real estate

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) 

 

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)