Tamara Jenkins has been outbid about 20 times in her nine-month quest to buy an apartment in Melbourne’s inner suburbs.
“I started with such enthusiasm,” the 36-year-old public relations director said in an interview. “I’m so frustrated with the process. I’m ready to buy, but I keep missing out.”
The source of her frustration — a shortage of 200,000 dwellings — is helping fuel Australian home prices, which are 82% higher than in the United States, and disproving investors such as Jeremy Grantham, who says they will fall 42% as interest rates rise in one of the world’s priciest home markets. Continue reading →
Ontario is about to rival Prince Edward Island as the province with the highest electricity prices in Canada, and rates will, for the first time, exceed the average cost of keeping the lights on in the United States
Residential customers in Ontario will pay $300 more a year on average for electricity by the end of 2011, an increase of 25 per cent, according to energy consultants. And the rate increases won’t end there. Investments of more than $8-billion in green energy projects unveiled by the Ontario government Thursday will add another $60 a year to hydro bills by 2012. Continue reading →
A dozen years after Ontario overhauled its property assessment system, Toronto’s biggest office towers bearing the names of the Big Five banks are still fighting for lower assessed values.
The towers carried their battle to Ontario’s highest court Monday, looking for a decision that could ultimately help them win tax refunds of up to $150 million, and see their assessed value reduced by $1 billion or more. Continue reading →