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Do you believe Vaughan is being over-developed?

2010-03-11T19:25:00.004-05:00

(As featured in the Vaughan Citizen, March 11, 2010)

"Do you believe Vaughan is being over-developed?"

This was the question posed in Caroline Grech's March 3rd post entitled "Vaughan greenlights changes to official plan ". While it sounds like a straightforward question, the answer may appear to be a paradox.

To understand why, one has to understand the quantum leap in the Provinicial policy framework for development. Through the legislation of various policy documents such as the Places to Grow Act, the stage has now been set for long term growth management by establishing the rules that municipalities such as Vaughan must follow in respect of land development and sustainable community building.

Prior to the enactment of this legislation, the focus on development tended to ignore existing built up communities in favour of newer Greenfields. During the 25 years up to the last census data of 2006, Vaughan experienced over growth of over 200,000 people and almost 150,000 jobs. That short period of intense growth was accommodated mostly via unsustainable Greenfield development and has created a number of issues which require immediate attention including:

Extreme dependence upon personal vehicles and growing gridlock
Erosion of countryside, agricultural lands and green space
Predominance of disconnected, limited access single-use areas
Limited range of housing types and inventory
Inadequate health and cultural and identity building facilities
Greater capital and operating infrastructure costs per capita
Greater concentration of low skilled versus high skilled employment

Regional forecasts now suggest that Vaughan will grow by 170,000 new people and 113,700 new jobs during the 25 year period of 2006 and 2031. The aim of the Places to Grow program is to manage this next wave in order to avoid and/or reverse some of the impacts of past growth. Accordingly, the legislation will attempt to:

Create a vibrant and multi-dimensional downtown core (Vaughan Metropolitan Centre)
Create integrated communities that offer more live, work and play options
Provide housing options to meet the needs of people at any age
Curb sprawl and protect farmland and green spaces
Reduce traffic gridlock by improving access to a greater range of transportation options

One of the key elements of the program is the established target for development that must occur through intensification within the already built areas. Some of the arguments for intensification are that the cost of infrastructure in low-density, sprawling development is expensive because there are fewer properties among which to allocate such costs. Furthermore, it prohibits the efficient and cost-effective provision of public transit solutions.

The irony with intensification however is that while many people tend to agree with the concept in principle, it often is the subject of great debate and opposition when it comes to local neighbourhood impact, a phenomenon otherwise known as NIMBY (Not in My Back Yard). This, I would argue, is more so the case in suburban settings such as Vaughan where many residents have chosen to live based on an overwhelming preference towards lower-density developments. The common belief is that among other things, the suburban setting offers improved privacy, slower lifestyle and less crime than the urban alternative.

The fact of the matter is that we can no longer subscribe to this way of life as it fails to ignore the long term impacts. Even if we accept the premise that the suburban lifestyle offers a higher quality of life, it simply cannot be accommodated indefinitely. While it may seem like over-development, the principle of intensification is in fact a necessary source of sustainable long term growth that will minimize urban sprawl.

GTA Feb 2010 MLS data released: Vaughan sales continue brisk pace

2010-03-03T10:40:00.001-05:00

Greater Toronto REALTORS® reported 7,291 sales through the Multiple Listing Service® (MLS®) in February, representing a 77 per cent increase over February 2009. The average price for these transactions was up 19 per cent year-over-year to $431,509.

Sales and average price increases represent both increased demand for ownership housing and the base year effect, which involves a comparison of economic recovery this year to a period of economic decline last year.

“Increases in existing home sales and average price were noted across the GTA in low-rise and high-rise home types. Similar rates of growth were experienced in the City of Toronto and surrounding 905 regions,” said TREB President Tom Lebour. “This suggests that first time, move-up and down sizing buyers are all active in the existing home marketplace.”

New listings also increased in February, climbing 24 per cent compared to the same month last year.
“Annual growth in new listings is expected to continue. New listings growth will start to outstrip sales growth as we move through 2010,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As the market becomes better supplied, we will see more sustainable single-digit rates of price growth.”

In Vaughan (District N08) REALTORS® reported 243 sales through the Multiple Listing Service® (MLS®) in February, representing a 141 per cent increase over February 2009. The average price for these transactions was up 14 per cent year-over-year to $499,543

New listings also increased in Vaughan in February, climbing 36 per cent compared to the same month last year. While this is a favourable trend for buyers looking for more available options in the market, the pace of new listings is still well below the pace of sales resulting in further market imbalance.

This fact is punctuated when we take a look at the active listings to real estate sales ratio for the month in Vaughan. In Feb 2010 that ratio was 1.7 compared to 6.7 in Feb 2009.

At the risk of being stigmatized as "just another one of those self serving REALTORS®", now may very well be a good time...well, you know the rest.

It would seem, I'm not the only one who believe this based on this latest Real Estate market opinion from the CHMC

If you have any questions about the latest data release or any other real estate matters, please feel free to contact me. I'm always here to help.

Bullying your way through Multiple Offers

2010-03-01T00:31:00.001-05:00

A recent article was published in the YourHome section of the The Toronto Star entitled House sellers, buyers balk at bidding wars

The article describes the frustration among prospective home buyers who take part (often unsuccessfully) in a multiple offer situation. As the article correct points out, there is often a proliferation of multiple offer activity in markets subject to limited inventory.

The frustration though is the result of the marketing methods often utilized and recommended by agents and adopted by their sellers in setting a listing price for the property. Specifically, the prices are set artificially below prevailing market prices along with a delayed offer date in order to encourage greater buyer interest and buying frenzy.

The article does a good job of discussing the growing negative reaction to underpriced listings in the market by knowledgeable buyers who are now beginning to avoid competing offer situations.

What the article doesn't mention is one of the strategies used by savvy REALTORS® in the multiple offer situations known as the "Bully Offer".

Simply stated, the Bully Offer is one which includes an aggressive offer price with good terms and includes a short irrevocable date (24hrs or less) which clearly expires well before the delayed offer date noted in the listing. In such a case, the listing REALTOR® is legally bound to "convey the offer to the seller at the earliest practical opportunity".

Assuming the REALTOR® does so, the seller can very well choose to accept the offer which leads to a happy seller and a purchaser who has avoided the multiple offer frenzy and associated stress that comes with it.

The problem in this case are the purchasers and their agents who chose to play by the rules and wait until the requested offer date to convey their offers, They are all left fuming once they realize the house has already been sold.

In case you're wondering, no, there are no specific guidelines within the Provincial Real Estate & Business Brokers Act legislation (REBBA) that addresses this specific Bully Offer situation. Aside from the seller and agent's own moral and ethical dispositions, there is nothing guiding the appropriate conduct of an agent in this case.

The only recourse for the disgruntled purchasers/agents in this situation is to pursue legal damages. In that respect, by accepting the "early offer" the seller and his agent may be leaving themselves open to a potential lawsuit.

How the Courts would rule on on this or determine the basis for damages is anyone's guess.

Vaughan Metropolitan Centre Secondary Plan Meeting

2010-02-28T23:12:00.002-05:00

On Monday March 8, 2010, the City of Vaughan Policy Planning Department and the consulting team of Urban Strategies Inc. will host a public information meeting for the Vaughan Metropolitan Centre Secondary Plan.

EVENT DETAILS:

MONDAY, MARCH 8, 2010
7:00 p.m. to 9:00 p.m.
Hilton Garden Inn – Toscana Room B
3201 Highway 7 (at Interchange Way), Vaughan

PROJECT OVERVIEW:

The City of Vaughan is in the midst of creating a new Official Plan to guide the City’s growth over the next twenty-five years. The emerging vision for the City includes a “vibrant and thriving downtown” in the area known as the Vaughan Metropolitan Centre (VMC) – formerly the Vaughan Corporate Centre (VCC), and is being planned near the intersection of Highway 7 and Jane Street. The extension of the Spadina Subway to Vaughan and the need to accommodate new residents and jobs in the VMC sets the stage for building a downtown - a distinctive place and centre for business, culture, commerce and living. A study of the VMC is now underway and will result in a new Official Plan, zoning by-law and design guidelines for the area. To ensure the new plan reflects the needs and aspirations of Vaughan citizens, public participation in the Study is vital.

MEETING PURPOSE:

The purpose of this Public Information Meeting is to present an overview of the Draft Vaughan Metropolitan Centre Secondary Plan for information and feedback. The goal of the plan is to create a vibrant and sustainable downtown that serves all Vaughan citizens. The Draft Plan sets out a framework of streets, open spaces and land uses for the VMC and contains policies to guide infrastructure planning, built form and public realm improvements.

