In The News...

[BrianNSara]

This is an ongoing thread please post all your news here


$20,000 :eek: omg why??? i never received that!!!

why would they give $20,000 off on some of the lots any idea's?

[Alex&Vanessa]

Mattamy offers rebates on lots that they need to sell, example if lot 86,87,89,90 are sold they want to sell lot 88 asap or they will have to build a house on that lot sold or not.

They did this in Milton and other communities of theirs, it's great for people who want to buy a standard size lots, but Mattamy rarely does this on premium lots (pie, corner, greenspace)

[deonandlindsay]

Curious if anyone knows why are the 43' lots now starting at $254,990? When we bought they started at $295,990.

[babymaeby]

Curious if anyone knows why are the 43' lots now starting at $254,990? When we bought they started at $295,990.

Could it be this is the reason?

http://www.millpondpost.com/forums/showthread.php?t=109

[deonandlindsay]

That's a good suggestion. I haven't been to the sales centre in months so perhaps a visit is in order.

[smartsexystylish]

I wish I got $20,000 off my house.......

*Dreaming of all the upgrades I could've gotten* lol



Edit: EEK - We've broken the 2 month mark (See sig below :eek:)

[zach]

I think I'm going to envy all those who had patience and are going to book now, they can get a 43'' instead of a 34'' :mad::mad:

[BrianNSara]

This is old but no school?

http://www.wrdsb.on.ca/uploadplanning/Hes.Mattamy.bkgrnd.april9.08.pdf

"If the municipality chooses to proceed with draft approval of this plan notwithstanding the Board’s concerns, we would urge some acknowledgement from the developer of notification to prospective homebuyers that a community school will not be provided in the immediate neighborhood, and that their children will be transported to other facilities operated by the Board, as appropriate."

[fletcher]

Sounds like some good deals with Mattamy. Does anyone know which lot numbers are being discounted?

[babymaeby]

New price list posted for townhouses today - look at the difference between the cyrus and dickson - used to be $2,000 (when we bought) now it's $7,000. I wonder why?

http://www.mattamyhomes.com/uploadedFiles/Communities/Mill_Pond/Homes_For_Sale/Townhomes/price_list.pdf

[jrb]

Hi

The cyrus is a great deal for 189.........

They must be trying to tap into the renter market. 189,990 would be a very affordable mortgage. It may even be cheaper than rent. It may encourgae a lot of first time home owners, renters and people looking to downsize to buy right now instead of holding off.

In addition i think that price will really compete with the condo market in KW. Anything really nice for a condo would start at 170,000. and the extra space including a basement for storage is great.

Hopefully prices will stabalize, and not fall very much............LOL.........

It looks like if you purchased a townhouse in September, that now, the townhouse could be cheaper.

I am still very happy with my purchase no matter what happens to the home values.

[BrianNSara]

The Cyrus is a good deal for 189,000 but a little bit to small or us,

The price thing i guess we lucked out and got that deal...

I hope the housing market doesn't fall much more and will stabilize as JRB said, i would hate to lose money buying a new house,

The GTA has not seen that much of a change in the market maybe 8-10k on resale but new are still high look at aristahomes.com Too much for me lol...

[justmed]

my MIL bought the Cyrus... as it gets more and more finished it looks tinier, lol... but she's the only person there so its the perfect size for her.

The Elacott went down 4 K from the last posted price, but still up about 8 K since we purchased... I'll tke it

[fletcher]

At least the price of the townhouses are still selling more than your purchase price. I would be upset if Mattamy was selling my model for less than what I paid for.

[babymaeby]

At least the price of the townhouses are still selling more than your purchase price. I would be upset if Mattamy was selling my model for less than what I paid for.

That's what I'm worried about - it would instantly lower the value of our houses. :(

[J&R]

That's what I'm worried about - it would instantly lower the value of our houses. :(

My fiance was also worried that the prices might drop. I told him just have to take a chance because it's impossible to know what the prices will be like in the future. Plus, I already think that we got a great price so if they do end up going down I won't be too upset mostly because we plan on living there for a while.

[BrianNSara]

Read this its a good article on the market in GTA/Canada


http://www.torontosun.com/newhomesandcondos/2008/12/05/7647936.html

[JFiolek]

The lots that are for sale are the "Fire Walls" they are not allowed to build more then 7 houses in a row (incase of a fire) so they are now selling them now. Lot 104 beside me is one of those that have not sold yet. They pour the foundation so who ever is the next to buy a specific model they can chose that one at a discounted price.

[BrianNSara]

Dec 09, 2008

CAMBRIDGE -- The start of a major subdivision in Hespeler helped push the region's housing starts six per cent higher in November.

Across the Kitchener census metropolitan area, work began on 235 homes last month, up from 221 in November last year, the Canada Mortgage and Housing Corp. said Dec. 8. Of the 166 single-detached homes started last month, 114 are in Cambridge, mainly in Mattamy Homes' Mill Pond subdivision in north Hespeler.

"If they didn't come through, then I would have had to look at laying off more people," said Cambridge planning commissioner Janet Babcock.

Her department laid off three building inspectors in April, after new construction started slowing a year ago in Cambridge, before more building permits were issued again in the summer.

Now, it looks like Mattamy will be pushing hard to complete pre-sold homes in the 1,000-home subdivision for the next several months, she said.

With November's home start increase, the region is on track to match last year's house construction totals.

In contrast, Ontario and the country as a whole experienced a steep drop in starts last month. On a seasonally adjusted basis, house construction in Ontario fell nearly 31 per cent; nationally, starts were down nearly 19 per cent.

While the Cambridge housing activity propped up the region's numbers, it doesn't necessarily mean the area won't fall victim to the province's deteriorating economy, said Erica McLerie, an analyst for the housing corporation.

"The economic uncertainty is really weighing on people's minds currently," she said. "You are probably going to see a slowdown in sales."

McLerie said the Mattamy subdivision has been selling homes for more than a year, which means last month's burst of single- detached starts was mainly due to pent-up demand. In the first 11 months of 2007, foundations were poured for 47 single-detached homes in Cambridge. The total so far this year is 284.

Kitchener, Waterloo and Woolwich Township saw construction activity fall in all housing categories, with one exception. Work started on two low-rise rental projects near the University of Waterloo; they will add 34 units to the market.

Eric Kraushaar, president of the Waterloo Region Home Builders' Association, said the region will be somewhat insulated from the broader economic turmoil.

"Because of the distortion that the supply shortages cause, it's difficult to know how strong an impact the economy has," he said.

There was a time last year when no single family lots were being registered in Cambridge, Kraushaar said. Waterloo, he added, is facing the same problems as the approval process for new subdivisions is taking longer than in past years.

Kraushaar said there is enough local economic strength to draw people into the region and feed demand for new homes.

In a report released Dec. 8, RBC Economics forecast an extended housing slump for both Ontario and Canada. "Overall, markets in Ontario appear to have peaked during the first half of 2008 and are likely to sustain a weakening tone until the economy shakes off its blues," the report said.

The study, which suggests the Kitchener area is shifting from a sellers' market to a balanced market, stressed that the housing slump will not be as severe as the slump in the early 1990s.


Source://cambridgereporter.com/news/article/154800
Source://news.therecord.com/Business/article/456105

[babymaeby]

http://cambridgereporter.com/news/article/154791

;)

[smartsexystylish]

http://cambridgereporter.com/news/article/154791

;)


LOL babymaeby. Great find :D

[BrianNSara]

PROPOSED ZONING BY-LAW AMENDMENT

MATTAMY (HESPELER) LIMITED
MICHIGAN AVENUE/FINCH CRESCENT

http://www.cambridge.ca/cs_pubaccess/download_minutes.php?doc_id=4813

[Alex&Vanessa]

That sucks, more zoning changes, this community is going to turn into a townhouse community, no offense to those who bought townhomes

I am keeping my fingers crossed that the 50's in front of our place aren't going to be rezoned into townhouses

[babymaeby]

Isn't this old news?

[BrianNSara]

Isn't this old news?


was just uploaded to that website yesterday could be old but i never saw it i don't think

the date is 2009-01-05

[BrianNSara]

"After several years of strong sales and rising prices, the real estate markets
in Waterloo Region and Guelph will return to more balanced levels
"


REX JANUARY OUTLOOK 2009
http://www.rexmagazine.ca/PDF/residential.pdf


Good Reading....

[BrianNSara]

Be aware of the deadlines for submitting claims

http://www.torontosun.com/newhomesandcondos/2009/01/06/7937001.html

[smartsexystylish]

Be aware of the deadlines for submitting claims

http://www.torontosun.com/newhomesandcondos/2009/01/06/7937001.html


I just read this article too (from the paper.. I didn't think to go online and post it lol) The In-Laws gave it to us to read. Good info especially since people will just put it down and forget about it. I know I will have to set a reminder a couple days before the 30 days and complete and send it in.

[BrianNSara]

http://cambridgereporter.com/news/article/158186

Hang onto Hespeler money for now, Cambridge staff say

"- spend the money to create a hiking-biking trail link across the CN Rail tracks between downtown Hespeler and the 1,000-home Mattamy Mill Pond subdivision now under construction. The city’s trail committee estimates that would cost $500,000."

[BrianNSara]

Mattamy Homes is ringing in the new year with massive savings on selected new homes in various communities. The January Home Savings Event allows new-home buyers to realize great savings in family-friendly communities from Bracebridge to Stoney Creek. These savings will be available for the entire month of January. So now buyers can experience the many advantages of Mattamy homes and communities and enjoy more for less.

CAMBRIDGE

"At Mattamy’s scenically splendid community of Mill Pond, just outside of Hespeler, families looking for a little elbow room can save up to $20,000 on all sizes of homes. A full range of homes are available from Freehold WideLot™ Townhomes starting at $189,990 up to 50’ WideLot™ homes starting at just $294.990. There are eight model homes featured, so you can pretty much see exactly what you’re looking for before you buy. The sales centre is located at 186 Garth Massey Drive. 519-651-3028."





http://www.torontosun.com/newhomesandcondos/2009/01/16/8048836.html

[anxious_f]

This sucks! Usually it's the people that are early to get in that are the ones to benefit from new builds. it seems that if we had waited a year, we would have made out a lot better.

