City Billing Scandal – Toronto billed 44,000 homowners extra $87 millions for property taxes

Homeowners awoke to find they’d had double their normal property taxes withdrawn

Some Torontonians awoke to a nasty surprise Wednesday morning — the city had taken an extra $87-million in property taxes from homeowners’ accounts.

More than 44,000 property owners were affected by the mistake, which double-billed those who signed up for the city’s twice-yearly and bi-monthly authorized payment plans.

The city learned what happened when residents began calling about their much emptier accounts, according to the head of revenue services.

Computer glitch bills thousands twice for Toronto property taxes 
Toronto taxpayers double-billed on property tax after pre-authorization snag 

Should you be surprised?

You shouldn’t. Continue reading “City Billing Scandal – Toronto billed 44,000 homowners extra $87 millions for property taxes”

Chinese Insatiable Appetite For Canadian Real Estate Continues

The Chinese have been #1 investors for Canadian real estate … Nothing new.

Instead of slowing down after the infamous Vancouver Foreign Buyer Tax, they come in greater number as if apocalypse is going to land in the Middle Kingdom soon.

The momentum continues, home prices keep going north, millenials remain in the same doldrum as far as housing affordability is concerned.

Now what?

The more the merrier?

Chinese inquiries in Toronto, Montreal, Calgary real estatespiked with Vancouver tax
Inquiries from China for property in several big Canadian markets spiked in the months after Vancouver introduced its tax for foreign buyers, according to a report based on data from a top Chinese foreign property website.
The report, released Tuesday by Sotheby’s International Realty Canada in conjunction with, said Chinese inquiries for listings in the Vancouver market slumped by 81 per cent year over year in July 2016, the month the 15 per cent tax was announced.

Continue reading “Chinese Insatiable Appetite For Canadian Real Estate Continues”

Low Loonies are coming back to haunt Canadians

I have always expected this will be the direction Canada is heading – The government will keep interest low and keep printing money.

Image Source

Is there a problem here?
Continue reading “Low Loonies are coming back to haunt Canadians”

Canadian interest rates are the lowest in 5,000 years

While folk are debating solutions for our  problems, blaming foreign money and our immigration programs as the main culprits such as this article – Toronto, don’t let Vancouver’s housing crisis become yours. Whereby Josh Gordon, an assistant professor at the Simon Fraser University School of Public Policy writes about (and invited a lot of heated arguments): –

  • Concern about foreign capital is xenophobic or racist
  • Rising prices are all about low interest rates
  • There is no data
  • The problem is all about supply
  • We want foreign “investment”

Canada created history again.

According to HuffPost,

Canadian Home Prices Growing Faster Than All But 2 Countries: Knight Frank

Huffington Post Canada

Bank of America Merrill Lynch noted just months ago that interest rates are the lowest they’ve been in 5,000 years.

historic interest rates Continue reading “Canadian interest rates are the lowest in 5,000 years”

What’s New – Rio Olympic House & Self-Healing House

Inside Canada’s vibrant Rio Olympic House by Yabu Pushelberg

For the first time ever, the Canada Olympic House, the Rio home base for Canadian Olympians and their friends and family, was designed by Canadians. Ontario natives George Yabu and Glenn Pushelberg, who are best known for their luxury hotel, residential, and commercial interiors like the Four Seasons Toronto and Park Hyatt New York, simply asked the Canadian Olympic Committee: “What can we do for Canadian athletes to showcase their country?” Yabu recalled.

The deconstructed Canadian flag is made up of hundreds of hanging ribbons. Continue reading “What’s New – Rio Olympic House & Self-Healing House”