Monthly Archives: June 2010

Toronto Landmarks: Allan Gardens

Posted on June 27, 2010 | Leave a comment

Allan Gardens is a botanical landmark in the heart of downtown Toronto. It has six different greenhouses that hold various plans and flours from all over the world in 4,900 square feet of space. Some greenhouses offer cooler climates for plants like citrus trees, others more temperate climates for orchids and bromeliads. Another greenhouse has hibiscus flowers and ginger root, and there is an entire separate greenhouse dedicated to cacti and other desert plants.

The park is also one of Toronto’s oldest, opened in 1858 by the Prince of Wales. This plant conservatory is open year-round and even has over 40 different species of poinsettias during the winter holiday season. Admission to see all of the rare plants, hundred-year-old trees and wildlife (including a species of squirrel that is unique to the park) is completely free.

Many movies and television shows have been shot in Allen Gardens’ famous and unique-looking Palm House structure, including 2010′s Chloe, which had quite a recognizable scene in the trailer that took place in the garden.

The park also recently underwent a large revitalization project that saw the opening of a 3,000 square meter off-leash dog walking area complete with durable plants to better tolerate being trampled on by dogs.

Allan Gardens is located at 19 Horticultural Avenue on the southern side of Carlton Street between Jarvis and Sherbourne Streets and is open from 10 a.m. to 5 p.m. 416-392-7288

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Toronto makes new Canadian Monopoly Game

Posted on June 26, 2010 | 1 Comment

The ultimate real estate buying, selling and trading board game has announced its layout for the new Canadian version of Monopoly.  Twenty-two Canadian cities were added to the Canadian edition of the famous board game, after a Canada-wide contest that lasted six weeks and invited all Canadians to vote for cities they wanted to see included, 65 of which were selected. Cities that were added to the game also include Ottawa, Banff, Kawartha Lakes, Kelowna, Montreal and Vancouver.

Toronto is on the list, but it didn’t wind up as the most coveted property in the usual Boardwalk location, that went to Chatham-Kent, presenting the dreaded, highest rent charges in the entire country. Toronto is resigned to the pale blue places along with Vancouver and Ottawa, the second-cheapest set of property on the entire board.

The second-highest priced property, usually Park Place, went to Saint-Jean-Sur-Richelieu in Quebec.

“We hope that Canadian Monopoly fans will enjoy playing on a game board that includes and interesting mix of our cities featuring all of the dynamic cultures, sights  and history of this country,” said Hasbro, the makers of the Monopoly game, in a statement.

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Canadian Economy Growing Rapidly

Posted on June 25, 2010 | Leave a comment

Canada’s economy is growing at its fastest in a decade, according to a Royal Bank of Canada economics report.

“Canada’s economy continued to surge ahead as domestic demand was backed by increases in consumer, housing and government spending,” said senior vice president and chief economist at RBC, Craig Wright. “Looking ahead, positive signs in the job market indicate that the recovery will continue in the near term, as private investment increases following a sharp decline during the recession and core inflation remains on target,” he said.

Unemployment rates in Canada are expected to top off at 8.0 per cent for the rest of 2010, down from a previous outlook of 8.4 per cent and 2011 will see a predicted unemployment rate of 7.3 per cent, down from a previous outlook of 7.7 per cent.

Canada’s GDP will not grow as high, as the previous outlook had it pegged at 3.9 per cent while now it’s expected to rise to only 3.5 per cent.

Economic growth in the province of Ontario is expected to reach 3.5 per cent, while Saskatchewan is predicted to have the highest rate of growth at 4.4 per cent.

“Stronger than expected economic data and higher inflation have reduced the need for emergency low interest rates, although uncertainly arising from the European debt crisis adds an element of caution to further rate increases,” said the report.

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Yonge & Eglinton: An Urban Growth Centre

Posted on June 24, 2010 | Leave a comment

By David Dunkelman

The Province of Ontario has identified five Urban Growth Centres in the City of Toronto. They are: Downtown/Waterfront, Scarborough Centre, North York Centre, Etobicoke Centre, and Yonge-Eglinton.

Yonge-Eglinton in North Toronto has been identified as such thanks to its excellent public transit access where jobs, housing and services are all concentrated in a dynamic, mixed-use setting.

