Economists are sometimes unfairly portrayed as passionless bean counters in green eye shades, obsessively poring over dull columns of data. But deep down, some of them really like fairy tales, or at least metaphors that draw upon the great fables of the past.
Case in point: a “Goldilocks economy.” This popular economics term was imagined in 1992 by Salomon Brothers’ chief equity strategist David Shulman. Such an economy is not too cold, not too hot, but just right, all the way down the porridge line. As Investopedia defines it: “The term describes an ideal state for an economic system. In this perfect state, there is full employment, economic stability, and stable growth. The economy is not expanding or contracting by a large margin. A Goldilocks economy is thus warm enough with steady economic growth to prevent a recession; however, growth is not so hot as to push it into an inflationary status.” Economists, central bankers and real estate professionals all long for this state of fabulist bliss. On the way to this cozy place in the forest, they fear encountering the bears of recession or the big bad wolf of voracious inflation. Either detour is bad news for real estate markets in the GTA, Ontario and throughout North America. Central banks play key roles in writing the final chapter of the story. The skill, foresight or good fortune of the Bank of Canada or, in the U.S., the Federal Reserve, are important factors in determining the direction and velocity of economic activity. In Canada, the BoC’s program of escalating interest rates has predictably caused mortgage rates to spike. As mortgages become less affordable, fewer prospective homebuyers stay in the market. This has put an end to the post-pandemic bidding wars that lifted prices out of reach for many Ontario families. Despite the cooling demand, supply remains limited. In part, this is because home owners are reluctant to sell their properties knowing that they will need to take on a much more costly mortgage for their new residence once they sell. Millions of homeowners locked in rock-bottom mortgage rates during the period when the Bank of Canada was keeping interest rates at or near zero. These owners now ask themselves: Why sell a house with an affordable mortgage to buy a new house that comes with a substantially higher monthly payment? The Bank of Canada overnight interest rate now sits at 5 per cent, its highest level in more than two decades. That’s a dramatic increase from the 0.25 per cent benchmark rate of February, 2022. This not only affects new buyers, but also the large segment of the market that holds variable-rate mortgages, which today start at about 6.3 per cent. Variable rates are likely to adjust upward sooner than many new homeowners expect, constricting personal spending and adding to the debt burden of each household. Nationwide, that household debt now represents 199 per cent of disposable income, according to Statistics Canada. In Ontario, that figure is 218 per cent. These elevated debt levels, the highest of any G7 country, complicate the task of the Bank of Canada. Higher interest rates will help tame inflation and lower the probability of property market bubbles, but they will also add to this already towering mountain of household debt. The ending isn’t yet in sight, but the moral of the story is already clear: Rising debt, high home prices and a stalling economy are unlikely to create the conditions needed for a real estate market that is “just right.” The wild swings and market distortions caused by the pandemic, including the resulting increases in the money supply, cash liquidity and inflation, have led to a curious new phenomenon: the rise of the “nepo” homeowner.
These “nepo” buyers — freighted with a term derived from the Latin root signifying “descendant,” but these days more closely identified with the pejorative “nepotism” — rely on family to pay the substantial down payments and monthly mortgage expenses required in the current Canadian housing market reality. Unlike the millennial demographic that became closely aligned with the idea of residing in their parents’ basement for as long as possible, these new nepo buyers actually want to move on with their lives, and hope to purchase a home. Because of stratospheric prices and escalating interest rates, they turn to family not to buy the latest Nintendo, but rather to collect the cash needed for a down payment. A survey conducted earlier this year by Royal LePage showed that six per cent of all Canadian homeowners co-own their property with another party other than their spouse or partner. The vast majority (89 per cent) co-own with family members. Among co-owners, 76 per cent say that affordability was a major motivating factor in their decision to co-own. In the 25 to 34-year-old age group, that number rises to 83 per cent. Some of the co-owners don’t simply invest — they move in. Royal LePage COO Karen Yolevski noted: “Different generations of families living under one roof is not a new phenomenon, but has been growing in popularity in recent years. Census data shows that multigenerational households are now the fastest growing household type in Canada.” This economic evolution is not surprising, given the lack of supply in the Canadian housing market, especially in urban areas. Canada is falling behind in its ability to create affordable homes, with Ontario and British Columbia accounting for two-thirds of the shortfall. With ample supply lacking, homeowners are stretched to the limit. Average mortgage payments in each province consume an estimated 60 per cent of disposable household income. The affordability gap is so great that the Canada Mortgage and Housing Corporation (CMHC) estimates the average home price in Ontario would need to decline from the current $871,000 to $499,000 to lower the affordable ratio to a more comfortable 37 per cent. To make that happen, approximately 1.85 million new homes would need to be built, requiring a 28 per cent acceleration in residential construction, according to the CMHC. Given these realities, seeking help from family members is not just a logical decision for many younger buyers — it’s the only way many of them can hope to own a home. A variety of factors have aggravated the situation, suppressing construction in Canada; including complex permit procedures, other types of regulations and mandates, skill shortages and supply chain disruptions. In addition, there is a wild card in many proposed construction projects: NIMBY, the impulse of some residents to oppose any project unless it is “not in my back yard.” Approximately two-thirds of Canadian adults own a home, which is slightly higher than the U.S. rate, but less than that of the U.K. and the average of all Organization for Economic Co-operation and Development countries. In recent quarters, home ownership has been on the decline, and the renting population is increasing. According to Statistics Canada, the biggest drops in home ownership over the past decade have occurred in Nova Scotia and Prince Edward Island, followed by British Columbia (declining from 70 per cent to 66.8 per cent) and Ontario (where the rate dropped from 71.4 percent to 68.4 per cent). Will Toronto ever be affordable again?