Members of the public are encouraged to attend this meeting to provide their insight, and to continue to play an important role in the planning process for the City of Vaughan.

East Woodbridge Community assembles to discuss Liberty Development

2010-02-21T01:22:00.000-05:00

The East Woodbridge Community Association (EWCA) hosted a public meeting this evening at the Chancellor Community Centre to discuss questions and concerns regarding the development proposal of 7777 Weston Road; northeast corner of Highway #7 and Weston Rd. (I wrote about the Liberty Development proposal in a prior post.)

The EWCA invited all members of the Vaughan Council along with representatives from the Liberty Development Group to attend.

I was glad to see Mayor Linda Jackson, Regional Councillor Gino Rosati and Regional Councillor Mario Ferri were on hand to field questions from concerned residents.

Notably absent were Regional Councillor Joyce Frustaglio, Councillor Bernie Di Vona and representatives from the Liberty Group.

I will be the first to submit that the decision to hold a public meeting at 5:00 pm on a Saturday evening was perhaps not the best way to encourage overall attendance. Nothwitstanding this, I think this particular proposal will represent a landmark development case in the local Woodbridge community and Vaughan in general and accordingly, I would have expected Regional Councillor Frustaglio and Councillor Di Vona to make an appearance.

I actually was impressed with some of the comments and questions raised by the local community.

Unfortunately due to the lack of time and the number of deputations, I did not have an opportunity to convey some of my intial concerns with the development which are as follows:

The Places to Grow Act guidelines suggest a target level of 200 combined jobs and people per hectare by the year 2031 in designated "Growth Centres". In Vaughan, the defined Growth Centre includes the Vaughan Corporate Centre (recently renamed "The Vaughan Metropolitan Centre"). This proposed development lies outside the boundaries of this Growth Centre so why is this higher density target being used as the basis of consideration for the application? Even at this target, the roughly 2 hectares that the site represents would translate into 400 combined jobs and people. This proposal calls for 792 residential units and 10 storeys of office space. This is a major variance by any reasonable standard.
The application relies on the prospective improvements in transportation (which includes the Viva rapid transit systems and the eventual Spadina subway extension) in respect of addressing the traffic conjestion concerns for the nearby intersections. There are two issues here. One, what are the assurances that the Subway and rapid transit sytems will be in place by the time this development is completed? Two, what are the plans for addressing pedestrian safety for residents who are expected to
utilize the rapid transit routes. Presumably the rapid transit stops would be situated kitty-corner to this development. Expecting pedestrians to cross both Highway 7 and Weston Road during daily rush hours would be nothing short of suicide missions.

This meeting represented one of the first few steps in a very long process. While it is important to invite and involve the entire community, I think it is also important to create a smaller circle of representatives to synthesize and assert the views of the community in an organized and meaningful format

I believe this is the best way in which to have the City of Vaughan Council and applicants such as the Liberty Group can carefully hear, understand and be accountable to the Community.

GTA REALTORS® report mid-February resale housing market figures

2010-02-18T23:29:00.001-05:00

Greater Toronto REALTORS reported 3,555 sales through the Multiple Listing Service during the first two weeks of February.

This represented a 74 per cent increase compared to the 2,044 sales recorded during the same period in 2009 when resale transactions had dipped due to the recession. The February mid-month sales total was also 7.7 per cent above the previous high set in 2006. "Home ownership demand remains strong in the GTA, as households remain confident that economic recovery is at hand and that ownership housing will continue to be a quality long-term investment," said Toronto Real Estate Board President Tom Lebour. The average price for February mid-month transactions was $429,997 - an 18 per cent increase over 2009. New Listings within the Toronto Real Estate Board boundaries were up 15 per cent to 6,212.

"Double-digit price increases will persist through the first quarter of the year," said Jason
Mercer, TREB's Senior Manager of Market Analysis. "However, as new listings continue
to increase creating a better supplied market, we will see the annual rate of price growth
moderate into the single digits."

Mortgage Rules change will detonate Real Estate market fireworks

2010-02-18T01:48:00.005-05:00

The federal government has announced changes to the rules for government-backed insured mortgages (less than 20 percent down payment) as follows:

All borrowers will be required to meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter terms.
Reduced maximum amount that can be withdrawn in refinancing a government-backed insured mortgage to 90 per cent from 95 per cent of the value of the home.
Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner occupied properties purchased for speculation. Borrowers purchasing owner-occupied residential properties will still be able to access government-backed mortgage insurance with a 5 per cent down payment.

By many accounts (including my own), the undertones of announcement seem to foreshadow inevitable interest rate hikes. When you consider these together and add them to the pending HST introduction, the current blazing real estate market will become pyrotechnic.

Backgrounder

Canada's Housing Market Remains Strong

Canada's housing market remains healthy and stable. According to the International Monetary Fund, our housing market is fully supported by sound economic factors, such as low interest rates, rising incomes and a growing population. Moreover, mortgage arrears—overdue mortgage payments—have also remained low.
Today's announcement is part of the Government's policy of proactively adjusting to developments in the housing market that could take root and cause instability. These steps are timely, targeted and measured, and will reinforce the importance of Canadians borrowing responsibly and using home ownership as a savings mechanism.

Mortgage Insurance

Mortgage insurance (which is sometimes called mortgage default insurance) is a credit risk management tool that protects lenders from losses on mortgage loans. If a borrower defaults on a mortgage, and the proceeds from the foreclosure of the property are insufficient to cover the resulting loss, the lender submits a claim to the mortgage insurer to recover its losses.
The law requires federally regulated lenders to obtain mortgage insurance on loans in which the homebuyer has made a down payment of less than 20 per cent of the purchase price (also called high loan-to-value ratio loans). The homebuyer pays the premium for this insurance, which protects the lender if the homebuyer defaults.
The Government ultimately backs most insured mortgages in Canada. It is responsible for the obligations of Canada Mortgage and Housing Corporation (CMHC) as it is an agent Crown corporation. In order for private mortgage insurers to compete with CMHC, the Government backs private mortgage insurers' obligations to lenders, subject to a deductible equal to 10 per cent of the original principal amount of the loan.
In October 2008, the Government adjusted its minimum standards for government-backed, high-ratio mortgages, including:

Fixing the maximum amortization period for new government-backed mortgages to 35 years.
Requiring a minimum down payment of five per cent for new government-backed mortgages.
Establishing a consistent minimum credit score requirement.
Requiring the lender to make a reasonable effort to verify that the borrower can afford the loan payment.
Introducing new loan documentation standards to ensure that there is evidence of reasonableness of property value and of the borrower's sources and level of income.

Measures Announced Today

Today, the Government announced three changes to the standards governing government-backed mortgages.

Qualifying at a Five-Year Rate

Current interest rates are at record low levels, which has improved the affordability of housing for Canadians. It is important that Canadians borrow prudently and are able to manage their debt loads when interest rates rise.
Lender and mortgage insurers look at two key ratios when assessing the ability of a borrower to make payments on a mortgage loan:

Gross Debt Service (GDS) ratio—the ratio of the carrying costs of the home, including the mortgage payment, taxes and heating costs, to the borrower's income.
Total Debt Service (TDS) ratio—the ratio of the carrying costs of the home and all other debt payments to the borrower's total income.

Currently, the interest rate used to determine the mortgage payment for these calculations is either the rate fixed for the term of the mortgage or, in the case of a variable-rate mortgage and mortgages with terms of less than three years, the greater of the contract rate and the prevailing three-year fixed rate.
The adjustments to the mortgage framework will require mortgage insurers to ensure that borrowers qualify for their mortgage amount using the greater of the contract rate or the interest rate for a five-year fixed rate mortgage when calculating the GDS and TDS ratios.
This measure is intended to protect Canadians by providing them with additional flexibility to support mortgage payments at higher interest rates in the future.

Limit the Maximum Refinancing Amount to 90 per cent of the Loan-to-Value Ratio

Borrowers seeking financial flexibility can currently refinance their mortgage and increase the amount they are borrowing on the security of their home up to a limit of 95 per cent of the value of the property. This type of refinancing lowers the borrower's equity in their home. The adjustments today will lower the maximum amount of the mortgage loan in a refinancing of a government-backed high ratio mortgage loan to 90 per cent of the value of the property, consistent with the principle that home ownership is a tool for savings.

