Federal Government Makes it Easier for Middle Class Canadians to Buy their First Home
Mississauga, Ontario, June 17, 2019
All Canadians deserve to have a safe and affordable place to call home. That is why the Government of Canada is introducing an innovative new tool to help middle class Canadians buy their first home.
Today, the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC) announced the details of the First-Time Home Buyer Incentive, including the expected launch date.
Starting on September 2, 2019, the First-Time Home Buyer Incentive will help middle class families take their first steps towards homeownership by reducing monthly mortgage payments required for first-time homebuyers without increasing the amount they need to save for a downpayment. This program complements other measures taken in Budget 2019 to support first time homebuyers with their downpayment such as increased RRSP withdrawal limit from $25,000 to $35,000 The Government of Canada has allocated $1.25 billion over three years (starting in 2019) for this program. The incentive will be available to first-time homebuyers with qualified annual household incomes up to $120,000.
Budget 2019 also previewed the Shared Equity Mortgage Provider Fund, a five-year, $100-million lending fund to assist providers of shared equity mortgages to help eligible Canadians achieve affordable homeownership. This will support an alternative homeownership model targeted at first-time homebuyers, help attract new providers of shared equity mortgages and encourage additional housing supply. The fund will be launched on July 31st, 2019, and will be administered by CMHC.
“Through the National Housing Strategy, more middle-class Canadians - and people working hard to join it - will find safe, accessible and affordable homes. Our proposed measures will reduce the monthly mortgage for your first home by up to $286. This will mean more money in the pockets of Canadians and will help up to an estimated 100,000 families across Canada.”
— Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation
“The First Time Home-Buyer Incentive is designed to benefit those who need more assistance with housing costs, middle class Canadians. Thanks to mortgage payments that are more affordable, many families will have hundreds of dollars more each month in their pockets – money to spend on things like healthy food, sports activities for their kids, or even save for the future.”
— Bill Morneau, Minister of Finance
Quick Facts about the First Time Homebuyer Incentive:
Associated links:As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn, and Facebook.
To find out more about the National Housing Strategy, visit www.placetocallhome.ca.
Media contacts:Valérie Glazer
Office of the Minister of Families, Children and Social Development
Province Unveils Housing Supply Action Plan
May 3, 2019 -- After months of consultations with stakeholders and thousands of submissions from residents, the Ontario government announced this morning their comprehensive Housing Supply Action Plan, which is intended to cut red tape; build more housing, including the right mix of housing types; and increase the number of affordable homes.
TREB and OREA have been involved in this process through submissions and working groups, and many of our industry recommendations are reflected in the Plan.
Branded as "More Homes, More Choice," the Action Plan changes are meant to increase supply and deal with the housing affordability challenges as the government is looking to amend 13 government Acts (including the Growth Plan for Greater Golden Horseshoe, the Planning Act, Ontario's Building Code, and the Development Charges Act to name a few). For the complete news release, please click here.
TREB applauds the government for taking this bold action, ensuring that our city, region and province have an adequate supply and appropriate mix of housing. We look forward to continue working with the government as this Plan moves into its implementation phase.
We will continue to report on the progress as the Plan is being put into action.
Torontonians get sneak peek at 16 km urban park that will connect downtown to Scarborough - April 27th, 2019
Dozens of Torontonians turned out to get a sneak peek of the first plans for a 16-kilometre long stretch of green space that would see pedestrians and cyclists be able to make their way from the downtown core up to Scarborough without ever leaving the park.
The project, called The Meadoway, first made headlines last spring, and would transform a barren hydro corridor into a fully-connected greenway linking 15 parks, 34 neighbourhoods and four ravines all the way from the Don River Ravine to Rouge National Urban Park in Scarborough.
Attendees had a chance to weigh in on what they envisioned the park would be.
Tina Hamlett, part of a group called Morningside Community Changers, was among them.
As part of her vision to transform what is now a stretch of open field behind her neighbourhood at Morningside Avenue and Ellesmere Road, she put forward a host of ideas -- something organizers say they welcome.
Pollinator plants for the bees, birds, butterfly populations, a zen garden with fountains, an urban garden to help with food sustainability concerns in her neighbourhood, a greenhouse are all among the features Hamlett would like to try to implement for the Military Trail community.
