Local Restaurant Ordered to Pay Former Employees $100,000 Because of Discrimination

Le Papillon On The Park, a popular restaurant for Woodbine Park residents and Beachers, has been ordered by a Human Rights Tribunal to pay their former workers $100,000 in damages. The verdict stems from a human rights complaint by three Muslim employees who say they were ordered to eat pork, mocked for speaking Bengali and threatened with being replaced by white workers.

Here’s the story that appeared in the Toronto Star on December 18th.

http://www.thestar.com/news/world/2013/12/17/3_muslim_restaurant_workers_awarded_100000_in_discrimination_case.html

 

 

Controversy arises again in Beach(es) about neighbourhood name

What the heck is this neighbourhood called and does it really matter?  Where does the Beach or Beaches start or end. It seems like we have another little controversy on our hands now as Beach Village signs start popping up.  It was just a few years ago that the local BIA held a referendum on Beach vs. Beaches, with Beach coming out on top.

Here’s a great article by historian Gene Domagala that appeared in the latest edition of the Beach Metro News. It will shed some light on the history of the neighbourhood and may surprise some residents about the geographic history of the area.

http://www.beachmetro.com/2013/12/05/whats-neighbourhoods-name/

 

Property Values in Woodbine Park Continue to Rise

Woodbine Park continues to be one of the most sought after neighbourhoods for families in the city of Toronto and the Beach(es).  Since families first starting moving into the homes that sit on the site oft the old Greenwood Racetrack about 14 years ago, values have more than doubled.

When ‘for sale’ signs go up and shortly afterward a ‘sold’ rider is added, I’m often asked “what did that one go for?”  Well, here’s a summary of the sales in our neighbourhood this Fall, dating back to the beginning of September:

SEMI DETACHED SALES (Average price $1,075,000)

Sarah Ashbridge $1,015,000

Boardwalk $1,012,000

Joseph Duggan $1,125,000

Winners $1,150,000

DETACHED SALES (Average price $1,297,200)

Sarah Ashbridge $1,185,000

Joseph Duggan $1,206,000

Winners $1,345,000

Joseph Duggan $1,380.000

Joseph Duggan $1,370,000

CONDO SALES

1733 Queen St. Bachelor $235,000

1765 Queen St. 1+1 bedroom $339,000

35 Boardwalk 2 bedroom $512,000

9 Boardwalk 2 bedroom $675,000

35 Boardwalk Penthouse $1,125,000

 

If you have any questions about these or any others, feel free to get in touch with me at des@desmondbrown.ca or 416 568 1242

 

Changes to 30-year Amortization – what could it mean for home buyers?

By Farhaneh Haque, Regional Director – TD Canada Trust

Since 2008, there have been a number of tightening measure in Canadian Lending Rules, and amidst talks of further lending changes.  So, what could the possible 30 year amortization change entail? It could mean:

 

Elimination of the 30-year amortization altogether;

 

Allowing a 30-year amortization where borrowers qualify fully on a 25-year amortization; or

 

Limiting the 30-year amortization to borrowers meeting certain qualifying criteria. For example, higher credit scores, larger down payments or lower debt ratio limits.

 

While there is no clear direction on what is proposed, or whether this will move forward, let’s turn our attention on what potential home buyers should consider as they prepare for home ownership.

 

A shortened amortization of 25 years (from 30 years) will impact potential buyers’ affordability in the same way as roughly a 0.75% increase in mortgage interest rates. Let’s compare:

From a qualifying lens; when qualifying for a mortgage, the monthly mortgage payment, in large part, determines the purchase price that the homebuyer may qualify for. Since the amortization period contributes to the monthly payment calculation, a shortened amortization translates to an approximate 7% decrease in a potential buyer’s buying capacity.

Consider that owning a home means payments in addition to monthly mortgage payments – property tax, home insurance, utilities etc. – reigning in the borrower capacity through the shortened amortization, especially for first time buyers, may make homeownership debt more manageable and may also require new buyers to be more realistic about their borrowing capacity.

To learn more contact your local TD Mobile Mortgage Specialist.