[Style]

This sucks! Usually it's the people that are early to get in that are the ones to benefit from new builds. it seems that if we had waited a year, we would have made out a lot better.

I agree! Looks like they are having a hard time selling their product with the current economy crisis! So therefore they have to add perks to get the customers! Maybe they should of offered us some rebate as well eh! :)

We know that will never happen though,still gonna be kinda crappy when the guy down the street got his house for 20,000 less eh! :D:eek:

[DanielleandCody]

I agree this really sucks!!!! However does anyone know what models and what lots are being discounted??? Do you get to choose the model or is it something that will already be decided dependent on the lot?? And on the positive side I'm sure most of us bought in Mill Pond because the prices were right and this whole thing with the economy will turn around. It might take time to see it but we will all be on top if you plan to stay in your home for longer than three years. Although I would be up for a little protest infront of the sales office if anyone is game!!! *L* :-)

[jrb]

Despite everything I am still happy with my decision to buy when I did.
I bought the Southgate End townhouse, and I think the Mattamy townhouses are the best layouts I have seen. In addition the Millpond is a beautiful area!

I am hpaay to see that the townhouse prices are still a bit more than I paid. [for now anyway].

It sounds like there is a strong demand for the townhouses, as I think they are a great deal. So i doubt prices would drop on them.

Periodically i go on MLS.ca and look at what townhouses are for sale. You still have to pay 235 - 250,000 to get a really nice townhouse. Therefore, I think the 218,990 i paid for 1509 sq feet is a great deal. [before lot premium]I will likely put $25,000 in upgrades........In the end I should be close to Market value.......[245-255,000]

I still think a good deal. I plan to stay in the townhouse for a while, so I am sure that in a few years I could see profit on the townhouse. I am going to try to be aggressive in paying off the townhouse. It will be the only way to have some real cash savings. There is no point in paying tons of interest.

[justmed]

personally not so concerned as it would be the same if I bought any old house in January of last year... the value would be down with the downswing in the housing market.... but we bought the pefect house we got to choose everything in to start a family.

No way anybody could have seen it coming this hard a year ago.

Things will turn, we plan on being in our house for a while so we'll see it then.

[Style]

I agree this really sucks!!!! However does anyone know what models and what lots are being discounted??? Do you get to choose the model or is it something that will already be decided dependent on the lot?? And on the positive side I'm sure most of us bought in Mill Pond because the prices were right and this whole thing with the economy will turn around. It might take time to see it but we will all be on top if you plan to stay in your home for longer than three years. Although I would be up for a little protest infront of the sales office if anyone is game!!! *L* :-)

I still think they will be firesale lots that are available and will be limited on what you can put on the lot! Mattamy wants to sell the lots that are mixed in amongst the ones that did!

[BrianNSara]

I don't think so but you never no..


According to Johnathon Wadie’s blog, Mattamy’s Hespeler New subdivision is in big financial trouble. Could it be that greed and unsustainable growth has finally got up with the City of Cambridge? Is Johanthons blog accurate? See for yourself and decide. JOHNATHON WADIE BLOG

http://theblogs.net/johnathonwadie/

http://cambridgevoice.ca/archives/is-mattamys-hespeler-subdivision-in-financial-trouble/


http://www.connectorlocal.com/voice/CA/ON/article/is_mattamy_s_hespeler_subdivision_in_financial_tro uble

[Style]

I don't think so but you never no..


According to Johnathon Wadie’s blog, Mattamy’s Hespeler New subdivision is in big financial trouble. Could it be that greed and unsustainable growth has finally got up with the City of Cambridge? Is Johanthons blog accurate? See for yourself and decide. JOHNATHON WADIE BLOG

http://theblogs.net/johnathonwadie/

http://cambridgevoice.ca/archives/is-mattamys-hespeler-subdivision-in-financial-trouble/


http://www.connectorlocal.com/voice/CA/ON/article/is_mattamy_s_hespeler_subdivision_in_financial_tro uble

What a bunch of crap! I'm sure everyone is not doing good in these tough economic times! I know for a fact here in brampton where I currently live mattamy has started clearing alot of land they bought and built a brand new large sales office in west brampton for their new release of homes!
It might be delayed or in no rush now with the slowdown, but this article is another person who is simply anti Mattamy and will dig up or make up any story that he feels will slag mattamy!
You can see by the added links that try to discredit Mattamy that this person should have no credibility!

[newhomeowner]

actually, this is true. one of my family members is a builder for another company and he told me this last year (i took it with a grain of salt as i haven't heard anything in the news) . i also recently heard from another person, who's husband is also a builder, that mattamy is in huge trouble.

I wasn't going to post this because i didn't want everyone to get as worried as I am. apparently, they grew too much too fast (out west and in the states) and also, the owner of mattamy has gone through a divorce leaving his ex wife 50 million richer. I heard last year that their financial burden comes with the plant they have built to start the framing of their homes in. That being said, Mattamy may or maynot file for bankruptsy by the end of this year. now some assurance for all of you purchasers, I have spoken to my lawyer, and our deposits are covered/protected by the tarion warrenty and we should get our money back if anything happens. fingers crossed that everything works out and that this is not true!!!

[fletcher]

Mattamy Homes: Between Bricks and a hard place
As new home sales slip into a deep freeze, even Canada's No.1 house builder is having to remodel
January 17, 2009

Comments on this story (0)

Tony Wong


BUSINESS REPORTER


Peter Gilgan shuffles a clump of paper on his large wooden desk. "These are all the bills," he jokes to a photographer.

As the largest house builder in Canada, Gilgan has taken proactive steps to avoid those looming bills as sales slow in the North American real estate market.

His company, Mattamy Homes, laid off 50 staff in November.

In a memo to employees, Gilgan called it "the most difficult and humbling" action he has had to take in his 30 years as a business leader.

"The housing market is certainly not going to be as buoyant as it was. There are different expectations today than expectations from a year or two ago," says the developer, sitting in his Oakville boardroom.

On a crisp January day, Gilgan, 58, is suffering from a cold, but he is genial when greeting guests for a rare interview. Despite the fact he's the CEO of the country's largest builder of detached homes, with more than 40 sales and construction sites up and running throughout North America and more than a billion dollars in annual sales, the chartered accountant has always preferred to remain behind the scenes.

But Mattamy's fortunes are in many ways symbolic of what is happening in Canada's softening real estate industry, especially because of its leadership position.

According to the latest figures from the Building Industry and Land Development Association, total new-home sales in the GTA for the first 11 months of 2008 were down by 35 per cent. For low-rise homes, which Mattamy builds, industry-wide sales were off by 39.1 per cent. New-home companies have slashed prices and given away free trips and cars to entice buyers. Taking a page from the beleaguered car industry, Mattamy introduced "employee pricing" at select American sites last year, extending the same discounts to the public as to their employees.

According to Gilgan's figures, his company is doing much better than the average builder, closing 4,031 homes in 2007 with $1.5 billion in revenue and "just under" 4,000 homes in 2008 with $1.4 billion in revenue. The company has some 1,000 full-time employees.

But all bets are off for this year.

"The scope of the economic change is way beyond anything I anticipated," Gilgan said in his memo.

One could argue that because of the company's size, as goes Mattamy, so goes the nation – or at least the fortunes of municipalities in the GTA. So far, a greater-than-expected drop in the real estate markets has taken a toll.

Over the past couple of months, Mattamy has consolidated administrative staff from across the GTA into its Oakville headquarters, and has also closed its Markham office.

"The decision reflects an anticipated further decline in volumes in our order book," says Gilgan. "The net result is that we will cease to operate as three distinct divisions in the GTA and will manage as one organization from one location."

Gilgan says that to move homes during the downturn, the company has been "aggressively re-pricing our products and addressing design and quality processes."

Meanwhile, concerns are mounting about the financial impact the housing downturn will have on home builders across the board. Mattamy expanded aggressively in the United States. The company has multiple sites in four states including Florida, which has become ground zero for the subprime crisis.

Gilgan insists Mattamy is actually in "better" shape than it has been in the past, despite the credit crunch that has crippled some developers.

"We continue to owe less money so I'll say things are better," he says. "I lament that there aren't more opportunities to invest."

He points out that ratings agency Standard & Poor's recently left his company's rating unchanged at BB.

"There aren't too many builders out there that can say the same thing," he says. "We require very little outside financing and we have a willingness of lenders who continue to lend to us."

(According to Standard & Poor's, a BB rating goes to a company with "marginal financial security characteristics. Positive attributes exist, but adverse financial conditions could lead to insufficient ability to meet financial commitments.")

In the U.S., meanwhile, sales are "starting to climb out of the basket," says Gilgan. "Sales were down significantly." They were, however, better in December, and January has been looking "positive," he says.

Sales in Canada have also dropped because of delays in getting some projects off the ground, Gilgan says. He blames a progressive tightening of requirements by municipal and regional governments that has made it difficult for developers to accurately predict when their land will be approved.

"As developers we're not expecting a handout, but we're hoping that government can help us to expedite land development in a cost-effective way."

Gilgan warns that delays in some GTA projects caused by red tape could mean more layoffs at Mattamy this year.

"Are we going to lay people off? Maybe. But it wouldn't necessarily be because of the economy or the market," he says. "If I can get my communities approved, then we'll have growth. If not, then we'll have shrinkage."

Growth, not retreat, has been the path of Mattamy for the last decade. Certainly last year, the company's 30th anniversary, should have been one of celebration for Gilgan, who has been the industry's poster boy for the last decade – for his success as well as his philanthropy.

Mattamy has won every conceivable builder's award, including a third J.D. Power award in 2008 for new home buyer satisfaction for the Greater Toronto Area. The year before that, Gilgan took home the prestigious Ernst & Young Canadian Entrepreneur of the Year title, taking his place among the Canadian business establishment.

In Oakville, the former home that he shared with his now ex-wife and eight children was the grandest symbol of success. Edgemere sold last summer for an estimated $35.5 million, the largest price for a single family home in the province.

But nothing is forever – at least in the development business. The new owners plan to tear down the 32,000-square-foot mansion that Gilgan built and replace it with 10 luxury condos.

