Archive | Ontario News

Tags:

Twenty-six extraordinary Ontarians will be invested into the Order of Ontario

Posted on 27 June 2017 by admin

By: Upali Obeyesekere – Editor, The Times of Sri Lanka.

The Order of Ontario is the province’s highest honour. An Ontarian who has shown outstanding qualities of individual excellence and achievement in any field is eligible to be appointed.

The Order of Ontario is the most prestigious official honour in the Canadian province of Ontario. Instituted in 1986 by Lieutenant Governor Lincoln Alexander,  on the advice of the Cabinet under Premier David Peterson, the civilian order is administered by the Lieutenant Governor-in-Council and is intended to honour current or former Ontario residents for conspicuous achievement in any field. 

 

The Order of Ontario is intended to honour any current or former longtime resident of Ontario who has demonstrated a high level of individual excellence and achievement in any field, demonstrating "the best of Ontario's caring and diverse society and [whose] lives have benefited society in Ontario and elsewhere."Canadian citizenship is not a requirement and elected or appointed members of a governmental body are ineligible as long as they hold office. There are no limits on how many can belong to the order or be invested at one time, though the average number of new members stands at 24 per year

The process of finding qualified individuals begins with submissions from the public to the Ontario Honours and Awards Secretariat, which consists of the Chief Justice of Ontario (who serves as the chairperson), the Speaker of the Legislative Assembly, the Secretary of the Cabinet, and up to six members of the Order of Ontario. This committee then meets once or twice yearly to make its selected recommendations to the Cabinet and works with that body in narrowing down the potential appointees to a list that will be submitted to the lieutenant governor. Since appointments to the Order of Ontario rely in part on ministerial advice, records of such proceedings are not publicly revealed, as affirmed in court proceedings undertaken in 2002 by an individual who had been mistakenly informed that she had been appointed to the order. Posthumous nominations are not accepted, though an individual who dies after his or her name was submitted to the Honours and Awards Secretariat can still be retroactively made a Member of the Order of Ontario. The lieutenant governor, ex-officioa Member and the Chancellor of the Order of Ontario, then makes all appointments into the fellowship's single grade of membership by an Order in Council that bears the viceroyal sign-manual and the Great Seal of the province, thereafter, the new Members are entitled to use the post-nominal letters OOnt.

On Wednesday, June 28th twenty-six extraordinary Ontarians will be invested into the Order of Ontario, the province's highest honour, by the Honourable Elizabeth Dowdeswell, Lieutenant Governor of Ontario. In 2017, as we celebrate Canada and Ontario's 150th anniversaries and 30 years since the first Order of Ontario investiture ceremony, we are reminded of the important contributions made by Order appointees to Ontario, Canada and the world.    

In honour of the 30th anniversary of the Order of Ontario, the CN Tower will be lit up in green and white on the evening of June 28.

 

Comments Off on Twenty-six extraordinary Ontarians will be invested into the Order of Ontario

Tags:

Toronto Real Estate – “What goes up must come down.” – Quote from Isaac Newton

Posted on 24 June 2017 by admin


By: Upali Obeyesekere – Editor, TSL – Is the Toronto Housing Market cooling off? It certainly is from what we see in the open market. There are five houses in Victoria Village that have been on the market for over 2-weeks, The recent intervention by the Ontario government to cool the Toronto-area’s hot housing market is already having an impact on sellers and buyers plans for the year, according to a new poll. Ontario Premier Kathleen Wynne introduced a 16-point Fair Housing Plan in April to tame the Greater Toronto Area's expensive real estate market, including measures such as expanded rent control and a foreign buyer's tax. This announcement has impacted the housing market and slowed it down slowly but surely. This is good news for the buyers while not so good news for the sellers. But the sale prices of real estate in the GTA had reached unrealistic levels and needed some restrain at some point.

Appended below is an article authored by Bloomberg that expalins in more detail a status update on the Toronto Real Estate Market.

Toronto home prices haven’t fallen yet, but a major market indicator says they will soon!

The last time the sales to listing ratio fell this sharply was in the late 1980s, followed by a record price drop that took two years to play out.

