The Bank of Canada has a warning for condo investors – the boom times may be over. In its December economic review, the central bank said that “certain areas” of the housing market could see prices fall as the economy weakens. “Certain areas of the national housing market may be more vulnerable to price declines, particularly the multiple-unit segment of the market, which is showing signs of disequilibrium,” the bank warned. “The supply of completed but unoccupied condominiums is elevated, which suggests a heightened risk of a correction in this market.” Globe and Mail
Taste-of-the-Danforth Fever
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The return of parking meters to the east side of South Bayview (see post one down) raises the perennial question of whether South Bayview should have a Business Improvement Association (BIA). More and better parking is a goal of almost any business district. In this respect, BIAs can be divided into have and have-not bodies. Frequently, those with masses of parking (such as the Danforth and Kingsway) are able to use it to attract business from some distance. When the parking comes with a subway underneath it, the BIA and its members are no doubt headed for success. South Bayview however comes with not much parking and no mass transit. Even the proposed crosstown LRT, whenever its built, will dump passengers off at Bayview and Eglinton, a good distance from the shops and restaurants. Unfortunately, BIAs have very little control over the creation of new parking. At a somewhat rancorous meeting to discuss a BIA last year, it was clear that at least some in South Bayview are hoping to somehow replicate the Taste of the Danforth on South Bayview. Structurally, this seems like quite a challenge. But in any case, experience has shown that BIA membership frequently breaks down along a line separating restaurant owners and food outlets from specialty shop owners. On the Danforth, many specialty retailers simply lock up their shops during the food festivities. Specialty retailers tend to seek a less flamboyant type of BIA. It may well be that South Bayview would benefit from a BIA, higher taxes notwithstanding. There is no doubt that traffic is down in this economy. But those who wish for a BIA should be sure they are getting what they’re looking for. Taste of the Danforth Picture Courtesy of Peter Rehak, Toronto Photographer
Free parking party is over
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Thursday morning has seen the return of the parking meters to the east side of South Bayview. The meters were taken out to permit construction of new sidewalks. While they were gone, there was no ticketing. It’s a source of some grief to many merchants who believe that consumers are now making the decision on where to shop on the basis of parking — free or the City’s “gotcha” style. Anecdotes reveal that local residents are doing so. The Royal Bank at Bayview and Belsize has seen the loss of a few customers to the new Royal Bank branch on Laird Drive, where the parking is free.
Dollarama profit fuelled by new stores
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Our new neighbor, Dollarama, announced third quarter results today. The dollar store (or maybe it should be “two dollar store”) produced a 33.5 percent increase in profit, attributable mostly to the opening of new stores. Dollarama has 690 stores and is on a blazing program of expansion, opening 51 stores since October of 2010. Concerns about same-store lower traffic appeared to have been put aside although its clear that Dollarama ‘s profit is getting a jet-boost from higher prices. It did note a decline of .01 percent in overall transactions. Read it all.
More wires overhead on South Bayview
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The man on the right is using a laser to measure the location and height of wires and other equipment on the utility poles lining South Bayview. His job yesterday was to assess the viability of placing a further string of wires on the poles, this time from Rogers Communications. We asked him about the massive project of two summers ago (left) which saw electrical conduits buried under Bayview so that the above-ground wires could come down. “I don’t see that happening any time soon,” he replied. The mills of Hydro One grind slowly, it seems.
Lawrence Park break-in last Saturday
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TPS report: A resident of Rochester Avenue (in Lawrence Park) reports that between 1230 and 2030 hours, December 3, 2011, entry was gained into the premises by forcing a door. Removed was a quantity of cash, jewellery, computer equipment and personal accessories.
Robert Prtichard is the new chair of BMO
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Robert Pritchard will be the new chairman of the Bank of Montreal. Mr. Pritchard is at present the head of Metrolinx, the agency that operates GO Transit for the Ontario government He is also a former CEO at Torstar and will take the position after serving as an independent director of BMO since 2000. Mr. Prichard replaces David Galloway who is retiring. In 2009, Torstar gave the departing Mr. Prichard a multi-million-dollar severance package as part of a management shuffle and a host of moves designed to combat slumping fortunes, according to the National Post. .
NIMA vows to re-open within 2-3 months
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It’s been a tough break for the genial owner of the NIMA currency exchange, as it has been for everyone caught in the nasty fire that hit his next door neighbor Leaside Cleaners in October. Many were wondering whether Hamid would make it back into business at 1538 Bayview. He opened last February (left) fulfilling a dream to have a business named after his son, Nima. Hamid told the South Bayview Bulldog today that he will definitely be back in business but it may take a few months. The insurance companies have got to agree and the smoke and water damge still needs to be cleaned up. Hamid is the enterprising owner of, among other things, eight Subway sandwich outlets.
471 Millwood adds to the neighbourhood
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They’re nearly finished at 471 Millwood (left) and the new home is a really nice addition to the neighborhood. At right, you see it on Saturday, July 2, 2011, the day after the owner pulled down the top of the building. As you can tell, he built up from scratch, widening the house to fill most of the driveway space (to the west of the original). Underneath he has added a very convenient indoor double garage. The owner chatted briefly about his project to the Bulldog and said there had been concerns about the garage at the front of the house. But now, he says, everyone agrees it looks pretty good.
Flower Nook temporarily on Brentcliffe Road
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The Flower Nook has found a temporary home until smoke and firefighting damage has been repaired at its premises at 1542 Bayview. For an indefinite period, the Flower Nook will be at 2 Brentcliffe Road. Its phone number (416) 482 8200 remains the same.
Kent Duncan, Northern coach, dead at 62
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Kent Duncan, 62, a solid East York left-hander and coach of the Northern Secondary School baseball team passed away Saturday. Duncan coached at Northern for 31 years coaching various sports including baseball from its inception and won several Toronto championships. As well he coached Leaside juniors for three years winning the Toronto championship in 2009-10. Duncan retired from teaching in 2005 but continued with some supply teaching and assisting with Northern’s team.Visitation will be at McDougall & Brown Funeral Home (2900 Kingston Rd.) Tuesday (2-4 p.m. and 6-8 p.m.) with the service at 1 p.m. Wednesday. In lieu of flowers, donations in Duncan’s memory may be made to Canadian Tire’s Jumpstart Program. Toronto Sun
We like to look on the bright side of things
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South Bayview and all around is wet, for sure. We’re forecast to get as much as 10 cm of rain tonight and a similar amount tomorrow night. We only know what we are told by Wikipedia but if it’s true that 2 cm of water translates into 20 cm of snow, you can see how we should be grateful for this wretched drizzle. We like to look on the bright side of things.