Category Archives: Uncategorized

Family Day Carnival on Toronto’s Harbourfront

The Waterfront BIA is inviting everyone to the Family Day Celebration being held on February 15, 2010 at Toronto’s Waterfront with lots to do for everyone as well as a draw for a family trip for 4 to the Quebec Winter Carnival in 2011!

DATE:   Monday, February 15, 2010
TIME:   11 a.m. to 5 p.m.
PLACE:  Toronto Waterfront, Queen’s Quay Terminal, Harbourfront Centre

For more details, please contact:

The Waterfront BIA
Queen’s Quay Terminal, South Atrium
207 Queen’s Quay West, P.O. Box 100
Toronto, ON  M5J 1A7
Tel: 416.596.9821
Email: info@waterfrontbia.com
Web: www.waterfrontbia.com

Affordability Increases for Ontario

Ontario’s housing market has recovered its past strength with rising home prices, however, too much of a good thing can become bad.

By that statement, I mean with the rising home prices, it has contributed to a decline in affordability for the first time since early 2008.

According to the latest housing report released by RBC Economics Research, homeownership has become less affordable.

What does this mean for you?

Well for home buyers, they have to now look at the fact that buying a home has not only becoming more expensive, but the cost of managing and living in the home has also risen.

In the Toronto area, the upward trend seen in the housing market has renewed the sense of urgency which fuels buyers to purchase homes more than ever.

With less inventory, resale activity has sky rocketed and prices have been pushed to near record levels.

As a result, affordability has suffered, with RBC’s Affordability measures for the Greater Toronto Area (GTA) rising between 1.0% to 1.9% in the third quarter of 2009.

Although the change does not seem much, it can affect a person greatly.

In Ontario as a whole, the RBC Affordability measure has risen in all housing types.

Affordability of the benchmark detached bungalow is now 39.4%; the standard townhouse is now 31.3%; the standard condo has reached 27.4%; and the standard two storeys home is now at 45.2%.

To allow you to completely understand, I will explain how the affordability reading works.

Simply put, the higher the reading, the more costly it is to afford that type of home.

For example, if you look at owning a condo, the standard condo affordability reading is 27.4%. This means that homeownership costs, which include mortgage payments, utilities and property taxes, will take up to 27.4% of a typical household’s monthly pre-tax income.

Keep in mind that this is only for homeownership costs, this value does not include any regular living costs, and not to mention any luxuries you may or may not have.

This only goes to prove that although the real estate market has greatly improved from the beginning of 2009, it can still bring about negative consequences for buyers.

Sellers, enjoy having multiple offers, bidding wars, etc., however keep in mind that when you begin to look for your own home, if you haven’t already, you will have to take into consideration homeownership costs, which as you can see, are slowly rising.

Few Ontario Homeowners Interested In Smart Meters

Many homeowners in Ontario have heard of Smart Meters, and soon those who have not will have to: the provincial government has mandated that all homes in Ontario have Smart Meters installed by the end of 2010.

According to a recent Canadian Ipsos-Reid survey, about one-third of Ontarians who use the internet are completely unaware of Smart Meters, and only one-quarter of Canadians outside Ontario have even heard of them. After having the Smart Meter concept explained to them, 37 per cent of online Canadians became only “somewhat interested” in Smart Meters, contrasted by the 23 per cent who were “extremely interested” and finally, four out of ten Canadians are just plain not interested in Smart Meters.

Currently meters must be read manually, but most residential meters are only read bi-monthly resulting in estimated bills. Even when the meter is read, human or machine error and improper readings can still result in these padded energy bills, and when no reading is available and without a SmartMeter, some companies may just use the reading from the year prior. Imagine making strict sacrafices and a sincere effort to reduce energy consumption and cut costs while having the bill just end up based on use from last year instead.

Smart Meters will allow energy consumption to be monitored by the hour, resulting in the possibility of pricing for different times of the day as well as allowing consumers to be more involved in keeping up with the growing “going green” initiative by allowing them to make informed choices about conserving electricity. Consumers can focus on shifting their high-energy use to lower price periods, for example: using certain energy-hogging appliances (especially those 10 years or older) such as air conditioners, washers, dryers and electric stoves during off-peak times. Costs per kWh vary by three different times: off-peak, mid-peak and on-peak being the most expensive at 9.1 cents per kWh and ranging from around 11 a.m. to 5 p.m. in the summer. Debt retirement and delivery charges on electricity bills are also mostly determined by an individual’s energy use and can add to the savings.

Keeping the central air on without a Smart Meter costs between 19.95 cents and 23.10 cents per kWh, but during off-peak times with a Smart Meter and time-of-use billing, the cost is significantly less at 14.70 cents.

Soon it may be very easy for anyone to monitor their energy usage closely with PowerMeter, a new Google program currently being tested and planned for later this year. The tool will allow users to view their home electricity consumption on their personal iGoogle page, as well as compare results with those of neighbours and gain a better insight into how they can be more efficient.

Some companies have already implemented time-of-use rates and others will begin rolling out this method of billing this year. Customers will also be notified in advance before time-of-use billing goes into effect.

