The Daniels Family, one of the largest families in the Real Estate Business, have donated $14 million dollars to the University of Toronto School of Architecture, and with this donation the school will endow a scholarship fund for outstanding architecture, landscape and design for students.
"The Faculty of Architecture, Landscape and Design has a fabulous tradition of contributing to the creation of beautiful and functional buildings and sustainable cities," says David Naylor, President, University of Toronto. "The Daniels' remarkable benefaction will play a pivotal role in the education of the next generation of architecture leaders in Canada."
The Dean of the newly named John H. Daniels Faculty of Architecture says that this gift will help the Faculty solidify its position among the top architectural schools in North America. "We thank John and Myrna for their outstanding leadership and for providing U of T with an opportunity to recruit the country's top students," says George Baird. "Of the $14-million donation, $9 million is designated towards a renovation and expansion of the building the school has occupied since the 1960s."
The gift will be forwarded to towards students in their first year of unviersity, and will be named after the donars. John Daniels is a proud member of the U of T alumi, and had much praise for the school in his ceromony marking the donation of the gift from his family to the school. He has stated that his current success in the real estate field in Toronto and real estate development in general is a direct result of his education that he recieved at the Universiity of Toronto.
The Daniels family has a long history of work in Toronto and some of the projects they are responsible for but you might not have known their involvement include, the Toronto Eaton Centre, The Toronto Dominon Bank and the Toronto International Film Festival Building, to which they also donated the land.
Source of the materials for the blog post Canadian Architect Magazine
New Trends in Condo Buying Emerging in the Toronto Area
A few new trends to watch out for in the Toronto area when it comes to buying homes as well as buying condos. When it comes to buying homes, the latest tactic is to put a property which had previously been listed on the MLS system, on a bidding site, or list through an auction house to get buyers, sending the price of single detached homes soaring.
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Busy Condo Market Boosts Toronto Home Sales
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The Canadian Home Mortage Corporation (CMHC) set to alter Mortgage Insurance Rates
The federal agency which regulates mortgage insurance in Canada is set to alter the rates which is charges new home buyers to insure their mortgages against the risk of default. These premiums which new homeowners must pay to get CMHC insurance may also impact the ability of homebuyers to purchase their homes. The federal government has been trying for quite some time to reign in the Toronto and Vancouver Housing markets where the average cost of a single family detached home has now reached over $1 million dollars.
RBC Financial Group Warns, that Rising Mortgage Rates will Make Home Ownership Unaffordable for Most Canadians.
The Royal Bank of Canada is warning that the tide of rising interest rates will make home ownership for most Canadians unaffordable. This will be very true in Toronto and Vancouver where home prices have recently climbed over $1 Million dollars for a single family detached home. Servicing of interest related to home ownership such as mortgage rates, as well as mortgage insurance are set to rise, or have been rising over the past year. The longer term interest rates are moving at such a pace that the incomes of most Canadians will not be able to keep up. The good news however is that the rising interest rates foretell a improving economy for most Canadians looking to improve their financial situation
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