Toronto condo owners shocked by ‘special’ $70K fee
A group of condo owners were appalled after getting a letter saying they could be on the hook for a $70,000 special assessment fee to fix structural issues in a condo in the North York area of Toronto. The building, located at 869 Wilson Ave., is only seven years old and looks impeccable from the outside — but engineers say leaks in the parking garage need to be fixed before they pose serious structural risk to the building as a whole. “No one has $70,000 lying around, so it’s hard to even fathom what we have to do,” said unit owner Augustine Ogditi, about the prospect of paying a five-figure bill. Ligeng Guo, another unit owner in the building, was more blindsided by the timing and the size of the special assessment fee, telling CTV News: “$70K is a lot of money. It makes me very nervous and stressed out of nowhere for this huge debt to come in,” adding that he doesn’t even have a parking spot. Here’s what happened — and how to approach an eye-watering special assessment fee if your condo has a problem like this.
A group of condo owners were appalled after getting a letter saying they could be on the hook for a $70,000 special assessment fee to fix structural issues in a condo in the North York area of Toronto. The building, located at 869 Wilson Ave., is only seven years old and looks impeccable from the outside — but engineers say leaks in the parking garage need to be fixed before they pose serious structural risk to the building as a whole. “No one has $70,000 lying around, so it’s hard to even fathom what we have to do,” said unit owner Augustine Ogditi, about the prospect of paying a five-figure bill. Ligeng Guo, another unit owner in the building, was more blindsided by the timing and the size of the special assessment fee, telling CTV News: “$70K is a lot of money. It makes me very nervous and stressed out of nowhere for this huge debt to come in,” adding that he doesn’t even have a parking spot. Here’s what happened — and how to approach an eye-watering special assessment fee if your condo has a problem like this.
Toronto senior loses $27k to alleged roofing scam
A Toronto senior believes she fell victim to a costly roofing scam, paying $27,000 to charlatans posing as contractors who defrauded her and other unsuspecting targets. The alleged scammers were friendly and affable, catching their marks off-guard, according to multiple victims. Like all “con” artists, they started by earning confidence. “They get your confidence first and make you feel like family; that they can help you. They are so smooth, I think they could make more money as actors than defrauding seniors and the disabled,” Patrice Stephens-Bourgeault told CTV News. She realized she might be a victim after reading the story of Sita Dubeau, a vulnerable senior living in Scarborough, who claims she paid $158,000 to roofing contractors, who vanished after receiving the money and without doing any work. Here’s how to spot these scams and protect yourself and your wallet from fraudsters.
A Toronto senior believes she fell victim to a costly roofing scam, paying $27,000 to charlatans posing as contractors who defrauded her and other unsuspecting targets. The alleged scammers were friendly and affable, catching their marks off-guard, according to multiple victims. Like all “con” artists, they started by earning confidence. “They get your confidence first and make you feel like family; that they can help you. They are so smooth, I think they could make more money as actors than defrauding seniors and the disabled,” Patrice Stephens-Bourgeault told CTV News. She realized she might be a victim after reading the story of Sita Dubeau, a vulnerable senior living in Scarborough, who claims she paid $158,000 to roofing contractors, who vanished after receiving the money and without doing any work. Here’s how to spot these scams and protect yourself and your wallet from fraudsters.
Condo inventory spikes—investors find deals
Buyers looking for deals on a condo purchase may be in luck. Inventory on condo listings soared in seven major markets across Canada in 2024, according to the RE/MAX Canada Condominium Report. Condos listings grew dramatically in some of the largest cities in Canada between January and August 2024. Report authors largely attributed this increase in listings to anticipation of increased demand in the last few months of 2024 and early moving into 2025. Condo listings grew by 58.7% in Fraser Valley, BC and 52.8% in Greater Toronto in 2024 "High interest rates and stringent lending policies pummelled first-time buyers in recent years, preventing many from reaching their homeownership goal, despite having to pay record high rental costs that mirrored mortgage payments," says Christopher Alexander, president of RE/MAX Canada in a recent statement. Alexander chalked up the dramatic increase in inventory — where the number of condos listed for sale rises faster than buyers willing to finalize a sale — as a temporary situation. "[This] current lull is the calm before the storm. Come spring of 2025, pent-up demand is expected to fuel stronger market activity, particularly at entry-level price points, as both first-time buyers and investors once again vie for affordable condominium product." Several markets are reporting a spike in condo listings with some market recording a more than 50% increase in condo listings.
