FCM’s Green Municipal Fund Supports Waterfront Toronto’s Pilot Soil Recycling Facility

Waterfront Toronto received a $350,000 GreenMunicipal Fund grant from the Federation of Canadian Municipalities (FCM), in support of its Pilot Soil Recycling Facility. Remediation efforts currently underway across the waterfront are expected to generate significant volumes of impacted soil and rather than simply ‘digging and dumping’, Waterfront Toronto is working to recycle contaminated soil. The goal is to clean and treat soil to an appropriate quality so that it can be used for redevelopment activity.

Waterfront Toronto established a pilot soil recycling facility in the Port Lands in 2010 to assess the economic and technological viability of recycling contaminated soil. The pilot confirmed the effectiveness and economic feasibility of soil recycling and allowed Waterfront Toronto to seek a private sector operator to finance and operate a long-term soil recycling facility.

The Government of Canada endowed FCM with $550 million to establish the Green Municipal Fund. The Fund supports partnerships and leveraging of both public and private-sector funding to reach higher standards of air, water and soil quality, and climate protection.

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Port Lands Public Consultation

The second round of public consultation for the Port Lands Acceleration Initiative was held from March 31 – April 15. It included an open house information day, two identical feedback workshops and online consultation. A draft summary report and attachments written by the independent facilitation team of Lura Consulting and SWERHUN are available for download.

The final Port Lands public consultation meeting will take place on Tuesday, May 15 at the Metro Toronto Convention Centre.

 

Final Port Lands Public Meeting
Date: Tuesday, May 15
Time: 6:30pm-9:00pm
Metro Toronto Convention Centre
North Building
Room 107, Constitution Hall
255 Front Street West

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Construction of the Portland Slip Promenade Set to Launch

Waterfront Toronto will begin construction on a new section of water’s edge promenade at the Portland Slip in early May. The work follows repairs to the dockwall which were completed by the City of Toronto late last year. The new 8.4-metre wide granite promenade at the Portland Slip will help connect Queens Quay to Ireland Park, an often overlooked public space tucked behind the Canada Malting Silos.

Like the Water’s Edge Promenade between Canada’s Sugar Beach and Sherbourne Common, the promenade will feature a two-toned red and grey maple leaf mosaic pattern. A double row of native maple trees will line the promenade offering protection from winds and shade during the summer months. Expected to open this fall, the 123-metre stretch of promenade will begin at the lake and connect with the existing sidewalk just east of the Harbourfront Community Centre.

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Underpass Park Construction Update

Final stages of work are underway to complete the first phase of Underpass Park, the sections of the park east of St. Lawrence and River streets. In recent weeks, crews installed skateboard obstacles in the eastern end of the park. The skateboard area is the final recreational space to be constructed. Recreational space which includes the already completed basketball courts and playful climbing structures utilizes about half of the park’s covered surface located under the overpasses.

Crews have also completed installation of the park’s extensive lighting system. Underpass Park will be lit by a combination of LED lighting on the columns, shielded in-ground and in-wall lights, and illuminated concrete ribbons at seating areas. One of the key features of the park’s design, the lighting system will create a variety of dynamic, colourful, illuminating effects.

Construction of phase two of the park, located between St. Lawrence Street and Eastern Avenue, is currently underway. Excavation work has started and will be followed by backfilling in the next few weeks.

Underpass Park will open to the public this summer.

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Does HST Apply To A Seller Of A Condo Assignment (Flip) ? LISTING AGENTS BEWARE !!

Inevitably, an offer to purchase an assignment property (often on an OREA form 140 or 141) by a buyer’s sales representative will state that, if applicable, HST is included in the purchase price (as we typically see in any offer to buy resale residential properties).  The sales representative who represents a seller of an assignment (and who is advising the seller) MUST be aware that according to the Canada Revenue Agency, there are sometimes situations where HST will, in fact, be applicable and payable by the assignor/seller who is assigning a contract to buy a newly constructed unit/residence.

When applicable, HST will be payable by the Assignor (buyer #1 from the builder) on the portion of the assignment sale price related to the return of deposits (paid to the builder by the assignor/seller) PLUS the gross profit (the difference between the builder price and the assignment price).

The confusing question is whether or not HST is, in fact, applicable to the assignment and, since realtors should not undertake the responsibility to advise a seller on such a matter, MAKE SURE (as a listing sales rep advising a seller/assignor) THAT AN ASSIGNMENT SALE WHICH STATES HST IS INCLUDED IN THE PRICE IS CONDITIONAL ON ASSIGNOR’S/SELLER’S LAWYER’S APPROVAL so that the lawyer for the assignor/seller will be responsible to advise a seller whether or not HST is applicable to the assignment/sale.  The idea is to shift the burden of responsibility from the shoulders of the listing sales representative to the shoulders of the lawyer for the assignor/seller.

Believe it or not, whether or not HST is applicable to an assignment depends on the original intention/the plan (in the mind of the assignor/seller) when the offer to purchase was made with the builder.  If the PRIMARY PURPOSE by the assignor/seller in buying from the builder was to profit by assigning/flipping the deal, THEN HST IS APPLICABLE to the assignment/sale.

On the other hand, if an individual originally signed an offer to purchase a condo apartment (to be newly constructed by a builder) with the primary intention that the unit bought would be used (for example) by:

(1) a son or daughter when attending University/College, OR

(2) a parent who wanted or needed a place to reside, or

(3) a spouse who planned to separate from the family, or

(4) the buyer(s) who intended to downsize, or

(5) the buyer(s) who intended to use the apartment when working downtown or when visiting Toronto

(6) a son or daughter who was engaged to be married, or

(7) buyer wanted to move closer to a workplace OR to relocate a place of work

THEN the Canada Revenue Agency would typically conclude that HST is not applicable on the assignment/sale if (at a later date) a reasonable change in circumstance resulted in an assignment/sale of the unit if, for example,

(1) such son/daughter chose not to go to University/College, or

(2) the buyer’s mom or dad no longer could use or wanted to use such apartment as a residence

(due to their death or needs a retirement home), or

(3) intention to separate from family changed, or

(4) decision was made later not to downsize, or

(5) the buyer(s) reasonably changed his/their minds about such intended use, or

(6) the engaged son or daughter decided not to marry or decided to live elsewhere, or

(7) the workplace location changed or the intended relocation of workplace changed

The question is whether the facts or circumstances would indicate to the Canada Revenue Agency that the condo was originally being acquired from the builder for the primary purpose of personal use versus buying the unit for only a potential profit with the intention of assigning or flipping the deal.  If a buyer purchases two or more new condo units or has a corporation purchase a residential unit, it is more difficult (perhaps impossible) to try to explain to the Canada Revenue Agency that the primary purpose in buying from the builder was to acquire the unit for personal use as a residence for an immediate family member.

The bottom line is that a listing realtor, seeing an offer from an assignee, should encourage the assignor/seller to sign back the offer with a condition for approval of the terms of the sale by the lawyer for the assignor/seller.

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