Ottawa tightens mortgage rules to avoid 'bubble'…no more zero down mortgages and 40 year amortizations
LORI MCLEOD AND KEVIN CARMICHAEL Thursday, July 10, 2008
The federal government is cracking down on the mortgage industry in a move that could help protect against a U.S.-style housing bubble, but will also make it tougher to borrow money to buy a home. The Finance Department said yesterday it will stop backing mortgages with amortization periods longer than 35 years as of Oct. 15. It will also start demanding a down payment equal to at least 5 per cent of the home's value, rather than guaranteeing mortgages where they buyer has borrowed the total amount.
"Today's announcement marks a responsible and measured approach by the government to ensure Canada's housing market remains strong, and to reduce the risk of a U.S.-style housing bubble developing in Canada," the Finance Department said in a statement. Existing 40-year mortgages will be grandfathered, a Finance Department spokesman said.
In 2006, the maximum amortization period was extended to 40 years from 25, and longer-term mortgage products have become increasingly popular with buyers looking for lower monthly payments as the price of Canadian homes soared. Last year, 37 per cent of new mortgages were for terms of longer than 25 years, according to the Canadian Association of Accredited Mortgage Professionals (CAAMP).
But while longer amortizations stretch out monthly payments, they also greatly increase the cost of a mortgage over its lifetime.
For example, the total interest on a $300,000 mortgage can soar from $286,161 over the life of a 25-year mortgage to $498,416 over a 40-year amortization period - adding more than $200,000 to the cost of the home.
This, combined with the fact that these mortgages are often combined with little or no equity, raised alarm bells with policy makers looking at the turmoil that took place in the U.S. when house prices started to fall.
"We've seen an inclination now, a trend, toward longer-term amortizations and smaller down payments, and that is a matter of some concern," Finance Minister Jim Flaherty said in a speech in May. Mr. Flaherty was not available for comment yesterday.
Reaction from the industry was mixed.
"CMHC supports the new parameters ... . We also support their efforts to maintain the strong Canadian housing market," said spokesperson Stephanie Rubec, adding CMHC will stop insuring 40-year and zero down payment mortgages in October.
"It's the right move," said Nick Kyprianou, president of Home Capital Group Inc., whose principal subsidiary, Home Trust Co., provides alternative mortgages. "Why get people overextended? Nobody wins by getting people right to the end of the cliff."
Others, however, say home buyers and banks have been prudent with their finances, and are being punished for the more lax approach south of the border."Things here are not like they are in the U.S. where they had those NINJA loans, no income, no job, no assets. ... It's only going to hurt the consumer," said John Panagakos, owner of Toronto brokerage Mortgage Centre.
The move actually comes at a time when the housing market has moved on to other concerns, the most pressing of which is chilling consumer sentiment due to high fuel prices, said Douglas Porter, deputy chief economist at BMO Nesbitt Burns Inc.
"It's a bit like closing the barn door after the horse has already run down the road."
Tuesday, August 19, 2008
Toronto On Foot
Explore Toronto on Foot
The Toronto Star
Jun 26, 2008
There are plenty of opportunities to connect with nature in the city. High Park and Edwards Gardens are well-known to most. If the concrete jungle's more your thing, explore the urban charms of Toronto. Here are some examples of sites to get started.
There are plenty of opportunities to connect with nature in the city. High Park and Edwards Gardens are well-known to most. If the concrete jungle's more your thing, explore the urban charms of Toronto. Here are some examples of sites to get started.
Lawrence/Sherwood Park
Alexander Muir Memorial Gardens is just two short blocks south of the Lawrence Ave. subway station.
Named for the man who penned “The Maple Leaf Forever,” the park features lovely stone terraces that are hugely popular for wedding photos.
There are sumptuous gardens with winding paths and hidden nooks that are perfect for a quiet romantic interlude. You can walk south and east through a quiet ravine filled with towering trees and cross under Mt. Pleasant Rd., then go up a small hill, cross Blythwood Rd. and slip into sprawling Sherwood Park.
Then, you can either retrace your steps or go west up the hill to Sherwood Ave. and work your way to Yonge St., then head south to Eglinton Ave. or north to Lawrence for the subway.
Jim Byers
______________________________________________________
DON VALLEY BRICK WORKS
The old Don Valley Brick Works has been transformed into an outstanding attraction.
There are large ponds dotted with lily pads and bulrushes, where herons sail silently and red-winged blackbirds dart to and fro.
There are wildflower meadows and lovely walks and benches to rest your weary bones. You can sometimes spot 400-million-year-old fossils in the shale that lies on the west side of the old quarry, as the site was part of a subtropical sea long, long ago.
There’s also some terrific industrial architecture and various nature programs offered. Visit evergreen.caÖ and click on “evergreen brick works” for more information.
The TTC now offers Saturday service from the Davisville subway station.
