The Royal Bank has injected what appears to be a bit of common sense into the worry about whether homeowners can afford their houses. We have seen many recent alarms about an impending collapse of the housing market because people won’t be able to carry the interest. It all seemed rather overdone and now the RBC’s annual outlook suggests that Canadians agree. The bank’s survey suggests 85 per cent of respondents think they are doing a good job of paying off their loan obligations, and 73 per cent think they are well positioned even if the housing market were to drop. Maybe homeowners are too optimistic but there can be no doubt that they are a good deal more serious than many U.S. buyers about holding their homes and paying off the mortgages. The ethic is different. History may be helpful too. The story of the housing market in Canada includes the 1980s when interest rates rose to astronomical levels. That certainly slowed down purchases and depressed prices but did not collapse the entire market.
March Madness Hockey begins tomorrow
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Toronto Leaside Girls Hockey Association launches a huge March Break Madness tournament tomorrow. Story indicates more than 100 teams will participate.
City dissolves TCHC, installs Case Ootes
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A resolution of sorts to the unfortunate impasse at the public housing board. National Post.
Baby you’re the Top (Shop and Man)
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Word that The Bay will introduce both TOPSHOP and TOPMAN (see below) has been of great interest today. They are British chains of women’s (SHOP) and men’s (MAN) belonging to the Arcadia Group. Arcadia owns Burton, Miss Selfridge, Wallis, Evans, British Home Stores and Dorothy Perkins. The chain was founded in 1964 as Peter Robinson’s Top Shop, a young fashion brand within the Sheffield branch of the Peter Robinson Ltd ladies fashion store chain (former department store chain). The first standalone Topshop store was opened in 1974. In 1978, Topman was created as a spin-off brand to cater for male customers and is now run as a separate chain, although some stores are co-located. The British retailer is represented in 20 countries. Topshop, Topman coming to The Bay
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The Bay has confirmed to the Toronto Star that it will bring British fashion retailer Topshop and Topman to Canada. The Bay plans to open the notably young-oriented shops in its department stores as well as at stand alone locations.
Furious work at Scenic on Eglinton
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Work is proceeding at a furious pace at the huge development known as Scenic on Eglinton. The two-tower, three building complex of condominiums is going up just off Eglinton East of Brentcliffe.Scotiabank has an outstanding quarter
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Who would have thought those little red and white storefronts could spin off 1.17 billion in profit in just three months. But the miracle of compound interest can do that, as any experienced saver will tell you. So congratulations to Scotiabank. Scotia did the seemly thing and increased its dividend after a three-year freeze. Gas main replacement on Bayview
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Notices have been delivered to businesses on South Bayview that the cast iron natural gas mains will be replaced this Spring beginning in April. There will be trenching necessary. The project supervisor, Jim Hutton, told The South Baview Bulldog that he thinks the work will occur mainly along the west side of the street. but it will be necessary to dig a smaller excavation in front of buildings to connect the new line. The old main will be replaced with plastic tubing. Gas service will be interrupted briefly but the contractor, Link Line, says there will be timely notice of disconnection. The contractor promises to keep sidewalks open and passable.
Home to the same family for 60 years
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It’s always interesting when a house that has been a home to the same family for decades changes hands. That’s the case at 445 Heath Streeet E. in Bennington Heights. This pleasant home was offered at $1,049,000 last weekend. Geneva Auto Show opens today
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The 81st Geneva Auto Show opens today amid applause for all the concept cars on display. Here we have the electric VW “Bulli” van, sort of a son-of-Westphalia. Volkswagen’s new Bulli concept revives the Microbus in modern form and stuffs it full of batteries to turn it into an all-electric vehicle with a stated 186 mile range. Among the six-seater’s modern twists, new VW Microbus uses an iPad to control the entertainment system, climate control and other functions. The Bulli uses a lithium-ion battery pack to drive a 113-horsepower electric motor and interestingly enough, Volkswagen says that the van can be fully charged in less than one hour. Like the original Microbus, the Bulli presented in Geneva has two-tone paint and a distinctive ‘V’ on the bonnet. 18-inch alloy wheels are distinctive with stylised chrome hubcaps, another tribute to the Microbus.
DST arrives next weekend
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Canada reverts to daylight saving time at 2 a.m.next Sunday March 13.
Buyers yawn at new electric car models
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It’s been a dispiriting sales season so far for those who hoped that electric cars like the GM Volt and Nissan’s Leaf would transform the auto industry. In fact, the two vehicles have had crushingly disappointing sales figures so far. The Volt sold only 281 units and the Nissan just 67 units in February. What’s the problem? Freelance writer Mark Whittington says Consumer Reports suggests reasons. The Volt sells for a price in the mid $40,000s but it does not get very good mileage compared to conventional competitors like the hybrids Toyota Prius and the Ford Fusion. The mileage deteriorates during cold weather because the car’s heater runs on the electric battery. Consumer Reports found similar problems with the Nissan Leaf, though it costs about $10,000 less than the Volt. Recharging may also be an issue. The inconvenience of having to leave the vehicle for five hours as it recharges may be a powerful disincentive.