Hold up: Did Mississauga just become the food capital of the GTA?

Mouth-watering baked on-premise pies, authentic hand-made Italian pasta, charcuterie boards, fresh fish, gourmet chips, sweet-whiskey pork ribs. All of this (with a dash of healthy options, if that’s your vibe) can be found in the heart of one of the GTA’s biggest cities, Mississauga.

While Toronto has always had the most diverse food scene in Canada , there’s no guarantee that it will stay that way forever. Eventually, someone’s gonna come for that crown. Someone with a 905 area code.

 

Now open to the public, The Food District at Square One is gearing up to be the newest foodie hot spot for tourists and locals alike. In response to the growing interest in today’s food culture, The Food District will focus on offering local, handmade, and high-quality foods, branding itself as the newest elevated food concept, right in the heart of Mississauga.

If you’re a serious food connoisseur, you can sign up for cooking classes at The Food District to learn how to create your own signature dishes in the comfort of your home, too. You’ll be the most popular host of all time, we swear.

Stretching over 40,000 sq. ft., it will offer an outstanding array of specialty products as well as a space to meet, explore, and most importantly, share the love of food through tastings, cooking classes, dinner parties, book signings, and other special events at The District Kitchen. Honestly, we can’t think of anywhere else we’d rather be.

 

Square One is the latest major shopping centre to take its food services to the next level, with nearly two dozen premium providers set to open, including Blackjack BBQ, Bake Three Fifty (where you can build the cupcake, ice-cream sandwich, or milkshake of your dreams), La Carnita, Pier 87 Fish Market & Grill, among others.

The launch of The Food District will be held on April 4 at 10 am — it’s bound to be the talk of the town among foodies, so you won’t want to miss this. Life’s too short to be hangry, and that’s what The Food District is here for!

A whole new world of flavour is waiting for you at The Food District at Square One Shopping Centre. Plus, you’ll already be at a top-tier shopping centre, so you may as well make a day of it. Or risk some serious FOMO.

 

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The ROM is offering FREE entry on the third Monday of every month

The Royal Ontario Museum (ROM) is offering Torontonians the perfect reason to ditch their regular Monday night plans.

Starting Monday, April 15, the museum will be offering free admission to all visitors, every third Monday evening of the month.

On 3rd Monday Nights Free, ROM guests will be able to explore the museum’s galleries and collections from 5:30 pm to 8:30 pm, free of charge.

With complimentary access and extended hours, visitors are invited to explore art, culture, and nature in the museum’s 40 permanent galleries.

“3rd Monday Nights Free builds on our ongoing commitment to open the doors of the Museum to as many visitors as possible,” says Josh Basseches, ROM Director and CEO.

“The ROM is a vital part of the cultural and community life of our city and province, and with the launch of this new initiative, visitors now have a chance to enjoy a night at their Museum at no cost. We’re grateful to TD Bank Group and The Bennett Family Foundation for making this possible.”

Access to feature exhibitions will be specially ticketed during this time and not included in the free admission. Feature exhibition tickets can be purchased onsite during 3rd Monday Nights Free.

On April 15, rally up your family and friends and attend the launch 3rd Monday Nights Free with an opening night celebration, which promises to be a “lively and engaging evening for visitors of all ages.”

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You’ll be able to fly from downtown Toronto to Bruce Peninsula this summer

If you’ve ever wanted to visit the clear blue waters of Bruce Peninsula National Park during the summer, but don’t want to spend nearly four hours driving, we’ve got some good news for you.

Starting in May, you’ll be able to fly directly from downtown Toronto with FLYGTA directly to Wiarton Keppel International Airport, which is close to the Grey Bruce Region which is home to the Bruce Peninsula and Tobermory—meaning you can get to this beach paradise in about 40 minutes of air time.

Operating on Fridays, Saturdays, Sundays, and Mondays, the 2019 flight service begins on May 24, with a guarantee to continue through October 28, and possibly through the winter season.

Flights are available for booking starting Tuesday, April 2, and FLYGTA’s website is showing flights as costing $175 total one-way, with flights departing as early as 1 pm.

“The Township of Georgian Bluffs is excited about having FLYGTA provide regularly scheduled flights between Wiarton and Billy Bishop Toronto City Airport,” said Township of Georgian Bluffs Mayor, Dwight Burley.

