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The Singapore Solution: Adam Gant Discovers the Key to Housing Affordability

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When it comes to scarcity in the housing market, could the second largest nation on the planet learn from one of the world’s smallest?

Canadian real estate investor Adam Gant thinks so. For years he’s studied how real estate markets work across cultures and continents, traveling the world to find innovative ways to improve access and affordability for North American families who are locked out of the current system, their dreams deferred.

In the tiny city-state of Singapore, he discovered something remarkable: a financing model that has resulted in a homeownership rate of 92 percent, creating a strong civic foundation of families who acquire a stake in the system by owning property.

Adam Gant returned home to Canada with this revelation and hasn’t stopped promoting it ever since. In symposia, media appearances, white papers, and even a novel, he has described the essence of the Singapore residential property system, which he terms “shared equity.” It’s a template for Canadian and U.S. financial institutions, real estate professionals and policymakers, he contends; a way to solve the endemic housing crisis that is keeping home ownership out of reach for millions.

Beginning in the early 70s, Singapore embarked on an ambitious government program to turn a nation of renters into a society of property-owning stakeholders. The vehicle for this was its Housing Development Board, or HDB, which combines housing development with financing programs that are accessible to the citizenry.

The HDB builds, sells and finances. The goal is to keep down payments low and monthly payments affordable. The benefits have cascaded through society, allowing families to accumulate equity that provides financial stability and helps ensure secure retirements.

“How the HDB is different from CMHC in Canada or the housing finance agencies like Fannie Mae and Freddie Mac in the U.S., is that the HDB developed housing projects and offered self-insured financing in them,” says Adam Gant.

“The other key, and more profound difference in Singapore’s financing model, and the major missing piece in Canada and the U.S., is that the HDB did not get all of the ‘interest’ on the mortgage financing provided from the home purchaser’s monthly payment. They deferred part of the return on capital to the eventual sale of the home.”

This financing mechanism is at the heart of the HDB’s approach, Gant explains. “The home purchaser does not have to come up with all of the funds to repay the financing out of their own pocket; the home itself covers some of the costs out of its appreciation in value over time. Singapore has even turned housing into a supplement for retirement income by having ‘full life-cycle’ options for converting equity into additional income like an annuity triggered at retirement age.”

Adam Gant laid out the principles of this “shared equity” concept in a novel he co-wrote with Patricia Nicholson in 2020. A House Shared is a fictional account of a family whose sudden misfortunes push it to the edge of bankruptcy and homelessness. Shared equity is the solution for the book’s protagonists and is presented as a template for the wider society. The concept provides an epilogue of hope, as well as a preface for fundamental change in U.S. and Canadian models of home ownership.

Stepping away from the role of narrator, Gant urges North American financial and political elites to explore ways to apply the example of the Southeast Asian city-state: “Just like Singapore has aligned their housing fund that provides the capital used to construct homes with a funding source for the long-term solution which helps home buyers build up the down payment they need to eventually own, we need housing funds that can operate the same way in Canada and the U.S. We need ‘equity funds’ that finance housing development and shared equity agreements for home purchasers.”

If Adam Gant succeeds in his mission, the Canadian author will prove wrong another writer known for his love and admiration of Singapore: Rudyard Kipling, who nearly a century before the HDP began setting an example for the world, wrote: “East is East and West is West, and never the twain shall meet.”

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Bad traffic, changed plans: Toronto braces for uncertainty of its Taylor Swift Era

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TORONTO – Will Taylor Swift bring chaos or do we all need to calm down?

It’s a question many Torontonians are asking this week as the city braces for the arrival of Swifties, the massive fan base of one of the world’s biggest pop stars.

Hundreds of thousands are expected to descend on the downtown core for the singer’s six concerts which kick off Thursday at the Rogers Centre and run until Nov. 23.

And while their arrival will be a boon to tourism dollars — the city estimates more than $282 million in economic impact — some worry it could worsen Toronto’s gridlock by clogging streets that already come to a standstill during rush hour.

Swift’s shows are set to collide with sports events at the nearby Scotiabank Arena, including a Raptors game on Friday and a Leafs game on Saturday.

Some residents and local businesses have already adjusted their plans to avoid the area and its planned road closures.

Aahil Dayani says he and some friends intended to throw a birthday bash for one of their pals until they realized it would overlap with the concerts.

“Something as simple as getting together and having dinner is now thrown out the window,” he said.

Dayani says the group rescheduled the gathering for after Swift leaves town. In the meantime, he plans to hunker down at his Toronto residence.

“Her coming into town has kind of changed up my social life,” he added.

“We’re pretty much just not doing anything.”

Max Sinclair, chief executive and founder of A.I. technology firm Ecomtent, suggested his employees avoid the company’s downtown offices on concert days, saying he doesn’t see the point in forcing people to endure potential traffic jams.

“It’s going to be less productive for us, and it’s going to be just a pain for everyone, so it’s easier to avoid it,” Sinclair said.

“We’re a hybrid company, so we can be flexible. It just makes sense.”

Swift’s concerts are the latest pop culture moment to draw attention to Toronto’s notoriously disastrous daily commute.

In June, One Direction singer Niall Horan uploaded a social media video of himself walking through traffic to reach the venue for his concert.

