Latest news with #GTA-based
Toronto Star
4 days ago
- Business
- Toronto Star
Prefabricated homes could be cheaper to build — and buy. Here's how to make them work in Toronto
Mattamy Homes' founder has a lofty goal — in 2026, open a GTA-based factory to pump out 3,000 prefabricated homes a year. Prefabricated homes, or modular housing, aren't anything new — some laneway and garden suites in Toronto are prefabricated and the city has built hundreds of prefabricated units to house the homeless population. But the idea of scaling up this housing product has been revived with Prime Minister Mark Carney's pledge to provide $26 billion to builders of prefabricated homes to help reach his national goal of 500,000 new homes per year.
Global News
17-06-2025
- Global News
200 charges laid in massive drug and weapons seizure in Sudbury
A 16-month multi-jurisdictional investigation into street gang activity has led to the arrest of 22 people and the seizure of more than $1.9 million worth of drugs, firearms and cash in northeastern Ontario. Dubbed Project Saturate, the probe targeted the trafficking of fentanyl, cocaine and other illicit substances in the Greater Sudbury area, allegedly orchestrated by two GTA-based street gangs. In a news release, Greater Sudbury Police Service (GSPS) said a total of 25 people, many from the GTA, were charged with 197 combined offences. Arrest warrants have been issued for three people who remain at large. A total of 20 search warrants were executed in Sudbury, Mississauga, Hamilton, Richmond Hill, Pickering and Toronto over two days. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy The operations involved an extensive collaboration among several police units, including tactical, emergency response and organized crime teams from municipal, provincial and federal law enforcement agencies. Story continues below advertisement The first search took place on May 8, followed by a second one on May 29. Among the items seized were large quantities of narcotics, including approximately 7.3 kilograms of suspected fentanyl and 12 kilograms of suspected cocaine. GSPS Chief Sara Cunningham said the seizure highlights the broader social cost of organized crime and the urgency of targeted enforcement. 'Illicit drugs pose a serious threat to the safety, security and overall wellness of our community,' said Cunningham. Police also recovered four firearms, thousands of pills believed to be oxycodone and methamphetamine, a significant amount of cannabis, over $260,000 in cash, digital devices and property alleged to be linked to criminal activity. 'This quantity of drugs seized in a community like Sudbury is significant,' said OPP acting Det. Supt. Andy Bradford with the Organized Crime Enforcement Bureau. 'We also seized four firearms, which supports the notion that the presence of street gangs brings the potential for gun violence.' Authorities say they remain committed to identifying, investigating and disrupting criminal networks through intelligence-led policing and strong collaborative partnerships at the local, provincial, and national levels. 'This significant seizure is a clear example of the harm caused by organized crime and the importance of taking decisive action,' said Cunningham. Story continues below advertisement Anyone with information about illegal firearms or drug trafficking is encouraged to contact the OPP or reach out anonymously to Crime Stoppers.
Hamilton Spectator
01-06-2025
- Business
- Hamilton Spectator
Should you buy a house during a recession? The pros and cons of making a home purchase in shaky economic times
During the 2008 recession, nothing positive was said about the real estate or stock markets — everything was tanking. It was a time for conservative spending, not big purchases. But in reality, it was 'the greatest pinpoint to make a home purchase,' says Jarrod Armstrong, salesperson at real estate agency The Armstrong Team. Armstrong bought a home in the GTA during that time, against the advice of everyone. But the price was right, he says. 'There's no better time to buy than when the market is down.' And Toronto's real estate market is down. In April, GTA home sales dropped 23.3 per cent year-over-year, and prices fell by four per cent. While prices and buyer competition have declined — offering the perfect opportunity for purchasers ready to enter the market — it's brought on by Canadian consumer confidence taking a hit, with economists warning of a modest recession given the current trade uncertainty with the U.S. That's put would-be buyers on the sidelines, hoping to ride out the economic uncertainty. But they'd be missing an opportunity to buy a home, experts say. That's why it's important to understand the real estate market if you're thinking of buying a property during a potential recession. In April, the sales-to-new-listings ratio was 29 per cent, indicating that Toronto is in a buyers' market — meaning buyers have more negotiating power and less competition. 'Prices have come down and we don't have the frenzy that we had during the peak pandemic,' says GTA-based mortgage broker Mary Sialtsis. 'We don't have those crazy bidding wars.' Now buyers have the chance to see properties multiple times and can put in conditional offers such as asking for a home inspection, or additional time to attain a mortgage approval. Real estate agent Othneil Litchmore says there's 'a lot of inventory' and more to choose from, with properties sitting on the market for longer. 