"I put a lot of work into it, so for me it was my attempt at art, since I can't draw a stick man if you paid me. I put my artistic expression in my homes," says Gilgan, who remembers flying to France just to buy door hardware and crystal for the home.

"It was a lot of fun, and I got a lot of gratification out of it. But the new owners paid for it and they can certainly do what they want with it."

As the company heads into a downturn, Gilgan says he's looking at ways to improve the business and relationships with partners to lay the seeds for when things turn around.

"For over 13 years we have enjoyed the longest growth market cycle that anyone in the GTA can recall," he says. "It has gone on for so long that many in our industry may not even realize this is a cyclical business."

Under Gilgan's leadership, Mattamy has been a true innovator. The company is known for its "wide lot" brand, where the use of wider lots instead of the traditional long, narrow lots allows Mattamy to offer more interesting elevations and designs at more affordable prices.

And taking a page from car assembly lines, the company also has a division that builds homes in an indoor plant, avoiding weather delays.

"We have always tried to see everything from the customer's viewpoint," says Gilgan, explaining the company's success.

"And we'll continue to do that, even when times are tough. We've seen this story before."

[guin1060]

In regards with Mattamy making zoning changes in order to build townhomes where single detached homes should have been, I would definately have to agree. With the sales of homes slowing Mattamy was forced to relocate the townhomes from the outskirts to their new location or suffer huge losses powering a whole grid/quadrant for a single strip of townhomes. Originally, Mattamy had planned for all the lots around these townhomes to be sold by now. It is evident that Mattamy will have to adjust to the economy and make changes in their best interest and not the home owners within the community. Can't really blame them, they are a business with one goal.....profit.

[anxious_f]

Nice find fletcher, thanks for posting.

A few items that I found particularly interesting.

1.

Gilgan insists Mattamy is actually in "better" shape than it has been in the past, despite the credit crunch that has crippled some developers.

"We continue to owe less money so I'll say things are better," he says. "I lament that there aren't more opportunities to invest."
Mattamy purchased a lot of the land that they own quite some time ago. That land has been sitting and waiting to be built on and, therefore, costing them money. As they're able to start building on these lands they will pay off more of their long term debt and make themselves more profitable.

2.

Sales in Canada have also dropped because of delays in getting some projects off the ground, Gilgan says. He blames a progressive tightening of requirements by municipal and regional governments that has made it difficult for developers to accurately predict when their land will be approved.

The Mill Pond site was supposed to be started three (almost four) years ago. The amount of money that they spent getting the City of Cambridge to approve the site was obscene!

3.

But nothing is forever – at least in the development business. The new owners plan to tear down the 32,000-square-foot mansion that Gilgan built and replace it with 10 luxury condos.

This one I just found a bit comical...and poetic.

[anxious_f]

F. N. January 18th, 2009 11:43 pm :

The sad thing about the internet is that it gives every half-wit out there a voice. Some people are so desperate to be noticed that they will take every opportunity to “take on Corporate America” and show us all how terrible every major company is.

Mattamy Homes is so AWFUL, isn’t it? Of the tens on thousands of home that they have built, a few hundred people have complaints about them. OH NO!!!!! Let’s say out of 1000 homes that they build, 10 buyers are unhappy with their homes (and 10 per 1000 is a pretty high number) that would mean that ONE PERCENT of their customers are not satisfied. I don’t know about you, but if I do something right 99% of the time…I’m pretty happy with myself. Now, I would suspect that Mattamy’s satisfaction rate is a bit lower than that, but even if there were 50 pissed off buyers per 1000 homes (which is definitely high) that would mean that they’re still getting it right 95% of the time…a pretty impressive number.

Now…to the treehuggers that are whining about the wetlands that are ruined…I would like to point out something VERY obvious to you. Before we industrialized, we lived in caves. You could argue that at that point we were at peace with nature…not disturbing it’s natural flow and progression. However, since civilization, we have been destroying nature to build homes - re-routing rivers, tearing down trees, destroying cute little bunny holes - that is the way that we live! This ingenuity is what made us the dominant species. If you don’t like that we need to tear down trees and disrupt nature a bit, then quit your jobs that likely take place in buildings that are built on former forest land or wetland or farm land and leave your house that was also built on previously undisturbed land and stop going to the grocery store, because that land too was previously precious, and move to the mountains and find yourself a nice cave. Grow your own food…but don’t eat meat because that’s bad too! And if you get sick, don’t visit our horrible hospitals that are also built on that poisoned soil!

GET OVER YOURSELVES PEOPLE!!!!!

The truth of the matter is that the economy HAS slowed down and people are afraid to buy new homes. Mattamy has a big piece of land that they are paying taxes on and they would like to sell-off that land as quickly as possible in order to NOT lose money. Mattamy is run by accountants…not stupid ones either. They understand that they need to keep the development moving along, not only for their pockets, but for the pockets of the contractors that are working for them as well. This means making concessions on their original plans. The zoning change that Mattamy asked for was to MOVE a set of townhomes closer to the houses that have already been sold, rather than out in the middle of a field…what a TERRIBLE idea on their part! Also, they have not dropped the prices on their homes…they have introduced new models that start at a lower base price. These new models are also smaller and have less features so the price of them is inline with the pricing of the people that bought a year ago. They have also offered additional incentives on CERTAIN lots. These are lots that are not prime locations (or they would have already sold) and they are trying to entice people to buy them.

Get your facts straight and come back with a legitimate and intelligent argument.

http://cambridgevoice.ca/archives/is-mattamys-hespeler-subdivision-in-financial-trouble/

[babymaeby]

Did you write that, anxious F, or are you just copying & pasting? Either way, well said!!!

[anxious_f]

I wrote it as a comment to the article on the site. I just thought that I would paste it here as well, to maybe encourage others to make their opinions known.

[babymaeby]

I agree - the guy has no idea what he's talking about.

[oakvillehomes]

I found Anxious F's article to be good reading and I must agree with a number of his points. And yes, Mattamy needs to make changes in order to survive - that is business. For those buying homes for speculative gain, well too bad but the bubble burst and you'll have to wait it out, along with those invested in pension plans, etc. But, there is doing fair and legal changes and then there are other ways to make a profit.

In Ottawa and Bracebridge, more than 5% of the people buying into the Mattamy subdivisions there experienced more than a little trouble. Mattamy has also begun construction on land fertilized with bio-waste so as to save money and the workers and neighbours were put at a health risk. They have also been charged (Court Case February 2-3) with illegal landfilling, a practice that could cause flooding etc to other homes. All these cost saving practices have the potential of finanically and medically impacting on others. In my case, they did a shady closing using illegal wiring that put my children and family at risk - a fact confirmed by the Town of Oakville. Certain code are in place to reduce risk and prevent deaths. A fact Mattamy will overlook for a sale, at least in my case.

So, I do believe some of us have the right to whine about the way Mattamy puts people at physical risk, along with financial ruin so that they can buy a few flowers and make donations for media coverage. For those enjoying your new Mattamy home, you are fortunate and I hope it continues to be a pleasant experience - youi were lucky to have a good supervisor and crew. For the rest of you, I hope you hired a qualified house inspector to protect your interests because Mattamy may leave you by the wayside. In this economic climate, aftercare is an expense Mattamy can't afford.

www.oakvillehomes.wordpress.com

[BrianNSara]

January 27, 2009 Report:
P-09-008558260 Page 2 of 4
4. Registration of Draft Plan of Subdivision 30T-06103
Phase 2A
Mattamy (Hespeler) Limited
Guelph Avenue and Blackbridge Road

To permit the development of 71 single detached and 63 townhouse
units.


Source://http://www.region.waterloo.on.ca/WEB/Region.nsf/8ef02c0fded0c82a85256e590071a3ce/6F6AD71DD47DC08185257547005D967E/$file/P-09-008.pdf?openelement

[smartsexystylish]

Article: Slight optimism in building stats this past month
From: Cambridge Times
Date: Feb 19th '09

City building officials are guardedly optimistic about the coming year when it comes to development.
“I think we're in good shape for the first half of the year,” said Hardy Bromberg, city building director. “After that, we're not so sure. It all depends on what the economy brings us.”

January building figures show new housing starts up slightly over last year. In 2009, 10 homes were constructed with a total value of $2 million. In January of last year, seven homes were started with a value of $1.6 million.

The bulk of residential construction is taking place in the Mattamy Homes subdivision in northeast Hespeler.

“They took out a large number of building permits before the development charges went up at the beginning of the year,” explained Bromberg. “They're the one's that are going to keep us busy.”

There is also activity in other areas of construction.

“We are seeing a lot of commercial and industrial renovations and additions right now,” he said, “but we're really operating at the whim of the industry. If they are ready to go, so are we. If they aren't, we still have 8,000 open building permits to tidy up from previous inspections.”

The total number of building permits issued in January was down significantly, with no building permits issued for commercial, industrial or institutional buildings. A total of 45 permits with a construction value of $5.5 million were issued last month. During the same period last year, there was no commercial, industrial or institutional construction, but 71 permits were issued with a total construction value of $7 million.

Link can be found here (http://www.cambridgetimes.ca/news/article/164069)

[BrianNSara]

New Release's

http://www.mattamyhomes.com/public/images/mp20090521.pdf



.

[smartsexystylish]

New Release's

http://www.mattamyhomes.com/public/images/mp20090521.pdf

HAHAHAHAHA I was just going to post this as I saw the email too and I was debating where to post it

[BrianNSara]

HAHAHAHAHA I was just going to post this as I saw the email too and I was debating where to post it


I'm at work and just seen it Pop-up, I received it at 8:18am i was wondering the same thing... so i looked for my old post lol...

[smartsexystylish]

You got yours earlier than me. I received it at 8:37. :)

[dvar]

You got yours earlier than me. I received it at 8:37. :)

Maybe Rocky was in charge of emailing yours D. :rolleyes:

[smartsexystylish]

Maybe Rocky was in charge of emailing yours D. :rolleyes:

HAHAHAHA Good one Don!

This is very true!

