Frontage Costs for Sewer Add to House Cost

In many municipalities across Canada, the cost of extending sewer/water services from a main line to a new, subdivided or unserviced lot is the responsibility of the landowner or developer. Particularly, in rural communities where businesses wish to construct a facility that is not able to be served by the existing water line, those businesses often pay the full cost of new water services infrastructure, minus any provincial or federal government contributions.
In 1999, Toronto reconsidered its policies on reimbursement for extension of water services to unserviced lots, in order to bring it in line with the practices of nearby communities. This change in policy is often unnoticed by homebuyers, until the developer levies the charge against the cost that he has incurred, or the city seeks to recover a portion of those costs. The costs can be quite significant!
Sewer line costs are calculated on the basis of the length of the line, or a per-meter basis. In recent years, those costs have increased by more than 280%. Where a prospective buyer of a new home is considering a new development community, it is imperative that he inquires about all costs, including any one-time or ongoing levies.
While the city of Toronto reimburses new water services clients a portion of the construction costs, those fees are less than 50% of the actual construction costs.
One of the ways to mitigate the buyer’s frontage costs is to look for homes on lots that run lengthwise into the property, rather than across the property face. Vertical construction such as this will reduce the lot width demand, and, in turn, reduce water services charges. Even where the developer has absorbed the costs of infrastructure into the purchase price, the narrower lot should result in a lower cost for a lot of the same square footage but wider frontage.
Perhaps the most effective way to ensure that you are not absorbing more than your share of the cost of development for your home site subdivision is to use the services of a realtor. The experience of a professional realtor, much like the expertise of a lawyer or doctor, is the best return on investment that you can make, when making the largest purchase of your life.

Best Home Location Not As Clearcut As It Seems

You want a home near elementary schools, because you have children ranging in age from 9-12. You want to be near a thoroughfare, because you want the fastest route to and from work. A community club or recreation centre is important, with all of your kids in sports. Shopping centres nearby means walking distance to get a few bags of groceries. And, of course, good medical facilities – even a hospital – in striking distance, is vital. Sounds like a utopian community, doesn’t it?
But there is also a downside to each of the amenities and advantages that you have listed as priorities, even if such a community was readily accessible. It is the negatives that we often fail to contemplate when purchasing a home. This is particularly true for first-time buyers.
Yes, the elementary school is important. But, with the children reaching the point where they will move on to middle, and then high school, looking a few years into the future becomes of greater concern, as the kids are unlikely to want to give up established friendships quickly. So, a balance of advanced schooling and elementary facilities is the key.
A thoroughfare offers obvious disadvantages, with vehicle noise, exhaust fumes and more frequent construction headaches. Consider, as well, that one of the partners in the household is likely to change jobs in the next eight years, and that thoroughfare is less significant. To be sure it is an important factor, think about driving the route during peak hours, before buying. Or check on construction history and the city’s five-year capital project plans for the area.
Community clubs and recreation complexes offer few downsides, except for the increased traffic and parking issues, as well as a general increase in graffiti near many public venues, according to the Center for Problem-Oriented Policing.
Similarly, shopping centres provide the same downsides.
The hospital – a vital consideration – is more likely to be an annoyance than a benefit, with sirens and parking as issues. Most of us are aware, as well, that all but the most urgent health issues require a much longer wait than a clinic or doctor’s office, so, instead, seek out a mall with a physician or clinic in it.
While many realtors and home vendors promote their listings using these most popular demand items, resist the urge to “follow the herd.” Instead, assess what is important to you, in the short, near and long term. Resist the popular trends and “hot” communities as the utopian area or market. “Popular” and “hot” often equal “pricey.”
Look to patterns, dynamics and directions of a community, rather than what that community now may be. Some of the best deals may be available in emerging or revitalizing communities, rather than in “in” markets. Those emerging centres may also offer the greatest potential for property appreciation.
The cautions listed should not be interpreted to mean, however, that you should shy away from a property because it has all the amenities listed, or because it is in an established, vibrant and “hot” community. Rather, your focus should be on identifying items important to you, today. If it is your intention to remain in this new home for a longer period, consider future needs. However, if the house is a short-term stopover of a few years or less, consider its marketability at the end of that period.
In short, you are investing in your life, not an inanimate, impersonal building. Your home, like the turtle’s shell, is uniquely yours, and should reflect the wants and desires you harbour as much as your needs and priorities. Utopia, indeed, is personal!

Toronto Housing Value Great for Buyers & Sellers

Value has little to do with price. Media reports that “Toronto’s house values have skyrocketed” could as easily be seen as a positive indication of the significance of the city as an indication that price has risen.
While the media consistently ranks Toronto, Vancouver, Calgary and Edmonton among Canada’s most pricey housing markets, it fails to add the corollary that those markets lead the way in price because they are the areas that have the most to offer in terms of home ownership, convenience and lifestyle.
While no reporter or commentator would suggest that a Lada could be compared favourably to a Lexus in any other category other than purchase price, the most popular criticisms of Toronto’s real estate market versus other locations across Canada involve little more than a comparison of that price difference.
Real value is derived from price measured against benefit. Commercial value, and, in particular, real estate value is based on market dynamics and competitive pricing, and has little relationship to personal value.
Often slammed sarcastically as “the centre of the universe” by other Canadian communities, Toronto, in fact, has earned the reputation as the centre of the Canadian universe. That reputation derives from the immense benefits that Toronto offers to its residents, and to newcomers.
One of the contributors to rising home prices is rising demand, fuelled, in large part, by the influx of people from across Canada, and the in-migration (and immigration) of people from other nations. While Canada holds front-runner status among western & democratic nations for ratios of immigrants, Toronto is a real Canadian leader in attracting people from all corners of the country and globe. Do those people yearn to live here because it is an average city, or because it draws people like a magnet with its diversity of opportunity – employment, economic, social, educational, athletic and cultural?
As a westerner, I am proud of my rural, pioneer-like roots, and of the opportunities within my own region of the country. Our housing prices are among the lowest in Canada. Yet, if I am asked for an honest opinion, as to the value of housing here versus Toronto (not price), I must confess that there is no fair comparison.
In recent years, Toronto and southern Ontario have experienced an economic challenge that has seen their relative strength & influence across Canada diminish. Economic strength in Alberta and British Columbia has impacted on the Ontario position in Canada. Yet, Toronto still offers the best long-term potential, with its location among a host of influential cities, communities and regions. So, relative to Canada`s western cities, Toronto`s real estate market has waned. But, when considering the advantages of home ownership in this city, the prospects of newcomers to the city and upward mobility of locals, and the variety of housing stock available, this market still has great value, in spite of increasing prices.
In fact, Torontonians should take pride in its rankings as a city with a ``skyrocketing value of housing.” So long as value means worth, rather than solely being based on price, Toronto should encourage the national media to promote the city as a valuable place in which to live.