ownership

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)

 

Saturday April 21, 2018

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Saturday April 21, 2018

How Tim Hortons lost its connection with the Canadian public

Léger and National Public Relations last week released their annual report ranking Canada’s most admired companies. While some results were indeed surprising, others were not.

January 9, 2018

Both Google and Shoppers Drug Mart (owned by Loblaw) ended up at the top of the overall rankings, as well as the leaders in their sectors. Google has been No. 1 for six years now. It was surprising to see that eighth-place Kellogg’s is the most respected food company in Canada. Campbell and Kraft, two other food companies, closed out the top 10. Despite bread-price collusion accusations, Sobeys moved up 10 places and remained the most admired grocer, while Subway was recognized in the food service category.

But Tim Hortons’ year was just plain awful. It went from No. 4 to No. 50 in just 12 months. This significant free fall can be linked to the very public spat between Tim Hortons franchisees and the Tim Hortons parent company, Restaurant Brands International (RBI). This dispute has taken its toll and likely affected the reputation of the iconic Canadian company.

RBI has been at war with Tim Hortons franchisees since 2014 when the holding company was created, and things have gotten progressively worse. While franchise owners – family businesses, really – were committed to serving communities, RBI swooped in with an efficiency-driven agenda. Menu changes, royalty structure modifications, higher costs of supplies to operate outlets – all were revised to serve RBI’s shareholders, and it paid off. The share price hit a record high last October of $85.

March 17, 2007

RBI’s ultimate commitment has been to its shareholders and not necessarily to the Canadian public. This year’s Léger-National rankings confirm that Canadians have been keeping tabs.

But RBI’s profit-driven agenda has started to work against it over this past year. Rallies to raise awareness of minimum-wage campaigns made Tim Hortons a public target right across the country. To make matters worse, reports surfaced suggesting that in Ontario, where the minimum wage increased by 22 per cent on Jan. 1, some Tim Hortons employees had been asked to pay for uniforms and cut out breaks. While other food chains were adapting well, the rift between RBI and its franchise owners in Ontario became even more evident to the public.

Now sales are slumping, and as a result, RBI shares have fallen to about $70. RBI’s response is to invest $700-million over the next four years, including a change to the interior design in all of its Tim Hortons restaurants. But here’s the catch: Most franchise owners will be required to pay more than $450,000 per outlet to support the cost of renovation and create an open-seating concept. Given that the average Tim Hortons franchisee owns three outlets, the cost to support RBI’s new redesign strategy will be well more than $1-million for a typical franchise owner. (Continued: Globe & Mail) 

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Wednesday July 13, 2016

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator Ð Wednesday July 13, 2016 Hamilton property values spike in latest MPAC assessment Average residential property values in Hamilton have spiked 27 per cent since 2012, leaving homeowners to wonder if tax hikes will follow. The Municipal Property Assessment Corporation reassesses the value of all properties in Ontario every four years. Cities use that data to figure out how much you pay in taxes. While Hamilton's assessed property values have jumped, the city didn't even make the Top 5 list for biggest municipal increases. The poster-child for overinflated home prices, Toronto, saw an average increase of 30 per cent, as did Oakville and Burlington. Richmond Hill and Markham topped the greater GTA with average increases of 47 and 45 per cent, respectively. A hot housing market is largely responsible for the dramatic boost, said Greg Baxter, director of valuation and customer relations for the non-profit assessment corporation. "There are always pockets in every community where the market behaves differently," he said. "But in the GTA, and extending all the way to Hamilton, in general real estate values are increasing substantially." It's the kind of news that worries local taxpayers waiting for MPAC notices that started going out July 4 in Hamilton. It makes city officials nervous, too Ñ mostly because they're braced for phone calls from residents asking if their taxes will go up 27 per cent. The answer is no Ñ and in fact, a property value increase doesn't even guarantee your taxes will go up, either. The city has a dedicated page on hamilton.ca to answer resident questions on property reassessment. (Continued: Hamilton Spectator)Êhttp://www.thespec.com/news-story/6762889-hamilton-property-values-spike-in-latest-mpac-assessment/ Ontario, housing, home, ownership, tax, taxation, MPAC, property, assessment, municipal

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Wednesday July 13, 2016

Hamilton property values spike in latest MPAC assessment

Average residential property values in Hamilton have spiked 27 per cent since 2012, leaving homeowners to wonder if tax hikes will follow.