[BrianNSara]

April 17, 2008
Kevin Swayze
RECORD STAFF

CAMBRIDGE

There's little hope of getting a stoplight at Guelph Avenue and Highway 24, but a contentious sewer might be moved away from the backyards of homes in a Hespeler neighbourhood.

Residents want both, as part of work to accommodate Mattamy's 900-home Mill Pond subdivision on the former Forbes estate along Guelph Avenue.

This week, city council received a letter from Waterloo Region, which installs and maintains stoplights.

It says there's only 60 per cent of the traffic needed to warrant a stoplight at the major intersection immediately north of the housing project."I prefer to err on the side of caution but the region doesn't support that," said Coun. Ben Tucci.

He previously wanted to pressure the region to install the stoplight residents want as part of a $2.7 million upgrading of Guelph Avenue the city plans this year.

Council approved the road plan concept this week. Installation of a centre-turning lane, sidewalks and separate bike lanes is intended to start by summer and finish by winter.

A trunk sanitary sewer is also needed to serve the new housing. It will follow the Goderich and Exeter Railway line from Ellis Creek to reach the south end of the new subdivision.

Neighbours aren't happy with Mattamy's preference for explosives to remove two metres of bedrock behind homes on Henry Villa Drive to install the pipe.

The other option is using a noisy hydraulic jackhammer on a power shovel.

At a public meeting Thursday, some residents suggested moving the sewer away from the backyards, to the other side of Forbes Creek. That would remove any noise concerns.

Planning commissioner Janet Babcock told council that's an idea with merit. The city has asked the Grand River Conservation authority if it would allow the last-minute change.

Coun. Rick Cowsill also called on city staff to prepare a report clarifying the preferred excavation method, to help educate residents worried about blasting.

kswayze@therecord.com

Source://Link (http://therecord.metrolandwest.com/article/338096)

[BrianNSara]

May 30th New Release

http://www.mattamyhomes.com/public/images/MP20090528.pdf




.

[jrb]

I am surprised they are not going to put a stop light at the corner of Guelph Ave and highway 24.

Its going to be a dangerous intersection. I tried making a left there this week at peak time.....lol

But, I figured out if you turn left off Baldwin, there is a side street in front of the old mansion that will take you too highway 24 where there is a stop light. Its quicker than going through old hespler. Its the side street that runs up past Toyota on way to Breslau area. If i want to go to Kitchener at peak time from the Millpond area that is how i go.

[justmed]

I dont go near 24 and Guelph... If im going to Kitchener I go to 24 from Queen St... if Im going to Mississauga I go off of Townline through some backroads out to Ellis Rd the GPS took me on.

I've done extensive time trials and research and those 2 are the quickest from the townhouses.:)

[anxious_f]

I am surprised they are not going to put a stop light at the corner of Guelph Ave and highway 24.

Its going to be a dangerous intersection. I tried making a left there this week at peak time.....lol

But, I figured out if you turn left off Baldwin, there is a side street in front of the old mansion that will take you too highway 24 where there is a stop light. Its quicker than going through old hespler. Its the side street that runs up past Toyota on way to Breslau area. If i want to go to Kitchener at peak time from the Millpond area that is how i go.

Fisher Mills Rd

[BrianNSara]

June 19, 2009
Record staff and news services

CAMBRIDGE

Organizers expect more than 50,000 people to crowd annual Canada Day events July 1. Along with the big celebration, Silverheights Neighbourhood Association plans a smaller party June 27 in Mattamy Mill Pond Park, in the new subdivision along Guelph Avenue. Canada Day events start with a kids fishing derby at 8 a.m. in Riverside Park, a parade along King from Bishop Street to the park at 1 p.m., then music and activities in Riverside until dusk when fireworks will shoot into the sky over Riverside Park and the Speed River.
http://news.therecord.com/News/Local/article/556044

[anxious_f]

June 19, 2009
Record staff and news services

CAMBRIDGE

Organizers expect more than 50,000 people to crowd annual Canada Day events July 1. Along with the big celebration, Silverheights Neighbourhood Association plans a smaller party June 27 in Mattamy Mill Pond Park, in the new subdivision along Guelph Avenue. Canada Day events start with a kids fishing derby at 8 a.m. in Riverside Park, a parade along King from Bishop Street to the park at 1 p.m., then music and activities in Riverside until dusk when fireworks will shoot into the sky over Riverside Park and the Speed River.
http://news.therecord.com/News/Local/article/556044

What a poorly written article. It reads as if the fishing derby will take place at the Silverheights Canada Day celebration, until you read further into it. If someone didn't know the areas at all, they would assume that the second half of the "article" is written about our event.

[K.C.]

I don't think they've done a very good job of promoting the Family Fun Day in this neighborhood. If you didn't read about it on Facebook or here you may not know about it. I asked 2 of my neighbors and they were completely unaware about June 27th.

Maybe we should send a private message to all the forum participants who may not check this message board regularly so they'll know to come next weekend if they want to. When someone sends you a PM you get it via email.

[Porter Nines]

I thought that the July 1st fireworks were supposed to be in our park??? THat's what we were told at Mattamy U.

Are there going to be fireworks this weekend at family fun day?

[K.C.]

I thought that the July 1st fireworks were supposed to be in our park??? THat's what we were told at Mattamy U.

Are there going to be fireworks this weekend at family fun day?

On the facebook family fun day page it says:

Events & Activities include; New Orleans Pizza, Nana & Papa's Chip Truck, Bouncy castle, Dunk Tank, Kids Crafts, Watermelon Eating Contest, Young Peacemakers Mobile, a DJ, an Instrument Petting Zoo, Bike Parade, Beer Tent, Fireworks and more!!

[Porter Nines]

Thanks, KC - we will definitely be going down to check it out at some point on Saturday - sounds like fun! We should all meet up somewhere!

[K.C.]

Thanks, KC - we will definitely be going down to check it out at some point on Saturday - sounds like fun! We should all meet up somewhere!

I'm so close to the park. I can go check it out and find a place for us to meet at and post.

[Porter Nines]

I'm so close to the park. I can go check it out and find a place for us to meet at and post.

Sounds good. Perhaps we should all wear really bright T-shirts with our names on them "Porter Nines, Smart Sexy Stylish, Baby Maeby, Style etc."

Ha ha ha. It would be great to meet some people down there!

[K.C.]

Labels can be very helpful. I met my neighbor that way last year and we became great friends long before we moved in. I don't think knowing each other's lot numbers is as important as the names.

I can print big labels with everybody's name on them like Mattamy did at Mattamy U and bring them to the park. People will have to let me know if they want a label and what name they want on it.

[K.C.]

I had assumed that most of the people who have confirmed on the facebook family fun day page were from our neighborhood but it's quite possible that the majority of them are from outside our subdivision. Just because it's in our park doesn't mean these people are actually very close neighbors.

We need a better system to promote this thing to our neighbors.

[justmed]

THeres a big sign at Baldwin / Guelph where most of the Silverheights residents drive past that gives the details of the Family Fun Day... Im assuming most residents will figure something is up that day

[anxious_f]

THeres a big sign at Baldwin / Guelph where most of the Silverheights residents drive past that gives the details of the Family Fun Day... Im assuming most residents will figure something is up that day

The music and loads of cars might also be a dead give away.:rolleyes:

If that doesn't do it, maybe we can all also where massive neon coloured hats and walk around on stilts so that we can all spot each other. I have pieces of wood if anyone needs me to make them stilts...but let me know soon. :p

[Porter Nines]

The music and loads of cars might also be a dead give away.:rolleyes:

If that doesn't do it, maybe we can all also where massive neon coloured hats and walk around on stilts so that we can all spot each other. I have pieces of wood if anyone needs me to make them stilts...but let me know soon. :p

I'll take some stilts.

[jrb]

There is lots of wood for stilts in Phase 6 out side my townhouse.

We can use the knee wall that was installed incorrectly on the bedroom level for the wood....lol...that they havent taken out yet.........[but hopefully soon]

[Karen P]

ooo stilts would work perfect for a short gal like me :)

[smartsexystylish]

Sounds good. Perhaps we should all wear really bright T-shirts with our names on them "Porter Nines, Smart Sexy Stylish, Baby Maeby, Style etc."

Ha ha ha. It would be great to meet some people down there!

LOL That would be just too funny! I'll can only imagine us wearing bright T-Shirts sporting our forum names!


ooo stilts would work perfect for a short gal like me :)

+1!


But realistically, I won't be able to make Family Fun Day anymore as I have an anniversary/3 birthday party-in-one to attend :( Yay (rolls eyes :rolleyes:)

[smartsexystylish]

Email sent out last night to people on the Mattamy registration list (I'll have to remove myself one day!) A similar one was sent out to Oakville interested homeowners too. Thank goodness we're not really experiencing this but I thought I would post it here anyhow! They've also included templates to help people send them off in addition to a whole bunch of emails to send them to.

Subject: Imagining your new Milton home

A message from Peter E. Gilgan, CEO of Mattamy Homes, to homebuyers interested in living in Milton.


Thank you again for registering your name with Mattamy Homes to show your interest in our communities planned for Milton. This is often the first step toward your family finding the perfect, well-priced, award-winning home in our desirable communities. The second step would normally be our announcement of a new sales opening. It appears though, that in 2009 there is a new second step we need to take - a call to democratic action.

In the earliest days of the current economic reality, Mattamy Homes adjusted pricing and has kept selling and building beautiful homes in great communities at reasonable prices. At the same time, Halton Regional government, operating with old information from a booming housing market, has pressed ahead with proposals to raise the development charges (a form of tax for services on new homes) applied to new homebuyers. While this might seem to be a problem to be faced by the builder of your next home, it is an issue of great importance to you.

A development charge is a legitimate tax paid by homebuilders and passed along to homebuyers to fund the new roads and utilities required for a new community. Currently, a new homebuyer on a modest lot suitable for a semidetached or a small detached home in Milton pays over $44,300 in a combination of fees to government on the day they get their keys (even before their first tax bill). While Milton is a unique community with few comparators for beauty and family-friendly services, the current development charges exceed similar communities such as Mississauga ($32,100), Aurora ($37,100), or Pickering ($29,800) by an already inexplicable amount.