“This opens up huge opportunities for business, leisure and tourism for the Grey Bruce Region. This 40-minute flight allows Grey Bruce Region to be connected to the world and its opportunities while allowing businesses and residents the opportunity to live and operate in the most beautiful, safe and cleanest region Ontario offers,” said Burley.

The Bruce Peninsula is home to a natural wonder that you’ll have to experience in person to believe it exists.

Near the town of Tobermory, The Grotto is known as one of the top tourist attractions in the province. The Grotto is a natural wonder and a memorable place to experience Ontario as you’ve never seen it.

But to further entice you to book a trip north, Tobermory is also home to over 20 historic shipwrecks, not to mention Flowerpot Island, which is a little getaway island famous for its natural “flowerpot” rock pillars, caves, historic light station and rare plants.

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Average price of homes within walking distance of every GO Transit station (MAP)

With soaring real estate prices within the City of Toronto, many are looking just outside of the city to buy property. And for commuters, being close to a GO Transit station ranges from added bonus to downright necessary.

Real estate website Zoocasa collected the average 2018 sold prices for homes within a 2 km radius of each of the 66 GO Train stations across the GTHA. They then averaged out commute times sourced from GO Transit and scored them based on arrival times at Union Station at approximately 8:30 am on weekdays.

The data was used to map out the most affordable, and least affordable, homes along the GO Transit line.

The study found that, to score the greatest value, home buyers had better be prepared for a long ride.

According to Zoocasa, two of the least expensive options include homes for sale in Hamilton; West Harbour station, located on the Lakeshore West line, tops the list as most affordable, with an average home price of $365,927 and a 71-minute commute, along with Hamilton station, which comes in third at $414,372, and a 72-minute commute.

The most expensive GO station to live nearby is King City, where the average home costs $1,595,656, though commute time comes in at 43 minutes. That’s followed by Port Credit ($1,361,029 and 25 minutes), Lincolnville ($1,308,108 and 79 minutes), Centennial ($1,040,488 and 52 minutes), and Maple ($1,021,813 and 35 minutes).