Discouraging Speculation by Requiring a Minimum Down Payment of 20 per cent for non-owner-occupied properties

This measure will require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation. Currently, borrowers may purchase a residential property with a 5 per cent down payment. Today's change will require a 20 per cent down payment for small (i.e., 1- to 4-unit) non-owner-occupied residential rental properties. Borrowers purchasing owner-occupied residential properties which also include some rental units (e.g., borrowers purchasing a duplex to live in one unit and rent out the other) will still be able to access government-backed mortgage insurance with a 5 per cent down payment.

Moving to the New Framework

These adjustments to the mortgage insurance guarantee framework are intended to come into force on April 19, 2010. Exceptions would be allowed after April 19 where they are needed to satisfy a binding purchase and sale, financing, or refinancing agreement entered into before April 19, 2010.

Source: Department of Finance Canada

The push for video streaming of Vaughan City Council public meetings

2010-02-04T12:32:00.002-05:00

This past week, I had the opportunity to tune into a live audio broadcast of the public Committee of the Whole meeting, which among other agenda items, included a public consultation on the proposed development application by the Liberty Development Corporation in respect of 7777 Weston Road (former Al Palladini dealership)

Although the broadcast audio quality was fairly decent, the fact that the video element was missing, left much to be desired especially given the nature of this particular agenda item which showcased much passion among residents packed in the Council chamber.

Naturally, video streaming brings an entirely different dynamic and dimension to the process. The phenomenon and popularity of websites like YouTube and Vimeo are obvious testimony to this, not to mention the proliferation of video in all our cool handheld devices. I really look forward to the Ipad offering...sorry, I digress. Back to the issue...

Less than a week ago, the Toronto Star published an article which lauded the City of Vaughan for becoming a leader in transparency and accountability. Unfortunately, when it comes to the full transparency of public Council meetings, the City of Vaughan gets a marginal passing grade at best.

I have been told by some that there are those wonderful Privacy laws that limit what the City can and cannot do in respect of video simulcast, but I simply don't buy it. One only need look to our neighbouring municipalities to see that this is and has been going on for many years.

Below for example, are samples of RogersTV broadcast schedules for various surrounding municipal Council meetings.

http://www.rogerstv.com/option.asp?lid=12&rid=28&sid=1126&cdate=1/27/2010

http://www.rogerstv.com/option.asp?rid=16&lid=12&sid=1030

http://www.mississauga.ca/portal/cityhall/mississaugatv

http://www.rogerstv.com/option.asp?lid=12&rid=70&sid=3183

Clearly, Privacy laws are not the issue at hand here.

In the Toronto Star article above, when asked about what was driving the change in Integrity and Accountability policy reforms at the City, Councillor Alan Shefman responded by saying "it was driven by the will of Council and the clear recognition by some of us who felt that you need these sorts of policies and codes in place to give councillors a guide for good behaviour."

That being said, I for one would like to see the "will of Council" proceed further in their bid to be transparency role models and work to begin the live video streaming of public Council meetings.

If you're a resident of Vaughan, I'd love your opinion on this.

If for no other reason, we might be able to prevent situations like the following:

Notice of Public Meeting re: Weston/Highway 7 Proposed Condo Development

2010-02-04T01:03:00.000-05:00

A public meeting of the residents of Vaughan (and in particular Ward 3 in Woodbridge) is being held to discuss questions and concerns pertaining to the proposed Condominium and Office Tower development of 7777 Weston Road (formerly the Al Palladini Dealership)

The first Committee of the Whole public meeting regarding this application took place on February 2, at the City of Vaughan Council Chambers and saw a significant turnout of residents.

The date, time and location of this community meeting is scheduled for:

Saturday February 20, 2010 at 5:00 p.m.
Chancellor Community Centre in Woodbridge
350 Ansley Grove Road, gymnasium

All residents are encouraged to attend with friends and neighbours.

This meeting is being held by the East Woodbridge Community Association

Please contact Rosanna DeFrancesca, (President) with any questions by email at info@ewca.ca or by phone at 416-678-1486

GTA REALTORS® report January resale housing market figures

2010-02-03T22:29:00.003-05:00

Greater Toronto REALTORS® reported 4,986 transactions through the Multiple Listing Service (MLS®) in January 2010. This result represented a large increase over the 2,670 sales in January 2009 when the home sales were in a recessionary trough. Last month’s sales were slightly higher than the January average in the five years preceding 2009. “The GTA housing market has rebounded well from the lows in sales experienced at the beginning of 2009. Sales climbed back to healthy levels across the GTA because the cost of home ownership remained affordable in the Toronto area,” said TREB President Tom Lebour.

“Increasingly confident consumers moved to take advantage of affordable home ownership.” The average home selling price in January 2010 climbed 19 per cent to $409,058, compared to 343,632 in the same month last year. “Expect strong annual growth rates for existing home sales and average price through the first quarter as we continue to make comparisons to the weak market conditions at the beginning of 2009,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The rate of sales and price growth will be lower in the second half of 2010.”

In Vaughan (District N08), the number of resale housing real estate transactions in January 2010 totalled 146 versus 69 a year earlier. This represented a 116% increase, compared to the overall GTA change of 76%. The average home selling price in Vaughan climbed 12 per cent to $484,680 compared to $430,071 in January 2009.

Weston Road & Highway 7 Condo Development Public Meeting

2010-02-03T00:41:00.009-05:00

As per my intial post, the City of Vaughan Committee of the Whole Public meeting took place last night, and while there were 4 items on the agenda, clearly most of the attendees were there for the last item...

The Liberty Development application of 7777 Weston Road (formerly the site of the Al Palladini dealership).

Although I had intended to be present, circumstances changed. I was however, tuned into the live broadcast of Vaughan Council Chambers. I was told that the Council Chambers were fairly packed with interest from the public.

There were a number of deputations made by the public along with East Woodbridge Community Association President, Roseanna DeFrancesca. Mrs. DeFrancesca as you may or may not know, has thrown in her nomination hat for Ward 3 Councillor in the upcoming November municipal election. She also was behind the campaign to notify neighbourhood residents of the Committee Meeting, which is how I learned about the date. It turns out that the agenda for the meeting did not surface on the municipal website until late last week. I personally called the City only to find out that "they were behind schedule" on posting the agenda. In any event, I thank Mrs. DeFrancesca for her efforts.

As I noted in my initial blog post, the main issues of concern voiced by most of the deputants revolved around traffic, density, overall building height and the strain on municipal services.

Peter Weston of the Weston Consulting Group was present representing the applicant, Liberty Development.

Mr. Weston was diplomatic in his address to Council along with the public concerns and was quick to acknowledge that this was an initial step in a long process and that his client would work with members of City staff and the community in trying to come to terms with an acceptable outcome for all. Quite frankly, he had no choice to do otherwise.

What I found interesting in his comments were that:

a) the development would likely take in the range of 8-10 years for completion, and that
b) the transportation issues would be addressed by introducting a 4-way stoplight at the intersection of Northview Blvd and Weston road (which currently offers right-in, right-out access only), the completion of the Chrislea Rd. 400 overhang and the further development of high speed transit routes and the York Spadina Subway extension.

All the issues presented were valid ones, but without access to studies to address the issues, it's very difficult to intelligently conclude on any of the matters.

What I can say for certain is that a 8-10 year timespan for development will undoubtedly increase the strain on this intersection and community residents and business owners during the development period.

Secondly, the fact that the transportation feasibility hinges on an the enhanced transit system seems to be a rather weak foundation. There is no certainty as to an ultimate completion date and although the project is underway and even ahead of schedule (according to some), there's nothing to suggest that the project can't be halted or delayed in the future for any number of reasons. What happens then? Do we politely ask Liberty to stop development and construction? The credit crisis should be the latest and most obvious lesson that nothing is certain. Furthermore, this site will not be "on the line". Residents will still need to commute to the subway if that is their choice transportation.

If the would-be residents decide to commute East (which is most likely the case) by way of high speed transit, they'll need to walk across Highway 7. A underground tunnel or overhead bridge that directly leads to the transit connection point, should in my opinion, become a mandatory requirement in the eventual development. Anything less would seriously compromise the safety of pedestrians. As we've regrettably seen the past two weeks, pedestrian street safety is a growing concern.

The comments made during the meeting will now be collected and synthesized by City staff, who will then address such concerns with the Developer for additional commentary. A motion was also carried that a sub-committee be formed in consultation with the Rate Payer's group and other community stakeholders to help advance and the public issues with the Developer.