Instead of stepping in, as some southern Ontario municipalities are doing, and freezing or reducing these fees, Halton Regional Council will vote July 15th on a proposal to raise them a further $8,000 per lot. We are using everything in our power to stop these proposals from passing. We'd like to ask you to use something too - your imagination.

Please imagine that you already own a stunning Mattamy Home on a pretty street in Milton. Imagine that regional government has collected over $44,300 from you on closing but has now proposed that you to pay a further $8,000. What would you do? I hope your answer is that you would send Council a message - because that's what I'd like you to do now. Please take a moment in the next couple of days to send an email to all of the Halton Regional Councillors listed below. Please ask them to cancel the proposed increase of $8,000 or to delay the vote. Time is short and I've taken the liberty of attaching some draft templates that you can use for your message. Obviously, please feel free to customize them or write your own.

We are primed and ready to build your new home in Milton with brand-new designs and unique community features. We want it to be fairly taxed and we want to deliver it to you when you want it! Your emails to Council can make both of these desires possible. If you have any questions about this request for assistance, please contact us at MattamyPartners@mattamycorp.com.

Thank you

Peter E. Gilgan
CEO, Mattamy Homes

[K.C.]

http://www.miltoncanadianchampion.com/news/article/265545

Henry Ford, the automobile visionary who spurred the growth of assembly line production of cars, once remarked that an American could have any Ford in any colour he liked, as long as it was black.
Unfortunately for Mattamy Homes, which has attempted the past two years to build whole houses on an assembly line inside a massive warehouse in Milton, the company didn’t stick to Ford’s simple message.

“It was the reds and greens and yellows that killed us,” said Peter Gilgan, the CEO of Oakville-based Mattamy, Canada’s largest new homebuilder.

Gilgan said Mattamy has closed its 78,000-square-foot Stelumar warehouse in Milton, in which 120 employees once assembled houses in 10 days, from roof to chandelier, and then transported them to a nearby subdivision. And with the closing goes the company’s much celebrated experiment with assembly line homebuilding.

“We just threw in the towel,” said Gilgan. “We got tired of losing money at it.”

The problem was the company’s insistence on building homes with the same size and features as those assembled at a construction site, said Gilgan.

“We found it to be — whole home con- struction — incompatible with the architectural diversity in terms of size and detailing that owners wanted of us,” he said.

Though the Town of Milton had expressed possible interest in relocating the warehouse, located on Tremaine Road south of Derry Road, for use as an indoor turf facility for sports such as soccer, lacrosse, softball and baseball, that deal appears to be dead, according to Town staff.

Mattamy has taken another offer for the facility from a company that wants to use it as a feed mill, staff said.

[BrianNSara]

Full Story :/ http://www.nytimes.com/2008/07/24/garden/24granite.html


What’s Lurking in Your Countertop?

SHORTLY before Lynn Sugarman of Teaneck, N.J., bought her summer home in Lake George, N.Y., two years ago, a routine inspection revealed it had elevated levels of radon, a radioactive gas that can cause lung cancer. So she called a radon measurement and mitigation technician to find the source.
Skip to next paragraph
Tony Cenicola/The New York Times

TESTING Reports of granite emitting high levels of radon and radiation are increasing.
Enlarge This Image
Nathaniel Brooks for The New York Times

DETECTION Using devices like the Geiger counter and the radiation detection instrument Stanley Liebert measures the radiation and radon emanating from granite like that in Lynn Sugarman’s kitchen counters.

“He went from room to room,” said Dr. Sugarman, a pediatrician. But he stopped in his tracks in the kitchen, which had richly grained cream, brown and burgundy granite countertops. His Geiger counter indicated that the granite was emitting radiation at levels 10 times higher than those he had measured elsewhere in the house.

“My first thought was, my pregnant daughter was coming for the weekend,” Dr. Sugarman said. When the technician told her to keep her daughter several feet from the countertops just to be safe, she said, “I had them ripped out that very day,” and sent to the state Department of Health for analysis. The granite, it turned out, contained high levels of uranium, which is not only radioactive but releases radon gas as it decays. “The health risk to me and my family was probably small,” Dr. Sugarman said, “but I felt it was an unnecessary risk.”

As the popularity of granite countertops has grown in the last decade — demand for them has increased tenfold, according to the Marble Institute of America, a trade group representing granite fabricators — so have the types of granite available. For example, one source, Graniteland (graniteland.com) offers more than 900 kinds of granite from 63 countries. And with increased sales volume and variety, there have been more reports of “hot” or potentially hazardous countertops, particularly among the more exotic and striated varieties from Brazil and Namibia.

“It’s not that all granite is dangerous,” said Stanley Liebert, the quality assurance director at CMT Laboratories in Clifton Park, N.Y., who took radiation measurements at Dr. Sugarman’s house. “But I’ve seen a few that might heat up your Cheerios a little.”

Allegations that granite countertops may emit dangerous levels of radon and radiation have been raised periodically over the past decade, mostly by makers and distributors of competing countertop materials. The Marble Institute of America has said such claims are “ludicrous” because although granite is known to contain uranium and other radioactive materials like thorium and potassium, the amounts in countertops are not enough to pose a health threat.

Indeed, health physicists and radiation experts agree that most granite countertops emit radiation and radon at extremely low levels. They say these emissions are insignificant compared with so-called background radiation that is constantly raining down from outer space or seeping up from the earth’s crust, not to mention emanating from manmade sources like X-rays, luminous watches and smoke detectors.

But with increasing regularity in recent months, the Environmental Protection Agency has been receiving calls from radon inspectors as well as from concerned homeowners about granite countertops with radiation measurements several times above background levels. “We’ve been hearing from people all over the country concerned about high readings,” said Lou Witt, a program analyst with the agency’s Indoor Environments Division.

Last month, Suzanne Zick, who lives in Magnolia, Tex., a small town northwest of Houston, called the E.P.A. and her state’s health department to find out what she should do about the salmon-colored granite she had installed in her foyer a year and a half ago. A geology instructor at a community college, she realized belatedly that it could contain radioactive material and had it tested. The technician sent her a report indicating that the granite was emitting low to moderately high levels of both radon and radiation, depending on where along the stone the measurement was taken.

“I don’t really know what the numbers are telling me about my risk,” Ms. Zick said. “I don’t want to tear it out, but I don’t want cancer either.”

The E.P.A. recommends taking action if radon gas levels in the home exceeds 4 picocuries per liter of air (a measure of radioactive emission); about the same risk for cancer as smoking a half a pack of cigarettes per day. In Dr. Sugarman’s kitchen, the readings were 100 picocuries per liter. In her basement, where radon readings are expected to be higher because the gas usually seeps into homes from decaying uranium underground, the readings were 6 picocuries per liter.

The average person is subjected to radiation from natural and manmade sources at an annual level of 360 millirem (a measure of energy absorbed by the body), according to government agencies like the E.P.A. and the Nuclear Regulatory Commission. The limit of additional exposure set by the commission for people living near nuclear reactors is 100 millirem per year. To put this in perspective, passengers get 3 millirem of cosmic radiation on a flight from New York to Los Angeles.

A “hot” granite countertop like Dr. Sugarman’s might add a fraction of a millirem per hour and that is if you were a few inches from it or touching it the entire time.

[justmed]

this is my buddy :eek:

Buyers protected
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Court backs purchasers in delayed closings

Feb 10, 2007 04:30 AM
Bob Aaron


It happens with great regularity. A client calls and tells me that his or her builder is running behind schedule with the house or condominium, and has requested that an agreement be signed to extend the closing date.

I explain that if the extension is signed, the clock starts running all over again as if the extended date is the original proposed closing date. As well, I point out that an amendment to change the closing date may amount to a waiver of the right to compensation, which the Tarion warranty program mandates for consumers.

Invariably, the client refuses to sign the extension agreement.

This same scenario was the subject of a court case last year involving a purchaser named Keith Markey, and the builder 1353464 Ontario Inc., which is owned by Intracorp Developments and Dundee Realty.

Back in 2001, Markey signed an agreement to buy a condominium unit in the Pantages Tower in downtown Toronto. It provided for a tentative closing date of Nov. 30, 2002.

The builder later sent letters to Markey extending the closing date to Jan. 14, 2003, March 4, 2003, April 30, 2003, May 21, 2003, and then July 22, 2003. At least one of these notices was not given within the time limits required under the Tarion rules, and the buyer was entitled to make a compensation claim as a result of the short notice.

On Aug. 1, 2003, the parties signed an agreement extending the closing date to Aug. 5, 2003. At that time, no discussion took place about the purchaser's entitlement to compensation at the rate of up to $100 per day, and the issue was not mentioned in the extension agreement.

About a year after closing, Markey requested compensation of $4,920 for the delay. The builder turned down the request on the basis that the agreement amending the closing date constituted a waiver of the right to compensation.

The refusal of compensation was upheld by Tarion Warranty Corp. and Markey appealed to the Ontario Licence Appeal Tribunal. At the hearing, the builder's representative testified that she knew by signing the amending agreement, the buyer was waiving his right to compensation, but she did not recall whether she discussed this with him at the time of signing.

Markey testified that he did not know that by signing the amendment of the closing date, he was releasing his right to almost $5,000 in compensation.

The Licence Appeal Tribunal released its decision in June, 2005. Vice-chair Alan Garbe ruled that the act of signing an amendment for the extension of an occupancy date should not automatically be treated as a waiver of a claim for delay.

This, he wrote, would allow a builder to ignore the requirements for the giving of notice under the Tarion regulation if the builder could get the purchaser to sign an amendment extending the closing date. In those circumstances, the builder would not even have to raise the issue of compensation with the purchaser.

"This approach," ruled Garbe, "would be contrary to the intent of the act, which is for the protection of consumers."

Garbe ruled that the buyer had a legitimate compensation claim, but ordered it reduced from $4,920 to $3,710.

Neither Markey nor the builder appealed the tribunal's order, but the warranty program itself launched an appeal for the purpose of denying Markey his compensation. In response, Markey cross-appealed to raise the compensation back up to the full $4,920.