“Traffic’s too bad in Toronto, so we’re walking to the venue,” he wrote in the post.

Toronto Transit Commission spokesperson Stuart Green says the public agency has been working for more than a year on plans to ease the pressure of so many Swifties in one confined area.

“We are preparing for something that would be akin to maybe the Beatles coming in the ‘60s,” he said.

Dozens of buses and streetcars have been added to transit routes around the stadium, and the TTC has consulted the city on potential emergency scenarios.

Green will be part of a command centre operated by the City of Toronto and staffed by Toronto police leaders, emergency services and others who have handled massive gatherings including the Raptors’ NBA championship parade in 2019.

“There may be some who will say we’re over-preparing, and that’s fair,” Green said.

“But we know based on what’s happened in other places, better to be over-prepared than under-prepared.”

Metrolinx, the agency for Ontario’s GO Transit system, has also added extra trips and extended hours in some regions to accommodate fans looking to travel home.

A day before Swift’s first performance, the city began clearing out tents belonging to homeless people near the venue. The city said two people were offered space in a shelter.

“As the area around Rogers Centre is expected to receive a high volume of foot traffic in the coming days, this area has been prioritized for outreach work to ensure the safety of individuals in encampments, other residents, businesses and visitors — as is standard for large-scale events,” city spokesperson Russell Baker said in a statement.

Homeless advocate Diana Chan McNally questioned whether money and optics were behind the measure.

“People (in the area) are already in close proximity to concerts, sports games, and other events that generate massive amounts of traffic — that’s nothing new,” she said in a statement.

“If people were offered and willingly accepted a shelter space, free of coercion, I support that fully — that’s how it should happen.”

This report by The Canadian Press was first published Nov. 13, 2024.



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‘It’s literally incredible’: Swifties line up for merch ahead of Toronto concerts

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TORONTO – Hundreds of Taylor Swift fans lined up outside the gates of Toronto’s Rogers Centre Wednesday, with hopes of snagging some of the pop star’s merchandise on the eve of the first of her six sold-out shows in the city.

Swift is slated to perform at the venue from Thursday to Saturday, and the following week from Nov. 21 to Nov. 23, with concert merchandise available for sale on some non-show days.

Swifties were all smiles as they left the merch shop, their arms full of sweaters and posters bearing pictures of the star and her Eras Tour logo.

Among them was Zoe Haronitis, 22, who said she waited in line for about two hours to get $300 worth of merchandise, including some apparel for her friends.

Haronitis endured the autumn cold and the hefty price tag even though she hasn’t secured a concert ticket. She said she’s hunting down a resale ticket and plans to spend up to $600.

“I haven’t really budgeted anything,” Haronitis said. “I don’t care how much money I spent. That was kind of my mindset.”

The megastar’s merchandise costs up to $115 for a sweater, and $30 for tote bags and other accessories.

Rachel Renwick, 28, also waited a couple of hours in line for merchandise, but only spent about $70 after learning that a coveted blue sweater and a crewneck had been snatched up by other eager fans before she got to the shop. She had been prepared to spend much more, she said.

“The two prized items sold out. I think a lot more damage would have been done,” Renwick said, adding she’s still determined to buy a sweater at a later date.

Renwick estimated she’s spent about $500 in total on “all-things Eras Tour,” including her concert outfit and merchandise.

The long queue for Swift merch is just a snapshot of what the city will see in the coming days. It’s estimated that up to 500,000 visitors from outside Toronto will be in town during the concert period.

Tens of thousands more are also expected to attend Taylgate’24, an unofficial Swiftie fan event scheduled to be held at the nearby Metro Toronto Convention Centre.

Meanwhile, Destination Toronto has said it anticipates the economic impact of the Eras Tour could grow to $282 million as the money continues to circulate.

But for fans like Haronitis, the experience in Toronto comes down to the Swiftie community. Knowing that Swift is going to be in the city for six shows and seeing hundreds gather just for merchandise is “awesome,” she said.

Even though Haronitis hasn’t officially bought her ticket yet, she said she’s excited to see the megastar.

“It’s literally incredible.”

This report by The Canadian Press was first published Nov. 13, 2024.

The Canadian Press. All rights reserved.



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Via Rail seeks judicial review on CN’s speed restrictions

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OTTAWA – Via Rail is asking for a judicial review on the reasons why Canadian National Railway Co. has imposed speed restrictions on its new passenger trains.

The Crown corporation says it is seeking the review from the Federal Court after many attempts at dialogue with the company did not yield valid reasoning for the change.

It says the restrictions imposed last month are causing daily delays on Via Rail’s Québec City-Windsor corridor, affecting thousands of passengers and damaging Via Rail’s reputation with travellers.

CN says in a statement that it imposed the restrictions at rail crossings given the industry’s experience and known risks associated with similar trains.

The company says Via has asked the courts to weigh in even though Via has agreed to buy the equipment needed to permanently fix the issues.

Via said in October that no incidents at level crossings have been reported in the two years since it put 16 Siemens Venture trains into operation.

This report by The Canadian Press was first published Nov. 13, 2024.

Companies in this story: (TSX:CN)

The Canadian Press. All rights reserved.



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