real estate

Monday June 5, 2017

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Monday June 5, 2017

Hamilton is rebranding — and not as a bedroom community

Hey Toronto: Hamilton wants to be your business partner, not your bedroom community.

May 13, 2013

The sensitive topic came up repeatedly on the first day of the cheekily named Hamilton Consulate event on Queen Street West, which is using panel discussions, music, fashion showcases and even business-oriented speed dating to “rebrand” the city in the eyes of Toronto investors.

The city’s white-hot real estate market was a popular talking point — particularly a local realtor’s study that suggests priced-out Toronto residents were responsible for a quarter of Hamilton home sales in the first three months of the year.

But well-known GTA developer Brad Lamb, an event panellist who has pitched a 600-unit, two-tower condo project on the former CHCH property, found himself clarifying quotes attributed to him in a Toronto magazine declaring Hamilton is destined to become a “suburb to Toronto.”

The self-proclaimed Toronto condo king told concerned Hamilton boosters he was taken out of context.

August 14, 2007

“I would never call Hamilton a bedroom community. I don’t develop in bedroom communities … I like Hamilton because it’s a city,” said Lamb, who added he is considering four possible Hamilton condo and rental projects in the downtown worth more than $1 billion, including at least one 300-unit tower on Main Street.

(He said his other contentious quote about a “dying city” was meant to refer to Hamilton as a past industrial powerhouse.)

Lamb, nonetheless, maintains newcomers to Hamilton who continue to work in Toronto will be “part of the recipe of success” for the growing city. That continued population growth — he sees Hamilton topping a million people faster than provincial projections — is also critical for economic development, he argued.

“Intercity migration is going to take place. Some of those people are going to have great jobs in Toronto and they’re going to keep those jobs … I think that is a viable lifestyle, especially with the GO train,” he said.

City planning head Jason Thorne said there’s no doubt there will be “more fluidity between where people live and work in future.”

But he argued Hamilton is “in no danger” of becoming a suburb of Toronto. He said past studies show only a “pretty small fraction” of local commuters actually travel outside the Hamilton-Burlington area. (Continued: Hamilton Spectator)

 

Saturday April 21, 2017

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Saturday April 21, 2017

Speculation Swirls Around Kathleen Wynne

Premier Kathleen Wynne is slapping a 15 per cent “non-resident speculation” tax on foreign investors to help cool down southern Ontario’s scorching real estate market, the Star has learned.

March 29, 2017

Wynne will join Finance Minister Charles Sousa and Housing Minister Chris Ballard on Thursday against a backdrop of condo towers in booming Liberty Village to launch a massive plan to improve housing affordability.

A key plank in that would be the 15 per cent surcharge on offshore speculators, who are estimated to make up just 5 per cent of the current market.

Modelled on British Columbia’s “foreign buyers’ tax” in Vancouver, the levy would apply to home purchasers in the so-called Greater Golden Horseshoe who are not citizens or permanent residents.

November 3, 2016

It would affect sales in and around the Greater Toronto and Hamilton Area, Niagara, Kitchener-Waterloo, and encompass everywhere north to Barrie and Orillia and east to Peterborough. (Source: Toronto Star) 

Meanwhile, Speculation about whether Premier Kathleen Wynne can continue to lead the governing Liberals is at a f‎ever pitch.

Party stalwarts are hoping next week’s balanced ‎budget from Finance Minister Charles Sousa will tip the scal

September 9, 2016

es for Wynne’s teetering political fortunes.

But with public and private polling showing the Liberals languishing in third place well behind the Progressive Conservatives and the New Democrats — even after Wynne’s 25 per cent cut in residential electricity rates — there is mounting uncertainty she will remain at the helm.

The Ontario Liberal Party’s chief fundraiser, Zak Bailey, has quietly resigned just seven months into a job made even more challenging by campaign finance reforms triggered by a Star series last year.

“You’d have to ask the party what their plans are,” Bailey said Monday, declining further comment. (Source: Toronto Star) 

 

Wednesday March 29, 2017

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Wednesday March 29, 2017

Housing affordability measures will be in spring budget: Ontario Finance Minister

Ontario Finance Minister Charles Sousa confirmed Monday he plans to include housing affordability measures in his upcoming budget.

Premier Kathleen Wynne has said her government is working on a “comprehensive set of plans,” to deal with rising home prices in the Greater Toronto and Hamilton Area (GTHA), as well as rising rental rates.

Sousa said he’d like to include those plans in the spring budget.

There is a “suite of options” available to Ontario, but the province must be careful to avoid “unintended consequences” from those measures, he said.

Sousa also spoke about pressures on both the supply and demand side of the GTHA housing market.

“Demand is high for a number of factors,” he said. “Could be speculators, could be people from outside the country, it could very well be the many who are now moving into Ontario creating that demand.”

“The degree of supply is in question and how to expedite that is also something we’re trying to address,” he added.

The housing package in the budget will concern the red-hot housing market in the GTHA, while taking into account different circumstances in the rest of the province, Sousa said. (Source: Globe & Mail) 

 

Friday February 17, 2017

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Friday February 17, 2017

Limited supply, high demand in hot Hamilton housing market ‘without precedent’

Warning bells are being sounded in some quarters about an overheated housing market that is trending toward fewer listings, higher prices and yet increased sales, at least locally.

