The fall real estate market is in full swing and many Torontonians are spending their days surfing MLS.ca and their weekends visiting open houses, searching for that perfect place that makes their heart flutter. For those of you who are looking at condos, you may have heard something about a Status Certificate and if you are unsure of what it is or why it is important, read on.

It used to be that when it came to where you were going to live, things were pretty simple. Downtown (the core) was for the young and the restless and the 'burbs were where you went once you decided to pop out a couple younglings and make a nest. Not so anymore. A new generation of urban parents are emerging that are bucking the trend.

Cue the invasion of the yummy mummys and the station wagons because the secret is out: downtown is the place to be-kids or no kids. (And this might be why it is so hard to get a semi in Leslieville these days.)

One of the most common questions I get asked these days is what is going on with the housing market in the U.S. and can we expect the same thing to happen here? Whatever happens in the U.S. economy will eventually happen here too, right? I'm certainly not an economist, but I will try to answer the question based on what the experts are saying.

Over the past 2 years, the housing market in the U.S. has been hurting-big time. The weak housing market combined with the high Canadian dollar have some people wondering if it would be cheaper to drive down to Detroit, buy a house and have it shipped back to Toronto! While I wouldn't recommend buying anything in Detroit, the disparity between the housing market in the U.S. and in Canada has probably never been greater.

While there have been some recent reports suggesting a slow down may be on the horizon, most of the evidence points to the fact that key differences in lending practices in Canada versus the U.S. means that the struggles going on South of the border are likely not headed here.

In the U.S., the dreaded subprime mortgage market makes up about 20% of all mortgages versus only about 5% here. In the U.S. it is generally much easier to qualify for a mortgage than it is here, and our mortgage insurance policies are also stricter. Also, unlike in Canada, mortgage interest in the U.S. is tax deductible, thereby enticing those who probably should not be buying a house into finding a way to get it done.

Bottom line is our lending practices are strong and demand for housing is very strong. In the short term, we have little reason to believe we are due for a slow-down like the U.S. is currently experiencing.

Photo from Ryan Coleman.

David Miller today launched a marketing campaign aimed at gaining support for his controversial new tax proposals. The central piece of the campaign is fairtaxes.ca, a website defending the new taxes as the only way to "build a great city". He's even got a blog-sort of (if you count posting a press release as original content.)

For those of you who have been sleeping under a rock in the 905 for the past few months, the taxes in question are a new land transfer tax and a new vehicle licensing tax that could bring the city an additional $356 million a year. God bless the City of Toronto Act!

Council voted to defer a decision on the taxes until after the upcoming Provincial election-presumably hoping the winning party would somehow bail them out of their financial quagmire. However, in a shrewd move, Miller is now saying that if Council agrees on voting on the issue early, he will keep community centres open.

Rumor has it Miller will be appearing on CP24 tonight at 9pm and will be taking phone calls on the issue. Judging by my last post on the issue, he can probably expect to get several callers on both sides of the debate.

Photo by Mute* from the blogTO Flickr Pool.

It's hard to believe but it has been 5 months since Bazis International first formally introduced their plans for an eighty-storey condo/hotel Mega Tower on the South East corner of Yonge and Bloor. And whether you love it or hate it (and judging by the comments in my previous posts on this building, there are plenty of people on both sides), the reality is Yonge and Bloor is about to undergo a major transformation and will never be the same again.

This week word got out that the approximately 20 businesses who currently lease retail space in the South East corner of Yonge and Bloor down to Hayden Street have been given their eviction notices. Everyone has got to be out of there very soon as demolition is slated to begin in December.

While Bazis' intentions for the corner may be good, and surely we can call agree that the intersection ain't the prettiest, their choice of words in describing it has left some with a bad taste in their mouths. Bazis' director of Sales and Marketing described the corner as 'junky' and that they intend to make it 'fabulous'.

In light of the impending demolition of a major corner of our City, I'm calling on you, blogTO, to begin the mourning process by telling us what store/restaurant/shop you will miss the most once the wrecking ball comes crashing in. For me, without a doubt it is going to be Biryani House-in my opinion, the best and possibly cheapest Indian food in the city. Good-bye butter chicken, I will miss thee.

The Danforth represents a lot of things to a lot of people. It is the centre of the city's Greek community and home to one of the city's largest festivals, it's a major transit route for moving people in and out of downtown, and it is generally regarded as one of the city's most desirable neighbourhoods to live in. However, one thing it definitely is NOT, is a hot spot for high-rise condo development. But why not?

All the ingredients for building 'up' seem to be there. Transit? Check. Vibrant shops and restaurants? Check. Ample supply of hipster hangouts? Check. The strip was even singled out in the City's official plan as one of Toronto's prime avenues-ripe for development and intensification. But still, if you take a walk along the Danforth between Broadview and Coxwell, you'd be hard pressed to find a building taller than 4 stories.

The Star had an interesting article this week that highlights some of the unique challenges facing any potential developer with an eye on building on the Danforth. Local resistance to change combined with severely fragmented ownership of land and a general unavailability of land being key factors in why we have yet to see a major condo project east of the Bloor Viaduct.

I have to believe that eventually we will see medium and even high-rise condos along the Danforth, but it may take many years yet. In the mean time, home prices in the area continue to rise, shutting out most first time buyers who once found relief there from the inflated prices in nearby neighbourhoods like Cabbagetown, Rosedale, and Leaside.

Photo by ~EvidencE~ from the blogTO Flickr Pool.