Although it all sounded like all parties would leave to work it all out and live happily ever after, I think we all know where this is eventually headed...

One Major Battle...or, OMB for short.

(Author's note: The photo above is from Liberty's Thornhill City Centre Vista (22 storeys) and Beverley (19 storeys) development...the proposal for 7777 Weston calls for 33 storeys)

Canadian Interest Rate Predictions

2010-02-01T20:02:00.001-05:00

According to many of Canada’s top economists, higher interest rates – and debt servicing costs – may be just around the corner. Exactly when rates will rise is unclear and depends on who you talk to.

In its latest Financial System Review, The Bank of Canada judges that vulnerability of Canadian households to adverse wealth and income shocks has grown in recent years. “At present, Canadian household finances appear quite healthy,” Governor Mark Carney says, but it is the responsibility of households now to ensure that in the future, when the recovery takes hold and extraordinary measures are unwound, they can still service their debts.”

The Bank of Canada still maintains it will hold the line on rates until July of this year, and many analysts believe rates may start to rise in the fall of 2010, with some expecting a full three percentage point hike by the end of 2011.

Some forecasts predict an increase of up to 3.5% by the end of 2011. What will this mean? Well, based on an existing $300,000 mortgage and 25 year amortization and 5% rate, a 3.5% increase would translate into an approximate $640 step up in monthly payment. Utilizing a typical GDS% (Gross Debt Service) of 32%, that would require and additional annual income of $24,000.

Below is a summary of a few of the forecasts for where interest rates are headed over the next year and a half:

TD Quarterly Economic forecast
With home prices on track to grow a further 9.4% in 2010, the housing market will continue to support economic activity through much of the year, while rock bottom interest rates, improvements in financial asset and housing wealth, and a recuperating labour market will help underpin consumer spending. Home price growth will slow significantly thereafter, and residential investment is expected to detract from economic growth through 2011 and 2012. The slower rate of home price appreciation will also limit the rate at which household wealth increases, posing a hurdle for Canadian consumer spending. Second, households may be very sensitive to rising interest rates, particularly given the high rate of debt accumulation that occurred in response to record low interest rates. As such, an expected rise in short term interest rates of a full 3 percentage points by the end of 2011 is likely.

RBC Economics
In the near-term, with interest rates likely to remain low and the supply of homes available for sale relatively limited, we do not expect to see a sharp drop-off in sales activity. In the second half of 2010, however, the combination of higher mortgage rates and higher prices are likely to take some steam out of the market. In 2011, conditions in the housing market are likely to be relatively stable as the strengthening economy leads to job and income growth, which will offset some of the effect of the steady rise in interest rates throughout the year. The Bank of Canada will honour its conditional commitment to hold the policy rate at its current level until the end of the second-quarter 2010. Our baseline forecast looks for the Bank to raise the policy rate by 100 basis points in the second-half 2010. Another 225 basis points in rate hikes are expected over 2011 with the policy rate expected to settle at 3.5%.

Scotia Economics
For most other central banks, the process of normalizing the emergency level of short-term interest rates should begin around mid-year — led by the European Central Bank, but quickly followed by the Federal Reserve and the Bank of Canada, and belatedly by the Bank of England and the Bank of Japan. Overall, we expect that the Fed and the Bank of Canada will raise their overnight rates 2 percentage points by mid-2011, after which they are likely to remain on hold as the U.S. economy adjusts to a slower growth trajectory. U.S. bond yields should continue to trend higher against a backdrop of a revival in private sector credit demands, a less accommodative central bank stance, and the massive financial requirements associated with large and sustained government deficits.

CIBC World Markets
The US consumer upturn has been more vigorous than we would have expected, a challenge to our view that a rising savings rate would sap growth momentum. But we’re still a long way from the big job gains needed to bring unemployment down on a sustained basis, and we’re sticking to our view that the Fed will stand pat until early 2011. Still, Canadians must be prepared for when interest rates inevitably rise. “They are emergency rates, they won't be here forever,” says Benjamin Tal, CIBC World Markets.

BMO Nesbitt Burns
As long as these conditions continue, the Fed should remain on hold. We look for the unemployment rate to peak during Q1 and remain in double digits until the autumn, with core inflation drifting down consistently during the year. We’ve pencilled in a September rate hike start, by which time the outlook for resource utilization, inflation, and inflation expectations should be signalling a precautionary requirement to begin removing monetary stimulus, and also reflecting the Fed’s concern that keeping policy rates too low for too long “could lead to excessive risk-taking in financial markets”. Rate hikes are likely to be gradual and could easily be postponed into 2011 because of continued high unemployment and inadequate credit creation.

(Source: Ontario Real Estate Association)

Vaughan is the new model of transparency...4 years later

2010-02-01T00:34:00.005-05:00

Vaughan is now being cited as a model for transparency and accountability.

Who woulda thunk it?

Such is the finding of a recent Toronto Star article which points to the hiring of an Integrity Commissioner, a new Code of Conduct, Expense Policy and task force report on "Democratic Participation and Renewal" as examples of Vaughan's leadership into reform and good municipal governance.

Perhaps the most interesting comment from the article comes from Thornhill Councillor Alan Shefman who is quoted as saying "the reform was driven by the will of Council and the clear recognition by some of us who felt that you need these sorts of policies and codes in place to give councillors a guide for good behaviour."

....meanwhile, on an unrelated note, the New York Times has reported that it was the will of Tiger Woods to check himself into a rehab clinic for sexual compulsion and that the optics had nothing to do with it.

Source: Vaughan works to turn around reputation for scandal

Coming Soon - Legalized Basement Apartments in Vaughan

2010-01-31T22:22:00.005-05:00

Okay, let's be clear.

It's not official yet, but all factors seem to strongly point in the direction of legalizing basement apartments (otherwise known as "secondary suites") in the City of Vaughan.

The latest indication of this was a Vaughan City council on January 25th which saw a recommendation from the Commissioner of Planning to undertake a study on secondary suites along with the establishment of a secondary suites task force. The recommendation will proceed to City council on Feb. 16 for a vote.

Secondary suites have received greater attention at both the Provincial and local levels.

At the Provincial level, both the Places to Grow Act and the Provincial Policy Statement (Planning Act) make reference to to establishing and implementing minimum targets for the provision of affordable housing and point to the conversion/expansion of existing residential buildings to create new residential units or accommodation, including accessory apartments, secondary suites and rooming houses.

At the local level, York Region continues to exhibit a lack of affordable rental housing. According to the Ontario Non-Profit Housing Association, York Region has been cited as having the highest rental increase over a 10 year period ending 2007 a period of time, one of the tightest rental vacancy rates in the GTA, and a high percentage of tenants paying 30% or more of household income on housing.

The legalization of secondary suites is a complex issue and often sparks controversy among advocates and opponents.

Concerns surrounding the legalization of secondary suites include how to create additional parking spaces, the difficulty in enforcing building and fire code standards and the strain on services and infrastructure among neighbourhoods which had originally not planned for the increase in population.

Advocates, on the other hand, will argue that secondary suites already exist (albeit illegally) and that the safety of such occupants may often be compromised in the absence of building standard regulation and enforcement. Furthermore, it is an obvious way to help to address the issue of the lack of affordable housing inventory.

In these more trying economic times, should mortgage rates begin to creep up (as many have industry analysts have predicted) it is very conceivable that we will see a proliferation of home owners trying to supplement their incomes and secondary suite rentals will no doubt become an alernative for some. In my own personal observation, I've already seen their proliferation.

On a personal level, I have always declined on listing mandates involving the rental of an illegal basement. Although there are a host of standard "do not warrant the retrofit status" clauses many Realtors will use while marketing their listings, it flies in the face of ethical responsibility in my humble opinion.

Personally, I'm glad to see the issue finally receiving it's due regard at the City level.

You'll have to stay posted to see what happens.

Committee of the Whole Public Meeting - February 2, 2010

2010-01-29T20:50:00.000-05:00

This Committee of the Whole meeting should be particularly interesting in that the last of the 4 items on the agenda includes the development application relating to 7777 Weston Road in Woodbridge.

7777 Weston Road is the former address of the infamous Al Palladini Lincoln Ford Dealership located on the corner of Highway #7 (soon to be 'Avenue 7') and Weston Road.

The application is being made by 2159645 Ontario Inc., which is a shell company of the Liberty Development Corporation.

The application proposes the future development of two high density residential condominium buildings of 30 and 33 storeys with 728 units and one office building of 10 storeys. In addition, the proposal calls for both ground and second floor commercial and office uses along with underground parking.