Buyers looking for deals on a condo purchase may be in luck. Inventory on condo listings soared in seven major markets across Canada in 2024, according to the RE/MAX Canada Condominium Report. Condos listings grew dramatically in some of the largest cities in Canada between January and August 2024. Report authors largely attributed this increase in listings to anticipation of increased demand in the last few months of 2024 and early moving into 2025. Condo listings grew by 58.7% in Fraser Valley, BC and 52.8% in Greater Toronto in 2024 "High interest rates and stringent lending policies pummelled first-time buyers in recent years, preventing many from reaching their homeownership goal, despite having to pay record high rental costs that mirrored mortgage payments," says Christopher Alexander, president of RE/MAX Canada in a recent statement. Alexander chalked up the dramatic increase in inventory — where the number of condos listed for sale rises faster than buyers willing to finalize a sale — as a temporary situation. "[This] current lull is the calm before the storm. Come spring of 2025, pent-up demand is expected to fuel stronger market activity, particularly at entry-level price points, as both first-time buyers and investors once again vie for affordable condominium product." Several markets are reporting a spike in condo listings with some market recording a more than 50% increase in condo listings.
Salary top of mind for Canadian professionals
Salary is the biggest concern for Canadians in 2024, with more than nine in 10 professionals (92%) concerned about inflation outpacing salary growth and 51% feeling underpaid. This is according to Robert Half’s 2025 Canada Salary Guide. "Salary continues to be the biggest priority for professionals, as cost of living remains top of mind," David King, senior managing director at Robert Half, Canada and South America, said in a statement. "However, it's not the only thing that matters. In addition to benchmarking salaries, businesses need to ensure they have efficient hiring processes, and that they are offering attractive perks and benefits, flexibility in the workplace, and upskilling opportunities to hire, retain and train top talent in this evolving labour market." One-third of workers said they'll look for a new role if their employer does not raise their salary.
Salary is the biggest concern for Canadians in 2024, with more than nine in 10 professionals (92%) concerned about inflation outpacing salary growth and 51% feeling underpaid. This is according to Robert Half’s 2025 Canada Salary Guide. "Salary continues to be the biggest priority for professionals, as cost of living remains top of mind," David King, senior managing director at Robert Half, Canada and South America, said in a statement. "However, it's not the only thing that matters. In addition to benchmarking salaries, businesses need to ensure they have efficient hiring processes, and that they are offering attractive perks and benefits, flexibility in the workplace, and upskilling opportunities to hire, retain and train top talent in this evolving labour market." One-third of workers said they'll look for a new role if their employer does not raise their salary.
Gen Z and millennials spend the most this holiday
If you have a Gen Zer or millennial in your secret santa roster this year, you might be getting something special. With more members of Gen Z entering the workforce, and millennials moving up in their careers, their disposable income has increased and they plan on using it to spend some extra money this holiday season, according to the PwC Canadian Holiday Outlook Survey. In fact, the survey states how Gen Zs and millennials plan to spend an average of $2,296 and $2,233, respectively — both are increases of 55% and 51% over the last year. "Retailers across Canada are poised to benefit from a clear spending surge from younger Canadians this holiday season, despite the affordability challenges that make headlines every day," Elisa Swern, PwC Canada’s national retail and consumer leader, said in a statement. "If they adapt their business strategies to align with these shoppers' values and buying preferences, such as prioritizing quality and sustainability, and embracing digital payment platforms, retailers are poised to capitalize on the spending plans of these younger shoppers." That being said, it’s not just these younger generations that are expected to be dolling out more cash for cranberry sauce, frilly bows and getaways to escape the cold. Retailers should expect a 13% increase in spending from Canadians in general, for an average of $1,853 each.