That’s the intriguing question posed by a June article in Storeys that included these striking statistics: The average mortgage payment now accounts for 83 percent of gross income in Toronto, and 95 percent in Vancouver. What makes these figures so astonishing is that affordability has typically been defined as a mortgage or rent payment that is a third of gross income or less. Given this incredible mismatch between prices and income, some observers wonder if unaffordability will be the new reality for these two metropolitan areas, as far as the eye can see. The median home price in Toronto is now $1,137,570, which would normally require a down payment of $227,514. Doing the math, it would take the average worker in the province nearly a quarter century to save up that amount. In addition, to qualify for such a mortgage, the worker would need to earn $230,923. Once the sale is complete, the new homeowner would be on the hook for a monthly payment of $6,338. No wonder that Vancouver developer Michael Geller told Storeys, “The more I read about people working in restaurants and people earning minimum wage, I wonder how they manage.” He added: “I think unfortunately we are always going to have a situation now where even people of average income are going to really struggle, and people of lower income will only be able to be housed through government subsidies and assistance.” Market forces have been slow to work their magic. In May the Bank of Montreal released a study of housing affordability that suggested increased supply is likely to solve the problem, or even to occur. “While most argue for a supply-side fix, our longstanding view has been that it’s wishful thinking to believe that an industry, already running at full capacity, can double output in short order, flood the market with new units and bring prices and rents down,” contends the report. Even in the current environment of escalating interest rates, price drops have been minor in the Toronto and Vancouver housing markets. Any dramatic decreases are likely to give developers less incentive to build additional units, according to the Bank of Montreal. One variable is the record pace of immigration to Canada, which disproportionately affects major urban centers. According to a report by the Canada Mortgage and Housing Corporation (CMHC), population growth will put sustained pressure on supply for decades. By 2030, CMHC estimates there will be two million new households in Canada — two million people who need homes, but may not be able to find affordable options in the marketplace. Adding additional complexity to the issue is the fact that a return to affordability would present its own set of negative consequences. As financial commentator Clay Jarvis told Storeys: “We’re dependent on real estate for driving both GDP and personal wealth in this country, so if some silver bullet policy magically brought home values back to where they were in 2013, we’d be looking at pure economic carnage.” Toronto is the place to be. It’s smart, exciting, cosmopolitan and cool. So why are Canadians leaving the Greater Toronto Area?