Tina Hamlett, part of a group called Morningside Community Change, attended Wednesday's consultation. (John Sandeman/CBC)
The most important thing to Hamlett? "That we are really forming a real community."
Lisa Turnbull, senior manager of project management at the Toronto and Region Conservation Authority, says the entire project is expected to cost about $85 million. The W. Garfield Weston Foundation has pledged $25 million to support it.
The Meadoway isn't the only major park initiative underway in Toronto. Rail Deck Park and The Bentway are also in the works -- but situated in the downtown core.
"Scarborough is home to over 600,000 people. It's not the downtown, so we need to create community spaces that are specific to the mode of living," said Paul Kulig, a principal of urban design firm Perkins+Will's.
"It's going to be this amazing meadow full of all kinds of insects and butterflies," said Richard Ubbens, director of parks for the city.
That's part of what Hamlett would like to see, especially for the families who live in her neighbourhood.
She'd like to see a space where "children have a wonderful experience growing up and then when they graduate and move on, these are good memories that they can have -- basically having a legacy for the Morningside area."
A group of Vaughan homeowners say they’ve been waiting 16 years to get their grading deposit back, only to find out that their money will not be returned.
When the homeowners purchased their residences, they paid $500 to a builder for what they thought was a refundable grading deposit. A grading deposit, sometimes called a security or damage deposit, is meant to ensure that a new neighbourhood complies with the city’s regulations. This can include rules for driveways, curbs and sidewalks.
Typically, the money collected is released when a community is assumed by a municipality.
Rosa Savella, one of the homeowners, said that the neighbours were told they would get their $500 grading deposit back when they purchased their home.
“She said, ‘Oh yeah, minus your $500 because you’ll get that back sooner or later, as soon as the land gets assumed,’” Savella told CTV News Toronto.
The neighbours recently found out their development had been assumed by the city about a decade ago. When they asked for their deposit back, the builder declined, calling it a “grading fee” rather than a deposit.
A spokesperson for the builder, Fieldgate Homes, said that the charges were laid out in the agreement of purchase.
“We did charge a non-refundable grading fee of $500 + GST. Fieldgate provided no undertaking on closing to any purchaser for the refund of the grading fee. We hope homeowners are happy with their homes despite this misunderstanding.”
The neighbours claim they were told verbally there would be a refund and are disappointed that after 16 years, they won’t receive one.
“We are not asking for anything extravagant. We just want the grading fees we were told we were going to get back, to get them back as promised,” Tony Gentile, another homeowner, said.
A lawyer for buyers in the cancelled Cosmos condos in Vaughan has asked an Ontario court to rule against “unlawful contracts” that allow developers to kill projects if they don’t consider the financing conditions satisfactory without disclosing what those conditions are.
Justice Michael Penny reserved judgment on Tuesday following arguments that centred on the contract language in the purchase agreements signed by buyers in Liberty Developments’ Cosmos condos in 2016.
Two years after purchasing units in the Cosmos condos project near Vaughan Metroplitan Centre, buyers received refunds and letters telling them the project had been cancelled “solely due to the inability to secure satisfactory construction financing.”
About 40 buyers, who turned up to witness the court proceedings, wore stickers proclaiming, “Liberty for none.”
The Tarion Addendum -- the standard form attached to condo purchase agreements that sets out schedules, occupancy dates and conditions for terminating a project -- allows vendors to cancel if they are unable to secure satisfactory financing. But it does not require them to provide details on what comprises “satisfactory.”
The Cosmos agreements, signed during a frenzied period of real estate buying in the Toronto region, also included a clause giving the vendors “sole, absolute and unfettered discretion” to cancel -- something the buyers’ lawyer said undermines the purpose of the Tarion consumer protection legislation.
“Satisfactory financing and unfettered discretion are two different things,” Ted Charney, who represents 451 Cosmos buyers, told an Ontario Court of Justice.
The condo buyers purchased units near the Vaughan Metropolitan Centre in 2016, a period of skyrocketing prices in the Toronto-area real estate market. Two years later they received refunds and letters telling them the project had been cancelled “solely due to the inability to secure satisfactory construction financing.”
The letter blamed the decision on the project’s vendors, numbered companies that own the land on the southwest corner of Hwy. 7 and Maplecrete Rd. Those companies share the same Markham address as Liberty Developments.