The proposed density and building height (vis-a-vis floor space index variances) along with traffic impact should prove to be the main topics of public discussion, or dispute as it were.

One thing's for certain...this will represent the most significant test to the City of Vaughan's emergin adoption of an intensification strategy that embodies the City's Official Plan review in conjunction with new Provincial Policy direction.

City of Vaughan Mayor's 2010 Outlook Speech

2010-01-26T15:11:00.001-05:00

The following is the transcript of the 2010 Outlook Speech presented by Linda Jackson, Mayor of the City of Vaughan to the Vaughan Chamber of Commerce.

One item that was not addressed was the status of the proposed City of Vaughan Hospital, which I would submit represents a significant economic issue as much as a social one....

========================================================================
Good afternoon,

Welcome to 2010. We’re entering an exciting new time in Vaughan. It’s hard to believe that we have completed an entire decade of the new millennium.

Think back to ten years ago. The entire world was poised for the end of the 20th century and everyone was holding their breath over Y2K – the Year 2000 Problem. I remember my mother bringing home a massive binder filled with information to prepare her for the worst. All over the world there were dire predictions of massive global infrastructure failures – everything from elevators to air traffic control systems – and there was real fear that business would be paralyzed.

And then it was over. January 1, 2000 came in just like any other day. All the hard work and preparation by IT departments had paid off. There were no major failures or problems anywhere. We survived. In the 10 years since then, the City of Vaughan has been transformed. We are a true urban centre now. Our population has grown to 280,000 and our businesses now number more than 9,000. We have achieved a lot in the past ten years and I know even greater achievements are yet to come.

Tornado

2009 in Vaughan will best be remembered as the year of the tornado – a terrifying incident that affected many lives while at the same time demonstrating how supportive and caring our community is. On Thursday August 20, shortly after 6 p.m., an F-2 tornado touched down in our City. While it caused widespread damage and destruction, miraculously, no one was killed or seriously injured.

The tornado was a catastrophic event that touched the lives of many people. I’m very proud of the way the City and our partners responded. It showed how capable we are, as a City, of responding to an emergency and doing a good job that was universally praised by all levels of government, businesses and residents alike.

Economic Development

Our businesses stepped up when the tornado hit, offering a variety of services and supplies to those affected. We understand that a strong business sector makes a ‘complete’ community and that’s why we work hard to make Vaughan the most business friendly municipality in Ontario.

It's why Vaughan has one of the strongest local economies in the Greater Golden Horseshoe. For the past decade we have consistently led the way in attracting new business and investment. Millions of dollars are being invested in our community every day. In 2009 the City of Vaughan broke the billion dollar mark for issued building permits.

Despite the economic challenges of a difficult year, we surpassed the amount issued in 2008. Congratulations to you, our business community, for continuing to invest in Vaughan. As Vaughan grows, so too does its business base, attracting new and dynamic enterprises every year. If we are to envision a strong economic future for Vaughan, then we must pursue economic growth and continue to diversify.

We are achieving this as more and more businesses choose Vaughan as the home base for their global enterprises. I’m always amazed when I attend the annual Vaughan Chamber of Commerce Business Achievement Awards at the diversity of the businesses in this City.

Canada's newest and fastest supercomputer is now located in Vaughan. This incredible piece of technology can perform more than 300 trillion calculations a second. It's about 30 times more powerful than the next fastest research computer in Canada and one of the world’s fastest computers.

I knew that we were the media capital of Canada – however, did you know that Vaughan is also the newspaper printing centre for Canada? In addition to printing the Toronto Star papers, we are also printing the National Post and the Globe and Mail after Transcontinental Printing located their printing centre here in Vaughan last July.

Vaughan is also the place where many of your favourite national magazines are printed. When you turn the lights on to read your morning paper, think of RuggedCom. This company, located in Vaughan, has grown to be a global market leader capturing 40% market share in communications networking technology used to enable the Smart Grid.

The next time you’re buying the latest video game or technology gadget, a company called Ideazon might come to mind. This Vaughan-based company is the first in the world to design and manufacture keyboards for PC gaming. And if it’s delivered overnight, chances are it went through the City of Vaughan. UPS Canada invested $72 million in 2009 in their main sorting package operation hub – an expansion that will create hundreds of jobs. It is now the largest UPS small package hub in Canada.

These are just an example of some of the amazing businesses that are choosing Vaughan. Vaughan has been taking proactive steps to protect its great economic potential and plan for growth, both in population and employment.

What are we doing? First, we are keeping taxes low.Not only do we work hard each year to maintain a low tax rate for business, we also have the lowest tax ratios in the GTA. Tax ratios determine how the tax burden is shared between the residential and business community.

Many communities put a far greater tax burden on their business community than Vaughan does.This translates into reduced costs to the business community in Vaughan. For example, did you know that if you built an identical business on Steeles Avenue – one on the north side in Vaughan and the other on the south Side in Toronto – in fact directly across from each other – that the business on the Toronto side would pay almost double the property tax?

Second, the City is engaged in two key studies focused on economic development. The Employment Sectors Study is nearing completion. I would like to thank those of you who have participated in the workshops and forums over the past year. This study has identified our current business landscape and our employment base. It also highlights the business sectors we need to focus on to continue to expand and diversify our economy.

The second is an Economic Development Strategy. It is set to begin in the next few weeks and will be completed this June. One of the main goals is to engage the entire Vaughan community – businesses, institutions, organizations, associations, and other stakeholders – in the process. This strategy will serve as the City's road map for our economic development activities for the next 10 years.

And, we are completing the Official Plan Review. This three-year project, the largest in the City’s history, is anticipated to be approved by Vaughan Council in June. It will clearly define how Vaughan will manage growth over the next 25 years including how to best utilize our employment lands. Vaughan has the largest amount of greenfield employment land in the GTA and it's going to be so important that we have the policies in place to guide us on its use. This means 114,000 new jobs in the next 20 years. The new Official Plan will make sure that the employment we attract will continue to build our great City.

Employment

Vaughan prides itself on being able to offer tremendous opportunities for business expansion and quality employment.We will continue to work with our partners in the business community to grow our business base and create even more jobs in our City.

A decade ago, the City of Vaughan’s labour force stood at just over 100,000. Today that number is almost 160,000 – a 55 per cent increase. When it comes to job growth – Vaughan is a leader, not just in the GTA, but in Canada. Why are we a leader? Because of people like you. People like you who had a dream to start a business – whether it was a hair salon, a restaurant, a clothing store or a factory – you are the reason Vaughan is what it is, today.

You are the reason we can continue to attract an educated and skilled labour force. You are the reason we led all Canadian municipalities in job growth according to the 2006 Census. You are the reason Vaughan is a business leader and why we continue to attract new business. You are the reason why other businesses choose to stay here and expand. You are the reason we continue to be a leader among Canadian municipalities.

The City’s employment base is diversifying and new sectors are emerging – such as the green building industry – an area where Vaughan has an opportunity to emerge as a leader in green development. Manufacturing continues to be the largest employment sector in Vaughan. Construction and wholesale trade are also still strong.

Infrastructure

Most of us have heard that there are two seasons in Ontario – winter and the construction season. With the challenges of the economy it has been a positive to see so much construction going on in our City. Some of this is a result of infrastructure stimulus funding that Vaughan has received from the provincial and federal governments. This has meant improvements to roads, bridges, water systems and public transit, to name a few.

The City of Vaughan acted quickly – we submitted a list of Shovel Ready Projects and went after the funding aggressively. We wanted to move forward on projects that focused on the rehabilitation of existing infrastructure, ones that would also create jobs and stimulate the local economy.

Staff worked incredibly hard to get a significant portion of the available infrastructure funding, giving Vaughan the lion’s share of the money allocated to York Region municipalities. Vaughan had $30 million in projects approved. Ten million from the provincial and federal levels, combined with ten million at the local level.

These projects would otherwise have been funded by the taxpayer and instead are being funded by the province and the government of Canada. The City was able to fast-track many planned construction projects because of this funding. These projects are creating jobs which, in turn, drive the economy.

Subway extension - Spadina and Yonge

One of the biggest infrastructure projects in the City of Vaughan is the Toronto York-Spadina Subway extension. I was pleased to participate in the groundbreaking ceremony this past November where the shovels finally went into the ground.