The GTA has lost 400,000 over the past six years, according to a recent report. The survey by Toronto Metropolitan University’s Centre for Urban Research and Land Development sums up the main reason in one word: affordability. For many, the exodus is a short trip, an exchange of abbreviations — from the GTA to the GGH, the outer Greater Golden Horseshoe. Many of these residents once lived in Peel, York or within Toronto city limits. Meanwhile, Durham, Simcoe and Halton recorded slight increases in population during this period. In addition to the cost of housing, the type of housing that is being built is a factor, according to the report. The GTA, and Canada in general, is experiencing a critical deficit in the kinds of dwellings that people want, especially families. Developers have focused on high-end apartments and condominiums that can bring a larger profit, and less on homes that are within reach of middle-income Canadians. Demand is high for single-detached and semi-detached houses in the GTA, and supply hasn’t kept pace. When municipal governments have tried to address the issue, their housing targets have often been for total units, which has tended to stimulate construction of apartments rather than low- and medium-density houses, townhouses, and stacked townhouses. The Centre for Urban Research and Land Development report concludes: “The bottom line is that we anticipate the continued dispersal of the residents of the GTA, particularly those residing in Toronto, York, Peel and Halton, as they search for the type and price of housing they want elsewhere in the GGH and other parts of the province.” For some who do stay in the GTA, dreams of home ownership have often been put on hold, as a result of soaring prices, bidding wars and now higher interest rates. Incredibly, the average mortgage payment in Ontario now represents 60 percent of disposable household income. That is one reason that the number of renters in the province grew 21.5 percent in 2021, while the number of homeowners increased by just 8.4 percent, according to Statistics Canada. This trend began gathering steam even before the Bank of Canada’s recent interest rate hikes. The Canada Mortgage and Housing Corporation has estimated that 1.85 million new homes will need to be built in Ontario to meet demand and moderate prices sufficiently for middle-income buyers. To achieve this will require a 28 percent increase in the current rate of residential construction. Given a proliferation of zoning restrictions, supply chain issues, shortages of skilled labour and other factors, such a brisk pace is unlikely to be achievable in the near-term. Although Toronto may be the place to be, for many Canadians it’s the place they once were. The irony, of course, is that the GTA is a destination for talented professionals from throughout Canada and across the globe. For this particular demographic, Toronto will continue to be an attractive option, even as Canadians of modest means look for greener pastures elsewhere. At first glance, real estate appears to be about property: homes, industries and commercial projects. But in the end, it’s really all about people — the people who build, the people who sell, and the people who want to earn a living or raise a family on the land.
People are the most important metric for any business. That is why customer service is so important. As a customer service representative at AccessEasyFunds, I know that the client experience is key to the success of any business, and a yardstick by which any business leader can measure progress. A salesman named Dale Carnegie knew this well. Based on his own observations, he published a revolutionary book during the Great Depression titled, How to Win Friends and Influence People. Nearly nine decades after he wrote it, the success of any business is still based on successful human interaction. He outlined these key principles for forging close business and personal relationships: • Don’t criticize, condemn or complain • Give honest, sincere appreciation • Arouse in the other person an eager want • Become genuinely interested in other people • Smile • Remember that a person’s name is to that person the sweetest and most important sound in any language • Be a good listener. Encourage others to talk about themselves. • Talk in terms of the other person’s interests • Make the other person feel important — and do it sincerely • The only way to get the best of an argument is to avoid it • Show respect for the other person’s opinion. Never say, “You’re wrong.” • If you are wrong admit it quickly and emphatically • Begin in a friendly manner • Get the other person saying, “Yes, yes.” • Let the other person do a great deal of the talking • Let the other person feel that the idea is his or hers • Try honestly to see things from the other person’s point of view • Be sympathetic with the other person’s ideas and desires • Appeal to the nobler motives • Dramatize your ideas • Throw down a challenge • Begin with praise and honest appreciation • Call attention to people’s mistakes indirectly • Talk about your own mistakes before criticizing the other person • Ask questions instead of giving direct orders • Let the other person save face • Praise the slightest improvement and praise every improvement. Be “hearty in your approbation and lavish in your praise.” • Give the other person a fine reputation to live up to • Use encouragement. Make the fault seem easy to correct. • Make the other person happy about doing the thing you suggest. You may recognize one or more of these techniques as something you’ve seen successful people practice in your own personal or business life. Or you might have noticed some very famous people following this road map. For example, Warren Buffet is a graduate of the Dale Carnegie Institute course that is based on the book. He credits it with teaching him the mechanics of building rewarding relationships by showing others they are respected, appreciated, and important in his eyes. I am an accountant by training, and the founder of my own business, Larry Weltman Consulting. And yet, even now, the professional title I am most proud of is “customer service representative” at AccessEasyFunds. That is because to represent the customer is to advocate for the success of a business, and to strengthen the integrity of the quality of the service provided. At the end of the day, a business will either thrive or fade away based on the true reality of the customer experience. In June, the governing party’s campaign promise to ban foreign real estate buyers became law in Canada. Depending on your perspective, it was an instance of political leaders keeping faith with the voters — or an example of poor timing.