Yonge and Eglinton — affectionately referred as “Young and Eligible” — has been an important intersection for over a hundred years. This area was originally part of Eglinton Village, which amalgamated with Davisville Village to the south and North Toronto to the north to form the Town of North Toronto in 1890. The Town of North Toronto was annexed by the City of Toronto in 1912.

The City of Toronto planning division has identified the Yonge and Eglinton intersection as having potential for new development through infill and redevelopment of key sites, including the TTC Eglinton Bus terminal lands. Lower-scale development along Eglinton Avenue further from the intersection is also planned; mixed-use residential with street-level retail is recommened. The subway station is also slated for improvements, as is an overall enhancement of the streetscape.

The northwest quadrant of the Yonge-Eglinton intersection is occupied by the Yonge Eglinton Centre, a mixed-use retail and office complex built in the 1970s that has long been a landmark and pillar in the North Toronto community. Upgrades to the open-space pedestrian square of the Yonge Eglinton centre are contemplated and under review with input from the community.

The northeast quadrant of Yonge-Eglinton has more of a main-street village feel with two-storey commercial buildings. One larger building with a set-back for an open-space pedestrian square has been suggested for this corner.

The southeast quadrant has already been transformed by the recently built Minto Midtown project, which consists of two residential towers with retail. The open space between the two buildings is designed to improve pedestrian space in the area.

The southwest quadrant is largely occupied by the TTC Eglinton bus terminal lands, which the city has targeted for public realm improvements, better public transit infrastructure and new park space.

Also notable is the redevelopment of North Toronto Collegiate (east of Yonge Street between Roehampton and Broadway). This historic school is being rebuilt with a new playing field and will open in 2011. “The Republic” condominium development abutting the new school has been very popular with homebuyers seeking this prime midtown location.

The proposed redevelopment of Yonge-Eglinton marks a shift in attitudes towards city planning with a new focus on sustainability and an opportunity for city building that will create new homes and jobs as well as improve the public realm. The implementation of this plan will help to ensure that Yonge-Eglinton remains a vibrant and successful focal point of Toronto.

CAPTION: Yonge-Eglinton is one of Toronto’s most vibrant locations.

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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Toronto Landmarks: Black Creek Pioneer Village

Posted on June 23, 2010 | Leave a comment

Black Creek Pioneer Village is a perfect snapshot of 1800s Toronto.

There’s a gift shop where you can find rare pioneer-era items like old-fashioned candies, gardens to explore, animals to see and authentic pioneer buildings and settlers who encourage the asking of a lot of questions. Visit the blacksmith shop, the school, the tinsmith and the doctor’s house for an realistic early Toronto experience.

There’s also the Historic Brewery Restaurant and Pub, found in the famous Half Way House that was built in 1847. This restaurant serves mostly authentic and local fare, although it is safe to bet that grilled chicken panini wraps were not very popular in the 1800s. The Pavilion Snack Bar and Barbeque is also around, with an outdoor eating area perfect for grabbing a quick lunch while you explore.

Each day at Black Creek Pioneer Village promises something new, and the village often holds various holiday events, such as the upcoming Father’s Day festivities and celebrations.

For the rest of June, the village is open from 9:30 a.m. to 4 p.m. and from July to Labour Day the village will be open from 10 a.m. to 5 p.m. on weekdays. On weekends and holidays throughout the summer, the village is open from 11 a.m. to 5 p.m.

Location:  1000 Murray Ross Parkway 416-736-1740

www.blackcreek.ca

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RBC: Canadian household net worth climbs to $6.0 trillion in the first quarter

Posted on June 22, 2010 | Leave a comment

Canadian household net worth increased by 1.3% ($74 billion) in the first quarter of 2010 to $6.0 trillion, which marks the fourth consecutive quarterly improvement in household net worth and reflects a 96% recovery off of the net worth lost during the recent economic downturn.

Increases in both financial and non-financial assets drove the improvement in household balance sheets. Canadian stock markets continued the positive trend that started in the second quarter of 2009 with the S&P/TSX composite index up a modest 2.5% in the first quarter of 2010, pushing the value of household financial assets (which include equities, mutual funds and pension assets) up by 1.8% ($71.3 billion). The Canadian housing market continued to show strength in the first quarter of 2010, pushing the value of non-financial assets (of which real estate holdings make up 85.5%) up 0.8% ($24.9 billion) compared to the previous quarter.

