Jane Nichols

Household Hints

2013-06-06T20:24:00Z

Three Monthly Fix-It Solutions and Money Saving Tips

A little household maintenance this month will keep furniture and appliances in good repair and creepy crawlers away!

1. Dents & dings: To get rid of small dings in wood furniture,try pouring a little olive oil onto a cloth and work the oil into the wood. Then just polish the entire table with a soft cloth and it will be as good as new. For bigger dents, try this: Poke the dent several times with a pin,then lay a slightly damp towel over it. Place a warm iron over it for a few seconds. This process should let just enough mixture into the dent to swell the wood back to its original size. Finish by polishing to a shine.

2. Dryer musts: The #1 must for dryer maintenance is a clean lint trap. Remove lint after EVERY load, and regularly run water over your lint screen to check if it's holding water. If it is, it can't do it's job. Once a month or so, turn your trap upside down and gently clean with an old toothbrush and warm water, then let dry completely before putting back in the dryer.

3. Bug busters: Keep roaches and ants at bay with a mixture of 1/4 cup borax and 1/4 cup suger. Sprinkle misture into cracks where bugs can hid such as behind large appliances and under sinks. This mixture is safer than commercial insectiticides but still not safe for children and pets.

Land Transfer Tax

2013-03-06T00:23:00Z

Progress is Being Made!

Posted on March 1, 2013 at 4:07 pm.

In recent weeks, there has been lots of Land Transfer Tax talk around City Hall, and it’s because people like you are talking about it. Our collective voices are making City Council stand up and listen. Progress is being made!

A few weeks ago, Councillor Frank Di Giorgio was appointed as the City’s new Budget Chief. This is an important position that helps guide key budget decisions, including what will happen with the Land Transfer Tax. Immediately after being appointed, the new Budget Chief publicly indicated that he is willing to consider beginning a phase-out of the Land Transfer Tax.

Soon after the Budget Chief’s comments, Mayor Ford reiterated his commitment to eliminate this tax. In fact, Mayor Ford made some of his strongest comments on this issue, publicly stating that he wants to try to begin phasing out the Land Transfer Tax in coming months and recognizing that it is an unfair tax.

Other Councillors have been talking about the Land Transfer Tax too. Councillor Adam Vaughan, who has publicly indicated his support for keeping the Land Transfer Tax, was quoted by the media as supporting the need for an amendment of the current rebate for first-time buyers. The only way to truly solve the problems created by this tax is to phase it out entirely, but, nevertheless, it is encouraging that Councillor Vaughan recognizes problems with this unfair tax.

Most recently, Councillor Denzil Minnan-Wong tabled a motion for City Council to consider capping the Land Transfer Tax. This tax should be scrapped, not capped; but, again, it is encouraging that talk has shifted to finding ways to address the problems that this tax is creating.

With so much talk about the Land Transfer Tax at City Hall in recent weeks, it is clear that progress is being made, and it is because City Council is hearing from so many people that want this tax scrapped. Keeps this momentum going! Make your voice heard now.

Please, Voice your opinion to delete the Land Transfer Tax go to: www.let'sgetthisrighttoronto.ca

Thanks

Jane

Carbon Monoxide

2013-02-20T00:02:00Z

Carbon monoxide (CO) is an odorless, colorless gas produced by the combustion of fuels such as natural gas, oil, and propane in mechanical unit including furnaces, water heaters, and stoves. These items are normally designed to vent the CO to the outside, but harmful interior levels of CO can result from incomplete combustion of fuel, improper installation, or blockages, leaks or cracks in the venting systems. Very high levels of CO can lead to incapacitation or death, with victims sometimes never having been aware they were being poisoned.

Homeowners can take action against potential carbon monoxide poisoning by taking the following steps:

Have all fuel-burning appliances professionally inspected annually, preferably before the start of the cold-weather season when heaters and furnaces are first used.

These appliances include gas stoves and ovens, furnaces and heaters, water heaters, generators, and clothes dryers.

All such units should be properly installed and safely vented to the outside.

If repairs are necessary, be sure they are performed by a qualified technician.

Always use the proper fuel specified for the unit.

Have flues and chimneys for fuel-burning fireplaces or wood stoves inspected regularly for cracks, leaks, and blockages that may allow a buildup of CO to occur.