The two-year ban on property purchases by foreign buyers comes as home sales and prices are headed downward, even as delistings soar. The latest figures on the Toronto housing market show a dramatic 79 percent decline in condo sales, for example. The ban will take effect on January 1, but will not apply to permanent residents, buyers legally working or studying in Canada, or asylum-seekers. All other non-citizens will be barred from purchasing property. The same will be true of corporations that are not controlled by Canadians. In one sense, the plan is not a major departure, but rather an extension of what has been happening at the provincial level. As Storeys reported last month: “British Columbia was first out of the gate [with restrictions] in 2016, with the provincial government announcing a 15% surtax for non-residents of Canada, which got bumped up to 20% a year later. The law also allowed Vancouver to impose a vacant property tax to encourage more of the city’s housing stock to appear on the rental market. “Ontario followed in 2017, introducing a ‘non-resident speculation tax’ of 15% of the purchase price for the Greater Golden Horseshoe Area around Toronto. This year, in the wake of a massive run-up in house prices during the pandemic, Ontario’s government bumped up the tax twice — first to 20%, and just recently to 25% — and expanded it to include the entire province.” In Ottawa, the main parties were all on board with the idea of restricting purchases by foreign buyers. The Liberals and Conservatives both promised a ban in the last campaign, and the New Democratic Party proposed a B.C./Ontario-style 20 percent tax nationwide. Critics say the plan is window dressing, and won’t have a real impact on prices. That’s because foreign buyers aren’t as common in the real estate market as many people believe. A study by Baker Insights Group revealed that foreign purchases represented just 1 percent of all Canadian property sales in 2020. At the high end — very rich individuals and corporations — foreign buyers will prove adept at finding loopholes in the legislation, some observers predict. Among the skeptics is Tsur Somerville, a professor at the Sauder School of Business at the University of British Columbia and director of the UBC Centre for Urban Economics and Real Estate. In an interview with the Spanish-language newspaper EL PAÍS, he noted: “We have already seen these taxes in cities where there is a lot of interest, such as Vancouver and Toronto. They had little effect. The housing crisis is, overall, an issue linked to domestic factors, although it is easier to point the finger elsewhere instead of at ourselves.” Graphs illustrating trends in the Toronto housing market no longer feature the sleek, symmetrical upward curves that buyers and sellers alike had come to expect. Drawing today’s market requires a range of colors and vectors, with predictable, puzzling and counterintuitive trends accelerating across a page.
From a homeowner’s perspective, the optimal time to sell a residential unit may have already passed. Interest hikes by the Bank of Canada are pushing up mortgage rates, making already costly dwellings more expensive and limiting the pool of willing buyers. But from a buyer’s perspective, home affordability isn’t likely to improve any time soon. In fact, the probability is that home ownership will slip further out of reach. That makes the search for a house or condominium all the more desperate. It is not only mortgage rates that are creating the affordability crisis for buyers. As rates continue to rise, owners of existing homes are more reluctant to sell. That is because even though they will be able to make a nice profit on the sale of a home, most will still need a new place to live. And a mortgage for the new home will be far more expensive than the mortgage they currently hold. At the back of the mind for everyone watching or participating in this market is the question of whether the soaring prices and confounding trends prove that Canada is in the midst of an unsustainable market bubble. Many homeowners remember the collapse of prices in 2008 & 2017. Some were caught with adjustable rate mortgages that did not match the value of their dwelling. Some had taken out home equity loans; now the equity was gone, but the financial obligation remained. When a large number of market participants start to believe that a new housing bubble has formed, panic becomes a powerful driving force in decision-making. Sellers need to unload their properties – yesterday. And although buyers don’t want to buy a house at an artificially high price, they also don’t want to ride the interest rate escalator that the Bank of Canada has planned for them. Amid this tangle of trends, rates, prices and passions, there is one part of the GTA housing market that remains calm. Homes in excess of $1.5 million still seem to be selling briskly, seemingly immune to increases in mortgage rates or fears that a price implosion could be on the horizon. As the Financial Post noted: “The Toronto Regional Real Estate Board reported 47,157 sales in the first four months of 2021. The year-to-date sales in April 2022 were down to 33,610, a decline of 29 per cent. At the same time, the average house price in the GTA was up by 21 per cent. The increase in housing prices resulted from sales activity declining in lower-priced homes and increasing in relatively expensive homes. … In 2021, the January-to-April sales of homes sold for more than $1.5 million represented 15 percent of the total sales. A year later, the same price category accounted for 27 per cent of the sales. Relative to 2021, sales of homes sold over $1.5 million increased by 31 per cent.” These data suggest that this is the new reality of the GTA housing market: At the lower end of the price spectrum, the market is demonstrating an extreme sensitivity to interest rates. Near the top, rich housing values keep getting richer. Or as the great philosopher Taco once put it: “High hats and arrow collars, white spats and lots of dollars; spending every dime for a wonderful time …” Sometimes, the architecture of cities and suburban areas can feel repetitive. Houses end up looking the same, sometimes with a hint of personality depending on the door colour, and buildings are often simple — but not all the residential areas in Canada are like this.