In five years, subway trains will be rolling into Vaughan. As for the Yonge Street Subway Extension, we are continuing to work on this project. In December, I was in Ottawa with other Mayors to meet with the federal government to continue the dialogue for extending the Yonge Street Subway line from Finch Station to Richmond Hill Centre.

Economy and the Budget

Vaughan has accomplished a great deal in the past decade, and even in the past year, when the economy was in recession. Consumer confidence hit new lows and many people were concerned about their jobs as businesses reduced spending and layoffs grew across the country.

The City of Vaughan remains in a strong financial position thanks in part to our long standing dedication to financial management through progressive best practices and prudent policies. We passed our 2010 Operating and Capital Budgets this past Monday night. It features a modest 2.6 property tax increase.

The focus for this budget is:

Job creation – through economic stimulus projects;
Environmental Stewardship – by building environmentally sustainable facilities, such as our new City Hall;
Community safety – hiring firefighters for a new fire station and making major road repairs; and,
Community facilities – opening the North Thornhill Community Centre.
The City is focused on a minimal cost to the taxpayer and a minimal cost to the business community. We have achieved that with this budget.

Awards and Achievements

Vaughan is a well-managed City. The Minister for Municipal Affairs and Housing has recognized that Vaughan is well-run and is fiscally sound. In 2009, the City of Vaughan became the first stand-alone water distribution system in the Province of Ontario:

to have an on-site visit;
be accredited by the Canadian General Standards Board; and,
receive a Municipal Drinking Water License and Drinking Water Works Permit from the Ministry of Environment.
We also received two perfect scores for water quality. Last fall, the City was recognized for its efforts in engaging the public and involving them in the planning process. We received an Excellence in Planning Award for Communications and Public Education from the Ontario Professional Planners Institute for our Official Plan Review.

Earlier this week, the City received a prestigious international award for excellence in budgeting from the Government Finance Officers Association of the United States and Canada. Again, this award recognizes that Vaughan is a well-managed municipality. And I will be on hand next month when our Economic Development Department receives an award from the Economic Development Council of Ontario.

Before I conclude, I would like to thank the Board of the Vaughan Chamber of Commerce, the Chair of the Board, Gerald Searles, and the President and CEO Deborah Bonk, for the invitation to speak today. As we stand here now at the beginning of a new decade we can look back with pride and a sense of accomplishment at the changing face of Vaughan, and look forward with great confidence to what lies ahead.

Everything begins with a dream. Every business in this City began with a dream – an idea inside someone’s head that slowly took shape and turned into a plan. For example, the dream of putting a weather station on Mars is now a reality. Thanks to a Vaughan business we are now learning more than we ever knew about the red planet.

What was once someone’s vision, someone’s dream, is now a reality. I know there are many more dreams just like that in this room and across our City. The entrepreneurial spirit is alive and well in Vaughan. And we’re here to help you realize it and to help make all your dreams come true.

Thank you.

Spotlight on Vaughan: Community Characters

2010-01-23T10:17:00.002-05:00

The 4th Annual York Region Character Community Awards are set to take place in April 27, 2010.

The Character Awards celebrate and recognize individuals and organizations in York Region who demonstrate positive character attributes in their home, school, work and community.

Award recipients will be evaluated using the following criteria:

Number of attributes identified
Impact on the number of people in the community
Leadership in respect to character development
Community participation

Award Categories include:

Business of Character
Business Leader
Citizen of Courage
Neighbourhood of Character
School of Character
Educator of Character
Wendel Clark Sports Award
Pursuing Character through the Arts
Character Hero
Health Care Worker of Character
Customer Service of Character
Change our World

The deadline for nominations is February 12, 2010.

Further information on the above categories along with nomination forms, guidelines and sponsorship opportunities can be found at: www.charactercommunity.com/awards.htm

2009 Canadian resale market ends on high note

2010-01-21T01:06:00.001-05:00

Existing home sales activity reached the highest level ever for the month of December, according to statistics released by The Canadian Real Estate Association. Strong demand in the second half of 2009, especially in the fourth quarter, pushed annual sales above 2008 levels.

Residential sales activity via the Multiple Listing Service® (MLS®) of Canadian real estate boards numbered 27,744 units in December 2009. This stands 72 per cent above activity in December 2008, when activity dropped to the lowest level in a decade. New records for the month of December were reported in Ontario, Quebec, Saskatchewan, New Brunswick, and Newfoundland & Labrador.

Seasonally adjusted national home sales totalled 46,805 units in December, capping the strongest fourth quarter period ever. A total of 137,957 homes traded hands on a seasonally adjusted basis in the fourth quarter of 2009. This is up 2.6 per cent from the previous record set in the first quarter of 2007. New quarterly records were set in British Columbia, Ontario, and Quebec.

National sales activity began 2009 on a weak footing. Despite year-over-year increases in the second and third quarters of the year, year-to-date activity was still trailing 2008 levels at the end of September 2009. A 59 per cent year-over-year gain in the fourth quarter of 2009 pushed sales activity above annual levels for 2008.

“Sales activity in 2009 came in like a lamb and went out like a lion,” said CREA President Dale Ripplinger. “The continuation of unusually low interest rates may keep national sales activity near current levels over the coming months, as will a blip in housing demand in Ontario and British Columbia from homebuyers motivated to beat the introduction of the HST.”

Annual activity in 2009 was down 10.7 per cent from the peak reached in 2007. A total of 465,251 homes traded hands through the MLS® systems of real estate boards in Canada in 2009. This is up 7.7 per cent from 2008 levels, and represents the fourth highest level on record for annual activity.

The national residential average price was $337,410 in December, up 19 per cent year-over-year. On an annual basis, average price climbed five per cent to a record $320,333. Average prices set new annual records in a majority of local markets in 2009, and in every province except Alberta.

The large year-over-year increase in the national average price in December reflects the high degree to which it was skewed downward in late 2008 by unusually low activity in Canada’s priciest markets. The national average price was also skewed upward by rebounding activity in the spring and summer months of 2009. The national average price rose to unprecedented heights at that time, despite records having been set in only a small number of local markets.

The contribution of activity by higher priced markets toward the national average price has recently returned to more typical levels. Record level average prices in most regions are now driving the national average price to new heights.

The price trend is similar but less dramatic for the national weighted average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. It climbed 3.6 per cent in 2009.

The residential average price in Canada’s major markets was up 5.5 per cent year-over-year to $348,840 in 2009. As with the national counterpart, the price trend is similar but less dramatic for the major market weighted average price, which rose 2.3 per cent from 2008 levels.

Strong demand and headline average price gains are drawing more sellers to the market. New listings coming onto Board MLS® Systems across Canada rose to the highest level on record for the month of December, with a total of 33,090 residential properties coming on stream. This is up 4.8 per cent from December 2008, the first year-over-year gain in a year. On a seasonally adjusted basis, new listings rose by 4.7 per cent in December 2009 compared to the previous month.

The recent rising trend in new listings has not yet offset the steep decline in the number of new listings during the first half of 2009. As a result, new listings in 2009 were down 12.6 per cent from the annual peak in 2008.

Despite the recent rise in new listings, strong demand for resale housing continues to draw down inventories. There were 154,264 homes listed for sale on Boards’ MLS® Systems in Canada at the end of December 2009, a decline of 22 per cent from levels reported one year ago.

Nationally, there were 4.1 months of inventory in December 2009 on a seasonally adjusted basis. This is the lowest level in more than two years.

The actual (not seasonally adjusted) number of months of inventory in December 2009 stood at 5.6 months, the lowest December figure since 2005, and well below the same month in 2008 (12.3 months). Although up slightly from November (five months), an increase is normal at this time of year since demand normally eases relative to supply over autumn and winter months. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

“CREA’s latest statistics will no doubt spark further bubble talk amongst the usual suspects,” said CREA Chief Economist Gregory Klump. “Cooler heads recognize that many of the recent gains reflect temporary factors that could fade by summer.”

“The extraordinary decline in activity one year ago and subsequent rebound, particularly for higher-priced real estate, is stretching current year-over-year comparisons,” he said. “By the second half of 2010, price gains are likely to shrink significantly, since a year will have elapsed since the decline and rebound. Klump added that, “Further expected increases in supply will also take some steam out of the market. A more balanced market will result in smaller price increases in the second half of the year, but a massive decline in demand similar to what we saw in late 2008 and early 2009 seems as unlikely as a massive spike in supply.”

Click here to view the complete Canadian Real Estate Association release

Source: Canadian Real Estate Association

McGuinty Government announces York Region full-day learning schools

2010-01-14T11:51:00.028-05:00

Ontario will launch its full-day learning program for up to 35,000 four- and five-year-olds in almost 600 schools this September.

