Toronto Islands Residential Community Stewardship Act, 1993
Loi de 1993 sur l’administration de la zone résidentielle des îles de Toronto
ONTARIO REGULATION 817/93
GENERAL
Historical version for theperiod August 12, 1996 to September 29, 2008.
Last amendment: O.Reg. 362/96.
This Regulation is made in English only.
1.In this Regulation,
“bank rate” means the bank rate established by the Bank of Canada as the minimum rate at which the Bank of Canada makes short term advances to banks listed in Schedule I to the Bank Act (Canada). O.Reg. 817/93, s.1.
2.(1)The total debt to be levied by the City under subsection 5 (4) of the Act is $1,012,293 plus interest as determined under subsection (2). O.Reg. 817/93, s.2(1).
(2)The interest shall be calculated from the day the Act came into force at the bank rate in effect on that day plus 2 per cent and adjusted every three months to reflect the current bank rate plus 2 per cent. O.Reg. 817/93, s.2(2).
(3)For a charge levied under subsection 5 (4) of the Act in respect of the debt for sewer and water infrastructure,
(a)a lump sum payment shall be required for land leases purchased under section 19 of the Act or for any other land leases if the person who is to make the payment so requests;
(b)periodic payments shall be required in circumstances other than the circumstances described in clause (a). O.Reg. 362/96, s.1.
(4)The amortization period used to calculate the periodic payments under clause (3) (b) is 15 years. O.Reg. 362/96, s.1.
3., 4.Revoked: O.Reg. 362/96, s.2.
5.The maximum period of time that a protected occupant is entitled to exclusive occupation under subsection 9 (5) of the Act is thirty months. O.Reg. 817/93, s.5.
6.(1)An owner who is at least sixty years of age qualifies for the purchase price set out in subsection 17 (4) of the Act or the adjusted discounted purchase price under subsection 17 (5) of the Act if his or her housing costs would exceed 25 per cent of the total income before taxes from all sources for all household members. O.Reg. 817/93, s.6(1).
(2)For the purposes of subsection (1), housing costs are the total of,
(a)an amount equal to principal and interest at the prevailing rate for a conventional mortgage having a three-year term and an amortization period of 25 years for the purchase price of a land lease;
(b)an amount equal to principal and interest at the prevailing rate for a conventional mortgage having a three-year term and an amortization period of 25 years to cover the physical rehabilitation required to bring the house up to the minimum standard required by the Fire Code;
(c)estimated municipal taxes and the most recent annual charge in respect of the debt for the sewer and water infrastructure; and
(d)the most recent annual heating costs. O.Reg. 817/93, s.6(2).
(3)The Trust is responsible for the administration of this section. O.Reg. 817/93, s. 6(3).
7.(1)In this section, “accumulated rate of inflation” is calculated using the monthly, all items consumer price index published for the Toronto census metropolitan area by Statistics Canada and is determined as follows:
where
CPI(A) =the consumer price index for October, 1993,
CPI(B) =the consumer price index for the second month prior to the time of sale of the lease.
O.Reg. 817/93, s.7(1).
(2)Revoked: O.Reg. 362/96, s. 3(1).
(3)On or after the first anniversary of the day the Act came into force, the purchase price for a land lease under subsections 17 (5), 19 (11), 21(5) and (6) and sections 22 and 23 of the Act is the adjusted purchase price calculated as follows:
where
Ap = adjusted purchase price,
P =original purchase price for land lease under subsection 17 (3) of the Act,
D =the number of days after the proclamation of the Act,
I =accumulated rate of inflation.
O.Reg. 817/93, s.7(3).
(4)Despite subsection (3), on or after the first anniversary of the day the Act came into force, the purchase price for a land lease under subsection 17 (5) of the Act to an owner who meets the age and need requirements set out in section 6 is the adjusted discounted purchase price calculated as follows:
where
Ar = adjusted discounted purchase price,
R =original discounted purchase price for land lease under subsection 17 (4) of the Act,
D =the number of days after the proclamation of the Act,
I =accumulated rate of inflation.
O.Reg. 817/93, s.7(4).
(5)The proceeds from the sale of a land lease under subsections 21 (5) and (6) and section 22 of the Act or from the sale under subsection 23 (2) of the Act of a land lease referred to in clause 23 (1) (c) of the Act shall be distributed as follows:
1.The vendor or estate of the deceased owner is entitled to receive an amount calculated as follows:
where
P = original purchase price for land lease under subsection 17 (3) of the Act,
D =the number of days after the proclamation of the Act,
Ap = the adjusted purchase price as calculated under subsection (3).
