Tag Archives: federal governmen
Rising stocks and home prices have helped restore almost all of the value Canadians lost in household net worth during the economic downturn.
Household net worth rose 1.3%, or by $74-billion, to $6-trillion, as the growth in the value of assets, particularly equities and residential real estate, exceeded the increase in liabilities, Statistics Canada reported Monday.
“This marks the fourth consecutive quarterly improvement in household net worth and reflects a 96% recovery off the net worth lost during the recent economic downturn,” David Onyett-Jeffries, economist at RBC Economics Research, wrote in an analysis.
“The increase of household net worth continues to repair the cumulative $552-billion decline.”
Household debt has also risen as low interest rates have encouraged Canadians to increase borrowings, but that has led to strengthening in demand and asset prices, particularly housing, said Mr. Onyett-Jeffries.
The ratio of household credit-market debt to income rose to 147% from 144.9% in the fourth quarter, while other consumer loan growth slowed, Statistics Canada said in its report.
Meanwhile, the federal agency also reported that national net worth — national wealth minus net foreign liabilities — edged up 0.6%, or more than $38-billion, to $6.2-trillion in the first quarter.
On a per capital basis, national net worth reached $181,500, up from $180,900 in the previous quarter, Statistics Canada reported.
Total government debt rose, climbing 2.1% to $1.7-trillion as borrowings by all levels of government increased as bond issuance rose, especially by the federal government.
Proposal for residential development to pay for park
Anna Mehler Paperny – Globe and Mail
In 1943, it was the centre of Toronto’s Second World War aviation effort.
In 1994, the federal government announced its future as a massive national park.
Next week, the Downsview plan goes before North York community council when councillors vote on the latest iteration of the city’s proposals for the area, which make provision not only for 100 hectares of parkland, but for thousands of units of mixed-use residential development intended to pay for it.
If the vote passes and sends the proposed Downsview Secondary Plan to city council, it will set in motion plans 16 years in the making.
But Michael Baigel would really rather it didn’t.
“It’s a dreadful plan,” he said. “It was meant to be a national park … a real gem in the city.”
But plans for the Parc Downsview Park rely on turning much of the site – running from Keele Street in the west to Wilson Heights in the east and as far north as Sheppard Avenue – into intensified residential developments in order to raise money for the park itself, which is meant to be self-funding.
“They want to make it like downtown,” Mr. Baigel laments – something he moved to Toronto from Manchester, England, specifically to avoid.
“The reason people live in the suburbs is because they want to live in the suburbs. They don’t want to live in condos.”
Plans for the site have ruffled more than a few residential feathers in the various neighbourhoods bordering the park. But one of the most offensive is the proposal to remove ramps on and off Allen Road from Wilson Heights Boulevard.
The plan to foster “transit-supported mixed-use communities” includes 400,000 square metres of mixed-use development and a transportation plan that emphasizes transit use and provides for an internal pedestrian and bicycle network.
But residents argue this would add to already clogged traffic and force commuting motorists into residential areas.
Local councillor Mike Feldman is putting forward an amendment at the June 22 meeting asking city staff to shelve plans to remove the ramps, at least until residential development transforms the area enough for different traffic systems to make sense.
Apart from that detail, he said, the secondary plan is “a nice first step” for a project that, like a growing number of public initiatives across the city, will attempt to pay for itself by leveraging the real estate value of the land on which it sits.
But Mr. Baigel would rather see the plan scrapped altogether. He fears Torontonians “will never get that greenery back again.”
“They’ll make one area residential and then a few years later another bit will get developed. Eventually it’ll all disappear. Over 50 years, we’re going to lose that park in the centre of Toronto. … It’s going to be chipped away at.”