“To have these projects cancelled is life changing for these purchasers,” Charney told the court.
“This is an agreement that affects thousands of people , hundreds of thousands of dollars,” he said.
But if builders couldn’t cancel projects for financing reasons they might be tempted to cut corners or fail to complete the building, which wouldn’t be good for homebuyers either, said the vendors’ lawyer Monique Jilesen. The cancellation for financial reasons is among those permitted by builder regulator Tarion, she said.
There is nothing in the Tarion legislation that provides purchasers such as the Cosmos buyers to be compensated for lost market appreciation when a developer cancels a project for unsatisfactory financing reasons, according to court documents filed by the vendors.
“This is not the kind of case , where the parties entered into the agreement with an evil intention,” Jilesen told the court.
Condo buyer Cecilia Yung and her parents bought two Cosmos units to be closer to her brother in Vaughan. The family has been stuck since the project was cancelled without enough money to find comparable homes, she said.
Yung said the case shows, “There is a lot to be improved upon the Tarion agreements and forms. Something has to be done.”
“There are a number of cancellation projects coming up after Cosmos is cancelled. Obviously something is missing in the system that isn’t providing enough protection to the consumers,” she said.
April 18, 2019
If you have been in the Dufferin Street and Rutherford Road intersection in the past month, you may have noticed two signs. One sign is on the north side of Rutherford Road, east of Dufferin Street; the other sign is on Dufferin Street, on the east side, north of Rutherford Road. The signs are a notice of a zoning change and a development approval. Read below for more.
JUST THE FACTS
A newly announced Ontario residential condo tower is slated to be the tallest in Vaughan, according to its developer.
Cortel Group’s 60-storey CG Tower will be erected next to Nord Condos on Highway 7. It will be the fifth and final building in Expo City, and it will also be the development’s tallest tower.
“Making its mark on the City of Vaughan was Cortel Group’s intention and overall aim. Thehttps://ca.res.keymedia.com/files/image/iStock-507122313-building-construction.jpg tower will emerge as a landmark to the Vaughan skyline - anchoring an active urban community complemented by Edgeley Pond & Park - the largest city-owned park located in the heart of the Vaughan Metropolitan Centre,” the developer stated in its announcement.
The building, scheduled for completion by September 2021, will boast of an exterior featuring an all-brick finish, in stark contrast to the proliferation of glass condo and office structures in recent decades.
“CG Tower is going to be a really important building for the evolution of Vaughan. Vaughan has had for a long time a certain kind of character, kind of a low-rise characterâ€¦ CG Tower says, definitely, Vaughan’s character is changing and this is the character that makes a bold statement about that,” project lead architect Richard Witt said.
“We believe that this tower is not only a catalyst, but a symbol of urban growth and sustainability,” Cortel Group director of marketing and sales Romina Cortellucci added.
Elsewhere in the province, Cortel Group will also be building two more luxury condo towers in Toronto. Towers 3 and 4, representing the final phase in the much anticipated Oak & Co. luxury condominium complex, will be launched on April 27, 2019.
New VMC Condos Vaughan Metropolitan Centre
CondoNow curated list of New Vaughan Condos, pre construction or under construction, in the VMC Vaughan Metropolitan Centre.
* Single largest residential development in Canada *
VMC has approximately 190 hectares (350 football fields) of NEW exciting investment development opportunities, see it compared to 30 city blocks in Downtown Toronto, including:
• NEW 1.5 million s.f. office space and 750,000 s.f. retail space
• NEW 12,000 units for 25,000 people
• NEW 200 people and jobs per hectare by 2031
• NEW Employment 11,500 of which 5,000 will be office based
The Vaughan Metropolitan Centre is the new Downtown Vaughan - a vibrant, modern urban centre for residents and businesses with all amenities of urban lifestyle from inspiring multi-use office towers, residences, open green space and urban squares, pedestrian shopping areas and restaurants, to walking and cycling paths!
Superb Transit Scores with many developments just steps to new VMC subway! Vaughan to Union Station in 43 minutes!
Learn more about VMC
See the 9 Acre Park at VMC
See the VMC animation video
Still need more info? Read the 200+ page 2015 City of Vaughan VMC Plan