Never use gas stoves or ovens as a home heating source, even temporarily.

Do not idle a vehicle in a garage, even with the garage door open. When starting the car, open the garage door, start the engine, and drive out as soon as possible to prevent dangerous CO emissions from accumulating.

For additional protection, purchase a CO detector (either battery operated or plug-in) and follow the manufacturer's instructions for proper location and installation. Installation of working CO detectors in residential properties is now required by law in many areas.

Learn what to do if the CO alarm activates: if anyone in the home experiences symptoms such as fatigue, dizziness, blurred vision, nausea, or confusion, everyone should leave immediately and seek medical attention. If the alarm sounds but no symptoms are felt, open doors and windows immediately and shut off all fuel-burning devices that may be potential sources of CO.

By Pillar to Post

Tips to Prevent illness from dealing with Heat

2012-08-23T15:08:00Z

1. Drink lots of cool water before you feel thirsty.

2. Avoid alcoholic beverages, coffee and cola.

3. Go to an air conditioned place such as a shopping mall, library or community centre.

4. Avoid going out in the sun from 11 am. to 3 pm

5. If you are in the sun, wear a hat that will protect you like a wide brim if possible.

6. Wear loose light coloured breathable clothing.

7. Avoid the sun and stay in the shade or use an umbrella.

8. Plan outdoor activities during the cooler parts of the day . If have too reschedule the activities.

9. Take frequent cool showers or baths or use cool wet towels to cool down.

10.Keep blinds or drapes closed to block out the sun during the day.

11.Make meals that don't use an oven, especially if you don't have air conditioner. Cook during the coolset times of the day.

12. Use a fan next to your window, to bring cooler air in from outside.

13.Never leave a person or pet inside a parked car or in direct sunlight.

14.Consult with your doctor or pharmacist on medications that increase your risk to heat.

15.Call or visit at risk family, friends or neigbours, especially seniors living alone to make sure they are drinking plenty of fluids and keeping cool.

Of course, there are many more. This is a start for all of us.

Which Renovation really helps ti get the Most money for Homeowners?

2012-06-18T13:37:00Z

Home Renovations

Kitchens are the #1 reno investment

The kitchen is almost always the heart of the home, and the most important room for homebuyers. So it's no surprise that kitchen renovations consistently provide the best return on your renovation investment: from 75% to 100% according to the Appraisal Institute of Canada.

While kitchen renovations can also be extremely costly, there's no need to gut the kitchen and start over to see a boost in value. Upgrades like granite countertops to replace tired laminate – or stainless steel appliances, new light fixtures and fresh paint – are mid-range investments that can dramatically boost the value of your home, while making it a more pleasant and attractive room for you and your family.

Desperate to replace your dated kitchen cabinets? Consider a partial facelift with a fresh coat of paint and updated hardware. Or get a quote on replacing the cabinet doors and drawer fronts – for a brand-new kitchen look at a fraction of the price.

DO YOU AGREE?

Jane

Do you know the 5 Signs of a Stroke?

2012-05-09T22:41:00Z

We all need to know the 5 signs of stroke for many of us will have a stroke or will witness a family member or friend/anyone having one.

I have a family member, my husband who had a stroke on a business trip in Russia. None of his colleagues knew what to look for or how to help him out. He was even left alone for awhile and when he was taken to the hospital, the hospital staff were unware of what had happened. We are somewhat fortune in Canada to have equipment, hospital staff, doctors who are well trained to help stroke victoms but in my case we were less fortune. I was told he wasn't going to survive and to be prepared.

We were lucky for my husband's company has offices in London, England and we took a chance to move my husband to London, England from Russia. I flew to London while he was flown from Russia. Fortunately, he was sent to one of the best hospitals in London. While there he had a couple operations, was in a coma for 2 weeks and hooked up to every type of machine possible to help him. The doctors suggested my children come over to see their father for he might not survive. It certainly was tough going. Eventually he came out of the coma and started to recognize me,had to learn to talk again,eat on his own,walk on his own,wash himself etc. This took him many,many months--probably more then 6 months. We brought him back to Canada 3 months after his stroke. He could not come home for another 3 months. I experienced how poor, understaffed our hospitals are, not able to handle very ill patients. I was expected to spend most of the day at the hospital but of course I would be. However when I did go home for a sleep or other responsibles, I was called saying what should we do with my husband for he was restless etc.I never had to deal with this issue in London for they knew how to handle things. He eventually went downtown to the Toronto Rehab for a month. The Toronto Rehab had many issues, it was overcrowded, not enough staff and family members had to be there alot of the time. I was even appauled what was fed to the patients. One Friday night, they gave chicken nuggets to the patients. I couldn't believe it. I also discovered that not many family members came to visit. This is just awful. What is wrong with our society?