The program should be fully implemented by 2015-16, with more schools added each year. According to the Ministry, full-day learning is a key part of the government's plan to strengthen education in Ontario and create an even better-educated workforce. It will give our youngest students an integrated day of learning, provide a stronger start for kids and make life easier for busy parents.

This is the government's next step in its education plan, which has reduced class sizes, raised the graduation rate by nine percentage points and added about 100,000 students in universities and colleges.

QUICK FACTS

* As part of Ontario's full-day learning plan, parents can choose to enrol their child in the extended day plan that provides before- and after-school programming for a reasonable fee.

* Subsidies will be available, based on need, for families who need help with the cost of the extended day program.

* The full-day early learning program will be supported by a team of teachers and early childhood educators with approximately 26 kids per classroom.

The following are a list of all 35 York Region schools (both Public and Catholic Boards) which have been selected. A complete list of all Ontario selected schools is available at Ontario.ca/EarlyLearning

An intergrated map of Vaughan schools (incl. websites, boundaries and EQAO scores) can be found here

YORK REGION (PUBLIC) DISTRICT SCHOOL BOARD

Coppard Glen Public School
131 Coppard Ave, Markham, Ontario, L3S 2T5

Crosby Heights Public School
190 Neal Drive, Richmond Hill, Ontario, L4C 3K8

E J Sand Public School
160 Henderson Ave, Thornhill, Ontario, L3T 2L5

Ellen Fairclough Public School
33 Brando Avenue, Markham, Ontario, L3S 4K9

Glad Park Public School
300 Glad Park Ave, Stouffville, Ontario, L4A 1E5

James Robinson Public School
90 Robinson St, Markham, Ontario, L3P 1N9

Jersey Public School
176 Glenwoods Ave., Keswick, Ontario, L4P 3E9

John McCrae Public School
565 Fred McLaren Blvd, Markham, Ontario, L6E 1N7

King City Public School
General Delivery, 25 King Blvd, King City, Ontario, L7B 1K9

Lakeside Public School
213 Shorecrest Rd, Keswick, Ontario, L4P 1J1

Lorna Jackson Public School
589 Napa Valley Ave, Woodbridge, Ontario, L4H 1R1

Michael Cranny Elementary School
155 Melville Ave, Maple, Ontario, L6A 1Y9

Milliken Mills Public School
289 Risebrough Circuit, Unionville, Ontario, L3R 3J3

Morning Glory Public School
29478 Hwy 48, Pefferlaw, Ontario, L0E 1N0

Pleasantville Public School
400 Mill St, Richmond Hill, Ontario, L4C 4B9

Prince Charles Public School
684 Srigley St, Newmarket, Ontario, L3Y 1W9

Ramer Wood Public School
11 Cairns Dr, Markham, Ontario, L3P 7M8

Regency Acres Public School
123 Murray Dr, Aurora, Ontario, L4G 2C7

Stonehaven Elementary School
875 Stonehaven Ave, Newmarket, Ontario, L3X 2K3

Summitview Public School
6551 Main St, Stouffville, Ontario, L4A 5Z4

Sutton Public School
Box 190, 20849 Dalton Rd, Sutton West, Ontario, L0E 1R0

Westminster Public School
366 Mullen Dr, Thornhill, Ontario, L4J 2P3

Whitchurch Highlands Public School
13812 Warden Ave, Stouffville, Ontario, L4A 7X5

YORK REGION (CATHOLIC) DISTRICT SCHOOL BOARD

Blessed John XXIII Catholic Elementary School
125 Kreighoff Ave, Unionville, Ontario, L3R 1V8

Corpus Christi Catholic Elementary School
35 Squire Dr, Richmond Hill, Ontario, L4S 1C6

Divine Mercy Catholic Elementary School
251 Melville Ave, Maple, Ontario, L6A 1Z1

Holy Family Catholic Elementary School
21 Mullen Dr, Thornhill, Ontario, L4J 2T6

Holy Spirit Catholic Elementary School
315 Stone Rd, Aurora, Ontario, L4G 6Y7

Kateri Tekakwitha Catholic Elementary School
230 Fincham Ave, Markham, Ontario, L3P 4B5

St Charles Garnier Catholic Elementary School
16 Castlerock Dr, Richmond Hill, Ontario, L4C 5H5

St Clement Catholic Elementary School
40 Bainbridge Ave, Woodbridge, Ontario, L4L 3Y1

St Elizabeth Seton Catholic Elementary School
960 Leslie Valley Dr, Newmarket, Ontario, L3Y 8B3

St Francis of Assisi Catholic Elementary School
200 Aberdeen Ave, Woodbridge, Ontario, L4L 1C4

St Francis Xavier Catholic Elementary School
223 Highglen Ave, Markham, Ontario, L3S 1Y4

St Thomas Aquinas Catholic Elementary School
19, 262 Old Homestead Road, Keswick, Ontario, L4P 3C8

Spotlight on Vaughan Recreation: Fitness centres are abound - No excuses!

2010-01-11T16:02:00.001-05:00

We're 11 days into the New Year and if you're like me, 11 days past the start of a healthier lifestyle resolution.

Sure, I can point to a number of excuses, the latest of which is fatherhood.

I have a 16 month old daughter who, from the moment she awakes, has energy levels that would make the Tazmanian Devil seem like he's on Prozac by comparison.

I'm also a father to a 6 month old son (yeah, do the math) who either suffers from clinical insomnia or has developed an early stage affinity for the late-night infomercial antics of the side-talkin' Slap Chop guy. If my son's violent rattle smacking is any indicator, I'm led to believe it's the latter.

Between the two, my level of energy and sleep deprivation has caused an alarming increase in the number of visual comparisons to Vince Vaughn and Susan Surandon

Still, it's no excuse for the lack of commitment to maintaining a regular exercise routine. I need to get back on the proverbial horse as it were, if for no other reason than to live a healthy life while my wife and I raise our kids.
If you fall into the same boat and live in Vaughan there's good news. As I've come to quickly realize there is certainly no shortage of fitness centres and studios here.

That said, I've gathered together the list below should you be looking for a greater source of motivation and positive environment.

If you know of any others, please let me know or comment below and I'll be sure to add to the list.

Whatever you do, be inspired and be healthy.

City of Vaughan Community Centres

Garnet A. Williams Community Centre
501 Clark Avenue West
Thornhill, Ontario L4J 4E5
Tel: (905) 832-8552

Maple Community Centre
10190 Keele Street
Maple, Ontario L6A 1R7
Tel: (905) 832-2377

Al Palladini Community Centre
9201 Islington Ave.
Woodbridge, Ontario L4L 1A7
Tel: (905) 832-8564

Father Ermanno Bulfon Community Centre
8141 Martin Grove Road
Woodbridge, Ontario L4L 3W9
Tel: (905) 879-8732

Private Health & Fitness Gyms and Studios

Anytime Fitness
2535 Major Mackenzie
Maple, ON
L6A 1C6
Tel: (905) 417-2442

Bodies by Design
5875 Hwy 7 W
Unit #10
Woodbridge, ON
L4L 8Z7
Tel: (905) 850-2202

Body Control Pilates Canada
981 Teston Road
Maple, ON
L6A 1E9
Tel: (416) 910-3834

Curves
20 Jacob Keffer Pky
Unit #1
Concord, ON
L4K 5E3
Tel: (905) 417-1112

Curves for Women
9000 Weston Road
Unit # 9
Woodbridge, ON
L4L 6J7
Tel: (905) 265-7716

Extreme Fitness
90 Interchange Way
Concord, ON
L4K 5C3
Tel: (905) 850-4402

Goodlife Fitness
57 Northview Blvd.
Vaughan, ON
L4L 8X9
Tel: (905) 265-1188

Integrity Fitness
8418 Islington Ave.
Woodbridge, ON
L4L 1W8
Tel: (416) 460-8926

The Passionate Trainer
167 Applewood Cres
Unit 2
Vaughan, ON
L4K 4K7
Tel: (905) 532-0100

The Pavillion
130 Racco Pky
Thornhill, ON
L4J 8X9
Tel: (905) 763-8000

Pure FX Fitness Studios
10557 Keele St
Unit #1
Maple, ON
L6A 0J5
Tel: (905) 303-9900

Pilates Platz
7787 Yonge St
Thornhill, ON
L3T 7L2
Tel: (905) 707-7876

Real Life Fitness
8383 Weston Road
Unit #107
Woodbridge, ON
L4L 1A6
Tel: (905) 850-2226

Revolution Mixed Martial Arts
1450 Clark Ave W
Unit #24
Thornhill, ON
L4J 7R5
Tel: (905) 695-1020

Synergy Fitness
111 Zenway Blvd.,
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215 Dougton Road
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L4K 1R1
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L4L 8E3
Tel: (416) 277-8748

Home Inspectors miss the mark on Grow Ops

2010-01-09T13:13:00.003-05:00

Erica Johnson of CBC Marketplace and contractor Mike Holmes reveal a new twist on home inspectors: more Canadians are buying houses that were formerly used as marijuana grow-ops. How could home inspectors miss the obvious signs?