The latest data on Toronto housing show a sharp decline in sales in Canada’s biggest city has yet to trigger a drop in prices. A major indicator of market conditions suggests it will soon enough. The ratio of Toronto sales to new listings slumped to 41 per cent in May, according to Canadian Real Estate Association data Thursday. That’s the lowest since 2008 and near the bottom of the range for what economists generally consider a balanced market. The gauge is a pretty good predictor of home prices and what it’s showing — based on the typical historical relationship between the two variables — is that a modest price decline is probably in the cards.

According to Bloomberg calculations, the 3-month moving average of the sales to new listings ratio explains almost 60 per cent of the variation in Toronto benchmark home prices five months later. A sustained ratio of 40 per cent implies small, single-digit annual price declines in about half a year.

Just such a soft landing is the prevailing view of most economists, as well as the Bank of Canada. Home prices in the country’s financial capital after all have been climbing steadily for years, and the recent run of annual gains in excess of 30 per cent was bound to end. Even amid the sales decline in May, Toronto benchmark prices were up 1.2 per cent last month.

The soft landing predicted by the model however assumes a smooth and orderly correction, whereas Toronto housing dynamics seem out of control. Predictions based on historical relationships are less robust in more extreme situations.

So, will the landing be soft or hard?

SOFT LANDING CASE

In its semi-annual financial system review last week, the central bank said a sharp price correction in Toronto and Vancouver is unlikely because strong underlying fundamentals “support the idea that a downturn in prices would be limited.”

That view was given additional credence this week when Governor Stephen Poloz and his Senior Deputy Governor Carolyn Wilkins jolted markets by suggesting the economy may have firmed enough to withstand a gradual withdrawal of stimulus. In effect, the policy makers are saying they’re comfortable enough with the situation in Toronto and Vancouver real estate to risk the potential fallout from higher borrowing costs.

Here are some further arguments for a soft landing:

As the central bank pointed out, about 40 per cent of the 300,000 immigrants who settled in Canada last year moved to Ontario. That bolsters demand. And land-use regulations are often cited as a constraint that will prevent excessive supply from coming on the market. The “world-class city” argument stipulates Toronto should be compared with London and Tokyo rather than Ottawa when it comes to real estate valuations, given its status as a major metropolis and North America’s third-largest financial center. Vancouver’s recent experience is easing some concern that the market is vulnerable. The imposition of a tax on foreign buyers in the Pacific Coast city last summer spurred declines in sales and prices, but the latest data indicate those are rebounding.

HARD LANDING

In January, sales as a share of new listings rose above 90 per cent, smashing a record. The decline in that metric since then has been over 50 percentage points, which is the largest and the sharpest in data back to 1988. The only comparable decline in the metric was in the late 1980s, when it fell from 71 per cent to 30 per cent. And that move, which was followed by a record price drop, took two years to play out.

Much will depend on whether the sales to listings ratio continues falling.

Market psychology is key. There’s been plenty of speculative demand in the market, and any fear of a correction could send investors running for the exits. And a wave of new construction is about to hit the market. Data this month from Canada Mortgage and Housing Corp. showed year-to-date single family completions in Toronto rose to 4,937 units in May — the most since 2008 and up 19 per cent from 2016.

Even the conventional model suggests that in the event the sales to listings ratio starts hovering at about 30 per cent, price declines could start hitting double digits.

Bloomberg.com (Courtesy)

Comments Off on Toronto Real Estate – “What goes up must come down.” – Quote from Isaac Newton

Advertise Here
Advertise Here

WHAT MATTERS TO YOU, MATTERS TO US

OUR SLOGAN

“What Matters To You, Matters To Us" .

REACH YOUR TARGET MARKET VIA TIMES OF SRI LANKA

In the world of online advertising, the success rate of creating brand awareness is 91%. Call 416-445-5390 or email timeslanka@rogers.com and let us offer you introductory rates and get you going! Our audience is primarily South Asians expat community and the Sri Lankan expat community globally.

BANNER ADS BUILD BRAND AWARENESS

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 3 other subscribers

NEWS AS IT HAPPENS. WWW.TIMESLANKA.COM

SPECIAL OFFER - 2017

“E-Mail timeslanka@rogers.com " .


Advertise
REMITR
HOME INSPIRATIONS
CP24
SL NEWSROOM
ABC NEWS
BBC NEWS
MACLEANS CANADA 150
GOLD FM
ContactUs.com