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Sunday , 26 March 2017

Monthly Archives: June 2015

Condo Act reform provides opportunities for lawyers

Ontario’s lawyers have a lot at stake in the ongoing reform of the Condominium Act.  The changes to the Act, introduced in the legislature in May as Bill 106, address key areas including condo board governance and financial management, mandatory training for condo managers, and dispute resolution through a new Condominium Authority. Lawyers are heavily involved in some of these areas, especially dispute resolution. The case books are full of examples of costly disputes between condo owners and their boards, developers and municipalities. The costs in these sometimes protracted proceedings are mainly legal fees. Not unusually, the lawyers of the province have a keen self-interest in this reform process. Will ... Read More »

Home affordability up and down in first quarter: RBC

For the past four years, owing a single-detached home in Ontario has become less and less affordable, while the “weight” of owning a condominium has remained fairly constant. To quantify that, the affordability index for bungalows and two-storey homes rose by 0.3 percentage points, while the index for condo ownership edged lower by 0.2 percentage points. In other parts of the country, housing became more affordable in the first quarter of 2015. Nothing too surprising to Toronto homebuyers in that brief summary of RBC’s latest housing affordability report. They have seen the price of a single detached home rise to over $1 million in some areas, and they have seen ... Read More »

Most Canadians not too concerned about being in debt: CIBC

The topic of debt is rather like debt itself: it won’t go away. The latest entry in the ongoing discussion about how much Canadians owe and how they feel about that comes from CIBC. The big bank conducted a survey that asked Canadians, among other things, how comfortable they were with their debt. It turns out that we are split on that subject, with two-thirds saying debt was not a particular worry, and the other one-third hating being in debt. At one end of the spectrum of debt comfort is a very comfortable group who said that they could even handle more debt if they had to. At the other ... Read More »

Depression becoming major workplace disability worldwide

Every so often, a high-profile incident involving a person with a mental illness captures the world’s attention. A recent example was the deliberate crashing of a Germanwings passenger jet by its co-pilot, who was subsequently revealed to have been treated for depression. He thus entered the record book as the world’s first recorded suicide by commercial airplane crash. It was a case of one person’s workplace depression having tragic consequences for about 150 innocent victims. Depression, according to the World Health Organization, will be the number two cause of disability worldwide by the year 2020, second only to heart disease. Why so many people are becoming depressed is not fully ... Read More »

New home sales soar, but BILD concerned about prices

The record level of activity in the Toronto resale home market in May was largely mirrored in the new home sector, except for the condominium category. Sales of new low-rise homes rose 28 per cent over the previous year, with 2,442 homes sold. That was enough to push May sales 34 per cent above the ten-year average of 1,829, according to RealNet Canada, and establish a new record for the month of May. Sales to date are also on track to surpass previous years. Until the end of May, 9,499 new low-rise homes had been sold, an increase of 22 per cent over the same period last year, and 21 ... Read More »

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