real estate

Saturday October 31, 2015

By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator - Saturday October 31, 2015 ÔItÕs going,Õ Kathleen Wynne says of the looming sale of Hydro One despite watchdog warning ItÕs Òfull steam aheadÓ with the Liberal governmentÕs sell-off of Hydro One despite a damaging report from the budget watchdog warning the sale will hurt the provinceÕs bottom line. Premier Kathleen Wynne said she is sticking to her plan to unload 60 per cent of the utility in order to bankroll transportation infrastructure. ÒItÕs going,Ó Wynne said firmly on Thursday in Niagara-on-the-Lake. As first disclosed by the Star, Stephen LeClair, the new financial accountability officer, warned the province will be in even ÒworseÓ shape after the sale of the Crown utility. In a report to the legislature, LeClair said there is much ÒuncertaintyÓ surrounding the sale of the electricity transmitter. His findings landed the same day the government announced the first tranche of 89 million shares of Hydro One Ñ 15 per cent of the company Ñ will begin being sold next Thursday on the Toronto Stock Exchange for $20.50 apiece, generating $1.83 billion. ÒWe are pleased to announce that 40 per cent of shares are being reserved for retail investors, so individual Ontarians can participate in the IPO,Ó said Energy Minister Bob Chiarelli. Both the Progressive Conservatives and New Democrats are imploring the Liberals not to sell such a valuable public asset. ÒThis government has known all along that the most they could get was limited new money on the fire sale of Hydro One . . . while you lose an asset that brings in $700 million each and every year,Ó said Progressive Conservative Leader Patrick Brown. NDP Leader Andrea Horwath echoed BrownÕs assessment. ÒThis is a terrible deal and it makes no sense whatsoever. Will the premier and her government stop this insane sell-off of Hydro One?Ó she said. LeClair warned the LiberalsÕ move would increase the provincial debt by reducing revenue. ÒIn th

By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator – Saturday October 31, 2015

‘It’s going,’ Kathleen Wynne says of the looming sale of Hydro One despite watchdog warning

It’s “full steam ahead” with the Liberal government’s sell-off of Hydro One despite a damaging report from the budget watchdog warning the sale will hurt the province’s bottom line.

Editorial cartoon by Graeme MacKay, The Hamilton Spectator - Thursday June 4, 2015 Liberals pass Ontario budget, clearing way for privatization of Hydro One Ontario's Liberal government used its majority Wednesday to pass the omnibus budget bill, which clears the way for the sale of Hydro One, the huge transmission utility. The government hopes to raise $9 billion by selling 60 per cent of Hydro One, starting with 15 per cent this year, and will use $5 billion to pay down hydro debt and $4 billion on public transit and infrastructure projects. "This was a difficult decision, but it is the right decision because if we do not do this, we cannot make the investments in transit and transportation infrastructure," Premier Kathleen Wynne told the legislature. The Progressive Conservatives and NDP warned electricity prices will rise, the government will lose control of Hydro One and legislative watchdogs like the ombudsman and auditor general will lose oversight of the utility. "You may think you're helping yourself politically by removing this oversight, in reality, without these checks, you will become more arrogant, more reckless, which will lead to even greater scandals," warned PC energy critic John Yakabuski. "Will you not save yourself from your party's own hubris and allow the auditor general and the ombudsman to continue to investigate Hydro One?" Wynne said the Liberals took steps to protect the public by ensuring that no one individual will own more than 10 per cent of Hydro One, that the Ontario Energy Board will continue to set prices, and that the government would retain control of the utility by owning at least 40 per cent. (Source: Chronicle Journal) http://www.chroniclejournal.com/news/national/liberals-pass-ontario-budget-clearing-way-for-privatization-of-hydro/article_9043d631-9625-5e67-84d6-744dd0cc0ee6.html Ontario, Kathleen Wynne, Hamilton, LRT, transit, Hydro, Hydo One, privatization, sell, robin hood

Premier Kathleen Wynne said she is sticking to her plan to unload 60 per cent of the utility in order to bankroll transportation infrastructure.

“It’s going,” Wynne said firmly on Thursday in Niagara-on-the-Lake.

As first disclosed by the Star, Stephen LeClair, the new financial accountability officer, warned the province will be in even “worse” shape after the sale of the Crown utility.

In a report to the legislature, LeClair said there is much “uncertainty” surrounding the sale of the electricity transmitter.

Friday April 17, 2015His findings landed the same day the government announced the first tranche of 89 million shares of Hydro One — 15 per cent of the company — will begin being sold next Thursday on the Toronto Stock Exchange for $20.50 apiece, generating $1.83 billion.

“We are pleased to announce that 40 per cent of shares are being reserved for retail investors, so individual Ontarians can participate in the IPO,” said Energy Minister Bob Chiarelli.

Both the Progressive Conservatives and New Democrats are imploring the Liberals not to sell such a valuable public asset.

Wednesday, December 4, 2013“This government has known all along that the most they could get was limited new money on the fire sale of Hydro One . . . while you lose an asset that brings in $700 million each and every year,” said Progressive Conservative Leader Patrick Brown.