5 GO Train Stops with the lowest home prices
1 – West Harbour

Line: Lakeshore West
Home Price: $365,927
Commute Time: 71 minutes

2 – Kitchener

Line: Kitchener
Home Price: $403,907
Commute Time: 111 minutes

3 – Hamilton

Line: Lakeshore West
Home Price: $414,372
Commute Time: 72 minutes

4 – Allendale Waterfront

Line: Barrie
Home Price: $467,152
Commute Time: 105 minutes

5 – Cooksville

Line: Milton
Home Price: $473,874
Commute Time: 33 minutes

5 GO Train Stops with the highest home prices
1 – King City

Line: Barrie
Home Price: $1,595,656
Commute Time: 43 minutes

2 – Port Credit

Line: Lakeshore West
Home Price: $1,361,029
Commute Time: 25 minutes

3 – Lincolnville

Line: Stouffville
Home Price: $1,308,108
Commute Time: 79 minutes

4 – Centennial

Line: Stouffville
Home Price: $1,040,488
Commute Time: 52 minutes

5 – Maple

Line: Barrie
Home Price: $1,021,813
Commute Time: 35 minutes

5 most affordable stops 15–30 minutes from Union Station
1 – Etobicoke North

Line: Kitchener
Home Price: $545,152
Commute Time: 26 minutes

2 – York University

Line: Barrie
Home Price: $563,416
Commute Time: 24 minutes

3 – Kennedy

Line: Stouffville
Home Price: $579,509
Commute Time: 24 minutes

4 – Dixie

Line: Milton
Home Price: $594,842
Commute Time: 27 minutes

5 – Downsview Park

Line: Barrie
Home Price: $598,768
Commute Time: 20 minutes

5 most affordable stops 31–45 minutes from Union Station
1 – Cooksville

Line: Milton
Home Price: $473,874
Commute Time: 33 minutes

2 – Malton

Line: Kitchener
Home Price: $546,356
Commute Time: 32 minutes

3 – Agincourt

Line: Stouffville
Home Price: $550,659
Commute Time: 31 minutes

4 – Whitby

Line: Lakeshore East
Home Price: $551,945
Commute Time: 44 minutes

5 – Ajax

Line: Lakeshore East
Home Price: $582,158
Commute Time: 36 minutes

5 most affordable stops 46–60 minutes from Union Station
1– Oshawa

Line: Lakeshore East
Home Price: $482,794
Commute Time: 50 minutes

2 – Meadowvale

Line: Milton
Home Price: $557,634
Commute Time: 51 minutes

3 – Unionville

Line: Stouffville
Home Price: $632,575
Commute Time: 46 minutes

4 – Brampton

Line: Kitchener
Home Price: $664,528
Commute Time: 48 minutes

5 – Mount Pleasant

Line: Kitchener
Home Price: $707,442
Commute Time: 55 minutes

5 most affordable stops 1 hour+ from Union Station
1 – West Harbour

Line: Lakeshore West
Home Price: $365,927
Commute Time: 71 minutes

2 – Kitchener

Line: Kitchener
Home Price: $403,907
Commute Time: 111 minutes

3 – Hamilton

Line: Lakeshore West
Home Price: $414,372
Commute Time: 72 minutes

4 – Allandale Waterfront

Line: Barrie
Home Price: $467,152
Commute Time: 105 minutes

5 – Guelph

Line: Kitchener
Home Price: $518,042
Commute Time: 87 minutes

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This is how much you need to make to buy the average home in Toronto

It’s time to make a pact: no more avocado toast.

And that’s just the first step to saving up enough dough to purchase a home in Toronto.

According to new data from Zoocasa, buying a house in Toronto is only accessible to those within the top 10% income group, as the city’s houses have a benchmark price of $873,100.

Toronto is the second-priciest Canadian city to dwell on the list. Vancouver buyers must be within the top 2.5% tier to buy a home, with the city’s benchmark of $1,441,000, sourced from the Canadian Real Estate Association and local real estate boards.

 

The study calculated the minimum income required to qualify for a mortgage in the above 13 census metropolitan areas (CMAs) across Canada. The calculations assume a 20% down payment, 3.75% mortgage rate, and 30-year amortization.

Findings were then cross referenced with income tax filings as reported by Statistics Canada to determine which income group buyers must align with in order to be able to purchase.

Findings show that it’s not just home-prices that call for buyers to be in such spaces of income. Similar requirements apply for apartments and condos, too.

According to the study, those in Vancouver and Toronto must still have an income within the top 25% to swing respective prices of $656,900 and $522,300.

 

On the flip-side, the study highlighted the most affordable place in Canada to buy a home: The Prairies.

It’s noted that for those within the top 75% income group in Regina, affording a home is feasible with a benchmark property costs $275,900. Saskatoon and Winnipeg are both close behind; incomes in the top 50% can afford homes priced at $301,900 and $326,433, respectively.

And even apartment purchasers can enjoy greater affordability in those places, with units accessible to the top 75% income group at respective benchmark prices of $160,200, $170,800, and 227,538.

So on top of quitting your avocado toast habit, there’s something else to consider: moving to Regina.

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Canadian housing affordability has actually improved, and it’s going to get better: report

For the first time in more than three years, owning a home has become more affordable in Canada, according to a new report from one of the country’s biggest banks — and the trend is expected to continue.

“Home ownership costs dipped almost everywhere in Canada in the fourth quarter of 2018,” reads RBC’s most recent Housing Trends and Affordability report.

RBC measures affordability by looking at how much of a median household income is needed to afford an average-priced home in markets across Canada.

According to RBC, the typical Canadian household would need to fork over 51.9 percent of its income to afford a home in the fourth quarter of 2018. While hefty, that’s down 0.7 percentage points from the previous reading.

The bank’s calculations assume a household has a 25-percent downpayment and a 25-year mortgage with a five-year fixed rate. The average home, including houses and condos, has a price tag of $562,000.

Even the country’s most expensive cities saw some relief.

In the Vancouver area, the country’s priciest market with average homes over the $1-million mark, the affordability measure eased by 2.6 percentage points on a quarterly basis, although owning a home would still eat up 84.7 percent of a median household income.

The Toronto area saw the measure drop a full percentage point. But here, too, a substantial chunk (66.1 percent) of annual income is needed to cover ownership costs, with the average home running buyers $850,100.

“Buying a home in Vancouver, Toronto, Victoria and, increasingly, Montreal is still a stretch for ordinary Canadians,” notes RBC.

