of taxation on new housing, although primarily affecting higher-priced units.  Improvement in residential real-estate markets is expected to continue to contribute to overall growth rates being sustained at an above potential pace throughout 2010, and we expect improvements in labour markets to continue.  Be that as it may, the recent recession generated a large amount of economic slack, and January’s 8.3% unemployment rate serves as a reminder that the level of activity remains subdued.  We expect that this slack will keep inflation moderate in the near term, allowing the Bank of Canada to follow through on its conditional commitment to maintain the overnight rate at 0.25% throughout the second quarter of this year.

Nathan Janzen, Economist, RBC Economics – www.royalbank.com

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Essential tools to always have on hand

Posted on March 7, 2010 | Leave a comment

Perhaps you’re one of the lucky ones, and your spouse doesn’t get a little twitchy in the wallet while strolling through the tool aisle at Home Depot. Even if you’re not very handy, it’s important to have a few basic tools on hand for general home maintenance or repair, especially if your home is about to hit the market.

Cordless drill

A cordless drill with two battery packs can be sufficient as the only power tool you ever really need to own. When you forget about it and the battery dies, the alternate battery pack is charged and ready to go for whatever small job you need it for. Jobs like hanging up pictures, curtains or light fixtures and building shelves can all be completed with the assistance of a cordless drill. Keep in mind the bits your drill comes with originally may not be enough, and ensuring you’ve got at least one masonry bit (so you can drill through concrete) as well as a spiral-shaped bit will let you use your drill for pretty much anything.

Pliers

The potential uses are limitless: gripping wires, holding and turning objects in tight spaces, pulling teeth or deboning fish filets before dinner. There are a million and one uses for pliers and they can come in handy in the most unlikely of situations.

Utility Knife

A high-quality, sharp utility knife can be your go-to tool for cutting open boxes, opening plastic packaging, trimming vinyl flooring as well as any general whittling and slicing.

Tape measure

This one is pretty straight forward. Tape measures can come with loads of fancy features that stop just short of walking the tape across the room to measure for you (although, you never know) but one that measures effectively and accurately can usually be found at the dollar store.

Hammer

An all-purpose hammer can help with small jobs like putting together furniture, building things and hanging pictures.

A toolbox

The time may come when you’re in the middle of ordering new curtains and can’t find the tape measure to determine if the curtains you like will fit your windows. No matter how many tools you have, a small toolbox can go a long way with keeping your tools organized and at the ready whenever you need them, and try to make it a family rule to always return tools to the toolbox.

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Posted in General Information

Return of the Tall Ships: Toronto Harbourfront

Posted on March 6, 2010 | Leave a comment

The Waterfront Business Improvement Association has announced the visit to Toronto of an International fleet of Tall Ships that will race through the Great Lakes this summer during the Redpath Toronto Waterfront Festival.

Starting on June 30 through to July 4, 2010.

For more information, visit www.waterfrontbia.com

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Cooking School Opens in Toronto’s Oldest Farmers’ Market

Posted on March 5, 2010 | Leave a comment

By David Dunkelman

Food has been at the heart of the St. Lawrence neighbourhood in East Toronto dating back to 1803, when Lieutenant Governor Peter Hunter declared the area that encompassed Front Street to King Street and Jarvis Street to Church Street as the “Market Block.”

Toronto citizens have been buying local farm-fresh produce at the St. Lawrence Market for over 200 years. So it seems appropriate given its rich tradition in food that the St. Lawrence Market has recently opened The Market Kitchen, a cooking school and event venue.

The Market Kitchen is located on the west mezzanie of the south market. This 2,400 square foot space resembles a funky hard loft with exposed brick, soaring original windows, and polished hardwood floors. An open view of the marketplace below adds ambiance and a sense of inspiration to those pursuing culinary excellence.

No kitchen would be complete without the proper equipment and The Market Kitchen is certainly fortunate in this regard; it’s been fully outfitted with state-of-the-art appliances courtesy of Miele, the title sponsor of this venue.

The Market Gallery offers cooking classes for all levels as well as hosting a myriad of events held year round that cover an eclectic range of topics. The following is just a sample of events: “Cooking with coffee,”  “Chocolate and lots of it,” “Interactive demo: Indian Cuisine,” and  “Wine tasting and jazz.”

The Market Kitchen also conducts events for couples and children. It also hosts a popular Celebrity Chef series that gives participants the opportunity to be in the kitchen with some of Canada’s critically acclaimed chefs, including the likes of Anna Olson.

For  more information on The Market Kitchen at St. Lawrence Market visit the website www.stlawrencemarket.com.

David Dunkelman is a Broker and ABR* with Royal Lepage R.E.S.Ltd/Johnston and Daniel Division.  David is also the Author of “Your Guide to Toronto Neighbourhoods”. *ABR* The Accredited Buyer Representative (ABR®) designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to real estate practitioners by the Real Estate BUYER’S AGENT Council (REBAC) of the National Association of REALTORS® who meet the specified educational and practical experience criteria.

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Posted in Neighbourhood Information, Saint Lawrence Market

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