It has been 8 years since my husband had his stroke. I hope no one ever has to deal with what I went through--emotionally;stressful, abusive etc. My husband has never been able to go back to work(which he wanted too so much-couldn't understand it and never will); he has short term memory problems, cognitive issues, no reasoning, His past memory is better than most of us. Unfortunately, he dosen't do much, we have to suggest things. He loves music listens to BNN, uses his computer to read Economist, sometimes goes for walks. Though, the family is so glad to have him still with us. However it can be trying at times. I know it bothers the family that he isn't doing much but in my husband's mind life stands still.

I would love for no one to have a stroke but maybe if we all know the symptoms we can save a life.

Please let me know your thoughts, experiences that you have dealt with. There really isn't much help out there. I have gone to many support groups and even paid for support.

Please take care.

Jane

What are the five signs of stroke?

Stroke can be treated. That's why it is so important to recognize and respond to the warning signs.

If you experience any of these symptoms call 911 immediately or you witness this, please call. You might save a life.

Legalize Basement Apartments

2012-05-01T23:32:00Z

Pressure builds in Brampton to pass basement suite bylaw

Published On Wed Apr 18 2012

Brampton residents are riled up over an issue that has divided the city along cultural lines, with immigrant groups demanding that basement apartments be legalized while others remain steadfastly opposed. "Immigrants want the basement apartments; they need them," says Councillor Vicky Dhillon. "There's intolerance from some people."

The Ontario government has passed legislation that came into effect the beginning of the year and required municipalities to legalize basement apartments. It was seen as a way to help cut waiting lists for affordable housing but many people in Brampton expressed concern that driveways, front lawns and residential streets would be overrun with cars, and garbage would be piled up along the sides of homes.

Councillor Grant Gibson, chair of the city's bylaw committee, says residents are also worried about overcrowding at schools and safety issues, specifically fire code violations.Others question whether property tax formulas could be adjusted to account for additional tenants using municipal services.

While Gibson acknowledges it's a "huge issue in Brampton," he backs away from any suggestion that it has divided the city's immigrant communities from those who have lived there for decades.

Rajinder Saini thinks otherwise. "It's as if the city doesn't want certain people here," says the head of the Parvasi Media Group and host of a popular Punjabi radio show in Brampton.

But Saini agrees with Gibson about the enormity of the issue. "Most newcomers can't afford new houses or high rents."

Major Singh, who has advocated for legal basement apartments for more than 15 years, says the demand goes beyond Brampton's immigrant groups. "Seniors who need affordable housing or the extra income, and single-parent families, are desperate."

Peel Region is experiencing a crisis in affordable housing, with a waiting list of more than 21 years.

Singh says it's also in keeping with the province's mandate for intensification and managed growth across southern Ontario."I started in a basement apartment more than 20 years ago, then I moved up. It's the natural progression for immigrants," he said. Gibson agrees, but questions how the city might guarantee safety standards such as proper fire exits and ventilation for cooking appliances.

Dhillon says there are upwards of 30,000 illegal basement apartments in Brampton, which pose a bigger safety risk because they are unregulated.The province's legislation states municipalities can tailor their legal basement bylaws to suit the community.

Toronto already has a bylaw that allows basement apartments, while Vaughan, Mississauga and others are quickly moving toward compliance.

"It's a safety issue for a lot of people in Brampton," Gibson says. "I hope the report we get next week will address a lot of these issues. Then we're going to start a series of public consultations into the summer. We want to inform the public, then hear from them and act. We have to move forward with this."

Source: The Toronto Star

Government Buildings are in Need of Repair

2012-04-23T19:33:00Z

Thousands of buildings owned by Ottawa are crumbling and need repair, database shows

Published On Sat Apr 21 2012

The West Block of Parliament Hill in Ottawa is one of 120 fully occupied office buildings run by Public Works that are in a state of serious disrepair. Renovations are expected to be completed by 2017.

