The Toronto District School Board has parted ways with the chief executive officer of its real estate subsidiary, 10 months after a review found there was significant distrust between the two organizations.
The TDSB replaced Daryl Sage on Monday as CEO of Toronto Lands Corporation, which manages the board’s $20-billion real estate portfolio.
“After careful consideration, the difficult decision has been made to part ways with Daryl Sage as TLC’s CEO effective immediately,” director of education Colleen Russell-Rawlins wrote in a memo to trustees on Monday.
Mr. Sage did not respond to an e-mail seeking comment.
Mr. Sage’s departure follows a September, 2022, performance review of Toronto Lands that found the two organizations had been in a dysfunctional relationship for years marked by “tension and distrust” and “many conflicts and inefficiencies.” The Globe and Mail published an article on the confidential report last Friday.
The review, which was commissioned by the TDSB and conducted by the Bay Street law firm Dentons, also found that Toronto Lands met provincial government officials without the full board’s approval, pursued its own independent goals and attempted to circumvent executive pay freeze legislation in seeking a raise for Mr. Sage.
The TDSB is one of the largest landowners in Toronto, with more than 600 schools and other properties. Toronto Lands, which was founded in 2008 and is unique in Canada, raises funds to repair aging schools through property sales. It also handles leases and land-use planning.
The revelations in the Dentons report surfaced at a critical time, as Ontario Premier Doug Ford’s government has set its sights on using surplus school lands to ease the province’s housing crisis with new legislation known as Bill 98. The government’s move raises questions about how much input boards will have when it comes to selling off valuable property.
In her memo to trustees, Ms. Russell-Rawlins referred to the Dentons report, saying “significant actions” have since been taken to strengthen relationships, including the TDSB’s appointment last month of four new citizen directors to Toronto Lands’s board of directors. She also said the TDSB had renewed a document outlining Toronto Lands’s mandate and responsibilities.
“TLC is embarking on a bold new phase in its governance and operations and has the capacity to take a pro-active approach to advising the Board of Trustees on the impacts of Bill 98. There is positive momentum, but there is also much work ahead of us,” she wrote.
It is not clear, however, what role Toronto Lands will have in managing the TDSB’s real estate assets once Bill 98 comes into force. The bill passed third and final reading last month, but the government has yet to release regulations detailing how it will control school land sales. In a recent interview, Education Minister Stephen Lecce did not respond directly when asked whether he envisions a role for Toronto Lands under the legislation.
In her memo, Ms. Russell-Rawlins said that the TDSB decided to part ways with Mr. Sage “given the aforementioned changes and the future priorities for TLC. We are grateful for Daryl’s contributions to TDSB and TLC and wish him well in the future.” Mr. Sage took the helm of Toronto Lands in January, 2014.
As part of the fallout from the Dentons review, Mr. Sage reported to Ms. Russell-Rawlins, rather than to the board of directors of Toronto Lands.
In addition, after Dentons issued its report to the TDSB last fall, board staff recommended changing the leadership at Toronto Lands, according to a confidential presentation obtained by The Globe.
The TDSB also gave itself a majority of seats on Toronto Lands’s board of directors. Previously, a majority of the subsidiary’s directors came from the private sector, many with experience in real estate and finance. However, before the TDSB’s restructuring took effect, Toronto Lands’s citizen directors resigned en masse in January.
The TDSB appointed Ryan Glenn, who was Toronto Lands’s director of real estate, leasing and strategic partnerships, as interim CEO.
Mr. Glenn began working at Toronto Lands last November. Before that, he was vice-president of client and stakeholder relations at CreateTO, the city of Toronto’s real estate agency.
The TDSB said it would retain an executive search firm to recruit a new CEO for Toronto Lands and expects the hiring process to be completed in late fall.
“Filling this role in a timely manner is important as TDSB and TLC continue to modernize and maximize the potential of our real estate portfolio for the benefit of our students and school communities,” TDSB spokesman Ryan Bird said in an e-mail to The Globe on Tuesday.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
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