If you have a Gen Zer or millennial in your secret santa roster this year, you might be getting something special. With more members of Gen Z entering the workforce, and millennials moving up in their careers, their disposable income has increased and they plan on using it to spend some extra money this holiday season, according to the PwC Canadian Holiday Outlook Survey. In fact, the survey states how Gen Zs and millennials plan to spend an average of $2,296 and $2,233, respectively — both are increases of 55% and 51% over the last year. "Retailers across Canada are poised to benefit from a clear spending surge from younger Canadians this holiday season, despite the affordability challenges that make headlines every day," Elisa Swern, PwC Canada’s national retail and consumer leader, said in a statement. "If they adapt their business strategies to align with these shoppers' values and buying preferences, such as prioritizing quality and sustainability, and embracing digital payment platforms, retailers are poised to capitalize on the spending plans of these younger shoppers." That being said, it’s not just these younger generations that are expected to be dolling out more cash for cranberry sauce, frilly bows and getaways to escape the cold. Retailers should expect a 13% increase in spending from Canadians in general, for an average of $1,853 each.
CRTC to help Canadians pay less on roaming charges
Travelling can often be expensive, especially when you factor in cell phone usage and the associated roaming fees providers charge to text, call or use data abroad. After a formal review, the Canadian Radio-television and Telecommunications Commission (CRTC) has decided Canadians often pay too much for these roaming charges, which are often inflexible and cause consumers to pay a flat fee of $10 to $16 per day, regardless of how much they use their mobile device. "Canadians need to stay connected when they travel, but often come home to high cell phone bills. The CRTC is taking action to help reduce roaming fees and is ready to launch a formal public proceeding if Canadians' concerns are not addressed,” Vicky Eatrides, the CRTC’s chairperson and CEO, said in a statement. To address these concerns, the CRTC is calling on large cell phone companies to take immediate action to provide affordable roaming options.
Travelling can often be expensive, especially when you factor in cell phone usage and the associated roaming fees providers charge to text, call or use data abroad. After a formal review, the Canadian Radio-television and Telecommunications Commission (CRTC) has decided Canadians often pay too much for these roaming charges, which are often inflexible and cause consumers to pay a flat fee of $10 to $16 per day, regardless of how much they use their mobile device. "Canadians need to stay connected when they travel, but often come home to high cell phone bills. The CRTC is taking action to help reduce roaming fees and is ready to launch a formal public proceeding if Canadians' concerns are not addressed,” Vicky Eatrides, the CRTC’s chairperson and CEO, said in a statement. To address these concerns, the CRTC is calling on large cell phone companies to take immediate action to provide affordable roaming options.
15 federal programs to help housing affordability
The Canadian federal government acknowledges that housing costs are a real challenge to most Canadians. In late 2023 and throughout 2024, the Canadian federal government introduced several key housing programs and incentives aimed at addressing the housing crisis and increasing affordability. Here’s a snapshot of the overall goals, along with a synopsis of each program or initiative and what it hopes to achieve.
The Canadian federal government acknowledges that housing costs are a real challenge to most Canadians. In late 2023 and throughout 2024, the Canadian federal government introduced several key housing programs and incentives aimed at addressing the housing crisis and increasing affordability. Here’s a snapshot of the overall goals, along with a synopsis of each program or initiative and what it hopes to achieve.
Canadians would quit over mental health benefits
With mental health challenges pervasive across the workforce, this growing concern has led to a strong demand for more accessible, inclusive and culturally sensitive mental health benefits. A new survey from GreenShield reveals one in three Canadians would leave their current job for more comprehensive mental health benefits. "These findings send a clear message: Canadians want more from their employers when it comes to mental health. The fact that a third of workers would leave for better mental health support highlights just how critical this issue has become," Zahid Salman, president and CEO of GreenShield, said in a statement. "As mental health challenges grow, so does the expectation for employers to step up. It's not just about offering benefits—it's about delivering the right kind of care that's accessible, confidential and culturally responsive to meet the diverse needs of today's workforce." Younger generations and marginalized groups are leading this trend, including 63% of 18 to 24 year olds and 57% of 2SLGBTQ+ workers.