Last July, the Tarion appeal was heard by a three-judge panel of the Divisional Court. Not only did the court rule that the tribunal was correct, but it gave Markey his full compensation of $4,920 plus costs of $8,700.

The Divisional Court has now made it clear that where a builder has given short notice of delayed closing to a purchaser, and the purchaser is entitled to compensation as a result, "it should be incumbent on the builder to obtain an acknowledgment in writing from the purchaser when signing an amendment for the extension of an occupancy date that it is understood the purchaser is waiving his or her right to compensation."

Without a waiver, the buyer gets his money.

What I find particularly puzzling in this whole case is that Tarion took the position that Markey forfeited the right to compensation when he signed the extension agreement without full disclosure of his entitlement to the money.

If the vice-chair of the Licence Appeal Tribunal was correct that the mandate of Tarion is the protection of consumers, I would have expected Tarion to have supported Markey's bid for compensation.

The law is now clear. If a builder of a new home or condominium wants to extend an occupancy or closing date by amending a purchase agreement, it must disclose and obtain a written waiver from the buyer to any delayed occupancy claims.

The Divisional Court has clearly pronounced that the law governing the Tarion program is "consumer protection legislation and should be given broad and liberal interpretation."

This is good news for other consumers in the same boat as Markey. If the warranty period has not expired, consumers who have already closed but signed an amendment moving the closing date may still be able to apply for delayed closing compensation.

[BrianNSara]

Forbes Creek Aquatic Rehabilitation Hike

Cambridge, Ontario. September 17, 2009…The environmental rehabilitation of
a downstream section of Forbes Creek in Cambridge will be showcased to the
community on Tuesday, September 29th as the City of Cambridge and Mattamy
Homes unveil the results of a year long effort to re-establish the natural
habitat of the creek.
Construction of the project began in the summer of 2008

SOURCE://READ MORE http://www.cambridge.ca/relatedDocs/2009-09-17%20Forbes%20Creek%20Aquatic%20Rehab%20Hike.pdf

[Mari&Rob]

http://www.yourhome.ca/homes/realestate/article/704770

Title is misleading. Good part in the middle.

[K.C.]

http://www.miltoncanadianchampion.com/news/article/282576

By Tim Foran, Canadian Champion Staff


Oct 14, 2009

A Waterloo Region study says an extension of GO Train service across the Niagara Escarpment from Milton to Cambridge with a stop in Campbellville is technically feasible and could be done for $110 million in start-up capital costs.

Waterloo initiated the study in January to examine the feasibility of extending commuter train service to Cambridge.

The study concludes the service could achieve between 29 and 52 per cent of its operating cost through the farebox at a 2011 startup, with that scaling up to between 49 and 93 per cent by 2021 and 70 to 130 per cent by 2031. GO Transit generally recoups 80 to 85 per cent of its operating costs from passenger fares.

The study, which will go to Waterloo council for approval today, dismissed the option of connecting Cambridge to Union via Guelph and Georgetown as it would require major infrastructure upgrades and poor travel times. It instead recommends a more direct connection of using the existing CP Galt subdivision line, which runs from Cambridge to Toronto via Milton, a line already being used by GO between Milton and Union Station.

The study proposes four stations between Cambridge and Milton — two in Cambridge, one in Puslinch and one in Campbellville — with a cost to build the stations and the yards at $38 million.

A station at Tremaine Road, south of Hwy. 401, is a possible alternative station location to Campbellville, the study notes.

Exact station locations should be determined through a GO Transit environmental study, Richard Puccini of Dillon Consulting, which did the study for Waterloo, explained.

The next highest capital cost — $28.6 million — would be for track work, including the construction of about five miles of double track, the study estimates.

Milton Regional Councillor Barry Lee said it would be an enormous challenge to bring the freight line to a standard to handle commuter trains. “There’s some significant bridges there, not to speak of the approval process, environmental and everything.”

There had been talk in the past about extending the current Milton GO line to Campbellville, said Lee, with some residents concerned commuters driving to the station would flood the hamlet in rush hour periods. He said having Cambridge as the western terminus to the GO line would probably alleviate those concerns.

However, he warned that people shouldn’t get too excited about the Waterloo Region study, considering it’s the Province that would have to foot the bill.

[babymaeby]

http://www.miltoncanadianchampion.com/news/article/282576

By Tim Foran, Canadian Champion Staff


Oct 14, 2009

A Waterloo Region study says an extension of GO Train service across the Niagara Escarpment from Milton to Cambridge with a stop in Campbellville is technically feasible and could be done for $110 million in start-up capital costs.

Waterloo initiated the study in January to examine the feasibility of extending commuter train service to Cambridge.

The study concludes the service could achieve between 29 and 52 per cent of its operating cost through the farebox at a 2011 startup, with that scaling up to between 49 and 93 per cent by 2021 and 70 to 130 per cent by 2031. GO Transit generally recoups 80 to 85 per cent of its operating costs from passenger fares.

The study, which will go to Waterloo council for approval today, dismissed the option of connecting Cambridge to Union via Guelph and Georgetown as it would require major infrastructure upgrades and poor travel times. It instead recommends a more direct connection of using the existing CP Galt subdivision line, which runs from Cambridge to Toronto via Milton, a line already being used by GO between Milton and Union Station.

The study proposes four stations between Cambridge and Milton — two in Cambridge, one in Puslinch and one in Campbellville — with a cost to build the stations and the yards at $38 million.

A station at Tremaine Road, south of Hwy. 401, is a possible alternative station location to Campbellville, the study notes.

Exact station locations should be determined through a GO Transit environmental study, Richard Puccini of Dillon Consulting, which did the study for Waterloo, explained.

The next highest capital cost — $28.6 million — would be for track work, including the construction of about five miles of double track, the study estimates.

Milton Regional Councillor Barry Lee said it would be an enormous challenge to bring the freight line to a standard to handle commuter trains. “There’s some significant bridges there, not to speak of the approval process, environmental and everything.”

There had been talk in the past about extending the current Milton GO line to Campbellville, said Lee, with some residents concerned commuters driving to the station would flood the hamlet in rush hour periods. He said having Cambridge as the western terminus to the GO line would probably alleviate those concerns.

However, he warned that people shouldn’t get too excited about the Waterloo Region study, considering it’s the Province that would have to foot the bill.


This would be awesome!! I commute to Union but the drive to Milton is sometimes bad - bringing the train to Cambridge would make me so happy!!!

[devas]

http://www.miltoncanadianchampion.com/news/article/282576

By Tim Foran, Canadian Champion Staff


Oct 14, 2009

A Waterloo Region study says an extension of GO Train service across the Niagara Escarpment from Milton to Cambridge with a stop in Campbellville is technically feasible and could be done for $110 million in start-up capital costs.

Waterloo initiated the study in January to examine the feasibility of extending commuter train service to Cambridge.

The study concludes the service could achieve between 29 and 52 per cent of its operating cost through the farebox at a 2011 startup, with that scaling up to between 49 and 93 per cent by 2021 and 70 to 130 per cent by 2031. GO Transit generally recoups 80 to 85 per cent of its operating costs from passenger fares.

The study, which will go to Waterloo council for approval today, dismissed the option of connecting Cambridge to Union via Guelph and Georgetown as it would require major infrastructure upgrades and poor travel times. It instead recommends a more direct connection of using the existing CP Galt subdivision line, which runs from Cambridge to Toronto via Milton, a line already being used by GO between Milton and Union Station.

The study proposes four stations between Cambridge and Milton — two in Cambridge, one in Puslinch and one in Campbellville — with a cost to build the stations and the yards at $38 million.

A station at Tremaine Road, south of Hwy. 401, is a possible alternative station location to Campbellville, the study notes.

Exact station locations should be determined through a GO Transit environmental study, Richard Puccini of Dillon Consulting, which did the study for Waterloo, explained.

The next highest capital cost — $28.6 million — would be for track work, including the construction of about five miles of double track, the study estimates.

Milton Regional Councillor Barry Lee said it would be an enormous challenge to bring the freight line to a standard to handle commuter trains. “There’s some significant bridges there, not to speak of the approval process, environmental and everything.”

There had been talk in the past about extending the current Milton GO line to Campbellville, said Lee, with some residents concerned commuters driving to the station would flood the hamlet in rush hour periods. He said having Cambridge as the western terminus to the GO line would probably alleviate those concerns.

However, he warned that people shouldn’t get too excited about the Waterloo Region study, considering it’s the Province that would have to foot the bill.

Just for a bit of reference, they have been talking about getting GO trains/busses to Cambridge for years now. The mayor has been a big supporter of this with little success. The bus service will start later this month, although I don't fully understand why only 2 busses daily will go to the Milton station, with the rest going to Mississauga instead. Hopefully one day we will have full service!

[BrianNSara]

Site Plan Update.

http://mattamyhomes.com/GTA/Communities/Cambridge/pdf/siteplan.pdf

[K.C.]

http://network.nationalpost.com/np/blogs/toronto/archive/2009/11/04/gta-home-sales-up-64-prices-up-20.aspx

By Carmen Chai, National Post

GTA home sales skyrocketed 64% last month, with gains at every price point, the Toronto Real Estate Board says.

Nearly 8,500 homes were sold, up 64% from last October, with the average price at $423,559 - up by 20% compared to the same month last year.

“It has been GTA-wide,” Jason Mercer, TREB’s senior manager of market analysis, said today. ‘‘The 416 neighbourhoods versus the 905 neighbourhoods are all pretty much in line and the same applies when we’re talking about price.’’

Sales growth occurred across all property classes, from existing homes, to low-rises, and apartments, across the GTA. Even luxury home sales of over $750,000, which saw the greatest increase in sales, bounced back after a steep decline last year.

“We’ve seen this resurgence for the demand of existing homes since the spring. Consumer confidence is growing more broadly .... big ticket items like housing has been at the forefront of recovery,” Mr. Mercer said.

TREB anticipates sales and price increases will continue in November and December. Mr. Mercer also said more homes will hit the market in early 2010 once homeowners see the increase in property values.

“We’re expecting to see homeowners selling their homes in 2010. We won’t see decline in sales, but there will not be a sustained period of double-digit price increases,” Mr. Mercer said.