However, there are still plenty of Canadian markets where buying a home won’t break the bank, with a number of cities in the Prairies and Atlantic Canada remaining relatively affordable.

“A small majority of the markets that we track, in fact, boast affordability levels that are within historical norms,” reads the report, highlighting Calgary, Edmonton, Saskatoon, Regina, Winnipeg, Saint John, Halifax and St. John’s.

In fact, St. John’s, the most affordable market of the 14 major ones, a median-earning household would only need to set aside 28.5 percent of its pre-tax yearly income to own a home, down 0.7 percentage points compared to Q3.

Homes in the capital of Newfoundland and Labrador were going for an average of $298,700 last quarter.

“So the affordability strains present in Canada are still confined to a few — but large — markets,” says RBC.

The bank suggests the overall improvement in Canadian housing affordability might persist. “The dip in home ownership costs in the fourth quarter may not be an aberration,” RBC states.

The disappointing performance of the Canadian economy in the fourth quarter has led many observers, including RBC, to downwardly revise their projections for interest rates this year. At the same time, RBC anticipates home prices will remain flat, creating a recipe for further improvements to affordability.

“And with the tight labour market poised to keep household income growing, the stars are aligning for more affordability relief in the period ahead,” RBC concludes.

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Toronto’s condo boom is so big, the city has more cranes than New York, LA and Chicago combined

above its rapidly changing urban centre.

There are 104 cranes set up in Toronto’s core, according to construction consultancy Rider Levett Bucknall’s latest Crane Index, which counts the presence of the lofty lifters in the 13 cities it has offices in around North America.

Not only was that up from 97 in July and the highest total recorded during the most recent January survey period, it was more than RLB tallied in America’s three biggest cities combined.

There were 28 cranes in New York, 44 in LA and 26 in Chicago. The closest city by crane count to Toronto was Seattle, where 59 cranes are perched. Construction in the tech-industry city that is home to Amazon’s headquarters has been steady of late, and RLB anticipates continued activity.

“[S]everal major projects are slated to start construction, including renovations to Key Arena and an addition to the Washington State Convention Center,” notes RLB in the index report.

While the index only tracks what are called tower cranes, which are bolted to a foundation, sometimes these are used for other big projects. “For example, a stadium might not be tall, however, it is a major project so it may require a tower crane,” Cathy Sewell, principal at RLB, tells Livabl in an email.

RLB attributes Toronto’s clustering of cranes to housing projects as well as mixed-use developments, which could include condo towers with retail or office components.

“Heading into 2019, increased infrastructure spending is anticipated to trigger additional activity, with more than 400 high-rise buildings on the docket for development,” the RLB report reads.

“We are seeing a trend, where the cranes installed in the Toronto Core, and losing ground by percentage compared to the number of cranes being erected outside the downtown core,” the report continues.

Calgary, the only other Canadian city covered in the index, is also seeing its crane total climb higher, reaching 33 at the beginning of this year. In July 2018 there were 26 cranes.

“Newly implemented standards governing urban density account for a jump in the crane count for Calgary, with high-rise multifamily projects making an impact on the skyline,” says RLB’s report.

Counting cranes is a good way to get a sense of market confidence, RLB previously told Livabl.

 

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Signs point to lower Canadian mortgage rates this year

Experts see signs that mortgage interest rates in Canada may continue dropping this year.

In a note sent to clients this morning, BMO Senior Economist Robert Kavcic points to the fact that five-year government bond yields have been declining, a key indicator for where five-year fixed mortgage rates are headed.

“Five-year fixed mortgage rates tend to follow close behind…” he continues.

Some 68 percent of mortgages taken out last year had fixed rates, according to Mortgage Professionals Canada, versus 30 percent who initiated variable or adjustable rates and 2 percent who opted for hybrids

Big banks use five-year government bonds to fund the five-year fixed-rate mortgages they lend, hence the link.

During times of economic uncertainty, investors seek safer investments, such as bonds. As demand for bonds rises, so do prices, trimming the yields they offer.

Kavcic muses whether peak five-year fixed rates for this cycle are already in the rearview mirror. “Quite possibly. If not, any rebound probably won’t run much higher than recent 3.5% levels,” he adds.