With mental health challenges pervasive across the workforce, this growing concern has led to a strong demand for more accessible, inclusive and culturally sensitive mental health benefits. A new survey from GreenShield reveals one in three Canadians would leave their current job for more comprehensive mental health benefits. "These findings send a clear message: Canadians want more from their employers when it comes to mental health. The fact that a third of workers would leave for better mental health support highlights just how critical this issue has become," Zahid Salman, president and CEO of GreenShield, said in a statement. "As mental health challenges grow, so does the expectation for employers to step up. It's not just about offering benefits—it's about delivering the right kind of care that's accessible, confidential and culturally responsive to meet the diverse needs of today's workforce." Younger generations and marginalized groups are leading this trend, including 63% of 18 to 24 year olds and 57% of 2SLGBTQ+ workers.
Gen Z entrepreneurs more likely to skip university
Young business owners in Canada are far less likely to have gone to university than their older counterparts, new research from GoDaddy suggests. Just under half (47%) of Gen Z entrepreneurs surveyed indicated that they had a degree – this was significantly lower than the 65% of millennials, 58% of Gen X and 56% of baby boomers who reported they had graduated from university. "GoDaddy's research indicates entrepreneurship is becoming an increasingly attractive alternative to higher education. With higher education costs rising, we appear to be seeing a generational mindset shift in the way young people look at the value of university degrees,” Young Lee, head of GoDaddy Canada, said in a statement. "In many ways, it's never been easier to set up your own business…Small business owners in Canada can now build websites and have them live quickly and easily as they get started on their business journey." These findings are thanks to Venture Forward, a multi-year international research initiative by GoDaddy that conducted analysis on 770,000 Canadian online microbusinesses – those which typically employ 10 people or fewer.
Young business owners in Canada are far less likely to have gone to university than their older counterparts, new research from GoDaddy suggests. Just under half (47%) of Gen Z entrepreneurs surveyed indicated that they had a degree – this was significantly lower than the 65% of millennials, 58% of Gen X and 56% of baby boomers who reported they had graduated from university. "GoDaddy's research indicates entrepreneurship is becoming an increasingly attractive alternative to higher education. With higher education costs rising, we appear to be seeing a generational mindset shift in the way young people look at the value of university degrees,” Young Lee, head of GoDaddy Canada, said in a statement. "In many ways, it's never been easier to set up your own business…Small business owners in Canada can now build websites and have them live quickly and easily as they get started on their business journey." These findings are thanks to Venture Forward, a multi-year international research initiative by GoDaddy that conducted analysis on 770,000 Canadian online microbusinesses – those which typically employ 10 people or fewer.
Canadians would pay to offset shipping emissions
More than two-thirds of Canadians (64%) would pay a premium for their shipped and imported goods as a way to compensate for the carbon emissions and the climatic damage shipping these items does to the environment. The findings are from the fifth annual survey launched by Clear Seas, a Canadian not-for-profit organization that monitors marine shipping issues. According to this recent survey, approximately 1 in 5 (about 18%) of Canadians are willing to pay a 2% surcharge on their goods in order to offset greenhouse gases caused by international shipping. Unfortunately, the path to a cleaner supply chain isn't straight forward.
More than two-thirds of Canadians (64%) would pay a premium for their shipped and imported goods as a way to compensate for the carbon emissions and the climatic damage shipping these items does to the environment. The findings are from the fifth annual survey launched by Clear Seas, a Canadian not-for-profit organization that monitors marine shipping issues. According to this recent survey, approximately 1 in 5 (about 18%) of Canadians are willing to pay a 2% surcharge on their goods in order to offset greenhouse gases caused by international shipping. Unfortunately, the path to a cleaner supply chain isn't straight forward.
Money.ca Digest