Jim Byers
_______________________________________________________
RATTRAY MARSH
Listen hard and you can hear faint traffic behind the stand of giant maples, oaks and birches at your back. But it’s drowned out by the classic song of the marsh before you: the throaty brrrr of red-winged blackbirds, darting from bulrush to tall tree.
When you need a little wilderness, there’s no better stroll than Mississauga’s Rattray Marsh, a Credit Valley Conservation gem on the lakeshore. Encompassing woodland, marsh, beach and meadow, the birder’s paradise shelters species like herons, wood warblers, eastern kingbirds, tree swallows, catbirds and spotted sandpipers. Rabbits, beaver, deer, foxes, turtles, snakes and spring peepers, too.
Easiest entry is via adjacent Jack Darling Park. Walk west along the beach. A wooden bridge marks the start of a beguiling boardwalk that skirts the marsh, passing around an ancient oak knoll and into woods.
Three viewing platforms let you watch wildlife or just admire irises glowing purple against green reeds and brown water, its silty richness carried down from Sheridan Creek. In the meadow beyond, wildflowers perfume the breeze.
Doreen Martens
_________________________________________________________
TORONTO ISLANDS
Of course, everyone knows about the Centre Island ferry from the foot of Bay St. But there’s an enormous island out there waiting to be explored. Avoid the crowds and take the boat to Hanlan’s Point, instead.
There are lovely walks along inland bays, with glimpses of Toronto’s finest boats and gaggles of baby ducks and geese as you stroll past towering willows. You can doff your chapeau (and a lot more, if you like) at the nearby clothing-optional beach or wander up to the beach near Gibraltar Point.
There are places to fish and rollerblade. You can also rent a canoe or a bike. Franklin Garden (named after the famous turtle) on Centre Island offers outdoor activities for the younger set. Check out the crab cakes at The Rectory Café on Ward’s Island, which has the loveliest and quietest patio in the city, and be sure to admire the homes and some of the stunning gardens at the east end of the island.
Jim Byers
________________________________________________________
HIGHLAND CREEK PARKS
From Beechgrove Dr. and Lawrence Ave. E., travel south on Beechgrove to Copperfield Rd., then walk, bike or rollerblade east along the paved path to the mouth of Highland Creek at Lake Ontario.
Further east, past the fork of two footbridges, you’ll find the newly developed Port Union Village Common Park, which includes lookout points with spectacular views across the lake, more than a kilometre of man-made rock beach and a great open-park setting to soak up the sunshine.
Alternatively, travel north at the footbridge fork, along the Highland Creek path as it meanders beside the river through lush forest, wildflowers and ferns.
Many species of birds can be observed, along with deer, fox and coyote, if you’re lucky and early or late in the day.
The path continues under Lawrence Ave. E. toward Col. Danforth Park. Ultimately, the route takes you through all of south Scarborough’s ravines flanking Highland Creek and its tributaries.
Pat Burton
__________________________________________________________
URBAN CHARM
Roncesvalles
One of Toronto's liveliest and authentic neighbourhood streets, Roncesvalles Ave. is the heart of the Polish community.
But it's also a cosmopolitan mix with a jazz club, Gate 403, a repertory cinema, The Revue, green grocers on corners, and a sprinkling of Thai and Indian restaurants.
In the south, Roncesvalles begins with TTC street car barns and a monument to the Katyn massacre of World War II, and a sweeping view of Lake Ontario.
Walking north, you'll pass Polish delis, with racks of smoked sausage, independent coffee shops, (Cherry Bomb and Alternative Grounds) with hipsters, independent bookstores, (Another Story and She Said Boom!) and the tiny, perfect cheese store, Thin Blue Line.
_____________________________________________________________
UNIONVILLE
Unionville's Main St. offers a blend of historic charm, small-town friendliness and high-end sophistication, all wrapped up in a lovely package with historic buildings.
The Harvest Wine Bar has a variety of fine wines and an eclectic menu. The owner of Kris clothing knows her clientele and buys her products in Europe with specific customers in mind. There are art galleries, including the Fred Varley, plenty of coffee shops and ice cream options. Toogood Pond has spots for picnics, fishing and lovely strolls along the water. It's a couple minutes off Hwy. 404, just north of Toronto's city limits.
______________________________________________________
LITTLE INDIA
From the intersection of Highfield Rd. and Gerrard St. E. begins a world of raucous colour, of milling crowds, of spicy food. It's as close you can come to India in Toronto.
Start with a visit to the Maharani Emporium, where you can get traditional gifts such as handicrafts and statues of gods and goddesses. Across the street is the Indian record shop, where you can pick up Bollywood movies and classical Indian music. The Milan Saree Shop offers saris and lehngas with intricate designs in sharp colours.
Hungry? Head to the Regency for piping-hot north Indian fare. Or try south Indian food at Udupi Palace.