Nearly 5,000 federal buildings and homes are in serious disrepair, a national database shows.

The RCMP headquarters in Ottawa, Parliament’s West Block and other office towers in the capital’s core are at “high risk of building system failure,” according to data from the Treasury Board, which monitors federal real estate.

In Ottawa, workers occupying federal offices told the Toronto Star of malfunctioning elevators and undrinkable water.

Michel Duquet, executive director of the Canadian Historical Association, said he is “not at all surprised” that his agency’s former office building at 344 Wellington St. — also known as West Memorial — is classified as critical.

“I remember piles and piles of spring water coolers supplied for free. We couldn’t drink the water there,” said Duquet, whose association relocated to a healthier, new space.

“I did not feel safe when I went into their elevators,” said Lyne Larente, an administrator with Library and Archives Canada, which has also relocated.

Also topping the list:

• More than 2,300 National Defence buildings, including housing for soldiers and their families on military bases in Ontario and beyond.

More than 370 buildings run by the Correctional Service of Canada, including prisons, treatment centres and staff training compounds.

More than 600 structures maintained by Parks Canada, including cottages, recreation halls and amphitheatres.

West Memorial, an official heritage site erected in the early 1960s as a tribute to those killed during World War II, “has not been upgraded in any significant way since then,” said Mélanie Bergeron McAndrew, a spokeswoman for Public Works and Government Services Canada.

It is one of about 120 office sites run by the department that are listed in poor or critical condition.

Currently vacant, West Memorial is scheduled for major renovations within the next five years, McAndrew said.

The federal real estate directory holds data on nearly 40,000 owned and leased government buildings across the country.

An official appointed by the custodian for a particular building, typically a Crown corporation or federal department, must classify the condition of the structure and report that information to the Treasury. Sites may be ranked as good, fair, poor or critical. The ranking is reviewed annually.

Both poor and critical designations describe properties with “serious signs of deterioration.”

The Treasury defines critical sites as those where “operational and maintenance costs are high with frequent emergency maintenance and repair required. Risk of building and building systems failure is high.”

Of 2,302 military buildings operated by the Department of National Defence, 665 are housing units in poor condition.

A hundred of the Canadian military’s substandard housing units are at Camp Borden, 15 kilometres west of Barrie. The base has 744 homes in total.

On a street called Walcheren Loop, an army wife who shares a two-storey home with her husband and children told the Star she has been waiting nearly four years for the Canadian Forces Housing Agency to fix the wonky concrete steps that lead to her backyard.

“Whenever I ask, they always say it’s about budget,” said the woman, who asked that her name not be used.

The Department of National Defence said plans to repair, demolish or replace housing are prioritized case by case.

“Tactical priorities, funding availability, as well as the assets’ overall condition, suitability, compliance and utilization levels are also taken into consideration,” DND spokeswoman Nancy Cook said in an email.

RCMP headquarters — the L.H. Nicholson Building — at 1200 Vanier Pky. in Ottawa has been listed in critical condition for years.

In 2009, as part of the federal Economic Action Plan, Public Works pledged to invest nearly $90 million to repair and restore properties across Ottawa, including the RCMP headquarters. More than $6 million was spent on renovations at 1200 Vanier, it said.

Three years later, the RCMP is moving out.

A police spokeswoman said the building’s “capacity and systems no longer meet the long-term demands placed upon the RCMP in today’s policing environment.”

The new location for the headquarters at 73 Leikin Dr. “has allowed the RCMP to consolidate many of its programs and functions which were located in several facilities around the National Capital Region,” Cpl. Laurence Trottier said.

The last group of about 3,000 employees is expected to move in by the end of this year. The new building is owned by Minto Developments Inc.

As for what will become of the soon-to-be vacant space at 1200 Vanier, Public Works said it is “currently reviewing its options for the future of the asset and, as such, a new tenant has not been identified.”

Public Works is also responsible for the West Block of Parliament, another federal heritage site, which was slated to be part of a $5-billion, 25-year plan to renovate Parliament Buildings.

Renovations hit a snag after reports came out in 2010 that the $9-million contract to renovate part of the West Block went to a Montreal construction company after its owner, Paul Sauvé, allegedly paid off a Tory-connected businessman.

