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Tuesday July 18, 2023

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday July 18, 2023

The Struggles of Staying Home: Variants of Concern and Skyrocketing Interest Rates

November 30, 2021

In recent times, people have been facing multiple challenges that keep them confined to their homes. Two significant issues that have played a role in this situation are the emergence of Variants of Concern (VOC) during the COVID-19 pandemic and the sudden increase in interest rates, impacting variable rate mortgages. These circumstances have led individuals to prioritize financial stability over indulging in luxury and recreational activities like visiting restaurants, bars, movies, and vacations. Let’s explore the impact of these interconnected factors on people’s lives.

The COVID-19 pandemic has witnessed the emergence of various variants of the virus. While most variants do not significantly alter the virus’s properties or its impact on communities, some Variants of Concern have raised alarms. These variants exhibit changes that affect crucial factors such as transmissibility, virulence, vaccine effectiveness, and diagnostic testing. Detecting and monitoring these variants is of utmost importance to prevent their rapid spread and devise appropriate strategies to contain the virus.

January 30, 2021

One such method used to identify VOC was through the testing of wastewater in Ottawa. However, due to limited funding, the rapid and cost-effective testing method for variants will soon cease. This decision has raised concerns among scientists and researchers who stress the importance of timely and frequent monitoring of variants. Identifying emerging VOC and estimating their growth within a community becomes increasingly challenging when testing frequency is low. It is vital to maintain robust monitoring systems to stay ahead of the ever-evolving COVID-19 virus.

January 27, 2022

In parallel, the recent surge in interest rates has significantly impacted homeowners with variable rate mortgages. The Bank of Canada’s consecutive interest rate hikes have left borrowers grappling with higher borrowing costs. This increase comes after a brief respite when interest rates remained steady, fueling a surge in home sales and prices reminiscent of the pandemic’s real estate boom. However, the central bank’s efforts to curb inflation have now placed borrowers under mounting pressure.

Variable-rate mortgage borrowers face the immediate burden of rising costs as more of their monthly payments are allocated towards interest rather than reducing the size of their loans. Consequently, the length of their loan repayment periods automatically extends to maintain steady payments. While some borrowers managed to make additional payments during the rate reprieve, the recent interest rate hikes will further stretch their amortization periods. As a result, borrowers will face higher monthly payments when their loans come up for renewal, leading to potential financial strain.

June 22, 2021

The impact of these rising interest rates is also evident in the housing market, particularly in major cities like Toronto. The market, once characterized by frenzied activity, has started to show signs of cooling. Home sales have decreased, reflecting buyers’ growing caution and concerns about future increases in interest rates. The once-enticing real estate landscape has now become a cause for hesitation and financial prudence.

These converging challenges have limited people’s mobility and hindered their ability to engage in leisurely pursuits. The combination of Variants of Concern and rising interest rates has reshaped priorities, pushing individuals to focus on financial stability rather than indulging in luxuries or non-essential activities. Restaurants, bars, movies, and vacations have taken a backseat as people adapt to the new reality, emphasizing the importance of financial planning and prudent decision-making.

As we navigate these challenging times, it is crucial to find a balance between safeguarding public health and maintaining economic stability. Timely monitoring and surveillance of COVID-19 variants, along with supportive measures to help borrowers cope with rising interest rates, will be essential in enabling individuals to regain a sense of normalcy. By addressing these concerns, we can strive to create a safer and more sustainable future, where people can confidently venture out from their homes without compromising their well-being or financial security. (AI)

Friday May 12, 2023

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Friday May 12, 2023

Housing Arbitration by Neglect

December 1, 2021

Ontario Ombudsman Paul Dubé’s recent report has accused Doug Ford’s government of neglecting the Landlord and Tenant Board, which is responsible for resolving residential landlord and tenant issues, and acting like a slum landlord. As of January, the backlog of cases had reached 38,000, an increase of 13,000 cases in just one year. The board’s inefficiency has been worsened by aging technology and the COVID-19 pandemic, causing immense negative impacts on both landlords and tenants.

The report highlights that tenants are waiting much longer than landlords for resolution, with the average landlord filing taking 221 days to resolve, compared to 427 days for tenants. The ombudsman has called for an “aggressive” strategy to address the issue, including reappointing board adjudicators and prioritizing the longest-waiting tenants.

Opinion: Ontario needs to fix a dysfunctional landlord and tenant board which has caused immense problems 

April 2, 2020

Although the recent government’s steps are a positive move towards addressing the issue, they have come too late. If the provincial government had taken responsible action to adequately staff the system critical to the health and safety of Ontarians in a timely manner, the crisis could have been prevented or significantly reduced.