________________________________________________________
BAYVIEW AVE.
In a few blocks south of Eglinton you can find everything from scrumptious pastries and baked goods at COBS Bread, as well as Epi Breads (try the sourdough) and Patisserie La Cigogne, which makes a killer chocolate croissant. Terrific ice cream-like treats are offered at Hollywood Gelato. Restaurants range from Indian to southern U.S. barbecue. Check out the Vietnamese/Thai cuisine at Riz or Lemongrass and the meaty selections at Cluck, Grunt and Low. Or wander into Duff's Famous Wings for a taste of Buffalo. Fun shops include The Smokin' Cigar and Sleuth of Baker Street, which features visiting authors such as Harlan Coben.
__________________________________________________________
LESLIEVILLE
Leslieville is a scrappy east-end working-class neighbourhood that has recently been gentrified by artistic types, many employed in the local film industry.
Antique and funky furniture stores, healthy food shops and trendy restaurants vie for attention amidst historic buildings like the Opera House, now a club venue, and the Queen/Saulter Library.
Queen St. E. is its nerve centre, beginning at Jilly's strip club at Broadview Ave. on the west and ending at the Duke of Connaught at Leslie St. Brick Street Bread, an organic bread store at Logan Ave., and the Leslieville Cheese Market are two examples of niche establishments catering to discerning foodies who also dine at places like Kubo Radio, featuring Asian cuisine, and Pulp Kitchen, a healthy eatery/juice bar.
Labels: Explore Toronto on Foot
The Toronto Star
Jun 26, 2008
There are plenty of opportunities to connect with nature in the city. High Park and Edwards Gardens are well-known to most. If the concrete jungle's more your thing, explore the urban charms of Toronto. Here are some examples of sites to get started.
There are plenty of opportunities to connect with nature in the city. High Park and Edwards Gardens are well-known to most. If the concrete jungle's more your thing, explore the urban charms of Toronto. Here are some examples of sites to get started.
Lawrence/Sherwood Park
Alexander Muir Memorial Gardens is just two short blocks south of the Lawrence Ave. subway station.
Named for the man who penned “The Maple Leaf Forever,” the park features lovely stone terraces that are hugely popular for wedding photos.
There are sumptuous gardens with winding paths and hidden nooks that are perfect for a quiet romantic interlude. You can walk south and east through a quiet ravine filled with towering trees and cross under Mt. Pleasant Rd., then go up a small hill, cross Blythwood Rd. and slip into sprawling Sherwood Park.
Then, you can either retrace your steps or go west up the hill to Sherwood Ave. and work your way to Yonge St., then head south to Eglinton Ave. or north to Lawrence for the subway.
Jim Byers
______________________________________________________
DON VALLEY BRICK WORKS
The old Don Valley Brick Works has been transformed into an outstanding attraction.
There are large ponds dotted with lily pads and bulrushes, where herons sail silently and red-winged blackbirds dart to and fro.
There are wildflower meadows and lovely walks and benches to rest your weary bones. You can sometimes spot 400-million-year-old fossils in the shale that lies on the west side of the old quarry, as the site was part of a subtropical sea long, long ago.
There’s also some terrific industrial architecture and various nature programs offered. Visit evergreen.caÖ and click on “evergreen brick works” for more information.
The TTC now offers Saturday service from the Davisville subway station.
Jim Byers
_______________________________________________________
RATTRAY MARSH
Listen hard and you can hear faint traffic behind the stand of giant maples, oaks and birches at your back. But it’s drowned out by the classic song of the marsh before you: the throaty brrrr of red-winged blackbirds, darting from bulrush to tall tree.
When you need a little wilderness, there’s no better stroll than Mississauga’s Rattray Marsh, a Credit Valley Conservation gem on the lakeshore. Encompassing woodland, marsh, beach and meadow, the birder’s paradise shelters species like herons, wood warblers, eastern kingbirds, tree swallows, catbirds and spotted sandpipers. Rabbits, beaver, deer, foxes, turtles, snakes and spring peepers, too.
Easiest entry is via adjacent Jack Darling Park. Walk west along the beach. A wooden bridge marks the start of a beguiling boardwalk that skirts the marsh, passing around an ancient oak knoll and into woods.
Three viewing platforms let you watch wildlife or just admire irises glowing purple against green reeds and brown water, its silty richness carried down from Sheridan Creek. In the meadow beyond, wildflowers perfume the breeze.
Doreen Martens
_________________________________________________________
TORONTO ISLANDS
Of course, everyone knows about the Centre Island ferry from the foot of Bay St. But there’s an enormous island out there waiting to be explored. Avoid the crowds and take the boat to Hanlan’s Point, instead.
There are lovely walks along inland bays, with glimpses of Toronto’s finest boats and gaggles of baby ducks and geese as you stroll past towering willows. You can doff your chapeau (and a lot more, if you like) at the nearby clothing-optional beach or wander up to the beach near Gibraltar Point.