Trottier would not confirm whether the RCMP is still investigating.

Public Works said renovations across the entire building are expected to be completed by 2017.

The National Capital Commission operates more than 200 facilities categorized as poor and critical. While many are agricultural storage facilities, barns and silos, some of the properties are tenanted housing.

Repairs to the homes’ foundations and roofs have been completed in six of the department’s 15 tenanted homes, which are located in the Ottawa greenbelt or Gatineau Park, NCC spokesman Jean Wolff said.

Similar work is underway or remains to be started in the other nine houses, he said.

Just because a National Capital Commission property is graded poor does not mean it is unlivable, Wolff said.

The commission’s director of real estate, he explained, will assign a poor designation to a site if its plumbing lines, for example, are “of a certain age” and not necessarily because the plumbing needs to be replaced immediately.

Many properties were purchased in parkland or greenbelt areas, Wolff said, with the intention of demolishing them once the properties had run their use.

It’s part of a plan to “renaturalize” the land, he said.

Data analysis by Andrew Bailey

Comments what should the Government do about these buildings, should they leave them as is,rebuild, tear down?

Suggested April Maintenance List for Your Home by Ideal Building Inspections

2012-04-11T12:09:00Z

April http://www.hometips.ideal-inspect.com/index.htm
Heating system:	Check Operation
Filters:	Check condition, clean or replace
Roofing:	Safely check roofing and flashings
Drainage:	Check surface drainage
Landscaping:	Spring preparation
Lawnmower:	Perform spring tune-up
Garage door:	Check automatic reverse
Sidewalks:	Check for settlement and trip hazards
Exterior drains:	Clean leaves and debris
Exterior faucets:	Re-open water flow
GFCI:	Check for proper operation
Exterior outlets:	Verify functionality and safety
Basement:	Check for new deterioration, cracks and leaks
Fire and safety:	Check Smoke and CO detector condition and test

This was prepared by Ideal Building Inspections by owner Maurice Pinto.

I find having a list like this helps me keep my house in top repair. Hope you find this useful.

Please let me know.

Thanks

Jane

Have you been scammed??

2012-04-08T19:13:00Z

http://www.lockergnome.com/sherman/2012/03/30/old-scams-never-die-at-least-not-while-they-still-work/

Have you ever been a victim of a scam? I almost was a month ago. Someone called me and told me that there was a complaint of what I was using on the internet. I was taken off guard but I acted stupid ( for I realized it must be a scam and told them they had the wrong number and I then hung up). Afterwards, I felt nerviest and called family members and a few friends to talk about this. They all felt it was a scam. Thank goodness, I acted stupid and quickly hung up!!

Please tell me what has happened to you for all of us most be ready for these scams for they are increasing.

Jane

Spring Energy Savings Programs

2012-04-03T21:37:00Z

Hey, what about saving on energy for our home.

Please write and tell me what you think and if these programs are worth doing.

Jane

Spring Energy Savings Programs

This spring take advantage of these three easy ways to save energy at home.

1. saveONenergy peaksaverPLUS^®

Sign up for peaksaverPLUS^® and receive a free programmable thermostat valued at $250. You can program it from home or anywhere you have internet access.
Depending on how you program your thermostat, you could save up to 10% on your year-round heating and cooling costs.

To learn more about the program and to sign up, visit www.HydroOne.com/peaksaverPLUS or call 1-866-380-6051.

2. saveONenergy Fridge and Freezer Pickup

Have your old fridge and freezer removed and recycled for free. It could be adding up to $125 to your electricity bill every year.

You can book your free pickup at www.HydroOne.com/FridgePickup or call 1-877-797-9473.

3. saveONenergy Coupon Event – Ends April 29

Coupons with values ranging from $1 to $10 are available for a limited time for CFL bulbs, energy-efficient fixtures, timers, dimmer switches, indoor motion sensors, power bars and clotheslines.

More information and participating retailers at www.HydroOne.com/coupons or call 1-888-664-9376.

For other energy saving programs and tips, visit www.HydroOne.com/ConserveAtHome.

From Hydro One

Fraudsters use Realtor Reputations for online scam.

2012-03-28T12:04:00Z

By Carrie Brodi

Realtor Kari Calder has done everything right. An agent with Century 21 Fusion in Saskatoon, she created an attractive and searchable website and built a solid reputation in her community.