By Graeme MacKay, The Hamilton Spectator, Tuesday November 20, 2012 Property Assessment vs. Air strike Crises The average assessed value of a Hamilton home will rise more than 12 per cent over the next four years. Municipal Property Assessment Corporation (MPAC) notices are beginning to arrive in Hamilton homeownersÕ mailboxes with the latestÊupdate on assessed property values since 2008. Increases will be phased in over four years so locally, residential property values will increase by an average of 3.1 per cent in 2013, saidÊLou Castellani, an area MPAC representative. Decreases will not be phased, however, and should be immediately reflected in updatedÊproperty values. Just because your home is assessed at a higher value doesnÕt mean your taxes will spike, Castellani emphasized. It depends on how yourÊincrease stacks up against the city average. ÒIf you look at your notice and see your home has gone up (in value) 9 per cent, you can probably expect a tax cut,Ó he said. ÒIf you liveÊin a hot market and your property increased in value by 14 per cent, you may see a slight increase in taxes.Ó More than 161,000 homeowners in the Hamilton area will soon receive updated notices, he said. Meanwhile, more Palestinian civilians were caught in the line of fire Monday as Israel expanded the scope of its campaign in the GazaÊStrip, hitting densely packed areas of the territory with airstrikes. Israel began targeting the Gaza homes of Hamas activists and suspected military commanders over the weekend, bolstering its efforts toÊstop Hamas rocket fire on the state. The new approach, however, has led to an increased number of civilian casualties as airstrikesÊdevastate more crowded areas of Gaza. (Source: CTV News) http://www.ctvnews.ca/world/civilian-death-toll-climbs-in-israel-gaza-crisis-as-world-leaders-urge-ceasefire-1.1044011 News, Canada, Ontario, property, assessment, news, rockets, Israel, Palestine, attacks

November 20, 2012

The Municipal Property Assessment Corporation reassesses the value of all properties in Ontario every four years. Cities use that data to figure out how much you pay in taxes.

While Hamilton’s assessed property values have jumped, the city didn’t even make the Top 5 list for biggest municipal increases. The poster-child for overinflated home prices, Toronto, saw an average increase of 30 per cent, as did Oakville and Burlington. Richmond Hill and Markham topped the greater GTA with average increases of 47 and 45 per cent, respectively.

By Graeme MacKay, The Hamilton Spectator, Friday October 21, 2005 Ontario ombudsman to probe MPAC Ontario's ombudsman is investigating the corporation that assigns values to private property for the purposes of municipal taxation. Andre Marin says there is a lack of transparency in how the Municipal Property Assessment Corporation, or MPAC, arrives at its decisions. Marin says the complaints meter in his office has moved into the red-zone over MPAC's ways and there is deep-rooted dissatisfaction over property assessments. He calls the corporation aloof and mysterious and says citizens are dazed and confused over their inability to get the corporation to reveal basic criteria on how values are set. Marin says he knows something is wrong when the mayor of Sarnia refers to MPAC's methods as Monty Python-like. The ombudsman says he'll investigate a number of areas, including MPAC's refusal to adhere to a successful appeal of a property's valuation in subsequent assessments. The investigation is expected to last four to six months. (Source: Ottawa Citizen) Ontario, MPAC, property, assessment, tax, iceberg, hudson bay, tax, housing

October 21, 2005

A hot housing market is largely responsible for the dramatic boost, said Greg Baxter, director of valuation and customer relations for the non-profit assessment corporation.