[J&R]

http://news.therecord.com/Business/article/627013

[K.C.]

http://www.movesmartly.com/

John Pasalis in Toronto Real Estate News

From the Toronto Real Estate Board:

In the first two weeks of November, Greater Toronto REALTORS® reported 3,666 sales – up 84 per cent compared to the first two weeks of November 2008. The average price for these transactions was up 10 per cent year-over-year to $415,066.

Increased interest in ownership housing has been widespread throughout the GTA and across all housing types,” said Toronto Real Estate Board President Tom Lebour. “However, it is important to point out that we are now making comparisons to the fall of 2008 when we experienced a marked decline in sales and average price”

Year-to-date sales, at 78,233 are up 11 per cent compared to 2008. Average price, at $393,180, is up by three per cent.

“Sales and average price in the GTA this winter will be well above levels reported throughout the fourth quarter of 2008 and the first quarter of 2009," according to Jason Mercer, TREB's Senior Manager of Market Analysis.

[justmed]

November 10, 2009 TONY WONG <http://www.thestar.com/comment/columnists/94531>
BUSINESS REPORTER



It's going to be a busy winter for James Bazely.

The developer expects to be building homes and pouring concrete throughout the winter in an effort to beat the new Harmonized Sales Tax, which goes into effect next July.

"We've had a lot of customers sitting on the fence, but because of the tax they're much more willing to seal the deal," says Bazely, owner of Barrie-based Gregor Homes and president of the Ontario Home Builders' Association.

"We've ramped up production so we can close on our homes before the HST takes effect next year."

Bazely says he recently talked to his trades and suppliers to ensure they are ready for winter.

"Every week we lose, we get closer to that July deadline."

The new tax, which combines the PST and the GST, will have an impact on homes worth more than $400,000.

It would add, for example, $6,000 on a $500,000 home – enough money to upgrade to a better kitchen or floors, and a good incentive to close early for many consumers.

A $1 million dollar home gets hit with $36,000 in extra taxes.

Fears of the impact of the HST and continued low interest rates have been enough to jump-start the moribund new homes market.

Ontario housing starts rose to the highest level since March, according to figures released by the Canada Mortgage and Housing Corp. Monday.

Starts hit a seasonally adjusted and annualized 55,700 in October, up 14.8 per cent from 48,500 units in September.

"Canadian residential construction activity has rebounded smartly from the depths of recession seen earlier this year," says BMO Capital Markets economist Robert Kavcic.

Housing starts in the Toronto area also did well, up 13 per cent in October and rising for the third consecutive month to 34,200 annualized units.

"I think we've overused the term `consumer confidence,' but it really does apply here. Consumers are much more confident," said Bazely. "But it remains to be seen what will happen next year."

Builders are worried that the imposition of the HST next year will impact what is seen as a fragile recovery in the market. The renovation side of the industry is seen as being particularly vulnerable.

"There is a worry that the extra 8 per cent tax will force a lot of renovations underground and consumers will simply pay cash, especially when the renovation tax credit expires next year," says Bazely.

The builders' association is pushing for a permanent renovation rebate.

The popular renovation tax credit gives back 15 per cent on expenditures between $1,000 and $10,000. It expires next February.

The renovation industry is huge, worth about $39 billion in 2008, or about double that of all the transactions in the resale homes market.

Nationally, housing starts rose by 5.4 per cent to 157,300 annualized units, putting Canadian construction at the best level since the end of last year.

"This report adds to the growing list of indicators pointing to a recovery in the Canadian housing market," said TD Securities economics strategist Millan Mulraine. "With home purchasing continuing to rise, given the relatively cheap borrowing rate and favourable buying conditions, we expect the recovery in residential construction to remain on track in the coming months."

The strongest gains were in provinces that were hard-hit by the recession, including Alberta, British Columbia and Ontario. However, despite the improvement, activity is still running below the peak of 2007. But demand is still causing prices to rise.

"The data are now starting to look more like a housing boom rather than merely a rebound," said Bank of America Merrill Lynch economist Sheryl King. "We expect that prices in both the new and resale markets will continue to press higher."

Courtesy the Toronto Star

[K.C.]

Does anybody know what 2,000 new homes this guy is talking about?? I think it's a regular citizen writing in on November 16, 2009. Is it another Mattamy development?

http://www.cambridgetimes.ca/opinion/letters/article/162340--flushing-away-green-space


* Nov 16, 2009 - 1:56 PM

Flushing away green space

A developer has requested sewage capacity for 2,000 new homes in the city’s north end. The city planning commissioner says we don’t have the sewage capacity for this development.

Just what we need, more green space paved over and built on. We have green spaces, parks, walking trails around the city for people to enjoy.

Well, we have to put a stop to this waste of good usable building space, don’t we? But don’t worry, our mayor and councillors will rush to the rescue (of the developer).

Well, I have a cunning plan to help them out. They should institute a plan along the lines of the summer watering ban. We all know what a wonderful success that has been.

You can go to the bathroom on your designated day of the week. If you have to go on another day, too bad, unless you can figure out which is your neighbour’s designated day to go, and go and knock on their door and ask to use their toilet. Just think of the new friends you’ll make!

I think (and so do real estate developers) that green spaces are overrated. Let’s put a concrete slab over the river and build on it, too!

As far as I’m concerned, real estate developers, lawyers and politicians are on par, on the social scale, with pirates and con men!

Dennis Gillies
Cambridge

[Claudia]

just a little bit angry isn't he?

[K.C.]

just a little bit angry isn't he?

Poor guy's going to give himself a stroke.

[K.C.]

http://www.advisor.ca/advisors/news/economic/article.jsp?content=20091123_151516_6636

Mark Noble / November 23, 2009

Interest rates are not going to rise any time soon, says a leading housing market expert, but it's incumbent upon homebuyers to ensure they can carry their mortgage even if rates rise 200 basis points.

Speaking before the Canadian Mortgage Conference and Expo in Toronto, hosted by The Canadian Association of Accredited Mortgage Professionals (CAAMP), CIBC senior economist Benjamin Tal made the case that rates will probably not rise until late 2010, which means the hot housing market in Canada, will likely continue well into next year.

"I don't see the Bank of Canada raising interest rates well ahead of the U.S. because of the implications for the Canadian dollar. Can you imagine a situation where the BoC would raise interest rates, while the U.S. is neutral? The dollar would end up going to the sky. That's exactly what the bank of Canada doesn't want to see," Tal told Advisor.ca.

"Therefore, we won't see the switch the market is projecting; it very possible we won't see a rise in rates until late in 2010 or early 2011. It will be longer than what the market is expecting. The situation in the U.S. clearly does not justify higher interest rates, not now and not anytime soon."

U.S. time bombs averted

Eventually rates will rise. Tal argued the worst of the recession is over in the U.S., and discounted concerns over "four time bombs" related to U.S. debt, which market bears say will create another financial crises. Those four bombs are resets on Alt-A mortgages and Option Adjustable Rate Mortgages (Option ARMs), as well as concerns in commercial real estate and credit card defaults.

A large portion of the subprime mortgage crisis was caused by resets on teaser rate mortgages which renewed at higher rates that homeowners couldn't afford. Many of these mortgages were sliced and diced and securitized in the debt markets, which caused a global systemic crash.

Similar concerns exist on Alt-A mortgages, which were sold at low teaser rates with a reset after the first five years. Tal points out most of the resets are coming due now, so the mortgages are resetting at the now historically low rates.

Option ARMs are little more problematic. These mortgages allow homeowners to pay interest only on their home purchase for set period. Eventually these mortgages reset and the homeowner must start making principle payments.

"Only 47% of the Option ARMs were securitized, which does not create the nasty side effects that subprime had. The huge portion that is not secured, which are on the balance sheets of banks, can be played with over time. It's not really a mark-to-market shock. Not to mention that 50% of these mortgage contracts are for 20 years, not for five years."

Tal adds, "The same goes for commercial real estate, which is mostly held by small banks. Already more than 127 banks have gone under in the U.S. this year, and I expect 300 to 500 to become insolvent over the next 12 months. Compare that to 10,000 banks in The Depression, and it's not as serious a macroeconomic story."

The primary factor that caused the subprime crisis — inflated home debt — seems to have dulled the impact of credit card bubble, Tal says.

"People turned to their houses as an ATM, you put debt on the house, instead of the card. We haven't see a bubble in the credit card market and even if you allow for 11% unemployment, were talking about $90 billion [losses] in the U.S. credit card market, which is roughly what the banks are expecting."

Not a bubble yet

There is growing concern that the low rates and the fast rise of home prices in Canada is causing a bubble, but Tal says this speculation is premature.

Tal says a combination of low rates and high consumer confidence, backed by a strong financial lending system, support much of the optimism in home buying.

"In Canada, consumer confidence is only 10% below the highs of 2007. In the U.S., it's 50% below," he says. "We have confidence and low external interest rates."

His biggest concern is that homebuyers may have overleveraged their most recent purchase, and may not be able to afford the inevitable 200 to 300 basis point increase, which would mark a return to a "normalized" rate regime.

"I challenge the [mortgage lending] industry to come up with research to make sure we know what types of mortgages are in the pipeline," Tal says. "We need to know how many people taking variable rate mortgages at 2.5%, who cannot afford financing a mortgage at 4.0 or 4.5%. If it's a marginal number, then we're not creating a bubble — we're basically seeing monetary policy that is working.

"We have to make sure if you take a mortgage now, you have to be able to finance it 200 basis points higher after 2010. If you can't, then you should probably buy a smaller house or don’t buy a house at all — that the prudent thing to do."

Tal says he believes most lenders are running this basic risk analysis on prospective borrowers.

"I think everybody knows these interest rates will not last, even consumers understand this. That could be a reason why people are buying right now, this is a window of opportunity that will close in the not to distant future. I believe this will probably not close as quickly as people expect," he says.

[BrianNSara]

Does anybody know what 2,000 new homes this guy is talking about?? I think it's a regular citizen writing in on November 16, 2009. Is it another Mattamy development?

http://www.cambridgetimes.ca/opinion/letters/article/162340--flushing-away-green-space


* Nov 16, 2009 - 1:56 PM

Flushing away green space

A developer has requested sewage capacity for 2,000 new homes in the city’s north end. The city planning commissioner says we don’t have the sewage capacity for this development.