But last month her credibility was jeopardized when someone operating from across the world attempted to illegally offer one of her listed properties for rent. Posing as Calder, and armed with little more than a fake Hotmail account and a Kijiji ad, the individual cut and paste text and photos from a syndicated website and posted the home for rent on Saskatoon’s Kijiji website. The offer was too good to be true from the start.

“A large three-bedroom, three-bathroom double-attached-garage home for $1,000 per month including utilities is an unheard of deal in Saskatoon’s tight rental market,” says Calder.

Call it wishful thinking, but many hopefuls still called and some even visited the property, wanting to be shown the interior.

The ad caught up with Calder a few days after it was posted when she received a call from an interested renter who claimed to have been corresponding with Calder for three days prior.

“I am a busy Realtor, but not that busy that I wouldn’t remember having emailed this woman,” she says. Calder asked to see the emails. The return address was her first and last name at yahoo.com. It wasn’t unheard of to see one of her listings posted for rent on Kijiji, but the crime had been taken to a new level through the use of her name.

Shaking and livid, Calder’s immediate concern was for those who may have sent the requested wire transfer of a $1,000 deposit in exchange for – they promised – keys to the home. Her next thought was how this could damage her reputation.

“I said, ‘That’s it. We’re shutting them down. They aren’t going to gain momentum with my name because if they get away with it with me, how many other Realtors are they going to start impersonating?’” she says.

Calder took decisive action, posting a notice about the scam on her website and advising the homeowner to put a notice on her front door. She had the ad removed from Kijiji and notified the local police and the media. Still, people continued to call and visit.

One was Mike Bloomquist, a father who was excited at the prospect of moving his growing family into a bigger home. “I thought it was the break we were looking for,” he says. But as he began to correspond with the crooks, his suspicions grew. “As I read further into their responses, the alarm bells started to go off. For example, they said the owners were in Africa doing ‘God’s work’ and kept talking about needing someone to trust with their home. They also said they had the keys with them overseas and I thought that was really strange.”

Luckily, Bloomquist went the extra step to find Calder’s phone number and verify the authenticity of the ad before going any further. He managed to stay safe, but it isn’t known how many did not.

Calder says this kind of scam is a serious threat to the public and to Realtors across Canada and urges agents to act quickly if this happens to them – or risk serious reputation damage.

“If somebody has sent money and they don’t have a house to go to, they are going to start turning to us as agents, saying, ‘You did this to me’. People always need someone to blame,” she says.

It isn’t much use going to the police after the fact.

“In a situation like this, the police are pretty powerless to do anything,” says Sgt. Brian Trainor, retired fraud detective with the Saskatoon Police Service. “Fraud is a difficult crime to investigate because the perpetrator may be anywhere in the world. Many international frauds are unsolved because of this jurisdictional nightmare.”

Calder says technology is a double-edged sword: both helpful to the process of buying and selling homes and also a breeding ground for identify theft. She suggests watermarking photographs and even keeping the street address private.

“Ultimately, these criminals are only getting more creative and it is up to all of us to be vigilant,” she says. “We need to be good cyber citizens and alert people when we see these frauds. The honest people need to take care of the honest people.”

Article from Rem online written by Carrie Brodi

Scotiabank: Risk of dramatic correction in Canadian Housing market is low

2012-03-13T20:49:00Z

Scotiabank: Risk of dramatic correction in Canadian Housing market is low

Decisions, Decisions: Finding the Perfect OutfitScotiabank released their Global Real Estate Trends report yesterday and while their assessment of the Canadian housing market wasn’t all peaches and cream, it was far from the doomsday prophecies some Canadian publications have been bandying about lately.

The Scotiabank economist behind the report, Adrienne Warren, had this to say about the Canadian housing market:

“We expect sales and prices will be relatively flat in the year ahead. Even with interest rates forecast to remain low well into next year, public sector restraint and a lack of pent-up demand will temper both first-time and move-up buyer activity.”

She added that stronger job and income gains and more positive demographic trends favour Western Canadian housing markets.

In her view, a cooling off period is just what the market need to help re-balance housing valuations thus allowing fundamentals like income to catch up to prices.

Writing on the specter of a housing market collapse, Warren contended that the risk of a major price correction is low barring a major economic or financial shock. She also noted that there is little evidence of widespread overbuilding or speculative buying activity.

