Green Barn Farmers' Market

Green Barn Farmers' Market
79 Wychwood Avenue in the Covered Street Barn, Artscape Wychwood TTC Barns

Days and Times of Operation: Saturdays, summer market from 2pm to 5pm, winter market from 9 am to 12 noon

This market has recently moved to its permanent home at the Artscape Wychwood TTC Barns, 79 Wychwood Avenue in the covered street barn. The nearest subway station is the St.Clair West Subway Station.

History & Profile of Market

It is a neighbourhood based market, one of the Toronto Farmers Market Network (tfmn.ca) of organic or sustainable vendors, primarily farmers. You will find local seasonal food here, from baby greens in May to bushels of tomatoes in September. You'll also find honey, bread, cheese, fish and meats, grains, jams, syrup, wildcrafted foods, mushrooms, and lots of friendly gossip year round. They often feature local music and an area for kids to play and network. They are a natural growth component of the Artscape Wychwood project, where a neighbourhood managed to save a 4 acre site and 4 of the 5 buildings on it from being demolished to instead create a diverse park. The Green Barn is one of the buildings on the site transformed into a geothermally heated/cooled hub of environmentally aware food activism for the neighbourhood and the city.

Number of Vendors: Approximately 35 - 40 vendors

Vendor Profiles
Stoddart Family Farm brings seasonal garden produce as well as duck, guinea fowl and chicken. You may purchase Ontario grown and spun wool from Silvia's flock of Organic sheep at their booth. The Stoddart family host a herd of heirloom cattle, White Park, which you may read about on their website, www.stoddart.ca

Forbes Wild Foods, www.wildfoods.ca, bring maple syrup and wild rice to the market which they have traded with first nations people for some of the foods they glean on farm land and in wild areas of Ontario, always sustainably, always ethically. You'll find incredibly delicious treats here like wild strawberry jam, dried chestnuts and Ontario black walnuts.

If you are looking to do your week's shopping at a friendly place where you can meet your neighbour, talk to the people who crafted your cheese or grew your beets or knew the lamb (and how to cook it) that you're having for dinner, then this is the place for you.

New Condos Rise as Market Falls

Toronto's condominium boom is heading for a bust.

The record number of condo units set for completion in 2009 and beyond will drive down Toronto housing prices and cause vacancy rates to go up as some condos sit empty. By the end of September, there were 33,919 condos under construction in the Toronto metropolitan area – more than three times the city's annual average – said housing economist Will Dunning in a report on the rental and condo markets. "This very large pending inventory is setting the stage for a substantial correction," Dunning said.

The warning comes on the heels of figures yesterday showing sales of existing homes in Canada continued to slide in the year's fourth quarter. Declines were steep amid the lowest level of monthly activity in almost eight years as investors worry about the faltering Canadian economy.

"In the short term, condos are the most vulnerable aspect of the market," said CIBC World Markets senior economist Benjamin Tal. "I think there is a lot of oversupply, especially in cities such as Toronto and Vancouver."

Already, some prominent developers have warned some condo projects being marketed may not make it to completion. In a tight credit market, as falling sales hit the new home market, speculators and investors take cover.

Toronto condominium starts are normally in the 10,000 to 12,000 range annually, but a bottleneck in construction from record sales in prior years has a significant number of units still to be completed, Dunning said.

Many of those units were bought by finicky investors who are quick to exit the market if they don't get the returns they expected. Analysts say 30 per cent to 50 per cent of sales in certain buildings were to such investors, with some already set to exit the market.

As a result, the number of condos listed for sale in central Toronto is already up a stunning 75 per cent in November from those on sale a year earlier, according to Dunning. "It appears that this process – excess supply in the condo sector and owners acting to sell the units – may be underway already."

The large supply of condos will affect the apartment rental market, Dunning said, as units now under construction become available for occupancy; in effect, "With the weaker economy, the supply will exceed the need."

The Canada Mortgage and Housing Corporation reported last week the vacancy rate in the Toronto area fell sharply to 2 per cent from 3.2 per cent a year earlier, but Dunning said the supply of new condos in the coming year will keep rates from dropping further, and will likely cause vacancy rates to rise.

So far there haven't been any catastrophic failures in the Toronto area, although one key project, MintoUrban Communities Inc.'s 300-unit Minto King West site, is on hold because of slow sales.

Before the advent of the economic meltdown in the United States at the beginning of the fourth quarter, new condo prices in the Toronto area were holding up well.

Prices for new condos in the third quarter were up by 2.5 per cent over the prior quarter, or about $406 per square foot, according to market research firm Urbanation. Since then, many developers have slashed prices off their suites and added incentives such as free televisions and even a new car over the past few months.