There are places to fish and rollerblade. You can also rent a canoe or a bike. Franklin Garden (named after the famous turtle) on Centre Island offers outdoor activities for the younger set. Check out the crab cakes at The Rectory Café on Ward’s Island, which has the loveliest and quietest patio in the city, and be sure to admire the homes and some of the stunning gardens at the east end of the island.
Jim Byers
________________________________________________________
HIGHLAND CREEK PARKS
From Beechgrove Dr. and Lawrence Ave. E., travel south on Beechgrove to Copperfield Rd., then walk, bike or rollerblade east along the paved path to the mouth of Highland Creek at Lake Ontario.
Further east, past the fork of two footbridges, you’ll find the newly developed Port Union Village Common Park, which includes lookout points with spectacular views across the lake, more than a kilometre of man-made rock beach and a great open-park setting to soak up the sunshine.
Alternatively, travel north at the footbridge fork, along the Highland Creek path as it meanders beside the river through lush forest, wildflowers and ferns.
Many species of birds can be observed, along with deer, fox and coyote, if you’re lucky and early or late in the day.
The path continues under Lawrence Ave. E. toward Col. Danforth Park. Ultimately, the route takes you through all of south Scarborough’s ravines flanking Highland Creek and its tributaries.
Pat Burton
__________________________________________________________
URBAN CHARM
Roncesvalles
One of Toronto's liveliest and authentic neighbourhood streets, Roncesvalles Ave. is the heart of the Polish community.
But it's also a cosmopolitan mix with a jazz club, Gate 403, a repertory cinema, The Revue, green grocers on corners, and a sprinkling of Thai and Indian restaurants.
In the south, Roncesvalles begins with TTC street car barns and a monument to the Katyn massacre of World War II, and a sweeping view of Lake Ontario.
Walking north, you'll pass Polish delis, with racks of smoked sausage, independent coffee shops, (Cherry Bomb and Alternative Grounds) with hipsters, independent bookstores, (Another Story and She Said Boom!) and the tiny, perfect cheese store, Thin Blue Line.
_____________________________________________________________
UNIONVILLE
Unionville's Main St. offers a blend of historic charm, small-town friendliness and high-end sophistication, all wrapped up in a lovely package with historic buildings.
The Harvest Wine Bar has a variety of fine wines and an eclectic menu. The owner of Kris clothing knows her clientele and buys her products in Europe with specific customers in mind. There are art galleries, including the Fred Varley, plenty of coffee shops and ice cream options. Toogood Pond has spots for picnics, fishing and lovely strolls along the water. It's a couple minutes off Hwy. 404, just north of Toronto's city limits.
______________________________________________________
LITTLE INDIA
From the intersection of Highfield Rd. and Gerrard St. E. begins a world of raucous colour, of milling crowds, of spicy food. It's as close you can come to India in Toronto.
Start with a visit to the Maharani Emporium, where you can get traditional gifts such as handicrafts and statues of gods and goddesses. Across the street is the Indian record shop, where you can pick up Bollywood movies and classical Indian music. The Milan Saree Shop offers saris and lehngas with intricate designs in sharp colours.
Hungry? Head to the Regency for piping-hot north Indian fare. Or try south Indian food at Udupi Palace.
________________________________________________________
BAYVIEW AVE.
In a few blocks south of Eglinton you can find everything from scrumptious pastries and baked goods at COBS Bread, as well as Epi Breads (try the sourdough) and Patisserie La Cigogne, which makes a killer chocolate croissant. Terrific ice cream-like treats are offered at Hollywood Gelato. Restaurants range from Indian to southern U.S. barbecue. Check out the Vietnamese/Thai cuisine at Riz or Lemongrass and the meaty selections at Cluck, Grunt and Low. Or wander into Duff's Famous Wings for a taste of Buffalo. Fun shops include The Smokin' Cigar and Sleuth of Baker Street, which features visiting authors such as Harlan Coben.
__________________________________________________________
LESLIEVILLE
Leslieville is a scrappy east-end working-class neighbourhood that has recently been gentrified by artistic types, many employed in the local film industry.
Antique and funky furniture stores, healthy food shops and trendy restaurants vie for attention amidst historic buildings like the Opera House, now a club venue, and the Queen/Saulter Library.
Queen St. E. is its nerve centre, beginning at Jilly's strip club at Broadview Ave. on the west and ending at the Duke of Connaught at Leslie St. Brick Street Bread, an organic bread store at Logan Ave., and the Leslieville Cheese Market are two examples of niche establishments catering to discerning foodies who also dine at places like Kubo Radio, featuring Asian cuisine, and Pulp Kitchen, a healthy eatery/juice bar.
Labels: Explore Toronto on Foot
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