The BMO economist is not the only one who thinks rates may be heading further south.

James Laird, co-founder of mortgage-comparison website Ratehub and president of CanWise Financial, agrees. “The pressure continues to be downward,” he tells Livabl, noting five-year fixed rates are now back down to 3 percent.

Laird adds that homebuyers should consider variable rates moving ahead. Variable rates fluctuate with the Bank of Canada’s policy rate. Although the central bank has hiked its policy rate five times since the summer of 2017, it now seems doubtful the Bank of Canada will increase rates this year.

“Some people are even predicting they may decrease [the rate],” says Laird.

That’s a far cry from market expectations late last year, when the general consensus was one or two more hikes this year.

“What happened since then is… the Canadian Q4 (fourth quarter) economic data came out, and economic growth was much lower than was expected, and so that really turned everyone bearish,” says Laird. “All this latest stuff is good news for people who have a variable rate.”

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Ontario town will soon accept Bitcoin for property tax

Experiment launched amid controversy about the risks of digital currencies

The Ontario town of Innisfil will soon begin accepting digital currencies as payment for its property taxes, starting with Bitcoin.

The town of 36,000 people is north of Toronto and south of Barrie, Ont.

Its council voted late Tuesday in favour of the one-year cryptocurrency pilot project, in partnership with a Toronto company.

Starting in April, Innisfil residents will be able to pay taxes with Bitcoin through a digital wallet operated by Coinberry Pay, which will convert the cryptocurrency to Canadian funds and transfer the payment to the town.

Mayor Lynn Dollin says Innisfil is signalling to the world that it’s an innovative community that’s ready for the future.

Innisfil also provides a tax-subsidized Uber ride-hailing service as an alternative to conventional public transit.

Other forms of cryptocurrency may follow, such as Ethereum, Litecoin, Bitcoin Cash and Ripple.

The town’s experiment is being launched amid controversy about the risks of using cryptocurrency which, unlike conventional currency, isn’t backed by any government or central bank.

Investigators have yet to determine what happened to about $190 million worth of cryptocurrency that has been missing or inaccessible since December, when a co-founder of QuadrigaCX trading platform died without revealing his password.

On Tuesday, the Ontario Securities Commission said it’s part of Operation Cryptosweep — which includes more than 40 regulators in the United States and Canada.

According to the North American Securities Administrators Association, Operation Cryptosweep has resulted in 35 pending or completed enforcement actions since the beginning of March.

Last year, Toronto voted down a motion by Coun. Norm Kelly to look into whether residents of that city should be able to used cryptocurrency to pay bills such as property taxes, parking tickets and land transfer taxes.

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Why Doug Ford’s subway plan might actually work

Province’s push to change the city’s current transit plans has triggered outrage from Ford’s political foes

Many Torontonians are quite understandably hugely skeptical about any transit plan touted by Premier Doug Ford, given the premier’s late brother tore up what they saw as a perfectly fine Transit City plan in 2010 on his first day as mayor.

But what if the province’s current plan for building new subway lines were being touted by a premier named Patrick Brown? Would those same Torontonians have the same negative gut reaction?

The questions are valid because the Ford government’s ideas are not vastly different from what Brown was proposing in 2017 when he was PC leader. Brown too envisioned that the province would take responsibility for building new subway lines, including the Downtown Relief Line (DRL) as well as the Scarborough and Richmond Hill extensions, and leave the TTC to operate them.

Brown’s financial argument for the province to own the new lines is the same as Ford’s. The provincial government can amortize the capital cost, something the city cannot do. Under this financing model, when the province carries the subway construction cost on its books, the taxpayer’s transit dollar would in theory go further.

Despite the logic in this, it seems that the Ford government can’t do a thing on transit without triggering the outrage of his political opponents. The latest example is the province’s move to propose changes to the TTC’s priority transit projects. Pause for a moment, and consider whether this outrage is preventing a clear-headed, non-partisan assessment of the changes on their own merits.

Downtown Relief Line
The city’s existing proposal envisions that trains would be able to come along Line 2 from Kennedy and switch to the DRL at Pape. The province says it makes no sense to build a new line that has to be compatible with the old technology on Line 2. That’s why it’s proposing a “free-standing” line, in which trains would run only between Pape and Osgoode, using the latest available technology.