In 2006 the average condo price in Toronto was $239,816. Meanwhile, there was more dismal news for the national real estate market as seasonally adjusted sales for November numbered 27,743 units, according to figures released by the Canadian Real Estate Association.

Sales were down 12.3 per cent on a seasonally adjusted month over month basis, and a far steeper 42 per cent unadjusted compared with November 2007.

The national average price of a home was down 9.8 per cent to $280,880, or more than $30,000 less than a year ago.

"The report underscores that the Canadian housing correction continued in earnest," said Millan Mulraine, economics strategist for TD Securities.

British Columbia, Alberta and Ontario were the three provinces reflecting the greatest decreases, said the realtor association.

"National sales activity and price trends will continue reflecting increased cautiousness on the part of lenders and buyers as the economy works its way through and out of the recession," said the real estate association's chief economist Gregory Klump.

In cities such as Toronto, sales of existing homes plunged by 50 per cent in November, the biggest decline since April 1989 when sales dropped to 54 per cent.

Source: Tony Wong, the Toronto Star

Can't Sell It. Then Rent It.

There are less homes and apartments available for rental in Toronto because of economic jitters and a weak real estate market which resulted in a sharp drop in rental vacancy rates in the city. According to the Canada Mortgage and Housing Corporation, Toronto's vacancy rate slipped down to 2.1 percent in 2008 from 3.2 percent in 2007.
Vacancy rates between 2 to 3 percent are indicators that the area has a balanced market. Given the latest figure of 2.1 percent, it points to Toronto moving towards a landlord's market.
When it was the other way around due to a large number of newly built condominium buildings, landlords had to offer renovated units and other freebies like a free TV set to get tenants.
With the change, the cost of renting a two-bedroom unit in Toronto went up 1.7 percent in 2008 to an average of $1,095 a month. Along with the increase in rental was a decline in new housing starts which tumbled down 19 percent in November. In the condo sector, which accounts for almost half of new home construction in Toronto, the decrease was a larger 29% in November.

Toronto Land Transfer Tax Costs City’s Economy $170 million

For those who have been following the controversial developments of the implementation of the Toronto Land Transfer Tax, the CD Howe Institute covers the negative effect in the Toronto residential real estate market. This has been the first year of the Toronto Land Transfer Tax and there is now another public outcry for city officials to roll the Toronto Land Transfer Tax back.

It will be interesting to note how Toronto city officials will respond to our requests next year.

Bess
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TORONTO, December 10, 2008 – Supported by a study on the impact of the Toronto Land Transfer Tax, recently authored by the C.D. Howe Institute and two University of Toronto Economics Professors, Greater Toronto REALTORS® are renewing calls for this tax to be rolled back. (Link for complete study provided for at the bopttom of this article).

“The housing sector is one of the most significant parts of Toronto’s economy,” said Maureen O’Neill, President of the Toronto Real Estate Board (TREB). “Unfortunately, the study prepared jointly by the C.D. Howe Institute and Economics Professors from the University of Toronto shows that the Toronto Land Transfer Tax has had a negative economic impact, which TREB estimates to be $170 million in 2008.”

The study found that the Toronto Land Transfer Tax, which costs average Toronto homebuyers approximately $4,000 in addition to a similar amount for the provincial Land Transfer Tax, has reduced sales of re-sale single-family homes (condominiums not included in study) by 16 per cent, which means approximately 3,500 lost re-sale transactions in the first year of the tax. If condominiums are included, REALTORS® estimate that the impact could be in excess of 5,000 lost re-sale transactions in the first year of the tax.

A separate recent study, conducted by Altus Clayton for the Canadian Real Estate Association,
determined that every re-sale housing transaction in Ontario generates approximately $33,425 in economic spin-off activity on things like renovations, furniture, and appliances. This means that losing 5,000 re-sale housing transactions because of the Toronto Land Transfer Tax costs the City’s economy approximately $170 million in consumer spending.

“When people buy a home, they usually spend thousands of dollars on related things like renovations, furniture, and appliances. Thousands of Toronto jobs depend on this spending,” said O’Neill. “Any City policy that impacts housing sales has a direct impact on the City’s economy and jobs.”

With the City currently preparing a recommended operating budget for 2009, TREB is calling on City Council to roll back the Toronto Land Transfer Tax.

“REALTORS® have been clear that we believe that the Toronto Land Transfer Tax is unfair and now a study by respected economists is validating that view. Not only is this tax unfair to home buyers and sellers, but also to the thousands of people whose jobs depend on the housing sector,” said O’Neill. “City Council can, and should, show leadership by rolling back the Toronto Land Transfer Tax.”