In this article, we’ll be looking at non-traditional residences created for visual impact among “regular homes.” These unique homes were inspired by art movements, and are usually passion projects for those that decided to design and build something different. There are a few residences that fall outside the norm of house building in Canada. Absolute Towers | Corner of Burnhamthorpe Rd and Hurontario St, Mississauga, Ontario This one is more on the popular side. Built in 2012 and located across the street from Mississauga’s Square One Shopping Centre, these two skyscrapers are revered around the world. Ma Yansong, a Beijing-based architect, designed the buildings for the international design competition and was awarded the project in 2006. Due to the curving and twisting of both buildings, they were quickly nicknamed the Marylin Monroe towers. They were awarded the “Best Tall Buildings in the Americas” award in 2012 as well. The buildings are shiny and curved in a way that brings an interesting visual change in comparison to the simple rectangular buildings around them. Habitat 67 | 2600 Avenue Pierre-Dupuy Montreal, Quebec As part of the Canadian Pavilion for the World Exposition of 1967, Habitat 67 wasn’t originally meant to be a place for actual residency. Moshe Safdie designed this structure as an experiment on modern, dense living that still provides enough space and individuality. The structure is a collection of cube-like shapes stacked on top of each other in a seemingly random way. Each “box” was prefabricated, connected by steel cables and all different shapes and sizes. Today, the boxes are available to live in, though they are not cheap considering the $128 million (adjusted for inflation) it took to complete the project. The Cube House | 1 Sumach St, Toronto, Ontario Famously known as The Cube House, this structure was built in 1996 by Ben Kutner and Jeff Brown. Inspired by the Dutch Cubist architectural movements in the 1970s, the Cube House displays large cubes rotated, and sitting on their corners on top of a smaller white structure. This residence was meant to inspire more sets of cube-shaped homes called the “UniTri”, but the trend died with the single-cube home. Unfortunately, in 2016 the land was sold to a real estate developer and in November of 2018, the famed Cube House was torn down. Dome Home | 1196 Upper Dwyer Hill Rd., Carp, Ontario Often, unique homes are inspired and built by non-traditional shapes, and the Dome Home in Carp, Ontario, is no exception. Located west of Ottawa, the Dome Home is constructed on concrete walls and relies on an open-concept interior. Because of its curved, non-geometric shape, the Dome Home is meant to blend in with the nature surrounding it from the inside and out. It’s no secret that the cost of living continues to rise across the globe — and especially in Canada.
In Canada, the average price of gas per litre hit $1.78 during the week of March 13 of this year, as reported by the Canadian Automobile Association. In January of this year, the annual inflation rate rose to 5.1% for the first time in over three decades while the wage increased only 2.4% over the same period. Canadians are feeling the financial pressure. In a survey conducted by Angus Reid, 53% of respondents admitted that “they can’t keep up” with the rising cost of living. Included in rising costs is the price of buying and renting a home. So, when it comes to living, is it better to own or rent a home? It depends on what type of lifestyle you lead. Before making a decision, consider some factors to figure out which type of home works best for you. General Points to Consider There are a few things to consider before deciding if it’s in your best interest to buy or rent. First, think about where you want to live. This can depend on your family, work or personal preference. If you’re looking to live closer to a big city, like Toronto, you’ll likely look for a home to rent — unless you can afford the skyrocketing prices for buying a house or condo. On the other hand, if you have a family and don’t mind living a little outside the city centres, buying a home may be a better fit. The next step is figuring out how long you plan to stay in your new home. People who like to move around a lot might want to rent, since it’s both easier to pack-up and leave and you won’t be stuck making mortgage payments. The opposite goes for those looking for stability. Purchasing a home allows people to settle in one area. Finally, create a budget and decide how much you want to spend. Considering the other factors, if you can afford to make monthly rent payments and will move out within a short period of time, then renting might be the way to go. If you’re looking to stay in a home and want to increase the value of your home to your advantage, then purchasing is a better fit. Renting There are pros and cons to both renting and buying. It’s important to do research, but there are some key things to consider before making a final decision. The life of a renter may look a little different than that of a buyer. People who rent are able to move around much easier. You aren’t trapped in mortgage payments and interest, it’s