Doug Ford’s efforts to promote home ownership may earn him the title of a champion for the middle class, but his government’s failure to protect renters paints a different picture. Tenants and landlords both deserve timely justice when they face issues, and the provincial government should work tirelessly to ensure that they receive it. More needs to be done to guarantee that tenants and landlords are provided with the justice they deserve. (AI)

 

Friday August 12, 2022

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Friday August 12, 2022

Cooler market helps housing consumers

You may have noticed the house around the corner with the For Sale sign planted on its lawn.

You may have noticed that the house didn’t sell in its first week on the market. Or week two. Three weeks have now passed, and there it still sits. Is it just because it’s summer? Or is it something else? It’s something else.

January 27, 2022

The correction in the housing market has arrived, as the latest numbers released by various housing groups show. The slowdown is more rapid and dramatic than most predicted. Days on the market are growing; active listings are up.

The most recent housing market forecast from the Royal Bank is predicting a national slump in resales outpacing previous peak-to-trough declines, as the bank phrases it, comparing its predictions of what lies ahead to, say, 1981-’82, or 2008-’09.

As the slowdown in the national housing market gained momentum last month, the average selling price of a home touched $665,850 — a decline of almost 20 per cent since February. Average selling prices have declined each month since February 2022, and are down by 1.8 per cent compared to what they were a year ago.

Wednesday December 1, 2021

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Wednesday December 1, 2021

Why Doug Ford is pushing Ontario’s cities to speed up housing construction

December 11, 2018

Premier Doug Ford and his government want Ontario municipalities to approve new home construction projects more quickly, claiming that delays in approvals are driving up the cost of housing.

Building more homes faster is the central topic of the housing summit that Ford will hold next month with the mayors of Ontario’s 29 biggest cities and the chairs of urban regional municipalities. 

In recent weeks, Ford has repeatedly cited the pace of municipal construction approvals as a barrier to making housing more affordable.   

May 13, 2010

The price of buying a home is soaring pretty much everywhere in Ontario, not just the Toronto and Ottawa areas. What’s far from clear is how much delays in municipal permit approvals contribute to those skyrocketing home prices.  

“We’ve got to start cutting the permit times down big time and start getting houses built as quickly as possible,” Ford said during a news conference in Orillia in response to a question about unscrupulous landlords. 

The province will soon start “scoring” cities and towns on how quickly it takes to issue permits, Ford said.

“Believe it or not, folks, sometimes when [developers] apply for a permit, it can take four to six years. Where in North America does it take four to six years?”. 

Ford said the vast majority of cities in Ontario are slow to approve projects. “It’s just like going on a carousel, they loop you around, loop you around, and guess who’s paying? The people are paying, the developer’s not paying.”

December 10, 2020

Ford’s Minister of Municipal Affairs and Housing, Steve Clark, is also blaming municipal bottlenecks for pushing up the price of homes.

“We know that there are delays, particularly at the municipal level, caused by duplication and red tape that are obstructing new homes from being built, which is shutting out Ontarians and their families from realizing their dream of home ownership,” Clark said to a virtual meeting of the Empire Club of Canada on Thursday.  

“It takes too long to get shovels in the ground as part of the development process,” Clark said during the question and answer session following his speech.

The Ford government has focused on boosting the supply of new homes as its fundamental solution to housing affordability. To achieve that goal, the government is trying to pave the way for new construction to happen more quickly. (CBC) 

 

Saturday March 28, 2020

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Saturday March 28, 2020

How to Stay Productive (and Sane) While Working from Home

If you’re reading this, you likely find yourself suddenly working from home.

Before the COVID-19 (coronavirus) changed the way we do business in a matter of days, working remotely was something many people imagined as sort of a future-work utopia. Having your home to yourself during the day while your partner or kids are out, sending work emails with your dog cuddled up beside you, having access to your specific brand of coffee — it all sounded like a dream.

That’s probably not how working from home looks for you right now. In reality, you’re likely juggling how to make space in your home for calls and video meetings, keep yourself productive, keep your children occupied and oh yeah — stay sane in the midst of it all.

So let us help you. Like you, my colleagues and I are suddenly working from home indefinitely. For many of us, it’s not our first time working remotely, so I thought I’d reach out to them so I could share their best working from home tips for you. I’ll also share photos of our work-from-home office setups throughout — some as inspiration, and others (like mine) in solidarity with my fellow clutterers.

So let’s dive right in before your spouse, child, or pet arrives with your next home office interruption! And don’t worry — we have a section of this article dedicated to tips for working from home with kids. (Continued: Business 2 Community) 

Graeme MacKay offers some advice for those working from home.