Source: The Toronto Real Estate Board

McGuinty calls property assessments 'unrealistic'

McGuinty calls property assessments 'unrealistic' but Ontario Premier won't direct municipal agency to take a fresh look at taxes in 2009

TORONTO — Municipal property assessments that were mailed to homes across Ontario this fall are “unrealistic” given the dramatic drops in the real estate market, Premier Dalton McGuinty admitted Wednesday.

Despite that, the province will not direct Ontario's Municipal Property Assessment Corporation to scrap the 2008 assessments, the first in several years, and do fresh ones in 2009.

Instead, the Premier called on municipal governments to recognize that the assessments are out of date when they prepare local property tax bills.

“You would hope that municipal councils would act reasonably and responsibly given the circumstances and recognize that that perhaps was an unrealistic assessment,” Mr. McGuinty told reporters at his year-end news conference.

A homeowners group and the opposition parties quickly blasted McGuinty's comments as out of line.

“There's nothing municipalities can do; if it's unrealistic it's unrealistic,” said Bob Topp of the Coalition After Property Tax Reform.

“Some people are going to have huge increases way out of line with what their properties are now worth. Municipalities are powerless to do anything about that.”

The opposition parties said the Liberal government created the problem with assessments by freezing them for several years prior to the 2007 Ontario election — to avoid a backlash from homeowners angry about big increases — and then scrapping annual assessments in favour of a four-year cycle.

“People are facing high taxes due to skyrocketing assessments of their homes at the same time that the value of their homes is plummeting,” Progressive Conservative finance critic Tim Hudak said.

“The problem with Dalton McGuinty's new assessment scheme is that it locks people in at the height of the hot housing market with no sign of relief until 2012.”

Mr. McGuinty's suggestion that municipalities should keep the unrealistic assessments in mind instead of scrapping the 2008 assessments was “beyond ridiculous,” the New Democrats charged.

“The whole situation here is artificial,” NDP Leader Howard Hampton said.

“The McGuinty government, in the run-up to an election, said we're not going to deal with property taxes until after the election. Now people are hit with what in effect was a three-year combination all at once that doesn't reflect current economic circumstances.”

The Tories want Ontario to cap assessments at a five per cent increase while the New Democrats want assessments frozen until a home is sold, saying only that would give a true value of a property.

Mr. McGuinty dismissed suggestions about capping rates, and said the Ontario government introduced a four-year phase-in for the new assessments to help homeowners adjust to any increases.

“Assessments are one thing and tax rates are another, and it's the combination of the two that determines your tax increase as a property taxpayer,” he said.

“What we've done ... is require that these be phased in over a four-year time frame to mitigate the impact of a dramatic increase.”

British Columbia Premier Gold Campbell announced last month that he would freeze property assessments at 2007 levels to help people cope with what he called the turbulence in property values, and put off new assessments until late next year.

Source: KEITH LESLIE, The Canadian Press

Over 3,600 Greater Toronto area resale housing sales in November

Greater Toronto REALTORS® recorded 3,640 transactions last month, down from 7,313 sales in November 2007, Toronto Real Estate Board President Maureen O’Neill announced today.

Year-to-date sales figures for the Greater Toronto Area show 72,086 transactions in 2008, down from 88,695 sales recorded in the same January to November period a year ago. By contrast, the 2008 year-to-date average price in the GTA is $379,489, up from $375,445 in 2007.

“It’s important for the public to understand that while sales activity has moderated in 2008, due to current economic conditions, the average price of homes has increased from 2006 still making real estate a solid long term investment,” said O’Neill.

In the 416 area, 1,523 transactions took place last month, down from 3,426 sales recorded in November 2007. From a year-to-date perspective, there have been 28,806 sales in the 416 area this year, down from 36,804 transactions a year ago.

In the 905 Region 2,117 homes changed hands last month, down from November 2007’s 3,887 sales. The 905 Region’s year-to-date figures show 43,280 transactions this year, down from 51,891 sales recorded during the same period in 2007.

“Homeownership in the Greater Toronto Area continues to be an affordable, stable and secure investment,” said Ms. O’Neill. “Home buyers and sellers should be confident about their bricks and mortar investment which provides shelter and a place to raise a family.”

“Home prices are affordable, interest rates are at historical low levels and the supply of homes for sale is good providing additional reasons for buyers thinking of entering the market,” added O’Neill.

The average price of a home in the GTA last month was $368,582, down from $393,747 noted in November 2007. In November 2006 the average price was recorded at $355,727.

In the 416 area, last month’s average price was $390,225, down from $433,859 noted in November 2007. The average price recorded in November 2006 was $381,188. From a year-to-date perspective the 2008 average price in the 416 area is $411,155, down slightly from last year’s $411,640.