Watch the recently aired "Grow Op Cover Up" CBC Marketplace video

It's an interesting piece and continues to speak to many issues such as professional standards, liability, insurance and disclosure.

While I understand the BC inspector's comment in this case about not being an expert on mould issues, I think he misses the greater issue. There has to be a minimum level of competence and duty of care as a professional to the public.

While the inspector may not be able to assess the scope of the concern, I think there is a public expectation that he would at least be able to spot its mere presence. The prospective buyers may then choose to either ignore the problem, investigate the matter further (i.e. using experts) or simply walk.

The industry needs to focus on high priority issues. What are those? Quite simply, issues that are most material enough to alter the purchasing decision of a prospective buyer. Clearly, mold is more concerning than a leaky faucet.

Many have called for reforms to the industry such as the adoption of mandatory errors and omissions insurance to help protect the public. It would behoove the industry to review its standards. If situations like these continue, it may very well face Government intervention for the sake of public protection.

Here are some other links to further reading on Grow Ops:

Grow-Op charges anger Landlord
How to spot a grow-op - Tips from RCMP
How to check if your home was a grow-op
How to inspect your home inspector
Canadian Association of Home & Property Inspectors
Ontario Association of Home Inspectors
Ontario Real Estate Association - Marijuana Grow House Operations

GTA REALTORS® report 2009 year end resale housing market figures

2010-01-07T13:23:00.003-05:00

TORONTO, January 6, 2010 -- Greater Toronto REALTORS® reported 87,308 MLS® transactions in 2009 – a 17 per cent increase over 2008. This result included 5,541 sales in December. The 2009 result was in line with the healthy levels of sales experienced between 2004 and 2006, but lower than the record of 93,193 set in 2007.

In Vaughan (District N08), 2009 represented a record year, with 2,462 transactions reported - a 32 per cent increase over 2008 and 4 per cent higher than the previous record of 2,369 set in 2007. The average home price for 2009 in Vaughan dipped slightly by .5 per cent from 2008. This subtle decrease was not a result of a change in property type mix in Vaughan. Rather, it was consistent across all housing types, from detached to condo apartments.

“After a slow start to the year, existing home sales rebounded during the second half of 2009,” said TREB President Tom Lebour. “As consumer confidence improved, many households moved to take advantage of affordable home ownership opportunities in the GTA. The strong residential real estate sector was a key contributor to overall economic recovery in Canada.”

The average home price in 2009 climbed four per cent to $395,460. The average price for December transactions was $411,931. “Market conditions became very tight in the latter half of 2009. Sales climbed strongly relative to the number of homes listed for sale, resulting in robust price growth that more than offset average price declines in the winter,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “A greater supply of listings in 2010 will see home prices grow at a sustainable pace.”

Click HERE to view comparative real estate housing charts

Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics
and share a state-of-the-art Multiple Listing Service. Serving over 29,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.

GTA real estate winners and losers (2007 to 2009)

2010-01-02T16:05:00.071-05:00

The Toronto Star has compiled a list of the GTA's real estate winners and losers based on average price changes from 2007 to 2009, by Toronto Real Estate Board district.

<-- CLICK ON THE MAP TO THE LEFT TO ENLARGE

Unfortunately, the district map is not clear insofar as boundaries go. This has been a long-standing pet peeve of mine since first becoming licensed.

The good news is that there is a project in place at the Toronto Real Estate Board to move toward "re-districting" based on more readily identifiable neighbourhoods.

In the meantime, we'll have to work with what we got.

If you are trying to look up your particular district, I would direct you to this page on the Toronto Real Estate Board consumer website. Here you will find a map of the GTA based on districts, in which you can click to drill down to your particular geographic location (ie based on major street boundaries).

You can then of course refer back to the original map above to see how your district faired.

If you are having trouble locating your district, you can always contact me for help.

Paying it forward to fellow Bloggers

2009-12-29T23:12:00.000-05:00

One of the latest additions to the IntellAgentz blog is a sidebar link list widget labelled "Recommended Canadian RE Blogs".

As you can guess, it lists several Canadian based blogs which I currently subscribe to and follow regularly.

You may wonder why I would ever want to include links to the blogs of other Realtors who may be considered "the competition". Quite simply, I don't think the acknowledgement of a few peers is cause for competitive concern when you consider the fact that there are well over 28,000 Realtor members of the Toronto Real Estate Board alone. Besides, it's just good blogging etiquette.

Frankly, as part of an industry whose value proposition is sometimes challenged, I am glad to recognize these colleagues in the real estate industry who do a great job at providing their readership thoughtful opinions, news, facts and information.

While each blog author is different and unique in their subject matter and style, they are similar in their ability to engage their readers while providing freshly updated content.

Here's my initial list along with a brief commentary on each:

Greater Fool - authored by Garth Turner, who among other things, is a best-selling author, speaker, and former MP. While I don't always share his extremity of opinion, I really enjoy his tenacity and engaging writing style. He certainly could never be accused of beating around the bush. His blog posts are very much 'in the moment' of current economic news as it pertains to the real estate sector.

Montreal Real Estate Blog - authored by Deya Bautista, a Realtor (o Immobilier, pardonnez-moi) based in Montreal. While she does have a healthy focus on local issues, the breadth of her topics appeal to the broader masses. She also hosts contributions from related industry experts. The blog is cutting edge and rich with Social Media.

Move Smartly - authored by John Pasalis and friends. MoveSmartly is the associated blog of Realosophy Realty Inc., a Toronto based brokerage founded this past year by John and his colleagues. John is the principal blog contributor and someone who I have known and respected for close to two years now. We share very similar viewpoints in respect of embracing technology while bringing a consumer oriented focus to the fore. While many blogs often can be accused of offering shoot-from-the-hip commentary, MoveSmartly tends to offer thoughtful and analytically based opinions.

Saskatoon Real Estate Blog - authored by Norm Fisher, a seasoned Realtor with a knack for delivering reliable and consistent local market updates along with general commentary on the real estate news of the day. He's equally consistent in monitoring the real estate blogosphere and providing his input. In fact, it never ceases to amaze me how often I come across Norm's comments on other blogs and websites. Norm really works the web and he's clearly got a passion for adopting and incorporating technology into his business model.

Toronto Realty Blog - authored by David Flemming. I've only recently come across David's blog and I immediately became a fan. I think the best way to describe David's writing persona is to refer to him as the Jerry Seinfeld of the Toronto Real Estate blog scene. Anyone who knows me, knows I'm a huge Seinfeld fan (yes, I've admittedly taken the Kenny Kramer Reality Tour in New York) so to make the comparison is a real complement. Wrapped in his humour and wit though are some invaluable tips and advice, especially as it relates to the Condo market in Toronto.

Torontoism - authored by Richard Silver, seasoned Realtor and active volunteer within the industry and community. Richard is a current Director of the Toronto Real Estate Board. His eager passion for adopting technology within his business is unrelenting. He's always on the cutting edge. Although, you will often come across a post or two about his primary trading area in Cabbagetown, he will also offer a broad range of industry commentary (which may even take the format of a video blog on occassion). If you're like me, you will come to respect Richard for his professional and enthusiastic approach to the business.

Whispers from the Edge... - authored by "Whisperer" who is presumably based in Vancouver. Although there's an obvious aura of mystery and anonimity to this blog, it shouldn't detract from its very current and well-researched economic commentary. While there are periodic references to the markets in the West, there is a clear underlying National scope to the coverage of news and information.

I hope you too will enjoy some or all of the above as much as I do and I look forward to discovering many more equally impressive real estate blogs.

If you know of any other Canadian real estate blogs, please feel free to share them in the comments below.

All the best in the 2010.

Wishing all our readers and their families...

2009-12-25T14:12:00.000-05:00