July 13, 2016

But the president of the Realtors Association of Hamilton and Burlington suggests the situation is neither worrisome nor difficult to understand.

“It’s Economics 101,” said Lou Piriano. “There is less supply, and more and constant demand.”

A report released Wednesday by the Canadian Real Estate Association describes a “severe” shortage of homes available for sale “particularly in and around Toronto and in parts of B.C.”

The report said “the imbalance between limited housing supply and robust demand in Ontario’s Greater Golden Horseshoe region is without precedent.”

And an economist was quoted in the Toronto Star saying that the housing market in Toronto “and any city remotely within commuting distance is overheating, and perhaps dangerously so.”

May 7, 2014

In Hamilton-Burlington, the number of properties listed in January was 1,139, down 9.7 per cent from January of last year — but sales of all properties were up 17.4 per cent.

“There is less product and just as many people want it,” Piriano said.

That influenced the average home price rising 12.8 per cent over this time last year.

Piriano said it’s problematic to focus on national figures when just one housing market can distort the numbers but said the GTA continues to exert tremendous influence on Hamilton’s market. Fifteen per cent of all home sales in this area are done by Toronto realtors.

How hot is the market?

It’s just one house, but anecdotally it perhaps represents stories that area home buyers and sellers have been telling of their experiences: A central Mountain home on Desoto Drive, near Upper Wellington Street and just north of Stone Church Road, listed Feb.6 for $599,500 and received 18 offers, according to Mississauga-based ReMax realtor Carl Schuy. It sold Monday, a week later, for $740,000. (Source: Hamilton Spectator) 

Monday September 26, 2016

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator - Monday September 26, 2016 Encroaching Monster Homes Communities change whether we like it or not. The question of whether they change for better or worse is a matter of opinion and interpretation. Meanwhile, growing pains are inevitable no matter how a community evolves. Sometimes, unchecked sprawl outward can lead to unaffordable costs for services in future. Sometimes, unplanned growth upward can lead to inner city problems Ð anything from increased traffic to a lack of sunlight. Sometimes infill projects are simply out of place. So thereÕs nothing wrong with considered management of change and thoughtful care in planning and redevelopment.Ê But too many homeowners are needlessly concerned with sameness in their communities. And too many are unwilling to accept change as inevitable. Just because a community is built with similar homes, on identical lots with homogenous landscaping, doesnÕt mean it has to stay that way. So the current debate in places such as Ancaster about the appropriateness of so-called ÒmonsterÓ homes in already well-to-do neighbourhoods may be a useful exercise, but residents and the city will need to remind themselves that the status quo will never be acceptable. After all, the lots in that area are already huge by most peopleÕs standards, and the existing houses are not exactly small, no matter how you measure it. HumanityÕs desire for something ever bigger, ever better is unlikely to be quelled by upset neighbours, well-meaning council representatives or dialogue, however useful, at a town-hall meeting. Neither are such forces restricted to places like Ancaster. Downtown Hamilton, indeed downtowns everywhere, are facing a massive influx of new residents with new ideas and new needs. Gentrification has somehow become a dirty word, but in fact it is neither bad nor good. It simply is inevitable. We can do our best as community builders to accommodate social housing, creat

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Monday September 26, 2016

Encroaching Monster Homes

Communities change whether we like it or not. The question of whether they change for better or worse is a matter of opinion and interpretation.

Meanwhile, growing pains are inevitable no matter how a community evolves. Sometimes, unchecked sprawl outward can lead to unaffordable costs for services in future. Sometimes, unplanned growth upward can lead to inner city problems – anything from increased traffic to a lack of sunlight. Sometimes infill projects are simply out of place.

So there’s nothing wrong with considered management of change and thoughtful care in planning and redevelopment.

But too many homeowners are needlessly concerned with sameness in their communities. And too many are unwilling to accept change as inevitable.

Just because a community is built with similar homes, on identical lots with homogenous landscaping, doesn’t mean it has to stay that way.

So the current debate in places such as Ancaster about the appropriateness of so-called “monster” homes in already well-to-do neighbourhoods may be a useful exercise, but residents and the city will need to remind themselves that the status quo will never be acceptable.

After all, the lots in that area are already huge by most people’s standards, and the existing houses are not exactly small, no matter how you measure it.

Humanity’s desire for something ever bigger, ever better is unlikely to be quelled by upset neighbours, well-meaning council representatives or dialogue, however useful, at a town-hall meeting.

Neither are such forces restricted to places like Ancaster. Downtown Hamilton, indeed downtowns everywhere, are facing a massive influx of new residents with new ideas and new needs.

Gentrification has somehow become a dirty word, but in fact it is neither bad nor good. It simply is inevitable. We can do our best as community builders to accommodate social housing, create mixed-use communities, and make neighbourhoods welcoming to everyone, but we cannot stop those who can afford it from fixing up old houses and making them unaffordable for low-income renters.

We can restrict heights, plan for careful placement and perhaps even design of high-rise towers, not stop condominiums from being built downtown. Indeed, such intensification is necessary if we are to continue to keep taxes affordable.

Hamilton, as much and probably more than most cities in the current era, is facing tumultuous change which many oppose simply because it is change. If Hamilton is to continue to thrive as a city and ride the current wave of prosperity that is upon us, we must all embrace change – and embrace the future. (Source: Hamilton Spectator Editorial)