“There are always pockets in every community where the market behaves differently,” he said. “But in the GTA, and extending all the way to Hamilton, in general real estate values are increasing substantially.”

It’s the kind of news that worries local taxpayers waiting for MPAC notices that started going out July 4 in Hamilton. It makes city officials nervous, too — mostly because they’re braced for phone calls from residents asking if their taxes will go up 27 per cent.

The answer is no — and in fact, a property value increase doesn’t even guarantee your taxes will go up, either. The city has a dedicated page on hamilton.ca to answer resident questions on property reassessment. (Continued: Hamilton Spectator)

 

Saturday March 5, 2016

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator Ð Saturday March 5, 2016 Hamilton councillors swing for the greens to provide lower fees to play Hamilton politicians got into the swing of things by reducing the green fees at the cityÕs two Chedoke golf courses. Since the economic recession of 2008, area golf courses have suffered with reduced rounds due to high prices and a saturated market. HamiltonÕs golf courses, KingÕs Forest, which has been ranked as the number one municipal golf course in Canada, and ChedokeÕs two courses the Beddoe and Martin have not escaped the economic slump. A market analysis by Global Golf Advisors, commissioned by the city, found HamiltonÕs courses have Òexperienced declining demandÓ since 2010. The consultants urged the city to increase the rounds, while instituting a Òflexible fee structureÓ program. By adopting the new structure, the city could increase the number of rounds by 37 per cent, or 24,000 rounds per season at all three golf courses, while also boosting revenue to about $600,000. City staff agreed Hamilton is taking a unique approach reducing prices in the hope it will increase the number of rounds golfers play each year. The proposed green fees for the Beddoe course would be reduced from $44.25 per round from Monday to Thursday to $33.06, while on weekends and holidays, a round would cost $44.26 rather than $48.67. The Martin course would see green fees dip from $30.09 from Monday to Thursday to $28.20, and $35.40 to $33.83 on weekends and holidays. Twilight rounds would also see a reduction in green fees. Seniors would get a break for both 18 and nine hole rounds. The city will be cutting golf memberships for the Beddoe and Martin courses, and slight reductions in advantage packs prices. (Source: Hamilton Spectator) http://www.thespec.com/news-story/6370123-hamilton-councillors-swing-for-the-greens-to-provide-lower-fees-to-play/ Hamilton, chedoke, golf, course, budget, public, private, ownership, stak

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Saturday March 5, 2016

Hamilton councillors swing for the greens to provide lower fees to play

Hamilton politicians got into the swing of things by reducing the green fees at the city’s two Chedoke golf courses.

Since the economic recession of 2008, area golf courses have suffered with reduced rounds due to high prices and a saturated market.

Hamilton’s golf courses, King’s Forest, which has been ranked as the number one municipal golf course in Canada, and Chedoke’s two courses the Beddoe and Martin have not escaped the economic slump. A market analysis by Global Golf Advisors, commissioned by the city, found Hamilton’s courses have “experienced declining demand” since 2010.

The consultants urged the city to increase the rounds, while instituting a “flexible fee structure” program. By adopting the new structure, the city could increase the number of rounds by 37 per cent, or 24,000 rounds per season at all three golf courses, while also boosting revenue to about $600,000.

City staff agreed Hamilton is taking a unique approach reducing prices in the hope it will increase the number of rounds golfers play each year.

The proposed green fees for the Beddoe course would be reduced from $44.25 per round from Monday to Thursday to $33.06, while on weekends and holidays, a round would cost $44.26 rather than $48.67. The Martin course would see green fees dip from $30.09 from Monday to Thursday to $28.20, and $35.40 to $33.83 on weekends and holidays. Twilight rounds would also see a reduction in green fees. Seniors would get a break for both 18 and nine hole rounds.

The city will be cutting golf memberships for the Beddoe and Martin courses, and slight reductions  in advantage packs prices. (Source: Hamilton Spectator)