easier to pack all your belongings and move, the overall payments are likely lower, and you don’t have to worry about maintenance responsibilities (though you might have to pay for them). The cons are just as important. As a renter, if you decide to move, you don’t gain anything back, like a homeowner who resells. Also, the price of your rent can fluctuate. There are often restrictions set by the landlords on renovating, and on the type of lifestyle they’re comfortable with on their property. Buying Buying a home has a similar amount of pros and cons. Unlike renting, buying a home gives you full control over renovations and changes you want to make to the home (make sure to check in if you have an Homeowners Association, and take a look at city laws). If you decide you move and the price of your home has gone up since the time of purchase, you may gain some money back. Often, the monthly mortgage payments are more stable, depending on the contract you sign. On the other hand, buying a home makes it harder to move, not only because of the amount of stuff but the paperwork that needs to be completed and the selling of the home before you move into the next. You’re also responsible for all maintenance to be done on your home and property, having to pay completely out of pocket for them. Buying is not always better than renting in some scenarios. It’s important to make that distinction to decide what’s best for you in the long-term. As technology progresses to be sleeker, the stylization of houses follows. Modernism in houses, categorised by clean lines and simple geometric shapes, has grown popular as a way to denote wealth and sophistication, which is ironically opposite of what was assumed in times like the Victorian Era, where intricate designs and non-organic shapes dominated.
Although modernist houses are gorgeous in their own right, I believe we should also admire the older residential buildings in Ontario who not only embody the popular design trends of their times but also the history of the developing province. Here are a few of the oldest residential properties in Ontario. 7015 Pond Street, Mississauga, ON Constructed 1840 as a commission by Francis Silverthorn, 7015 Pond Street is one of the oldest homes in the Meadowvale Village area. Silverthorn, a prolific character in Meadowvale history, was thought to have built this home, and owned this home before it became a Methodist Church in the 1840s. It was later purchased and returned to being a residential building. As of October 2012, the current owners purchased the home in 1987, making them the “sixth registered owners of this property”. 7015 Pond Street is a one-and-a-half storey house, meaning that the second floor is only half the size of the first and usually placed off to one side of the house. Some of the original features were maintained including the 12 over 12 pattern windows on the front of the house and the original stucco finishing. Newer renovations, like the board and batten—where “thin strips of wood moulding are placed over the seams of panel boards”—are set in the back of house so that the street-facing portion remains true to the original. 4 Lucinda Court, Brampton, ON As many military servants did in the early 1800s, Captain Abraham Odlum received the Royal Land Grant in the Toronto Gore area, which is now part of modern day Mississauga and Brampton. Some historians suggest that Odlum’s son built the home after the captain's death in 1838. The Brampton Municipal Register of Cultural Heritage Resources, describes the home as a “rare Georgian style Tudor home”. While Georgian style homes are characterised by symmetry, sash windows, a “six panelled front door” and pale colours, the Tudor style used thin pieces of glass, as it was very expensive at the time, “steeply-pitched roofs” and the jettying technique where the upper floors extended past the lower floors. These two styles were centuries apart, making 4 Lucinda Court a unique and interesting property in Brampton history. 469 Broadview Avenue, Toronto, ON John Cox, a veteran of the American Revolutionary, received the land where 469 Broadview currently stands from Lieutenant Governor John Graves Simcoe. At the time, the plot was located in a much more rural area compared to where the home is located now, so Cox began building the cottage far from other homes. Mary, Cox’s wife, sold the cottage after his death in 1807 and it began to receive renovations since then. 469 Broadview’s plot was originally 100 hectares, equal to 1 square kilometre, and “stretched from present-day Danforth to Lake Ontario”. The home was first styled after a log house with long horizontal logs to a Regency Cottage, a one-story home characterised by a symmetrical front, tall and thin windows and balconies with intricate iron fencing. The original wood shingles and most of the logs were covered with the green and white logs that exist on the home to this day. |
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AuthorLarry Weltman is a Customer Service Representative for AccessEasyFunds Limited, or AEF, an Ontario-based firm Archives
November 2022
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