NDP Leader Andrea Horwath echoed Brown’s assessment.

“This is a terrible deal and it makes no sense whatsoever. Will the premier and her government stop this insane sell-off of Hydro One?” she said.

LeClair warned the Liberals’ move would increase the provincial debt by reducing revenue.

“In the years following the sale of 60 per cent of Hydro One, the province’s budget balance would be worse than it would have been without the sale,” he wrote in his first-ever report to the legislature. (Source: Toronto Star)

 

Wednesday May 7, 2014

Wednesday May 7, 2014By Graeme MacKay, The Hamilton Spectator – Wednesday May 7, 2014

Average price of single home in Toronto shoots up 13% to $965,000

It’s a record likely to be shattered by summer: The average sale price of a detached home in the City of Toronto hit $965,670 in April.

That number is expected to exceed $1 million over the coming weeks as the GTA continues to feel the effects of a shortage of new listings that helped drive up the average price of detached homes in the 416 region by 13.2 per cent from April of 2013.

The average sale price of home in the GTA — taking into account everything from detached homes to semis, townhouses and condos — hit $577,898 last month, according to figures released Tuesday by the Toronto Real Estate Board.

Sales were up just 1.8 per cent, year over year.

Leading the real estate pack in terms of price growth were semi-detached houses. The average sale price across the GTA was up 11.6 per cent over April 2013. The 18 per cent jump in prices just in the City of Toronto sent the average sale price of a semi to $702,332, according to the TREB figures.

Next in line were detached homes, where prices were up 11.3 per cent across the GTA — 9.6 per cent in the 905, where the average sale price was $645,179 in April.

Active listings, however, even for the first month of peak spring market, were down 8.4 per cent, a persistent problem that has been driving intense competition and significant price growth, largely in 416 neighbourhoods close to the core and transit lines.

TREB president Dianne Usher blamed Toronto’s double land transfer tax for the fact that more folks are choosing to stay put and renovate rather than sell.

As well, “above-trend home sales in the years leading up to the recession have meant that many households who purchased during this period simply aren’t ready to move again.”
But also skewing the numbers is the desperation of buyers, frantic to get into the Toronto market before prices shoot further out of sight.

One house, in North Toronto, reached a ludicrous new level in late April when 72 people — double the previous record for a bidding war for a house in the 416 region — registered offers on a Glencairn Ave. fixer-upper. (Source: Toronto Star)

 

Monday July 30, 2012

By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator – Monday July 30, 2012

Waterfront Toronto is best placed to revitalize Ontario Place 

A new proposal to turn the sad and faded amusement park of Ontario Place into a landmark destination with a world-class park and small waterfront neighbourhood is a great idea.

The report released Thursday calls for a mix of parks, a Forum-like music venue, free and easy access to the water, and residences and business in one corner of the islands to draw enough people to the area to keep it vibrant all year long. The report, quite rightly, rules out a casino or a wall of condos that would cut visitors and Torontonians off from the water’s edge.

Unfortunately, this compelling vision put forward by a ontario panel headed by John Tory is just the latest in a long line of reports calling for an overhaul of this dated, provincially owned venue.

Everyone agrees that Ontario Place, which has seen annual visitors plummet from three million to 300,000, could be so much more than it is right now. But politics, funding and sheer bureaucratic inertia always get in the way.

That’s why the entire site should be ontario-place-too-sensible-to-be-implemented’ target=’_blank’>turned over to Waterfront Toronto. That public agency, unlike the city or province, has a proven record of turning dreary stretches of our waterfront into creative, welcoming spaces and balancing the need for public space with some development to help pay for it all.

Indeed,  Ontario Place falls right in the middle of the public agency’s mandate to revitalize the lakefront from Ashbridge’s Bay Park in the east to past Marilyn Bell Park in the west. And since it makes little sense to revitalize Ontario Place while ignoring the underperforming city-owned Exhibition Place just a stone’s throw away, its revitalization mandate should also be handed over to Waterfront Toronto.

What’s held back improving both of these places, more than anything else, is that the province owns one and the city the other. For decades, city hall and Queen’s Park have proven incapable of getting their acts together to do what’s right for Greater Toronto residents. It’s well past time for a new approach.

The report’s suggestion that 10 to 15 per cent of Ontario Place be used for private development to help pay for the rest of the project is certain to generate heated debate. It makes good sense but — and it’s a big caveat — governments must still be ready to put considerable funds into a redevelopment plan. If politicians, who feel particularly hard up for cash right now, try to fund the project solely through revenues from private development, the parks and public spaces will become nothing more than postage stamps amid a sea of condos.

Torontonians have seen far too much of that along the waterfront already. Preventing that from continuing, and trying to undue some of the damage, is why Waterfront Toronto was created in the first place. It is uniquely placed to redevelop Ontario Place so that it fits in with broader waterfront revitalization efforts and the city’s needs.

If we continue with the turf-war approach of the past,  Ontario Place stands no chance of becoming the family-friendly public destination that it was when it opened in 1971 — and could be again.(Source: Toronto Star)