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As prices sink, Toronto condos have returned to 2019 affordability levels, according to a new report from RBC Economics.

“Condo prices in Toronto have fallen faster than most other markets, and that is happening while incomes have continued to rise,” said Rachel Battaglia, an economist with RBC Economics, and co-author of the report. 

Condos in Montreal are now less affordable than ones in Toronto, a “reshuffling” of the markets for the first time in over a decade.

This is good news for buyers waiting on the sidelines. But Battaglia noted, “condo affordability in Toronto is still somewhat stretched and still among the worst of the major markets.”

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From the story:

The World Cup has been a bit of a miss for Toronto hotels. For other parts of the economy? It’s no Taylor Swift.

According to data released this week by payments processing giant Moneris, spending by international tourists in the Toronto area has been up in several key categories since the World Cup kicked off, but total spending by locals, domestic tourists and international tourist, has only been marginally higher than the rate of inflation.

According to economist Victor Matheson, who specializes in studying the economic and business impact of the sports industry, there’s only one explanation.

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• As a way to ease the gridlock clogging Oshawa’s major artery, the idea dangling before council seemed alluring.
• It offered a solution to Simcoe Street’s legendary traffic woes that would require far less space than a dedicated bus lane — and could be built three years faster.
• It would be initially more expensive to install than a busway — $1.1 billion compared to $800 million — but the annual costs would be lower and there would be more opportunity to grow ridership.
• The catch? The seemingly desirable option was for an aerial cable car — taking a form of transport most familiar from ski resorts and theme parks and creating a 13-kilometre long commuter line above Simcoe Street.

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Cars stopped in downtown Toronto, children emptied out of schools, and office workers gathered at windows to watch a giant helicopter dangle an antenna over what was about to become the tallest free-standing structure in the world.

On April 2, 1975, all eyes were on the CN Tower. Few knew that the task had narrowed to a single, high-stakes calculation.

“Something I can tell you now is that when they came up to put that antenna on, the helicopter missed it the first time, and they only had enough fuel to try and get up and hook it on and come back to the ground,” said David Garrick, former CN Tower president, speaking frankly, 51 years after the fact. “It was close.”

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Nearly 50 former Bell employees are suing parent company BCE Inc., alleging they were wrongfully fired as part of a broader cost-cutting effort after being accused of lying about their workplace attendance to meet return-to-office requirements.

Bell says the workers were fired for deliberately violating the company’s code of conduct, while the employees argue the company retroactively punished workplace practices it had previously tolerated.

“What we are seeing here are massive rounds of economically motivated terminations,” said Toronto employment lawyer Jean-Alexandre De Bousquet, who represents the workers. “It’s like Bell can’t fire people fast enough.”

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• As proposed condo towers across the city are delayed, cancelled or turned into rentals, one developer has managed to hit a rare presale milestone and break ground on a three-tower project despite the odds.
• Major Canadian real estate developer Canderel plans to build three residential condo towers ranging in height from 35 to 41 storeys at the corner of Bathurst Street and St. Clair Avenue West.
• The complex will provide 1,310 apartments priced from the $500,000s up to $5 million. It will include a public park, child-care centre and community space, along with retail at the base of the towers.
• More than 75 per cent of units have pre-sold for the first phase of the Forêt Forest Hill project, clearing a required hurdle to secure construction financing.

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Toronto is one step closer to getting its newest waterfront neighbourhood. Here's what we know:

• Waterfront Toronto, the corporation leading the Port Lands redevelopment, has launched the search for a development partner to build the first residential buildings on Ookwemin Minising, the new island community taking shape on Toronto’s eastern waterfront.
• The agency released a request for qualifications — the first stage of the procurement process — for a development block expected to deliver about 700 housing units, including a target of 30 per cent affordable rental housing.
• The move marks a major milestone in a decades-long effort to transform former industrial lands at the mouth of the Don River into a mixed-use waterfront community.

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The iconic discount retailer Zellers will open its first Ontario store in North York on Thursday, expanding a national comeback that began last fall in Edmonton.

Anchored by a giant inflatable ‘Zeddy Bear,’ the 25,000-square-foot store at 80 Orfus Rd. near Yorkdale Shopping Centre, will offer apparel, footwear and lifestyle brands including Adidas and Dickies, as well as home goods, seasonal merchandise, snacks and a toy department. 

“There’s a market for nostalgia,” said Josanne Buchanan, a 27-year-old student in Toronto who grew up visiting a Zellers store at her local mall in Pickering, where she remembers riding a small ferris wheel and browsing the toy department. “A lot of people are looking for opportunities to reconnect with the Canadian store, Canadian experience they grew up with.”

More here: https://www.thestar.com/business/zellers-makes-comeback-to-ontario-with-its-first-store-in-north-york-heres-what-you-can-expect/article_68618e2d-15a1-4cef-bf4a-089838cf0def.html

From the story:

The landlord of the troubled Toronto apartment building at 500 Dawes Rd. is, once again, facing legal consequences over non-compliance with fire safety regulations.

A provincial offences court fined Havcare Investments Inc., the registered owner of 500 Dawes Rd., and director Carolyn Krebs $300,000 and $20,000, respectively, on Tuesday in relation to the east-end address.

They were also ordered to pay a mandatory 25 per cent victim fine surcharge related to the charges.

The outcome “underscores the importance of property owners meeting their responsibilities under the Ontario Fire Code and helps reinforce the role these standards play in keeping residents and communities safe,” Toronto Fire said in a press release.

More here: https://www.thestar.com/real-estate/landlord-of-troubled-500-dawes-fined-more-than-300000-for-fire-safety-violations/article_1bd80073-745b-4859-b72a-233135d3dc6a.html

• Canadians living alone spend about $102 a week on groceries on average, $22 more than individuals who live in a shared household, a recent report shows.
• A survey of 1,500 adult residents across Canada conducted by Interac in May found that single Canadians face greater grocery price pressures than multiple-person households, with nearly eight in 10 people living alone saying their grocery bills continue to rise despite their efforts to cut costs.
• After years of elevated inflation, food experts told the Star that a weekly grocery bill of more than $100 today would likely have been at least 20 to 30 per cent lower five years ago.
• The report comes just a few days after Prime Minister Mark Carney announced Canada’s first national food security strategy, pledging $3 billion over 10 years to build a “more affordable” food system. But will Ottawa’s new food strategy lower grocery bills?

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Frustrated soccer fans are complaining about overpriced food at the FIFA Fan Festival.

A popsicle, for example, was priced at $8 before tax. To get a regular poutine, or a medium-sized jerk chicken, fan fest attendees had to pay at least $20.

Another fan, who was about to devour a small hot dog he says he paid around $15 for, called the prices “ridiculous,” though his friend admitted such prices were expected.

More here: https://www.thestar.com/news/24-for-a-corndog-and-pop-fans-hit-with-high-concession-prices-at-fifa-fan-fest/article_520f9279-54ad-49f7-b3b8-e1f87214be71.html