Household liabilities grew 1.5% ($21.7 billion) in first quarter to $1.4 trillion, led by a $16.4 billion increase in mortgage debt reflecting the continued strength in the real estate market. Consumer credit growth eased to $3.9 billion (from $8.3 billion in the previous quarter) reflecting a slowdown in demand for durable goods. The growth in liabilities matched the growth in net worth, keeping the household debt-to-net worth ratio at 24.4% for the third consecutive quarter, slightly below the all-time high of 24.9% seen in the first quarter of 2009. The household debt-to-personal disposable income ratio edged up to a new record of 148.9% from 147.0% in the final quarter of 2009. (Credit market debt, which includes only consumer credit and mortgages, edged up to 22.2% of household net worth from 22.1% in the previous quarter and up to 135.7% of personal disposable income from 133.7%.)

The increase of household net worth continues to help repair the cumulative $552 billion decline that resulted from the economic downturn, and balances now stand at 96% of their pre-recession levels. Low interest rates have encouraged the expansion of household borrowings that has led to strengthening in demand and asset prices, particularly in housing. The strength of the recovery during the first quarter of 2010, along with firmer than expected core inflation, led the Bank of Canada to begin its gradual removal of its stimulative monetary policy and raise the overnight rate 25 basis points to 0.50% earlier this month. Because economic activity is expected to continue to improve, the Bank will likely continue to withdraw monetary stimulus, although we expect the pace of tightening to remain moderate with the policy rate expected to finish 2010 at a still stimulative 1.50%.

Source:  David Onyett-Jeffries, Economist, RBC Economics

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Vacancy rates in Canadian apartments rise over 2009 due to increased homeownership

Posted on June 21, 2010 | Leave a comment

The Canada Mortgage and Housing Corporation released its numbers for the 2010 Spring Rental Market Survey, and the results show a definite increase in apartment vacancies thanks to increased homeownership.

The average rental apartment vacancy rate in major urban centers increased from 2.7 per cent to 2.9 per cent from April 2009 to April 2010.

“Rental construction and competition from the condominium market added upward pressure on vacancy rates and historically low mortgage rates attracted renter households towards homeownership over the last year,” said the CHMC.

Vancouver, Toronto, Calgary and Ottawa had the highest average monthly rent, while apartments in the province of Quebec has the lowest. Windsor had the highest vacancy rate, at 12.4 per cent, and Peterborough and Abbotsford each had average vacancy rates of 6.6 per cent. The lowest vacancy rates were in Quebec City with 0.4 per cent, closely followed by Regina and Winnipeg.

In fall of 2008, the national rental vacancy rate was only 2.2, increasing sharply to 2.8 in October of 2009. Windsor also had the highest vacancy rate then, with 13 per cent.

Back then, the increase in vacancy rate was attributed to a lower level of youth employment and demand for rental housing because of improved home affordability options. Now, the increase in vacancy rates shows an easier transition from renting to homeownership, likely due to the impending HST and mortgage rules as well as the record-low mortgage rates seen during the early spring.

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Cottage sales up all over Canada, but interest rates may be an issue

Posted on June 20, 2010 | Leave a comment

A recent report by one of Canada’s leading real estate companies stated that despite home sales booming across the country, most cottage sales had remained stagnant throughout the first few months of 2010.

However, the sales this year rose 79 per cent over the same time last year, but American buyers are staying south of the border as recreational real estate is at ultra-low prices, keeping them away from Canadian markets. Canadian buyers may be lured to the United States too, leaving the future of the recreational property market uncertain.

“While sales have been strong out of the gate, the number of waterfront cottages, condominiums and back lot properties sold in the first quarter still fall short of pre-recession levels,” said the report.

The most affordable prices were found in Ontario cottage country areas like Parry Sound, the East Kawarthas and Bancroft, while the most expensive properties were found in Alberta and British Columbia.

Meanwhile, a survey released by Royal LePage at the end of May showed that a surprising one in 10 Canadians would reconsider buying a recreational property thanks to interest hikes.

“The tightening of lending requirements for second homes, coupled with an increase in taxes and expectations of higher interest rates may have a dampening effect on the recreational property market,” said the Royal LePage report. The report also noted that in 2009, 64 per cent of Canadians considered recreational properties a good investment, but this year only 43 per cent feel that investing extra money in recreational properties is wise.

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4 Reasons a Buyer Should Sign a Buyer Representation Agreement

Posted on June 19, 2010 | Leave a comment

Source: The Toronto Real Estate Board

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