'Sellers should be willing to negotiate, so buyers have the opportunity to score a deal where previously there wasn't,' he says. The Bank of Canada has also dropped it's overnight lending rate seven times since June 2024, bringing its key rate to 2.75 per cent . While the central bank paused it's rate-cut cycle in April, variable interest rates (which are dictated by the central bank) are sitting around the mid-four per cent range, and fixed rates (dictated by the bond market) are sitting at around the low-four per cent range at the major banks, falling in line with the historical norm, says mortgage broker Leak Zlatkin. While some buyers may be waiting to see if the central bank drops interest rates further, this only impacts variable-rate mortgages and it's unlikely the bank will drop rates considerably, she says. Buying a property relies heavily on an individual's job and income, experts say, and job stability is key if planning to buy a home. Recession-proof jobs are often in essential services such as health care, education and public safety, with others being social work, accounting and finance. But manufacturing jobs or autoworkers are at a higher risk of layoffs due to the U.S. tariffs, and workers in those industries could face stricter mortgage requirements from lenders. 'If you're in a tariff-sensitive industry, that would be something that I would counsel my clients on and ask, 'Is now a really good time?' ' Sialtsis says. 'In those cases people should be hunkering down and tapping into the equity they already have should they be laid off.' During a market downturn, it's not the time to to flip homes or buy an investment property to make a quick buck, experts say. Renovating a home to then sell for a profit is unlikely to happen with home prices falling, Litchmore says. 'If you buy today and want to sell next year, not only will you not make any money, but you could lose some equity,' he says. If you sell the home for less than you bought it for, you're on the hook for the shortfall to the lender, which isn't a position you'd want to be in, he adds. It's important to buy a home you can live in for at least three to five years — a typical term for a mortgage — but preferably you'd want to live in the home for longer, says Zlatkin. 'You want to buy a home you'll be happy in and you have to think of what you can afford,' she says. 'If choosing a variable rate, and the interest rates go up, can you accommodate the increase in monthly mortgage payments? If not, then it's better to go with the certainty of fixed.' Prices have softened in the GTA, and while the drop hasn't been significant, it could mean that the value of your home could drop slightly from the purchase date to the closing date. A typical close is 60 days, but Sialtsis says you may want to ask for 45 days instead if you're concerned about a declining market. 'There is the risk of values dropping from buying to close,' she says. 'The lender always has the right to ask for an appraisal before close, and if the market tanks there could be an issue.' If the appraisal comes in lower than the purchase price, the borrower must make up the difference, typically putting down a bigger down payment. 'A lot depends on the individual lender and strength of the borrower,' she says. If the borrower has a sizeable down payment, the lender is more at ease with the loan because more equity is in the property. While the condo market is seeing the most noticeable price decrease, detached, semi-detached and townhome prices are remaining relatively flat, experts say. At the end of the day, speaking with a mortgage professional before looking for properties is the best way to ensure you know what mortgage you qualify for, and what you can afford to spend for monthly mortgage payments. 'There's a difference for how much you qualify for and what you can comfortably pay on a monthly basis,' Sialtsis says. 'Get your numbers sorted out beforehand.'
Hamilton Spectator
07-05-2025
- Hamilton Spectator
Six Nations Police investigate tobacco operation
A tobacco manufacturing facility was the subject of a police investigation on Six Nations of the Grand River on Wednesday. The facility was operated by 'a non-Indigenous criminal network' who don't live on the territory, Six Nations Police said in a Facebook post. 'The profits were in no way invested in or utilized by the community,' it said. The OPP Organized Crime Enforcement Bureau assisted Six Nations Police Service with the execution of the warrant, the post said. An earlier Facebook post from the police service said a section of Chiefswood Road was closed between 3rd and 4th Lines while they conducted 'a police operation' at 1342 Chiefswood Rd. It's unclear if the closure was related to the tobacco manufacturing facility investigation. The post did not say if arrests were made. In 2020, police busted an illegal tobacco facility on Six Nations in 2020 run by a GTA-based criminal organization . Police have not said if the two are connected.
Yahoo
30-03-2025
- Politics
- Yahoo
Carney campaigns in Ottawa as NDP condemns Liberal candidate's words
OTTAWA — Liberal Leader Mark Carney is in Ottawa today meeting with a local family in an event closed to media. The NDP, meanwhile, is denouncing comments made by a GTA-based Liberal candidate about a Conservative candidate who had a bounty placed on him by Hong Kong police last December. The Toronto Association for Democracy in China says in a news release that Liberal candidate Paul Chiang told a Chinese-language newspaper at a news conference three months ago that everyone at the event could claim the bounty on Conservative Joe Tay if they turned him in. Speaking in Port Moody, B.C. alongside Leader Jagmeet Singh, NDP MP Jenny Kwan condemned Chiang's words but did not explicitly call for him to step out of the race. She said Canadians need to stand together against hostile foreign governments and the NDP is the only party that takes foreign interference seriously. The Liberal party did not immediately respond to a request for comment but Chiang apologized Friday for his words, calling them "deplorable." This report by The Canadian Press was first published March 30, 2025. Alessia Passafiume, The Canadian Press