Just what we need, more green space paved over and built on. We have green spaces, parks, walking trails around the city for people to enjoy.

Well, we have to put a stop to this waste of good usable building space, don’t we? But don’t worry, our mayor and councillors will rush to the rescue (of the developer).

Well, I have a cunning plan to help them out. They should institute a plan along the lines of the summer watering ban. We all know what a wonderful success that has been.

You can go to the bathroom on your designated day of the week. If you have to go on another day, too bad, unless you can figure out which is your neighbour’s designated day to go, and go and knock on their door and ask to use their toilet. Just think of the new friends you’ll make!

I think (and so do real estate developers) that green spaces are overrated. Let’s put a concrete slab over the river and build on it, too!

As far as I’m concerned, real estate developers, lawyers and politicians are on par, on the social scale, with pirates and con men!

Dennis Gillies
Cambridge



Hunt Club Valley Inc
http://www.cambridgetimes.ca/news/local/article/161743--lack-of-sewers-delaying-development

[newhomeowner]

The developers of a new high-rise apartment complex have already been told there is no sewage capacity available for their project and the later phases of Mattamy Homes development near Guelph Avenue will also have to wait.

the above taken from the cambridge times article. I guess there's no school going in there. that really sucks because that was a selling feature for me....and I'm sure many others. not that I didn't know it was up in the air, but I must say I am disappointed.

[K.C.]

I'm glad I don't have any school age children. The whole school thing is a disaster. I drove by the intersection at Guelph Avenue and Scott Road around the time that kids get out of school. It was so busy I was anxious making a turn in the car. I don't know how kids are expected to cross there with no lights and all these cars whizzing by.

[K.C.]

http://www.reuters.com/article/bondsNews/idUSN0150708720091201

Tue Dec 1, 2:08 PM

TORONTO (Reuters) - Canadian home-resale prices are likely rise in 2010 at an even faster pace than this year but a dangerous bubble probably won't develop, TD Economics said in study published on Tuesday.

The average price of an existing home in Canada is expected to surge 9-10 percent next year to about C$346,000 as sales climb to 475,000. In 2009, the average price rose an estimated 4-5 percent on an annual basis.

But the sales momentum, which TD expects will last six to 10 more months, should not translate into a "bubble" as the cost of ownership, when lower interest rates are taken into consideration, has fallen in recent months.

The residential housing market froze late last year in the wake of the global financial crisis, but its swift recovery has prompted some concern about the chances of a sudden collapse. Sales of existing homes rose to a record monthly high in October.

TD described the Canadian market's downturn and subsequent recovery "as V-shaped as can be." It partly attributed the rebound to pent-up demand after last year's slump.

Over the next few years, sales growth should moderate as more supply comes into the market and interest rates rise, TD said in its resale housing outlook report.

In 2011, eroding affordability is likely to weaken sales by more than 10 percent to 421,200 units while prices rise 1.6 percent to C$351,600. In the following two years, prices and sales are expected to rise modestly.

[K.C.]

I wonder how this would affect people who've purchased new homes still under construction. If you suddenly have to come up with a bigger down payment and shorter amortization it'll mess you up real good.

http://www.movesmartly.com/2009/12/feds-may-change-mortgage-rules-to-cool-down-real-estate-market.html

CTV News reports that finance minister Jim Flaherty is considering raising the minimum down payment required for a mortgage in Canada and possibly reducing the maximum amortization period allowed in an effort to cool down Canada's hot real estate market.

Flaherty warns "If we see further evidence that there is excessive demand in the housing market or that there's an indication that people are taking on obligations that they will not be able to handle in the future when interest rates rise, then we will take some action,"

"The likely action we will take is to increase the size of the down payment from 5 per cent to a higher number, reduce the amortization -- bring it down from 35 years to something less," he said.

Low interest rates have been one of the key drivers behind the quick turnaround in Canada's real estate market. The federal government is looking for ways to cool the demand in the real estate market without raising interest rates. Increasing interest rates would have a negative effect on the other sectors of Canada's recovering economy.

[K.C.]

Some interesting charts at this link. I wasn't able to cut and paste them. http://www.movesmartly.com/2010/01/toronto-house-prices-increase-for-13th-straight-year.html

[K.C.]

http://www.movesmartly.com/2010/01/toronto-real-estate-prices-up-19-mid-january.html

January 18, 2010

John Pasalis in Toronto Real Estate News

The Toronto Real Estate Board reported 1,749 existing home sales on the Multiple Listing Service (MLS®) during the first two weeks of January. This result was almost double the 888 sales reported for the same period in 2009, when sales had dipped to a recessionary low.

“We have had a strong start to 2010,” said Toronto Real Estate Board President Tom Lebour. “Widespread sales growth in terms of geography and housing type indicates that many households remain confident in their ability to purchase and pay for a home over the long-term.”

The average price for transactions in the first two weeks of January was $395,307, compared to an average of $332,495 for the same period in 2009.

“Double-digit average annual price growth will continue through the first quarter of 2010 as sales remain high relative to listings and we continue to make comparisons to last year’s winter downturn,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

[K.C.]

This article was in the Cambridge Times this afternoon.

Lisa Rutledge, Times Staff | Jan 20, 2010 - 5:12 PM

Debit card users are advised to check bank statements after scores of Cambridge shoppers had accounts skimmed by digital pickpockets using wireless technology.

Waterloo Regional Police recommend people check bank statements for suspicious purchases after scores of local residents were victims of an elaborate bank fraud scheme this week.

Thieves used wireless technology called Bluetooth on debit swiping devices that record and transmit bank card information to laptop computers. The scam has affected all banking institutions.

Police says the scam is simple but lucrative. Someone sits within wireless signal range of a modified debit card reader and downloads account data. That’s all they need, explained police public affairs co-ordinator Olaf Heinzel.

“They’re able to access that account and withdraw cash.”

In some cases the thieves have emptied bank accounts. And they’re reaping in the dough region-wide.

“We’re into the millions of dollars,” said Heinzel.

It’s believed scammers have installed their wireless devices on countless business debit card readers throughout the city without stores’ knowledge. Fraudsters move from one location to another harvesting bank information.

Reports continue to surface from residents whose debit cards were declined when banks cancelled their cards once it was discovered their cards were compromised by one of the modified readers. Fraud investigators have seized devices from stores around the city and are asking store owners to review security camera footage.

The thefts are a continuation of schemes occurring in southern Ontario, says Heinzel, including one that recently hit Kitchener-Waterloo. Those behind it usually strike an area all at once, he explained, and once it’s discovered they move on.

One woman told the Times she suspected her bank card was tampered with after it was declined at a local drug store.

“I immediately called the bank and they said there had been a security breach.”

She noted that her card was equipped with a security chip which “obviously is not secure enough to stop criminals from accessing your information”.

Stores are being asked to take extra security steps to avoid the scam by checking to ensure their card readers have not been tampered with and by making them less accessible by keeping them behind the counter or bolted down.

[Burns4]

We were one of the ones hit with this one. Thankfully our bank immediately cancelled the card as soon as it was notified of the breach.

Any fraudulant transactions on the account are reimbursed as long as they were notified of a breach.

The location was the Shoppers Drug Mart on Hespeler...beware!

We starting to think cash/credit may be the way to go from now on!

[cheilo]

I Always use my credit card for my purchases and then do online banking to pay off the balance right away. I "think" this keeps me more secure plus I get to collect air miles on my AMEX lol.

[JFiolek]

[QUOTE=Burns4;6779]

The location was the Shoppers Drug Mart on Hespeler...beware!

We to got the call but our person said it was Petro Canada on Townline as well.

[K.C.]

This link has security camera images of the suspects: http://www.cambridgetimes.ca/news/local/article/511177--police-hunt-pin-pad-suspects

Jan 22, 2010 - 11:07 AM

Waterloo Regional Police are looking for help in identifying four people in connection with the tampering of a Cambridge store’s debit card PIN pad.

On Jan. 12, at about 9 p.m., video cameras captured images of three men and a woman who entered the Hespeler Road store and removed the debit card reader that was attached to one of the store’s cash registers.

Police say the tampered PIN pad was not accessed by customers and no bank card data was stolen.

Police are investigating a series of similar scams where high-tech thieves equip debit card PIN pads with wireless devices to transmit a bank card’s account data to a laptop. The information is then used to skim or empty bank accounts. Hundreds of Cambridge residents have been affected and have had accounts compromised.

Police ask that anyone with information about the suspects contact Division 2 detectives at 519-650-8500, ext. 2230 or Crime Stoppers a 1-800 222-8477.

[tazplay]

Great to know that we are moving somewhere where these types of things happen... I thought I was getting away from this when moving from Mississauga.

[K.C.]

Criminals target small towns for these types of crimes because they assume we have less security which is true. The four suspects in the pictures must be the really dumb ones to be caught on camera like that. They're probably part of a crime ring. The good news is they'll be moving on now that everybody knows about them.

[Claudia]

my son got a call on Christmas day from the bank saying his card had been comprimised

[K.C.]

http://cambridgereporter.com/news/article/206784

Apr 06, 2010

WATERLOO REGION — Home sales jumped about 45 per cent across the region in March, compared to the depths of the recession a year ago.

And average selling prices climbed, too, but more in Kitchener and Waterloo than in Cambridge.

In Kitchener, Waterloo and surrounding townships, 731 homes were sold in March, a 47.1 per cent increase, says Ted Scharf, president of the Kitchener-Waterloo Real Estate Board.

The average selling price was $276,695. That’s 9.6 per cent higher than a year ago.

In Cambridge, 299 homes sold, a 43 per cent jump over depressed sales in March 2009, said Bob Peace, president of the Cambridge Real Estate Board.

The average selling price in March was $264,436, a 3.6 per cent increase over a year ago.

The stronger economic outlook and consumer confidence are spurring sales, Scharf and Pease said.

The new 13 per cent harmonized sales tax coming July 1 and announcements of higher mortgage interest rates are also fuelling spring sales, Scharf said.