“Canada’s mortgage market is sound, and delinquency rates are low,” she concluded.

Warren’s report also addressed the Toronto condo boom.

Citing a historically low level of single and semi-detached home construction, coupled with near-all time high apartment unit construction and population growth, she expects high-density living to become increasingly the norm.

She noted that the “aggregate level of unsold inventory is low by historical standards.” While acknowledging the anecdotal reports of investors accounting for a significant share of Toronto condo sales, Warren predicted that many units currently under construction will not be absorbed but instead returned to the rental market.

Good news for renters considering Toronto has one of the lowest vacancy rates in the country.

And that’s your daily(ish) dose of economics!

""Scotiabank released report March 12 --from Scotiabank Economist Adrienne Warren""

TD to Halt Non-Prime Mortgage Lending

2012-03-07T16:10:00Z

TD to Halt Non-Prime Mortgage Lending

Canadians are losing another non-prime mortgage lender.

Effective March 31, 2012, TD’s specialty lending division, TD Financing Services, is exiting the non-prime mortgage business.

A spokesperson said, "With today’s announcement, we have eliminated any non-prime lending in mortgages."

The move was made “As part of a regular review of TD’s secured lending risk management strategies."

“Ultimately, we decided it wasn’t a core part of our focus on building a franchise business,” he said, adding that “The (TDFS) portfolio has not grown to an economically viable size.”

TDFS mortgages comprised just 0.2% of TD’s overall mortgage book, he noted. TD says its TDFS customer base was not in the “tens of thousands,” but rather in the “thousands.”

Abnormal defaults were not an issue in this decision. "Our existing (non-prime) portfolio has performed quite well with minimal losses."

“To remain competitive, it would have required us to increase (that) risk profile, something we’re not prepared to do.” (The spokesperson suggested that some non-prime competitors have been doing increasingly higher-risk lending and TD has chosen not to follow.)

Brokers were the main source of volume for TDFS. In an email it sent out earlier today, TD said: “TD Canada Trust remains committed to the mortgage broker industry and this announcement does not affect TD Broker Services.”

For existing customers, "renewals will be offered in the normal course of business."

That said, as with any borrower approaching maturity at a non-prime lender, we’d strongly advise TDFS customers renewing after March 31 to contact a mortgage planner to survey alternative options.

This move has no effect on TDFS’s non-prime auto lending business.

Rob McLister, CMT

Posted in Mortgage Brokers News

What are your comments on this article?

What to Expect in 2012

2012-03-07T15:22:00Z

What to Expect in 2012

According to TREB, prices will continue to grow in 2012. TREB’s Market Watch publications now include an MOI (Months of Inventory) indicator, which shows how long it would take to sell all actively listed homes, on average, assuming an unchanged level of sales and no additional homes being listed. It is calculated by dividing the 12-month moving average of active listings by the 12-month moving average of sales. A shrinking MOI is an indication of a tightening market with fewer listings, ultimately creating competition among buyers and rising prices.

The average MOI was 2.3 months over the last 2 years, according to TREB. During years 2000 through 2007 (leading up to the recession) it was 3.0 months. “The low months of inventory over the past two years resulted from very strong sales relative to the number of homes listed. In 2011 in particular, there was a shortage of listings in the GTA. We continue to experience tight market conditions and considerable upward pressure on the average selling price,” said TREB President Richard Silver.

TREB expects the average price to continue rising in 2012 by approximately 4-percent to around $485,000 based on the current tightness of the market and the continued positive affordability thanks to low mortgage rates. A more moderate price increased compared to the 8-percent spike in 2011.

January 2012 So Far

The results of the first two weeks of January are in. Already, we’re seeing increases and the year has barely begun. GTA Realtors reported 1,506 sales during the first two weeks of 2012, representing a 6-percent increase compared to the same period in 2011. New listings were also up, by 3.7-percent, which could be a sign of a balancing market but not quite yet, as the market continues to lean toward sellers’ market conditions.

The average price for the first two weeks was $444,473, an 8.5-percent increase compared to the same period of 2011. Can’t wait to see what the rest of 2012 brings!

Article: from Sutton Admiral Realty Inc Newsletter

What do you think will happen in 2012? Are you planning on buying or selling?