2.The City of Toronto is entitled to receive the remainder of the proceeds. O.Reg. 817/93, s.7(5); O.Reg. 362/96, s.3(2, 3).
(6)Despite subsection (5), if the vendor is an individual who purchased the land lease at a discounted or adjusted discounted purchase price under subsection 17 (4) or (5) of the Act, the proceeds from the sale of a land lease under section 22 of the Act or from the sale under subsection 23 (2) of the Act of a land lease referred to in clause 23 (1)(c) of the Act shall be distributed as follows:
1.The vendor or estate of the deceased owner is entitled to receive an amount calculated as follows:
where
R =original discounted purchase price for land lease under subsection 17 (4) of the Act,
D =the number of days after the proclamation of the Act,
Ar = the adjusted discounted purchase price as calculated under subsection (4).
2.The City of Toronto is entitled to receive the remainder of the proceeds. O.Reg. 817/93, s.7(6); O.Reg. 362/96, s.3(4).
(7)The proceeds from the sale under subsection 23 (2) of the Act of a land lease referred to in clause 23 (1) (a) or (b) of the Act shall be distributed in accordance with subsection 17 (11) of the Act. O.Reg. 817/93, s.7(7).
(8)The payment required under subsection 21 (7) of the Act shall be calculated as follows:
where
Ap = adjusted purchase price calculated under subsection (3),
P =original purchase price for land lease under subsection 17 (3) of the Act,
D =the number of days after the proclamation of the Act.
O.Reg. 817/93, s.7(8).
(9)The Trust shall transfer the payment received under subsection (8) to the City of Toronto. O.Reg. 817/93, s.7(9); O.Reg. 362/96, s.3(5).
(10)Despite subsection (8), the payment required under subsection 21 (7) of the Act, if the deceased owner was an individual who purchased the land lease under subsection 17 (4) or (5) of the Act at a discounted or adjusted discounted purchase price, shall be calculated and paid in the following manner:
1.The Trust shall transfer the following amount to the City of Toronto:
where
Ap = adjusted purchase price calculated under subsection (3),
Ar = adjusted discounted purchase price calculated under subsection (4).
2.The Trust shall also transfer the following amount to the City of Toronto:
where
Ar = adjusted discounted purchase price calculated under subsection (4),
R =original discounted purchase price for land lease under subsection 17 (4) of the Act,
D =the number of days after the proclamation of the Act.
O.Reg. 817/93, s.7(10); O.Reg. 362/96, s.3(6).
(11)The vendor is entitled to the proceeds from the sale of a house under section 22 of the Act and the sale under subsection 23 (2) of a house referred to in clause 23 (1) (b) of the Act. O.Reg. 817/93, s.7(11).
(12)The Trust is entitled to the proceeds from the sale under subsection 23 (2) of the Act of a house referred to in clause 23 (1) (a) of the Act. O.Reg. 817/93, s.7(12).
(13)The estate of the deceased owner is entitled to the proceeds from the sale under subsection 23 (2) of the Act of a house referred to in clause 23 (1) (c) of the Act. O.Reg. 817/93, s.7(13).
(14)Despite this section, the proceeds from a sale to which a vendor or estate of a deceased owner would otherwise be entitled shall firstly be distributed by the Trust in payment to any mortgagees, chargees and lien holders according to their priorities. O.Reg. 800/94, s.1.
(15)In a sale under subsection 23 (2) of the Act in respect of a deceased owner, the distribution under subsection (14) shall be in relation to those mortgages, charges and liens outstanding immediately before the death of the deceased owner. O.Reg. 800/94, s.1.
8.(1)The annual occupation charge for the land, from the fifteenth day after the first land lease is offered by the Trust to any owner of a house until the end of the interim period referred to in subsection 28 (1) of the Act, is an amount equal to 8 per cent of the original purchase price of the land lease. O.Reg. 800/94, s.2.
(2)The occupation charge is payable monthly, in advance, on the first day of each month. O.Reg. 817/93, s.8(2).
(3)If the payment becomes payable on a day other than the first day of a month, the occupation charge shall be pro-rated over the remainder of the first month. O.Reg. 817/93, s.8(3).
(4)Interest calculated at the bank rate plus 2 per cent shall be added to any occupation charge that is unpaid thirty days after the date it was due. O.Reg. 817/93, s.8(4).
(5)The Trust shall forward the occupation charge plus any interest collected under subsection (4) for the land to the City within thirty days after receiving it. O.Reg. 817/93, s.8(5).
(6)A protected occupant may apply to the Trust for a reduction or waiver of the occupation charge for the land. O.Reg. 817/93, s.8(6).