The government insists the free-standing line would be quicker and cheaper to build than the city’s model. The province is not proposing any change to the proposed routing of the DRL (down Pape and across Eastern Avenue and Queen).

Scarborough subway
The city’s existing proposal is for a one-stop subway. The province prefers the three-stop option, with stops roughly near the intersection of Lawrence and Kennedy, Scarborough Town Centre, and near McCowan and Sheppard.

The province’s argument is that the extra stops will not significantly drive up the costs of the line, and would better serve the people of Scarborough. The chief drawback to this option would be if it slows down construction.

Yonge extension to Richmond Hill
The differences between the city and the province here are all about timing. The city wants the DRL to be built as a priority over the Yonge extension. The province wants to proceed with both at the same time.

If the province can guarantee that the DRL won’t be delayed by also building the Richmond Hill extension, what’s to complain about?

Eglinton West LRT extension
This project is part of Toronto Mayor John Tory’s SmartTrack plan, and would run at or above ground from Mount Dennis westward toward Pearson Airport. The province is proposing to build it below ground, something the city says would more than double the cost.

Of all the changes the province is proposing, this one has the weakest justification by far: Transportation Minister Jeff Yurek says people in the area want a subway. Well, folks, join the club.

One can’t help but notice that this would bring a new subway line to Ford’s own political stronghold of Etobicoke. The big concern here is that spending billions more to put this one line underground will siphon much-needed funding away from other transit projects that the city wants built.

Ford struggles to sell the plan
Certainly, serious questions remain unanswered about the Ford government’s transit plan. How much will it all cost? How much will the city have to pay? When will the lines be built? Yurek insists those questions will be answered soon with a detailed plan.

There is widespread agreement that politics has for too long interfered with Toronto transit construction. Right now, politics might be interfering with people’s willingness to give any transit plan from the Ford government a fair hearing.
Ford did not dream up the transit plan on his own, but as the premier, he is the plan’s salesman. And a lot of folks aren’t buying what he’s selling, because they just don’t trust him when it comes to the TTC. Ford’s move to slash Toronto city council certainly did nothing to make many people think he has the city’s best interests at heart.

The only way for Ford to overcome that skepticism will be to prove that he is a transit builder instead of a transit destroyer. That will require not just a firm commitment of money, but actually spending some, so that the proverbial shovels are in the ground and transit projects that meet real needs are clearly becoming a reality.

That might just happen, because there is a political imperative for the PCs. They desperately need Ford to garner some credibility on transit construction in Toronto.

If there is not significant progress on new transit construction by the election in June 2022, Ford risks facing the wrath of Toronto voters. Toronto gave his PCs 11 seats. Lose those, and Ford loses his majority.

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GTA Apartment Building Sales Report

The chart below displays the total dollar volume invested and average price per unit on a quarterly basis for all apartment building transactions over $1M in the GTA. Total investment volume in 2018 reached a new high at $2.71B, outpacing 2017 volumes by 77%. Investment volume in the second half of 2018 reached a combined total of $1.87B – more than double the amount of dollar investment than the first half of 2018, 94% higher than the last two quarters of 2017 and over three times the amount of investment seen in Q3-Q4 2016.

Q3 2018 saw investment levels hit $1.27B – the highest quarterly investment activity ever recorded by Altus Group for apartment buildings in the GTA. This marked a 126% upswing in investment volumes since the previous quarter and a 58% rise from the last recorded high of $801M, which occurred in Q1 2004.

After experiencing peaks in both Q1 2016 and Q2 2017, the average price per unit also reached another recorded high by Altus which occurred in Q3 2018, rising to $319,361 per unit.

The chart below displays the total dollar volume invested by region and the average capitalization rate for all apartment building transactions over $1M in the GTA. Metro Region experienced an extremely high volume of investment activity in 2018 at $2.3B, more than doubling the volume since 2017.

Investment in the Metro Region in the second half of 2018 was 169% higher than the last two quarters of 2017.

Investment in the third and fourth quarter of 2018 combined accounted for 85% of total investment activity in the region for the year. Durham Region experienced a significant increase in investment volume, up from $42M in 2017 to $231M in 2018.

After experiencing years of compression, the average cap rate for apartment buildings in the GTA drifted up by 22 basis points since 2017 to 3.98% in 2018.

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