Truss Uplift

By Carson Dunlop & Associates

An Uplifting Experience
Truss uplift has nothing to do with plastic surgery or under- garments. It is a phenomenon common in homes built with roof trusses as opposed to rafters.

If a house suffers from truss uplift, the top floor ceilings literally lift off the interior walls in the winter. They drop back down in the summer. Needless to say, this is a tad disconcerting to the homeowner. At first glance, one might assume that the floors have settled. Actually the ceiling has gone up – sometimes creating a gap of as much as two inches where interior walls meet the ceilings.

What is a Truss?
Trusses are prefabricated structural assemblies which hold up the roof and the top floor ceilings. Trusses tend to be a stronger lighter and less expensive approach to roof framing.

Trusses are strong because they make use of the most efficient geometric shape we know of – the triangle. Trusses are a series of triangles fastened together with gusset plates. The outside members of a truss are called chords while the inner pieces are known as webs.

Continue reading

The International Home Show

homeshowThe International Home Show is being held this year from October 9 to the 12th.  The show will be located at the International Centre – Toronto, which is located at 6900 Airport Road (just north of the Airport at Derry Road). The Regular Admission is $14.00 per person.

Muddy York Update – TREB Market Update – Mid September 2009

trebThe Toronto Real Estate Board released the mid September 2009 statistics for the Greater Toronto Area.  The number of sales to date was 3,361 in the first half of the month compared to 2,726 in mid-September of 2008, representing a 273% increase.   The average price for the GTA was $366,158 mid-September of last year compared to $393,818 this year.

In the Central District of Toronto, the average price was $415,126 compared to $386,524 last year.  The number of sales to date was 1,280 compared to 998 in mid-September of 2008.  The year-to-date total sales are up slightly (3%) compared to last year with the average price is up 1%.

Source: Toronto Real Estate Board

HST- Harmonized Sales Tax Simplified

By Carol Lome

There is a lot of confusion surrounding the latest tax (The Harmonized Sales Tax (HST)) to be forced upon the residents of Ontario.  Hopefully my posting here will assist you in providing some clarity to this new tax.  The following is a short summation of the HST particulars:

  • The HST is currently not in effect
  • The effective date is July 1, 2010
  • The HST will be 13% (based on the 8% Provincial Sales Tax and the 5% – Goods & Services Tax)
  • The HST will not apply on the purchase of re-sale homes
  • The HST after July 1st, 2010 will apply to the services associated with the purchase of re-sale homes such as real estate commissions, legal fees, moving costs, etc.

The impact on new home purchases is currently undergoing some proposed changes such as:

  • New home purchases across all price ranges would receive a 75% rebate of the provincial portion of the single sales tax on the first $400,000.
  • New home purchases under $400,000 would not pay any HST.
  • There is a proposal before government to rebate new residential rental properties – specifics to be determined
  • Contracts entered into before June 18, 2009, regardless of possession date, would not be subject to HST

The HST is currently being challenged by the Canadian Real Estate Association (CREA) and the Ontario Real Estate Association (OREA).  There is some speculation that the existing hot real estate market in the central Toronto core is being partially influenced by this proposed tax, similar to the market rush driven by David Miller’s Land Transfer Tax implementation witnessed last year.

Hopefully this short blog posting provides you with some relevant information on the HST, for more information, please visit: www.fin.gov.on.ca/english/budget/ontariobudgets/2009/chpt3.html

Carol Lome is a Sales Representative with Royal LePage/ Johnston & Daniel Division.  Carol is a regular contributor to the Muddy York Blog and her website is located at www.carollome.com

Muddy York Update – TREB Market Update – June 2009

trebThe Toronto Real Estate Board released the June 2009 statistics for the GTA and it is the BEST JUNE ON RECORD.

The number of sales for the month of June was 10,955 in the GTA compared to 8,600 in June of 2008, representing a 27% increase.

The number of days on the market decreased from 34 in 2008 to 33 in 2009.

In the Central District of Toronto in June 2009, the average price was $518,423 and the median price was $379,900.  The average percent to list came in at 98%.  The average number of days on the market was 29 days compared to the GTA average of 33 days.

Overall, over $1,062 Million worth of real estate traded in the central core of Toronto during the month of June.

Source:  The Toronto Real Estate Board

The Draft New Zoning By-law is Now Available

city of torontoThe proposed new zoning bylaw is now available on-line for review and comments.

The draft new zoning bylaw is available by using an interactive map that allows the user to see how the bylaw will apply in their particular neighbourhood or area of interest. There is also a help icon can be a useful tool to find the zoning bylaw layer on the interactive map.  The user can also access the zoning bylaw text directly.

Additional information will be available by the end of the week including; lot coverage, policy area, natural hazard land setback and major roads. Read more about the bylaw.

In addition to this, the City of Toronto is holding 8 Open Houses in each District at the following locations:

June 2 – North York Civic Centre
June 9 – City Hall, Committee Room #1
June 10 – Etobicoke Civic Centre
June 16 – Scarborough Civic Centre
June 17 – Etobicoke Civic Centre
June 22 – St. Lawrence Hall
June 30 – North York Civic Centre
July 2 – Scarborough Civic Centre

All meetings are from 4:00 to 9:00 p.m.

Source: City of Toronto