In the 905 Region, the average price recorded last month was $353,012, down from $358,391 recorded in November of 2007. In November 2006 the average price was $335,522. The year-to-date average price in the 905 Region this year is $359,245, up from $349,774 in 2007.

The average number of days a home currently remains on the market in the GTA is 41, up from an average of 32 days last November. There are currently 27,037 homes listed on the Toronto MLS system compared to 18,309 available properties in November 2007.

“While homeownership offers immediate benefits and long term value by way of equity, it also provides tax benefits over time,” said Ms. O’Neill. “If you bought a house five years ago, it would be worth more than 20% more today.”

Ottawa resale market balanced, prices still rising
(Ottawa - December 5, 2008) Members of the Ottawa Real Estate Board sold 646 residential properties in November through the Board’s Multiple Listing Service® system compared with 890 in November 2007, a decrease of 27.4%. There were 964 sales in October 2008.

“These numbers are right in line with the Canada Mortgage and Housing Corporation’s just-released forecast for resale home sales in Ottawa for the remainder of 2008,” said Board President Heather Skuce. “Sales are moderating to near-2006 levels; in fact, 2008’s year-to-date sales numbers are still slightly ahead of 2006. In that year, 13,090 homes had been sold by November 30th, versus 13,264 so far this year. Sale prices continue to rise, and CMHC says Ottawa is now becoming a balanced market, which offers plenty of opportunity for both buyers and sellers,” Skuce added.

The average price of residential properties, including condominiums, sold in November in the Ottawa area was $291,441, an increase of 7.7% over November 2007.

Source: Canada Realty News

Recession to persist well into 2009 but bank governor warns of over-reaction

TORONTO - Canada is in a recession that will persist well into next year but will slowly start to emerge from the gloom toward the end of 2009 and pick up economic strength in 2010, Bank of Canada governor Mark Carney said Wednesday.

Still, no one should underestimate the severity of the economic crisis, Carney said, although he refused to speculate on whether the country is headed for a depression - usually defined as a sustained period of economic shrinkage of about 10 per cent or more.

"Next year will be a trying one for many Canadians," Carney said in a luncheon speech to a Bay Street business audience.

"Issues of financial stability that were once the obsession of a pessimistic few are now the daily concern of many."

Carney warned that significant risks remain, including possible over-reaction to the crisis.

If consumers stop spending in light of the downturn - an otherwise rational course of action - the slump will worsen, he said.

"Fear of a recession feeds a recession," he told the Women in Capital Markets gathering.

Similarly, he said, market pressure on banks to build up capital and restrict lending makes it harder for businesses to borrow, exacerbating the slowdown and increasing bank losses.

Unlike in other countries, Carney said credit in Canada is still growing, albeit slowly, and businesses should not be afraid of asking banks for money.

"This is a time when good investments are made; this is a time when good loans are made."

One of five risks the central bank has identified is that the slump could depress incomes to such an extent that many households have difficulty servicing their debts.

That in turn could trigger an increase in defaults, causing significant losses among Canada's banks.

Household credit growth continues to grow at a "surprisingly" fast pace that is of some concern, he said, adding household debt relative to income has risen to record levels.

But the central banker said Canadians are coping thanks to low interest rates that are keeping their debt load manageable.

Carney called it "premature" to talk about following the lead of the U.S. Federal Reserve, which has lowered its key interest rate to zero per cent.

The Bank of Canada has sliced its trendsetting interest rate by two-thirds in the past year from 4.5 per cent to 1.5 per cent.

Carney did say the failure of Canada's commercial banks to pass through all the rate cuts is a "complication" for his monetary policy.

He said the situation was not "entirely surprising" given the banks' own higher borrowing costs.

Carney also made several proposals for avoiding future credit crunches, including that the International Monetary Fund become the "early-warning system" of problems in financial markets.

He urged financial institutions to build up capital in good times and draw on it in bad - the opposite of what is now occurring as bankers become more risk-averse in a shrinking economy.

"In this way, capital requirements would moderate the ups and downs of the credit cycle - the reverse of what currently happens - reducing the risk of a future crisis."

Although the crisis is relatively muted in Canada, Carney noted Canadian policymakers have been forced to take bold action.

The central bank has injected $36 billion of additional liquidity into money markets, while the federal government has bought $75 billion in mortgages, in an effort to keep banks lending to business and individuals.

However, he refused to say what further fiscal measures the federal government should take to stimulate the economy, saying only that Finance Minister Jim Flaherty was working on his Jan. 27 budget.

Carney said the measures will eventually kick in but the recovery won't be quick.
"It will take time for confidence to return and for capital to flow again."

By Colin Perkel, The Canadian Press