(7)The protected occupant qualifies for the reduction or waiver if the total housing costs for the house he or she is occupying, without a reduction, would exceed 25 per cent of the total household income before taxes from all sources for all household members. O.Reg. 817/93, s.8(7).
(8)For the purposes of subsection (7), housing costs are the total of,
(a)the applicable occupation charge for the land, without a reduction;
(b)the occupation charge for the house occupied;
(c)estimated municipal taxes and the most recent annual charge in respect of the debt for the sewer and water infrastructure; and
(d)the most recent annual heating costs. O.Reg. 817/93, s.8(8).
(9)The Trust shall reduce the land occupation charge by the lesser of,
(a)the full amount; and
(b)the amount required to reduce the protected occupant’s housing costs to 25 per cent of the total income before taxes from all sources of all household members. O.Reg. 817/93, s.8(9).
(10)For the purposes of this section, the Trust shall use the definitions of “income” and the income verification procedures set out in sections 0402-01 to 0411-03 of the non-profit administrative manual published by the Ministry of Housing. O.Reg. 817/93, s.8(10).
9.(1)The annual occupation charge for the house, from the day on which the individual is determined by the Commissioner to be a protected occupant to the end of the protected occupancy, is an amount equal to 8 per cent of the initial appraised value of the house. O.Reg. 817/93, s.9(1).
(2)The occupation charge is payable monthly, in advance, on the first day of each month. O.Reg. 817/93, s.9(2).
(3)If the payment becomes payable on a day other than the first day of the month, the occupation charge shall be pro-rated over the remainder of the first month. O.Reg. 817/93, s.9(3).
(4)Interest calculated at the bank rate plus 2 per cent shall be added to any occupation charge that is unpaid thirty days after the date it was due. O.Reg. 817/93, s. 9(4).
10.(1)All appraisals under section 13 of the Act shall be carried out by an accredited appraiser selected by the Trust. O.Reg. 817/93, s.10(1).
(2)The Trust shall select a minimum of three appraisers and maintain a list of their names. O.Reg. 817/93, s.10(2).
(3)The appraised value of a house shall be calculated using the following formula:
where
A =the undepreciated replacement cost new of the existing house and buildings as determined by the appraiser,
B =the estimated cost of bringing any deficiencies in the subject residence up to the standards of Toronto Housing By-law #73-68,
C =the effective age of the house as defined in the Principles of Appraisal published by the Ontario Real Estate Association multiplied by one per cent,
D =the present value of the lateral sanitary sewer and water services, walkways and site improvements,
E =the present value of any development fee paid by the initial purchaser of a vacant land lease to the Trust in an amount not to exceed $14,500 excluding any amount attributable to the items referred to in D.
O.Reg. 362/96, s.4.
(4)Revoked: O.Reg. 800/94, s.3(2).
11.Revoked: O.Reg. 362/96, s.5.
12.(1)The maximum purchase price of a house under clause 17(6)(c), subsection 19 (12), 21 (5) or (6), 22 (2) or 23 (2) or (10) of the Act is the sum of the appraised value as determined under section 10 plus the equity amount as determined under this section. O.Reg. 362/96, s.6.
(2)The equity amount is calculated from the date that a house is transferred to the first owner to the date that it is sold by the first owner or any subsequent owner, as applicable. O.Reg. 800/94, s.5(1).
(3)The equity amount attributable to a house is calculated on a daily basis. O.Reg. 817/93, s.12(3).
(4)The initial appraised value carried out under subclause 13(3)(d)(i) of the Act shall be deemed to be the appraised value of the house on the day that the house is transferred to the owner by the Province. O.Reg. 817/93, s.12(4).
(5)The equity amount for a house at the end of the first day the house is transferred to an owner by the Province is the initial appraised value of the house multiplied by 0.0000411. O.Reg. 817/93, s.12(5).
(6)The equity amount for a house at the end of each following day of ownership is the sum of,
(a)the equity amount for the previous day multiplied by 1.0000822; and
(b)the actual or imputed appraised value of the house for the previous day multiplied by 0.0000411. O.Reg. 817/93, s. 12(6).
(7)The imputed appraised value of a house referred to in subsection (6) is calculated as follows:
where
L =appraised value of the house for the previous day,
E =the next available actual appraised value of the house following the day for which the imputed appraised value is being calculated,
D =number of days elapsed between the days referred to in L and the day represented by E.
O.Reg. 817/93, s.12(7).
(8)In calculating an imputed appraised value for a house under subsection (7), if an actual appraised value is not available, L means the imputed appraised value of the house for the previous day. O.Reg. 817/93, s.12(8).
(9)Nothing in this section prevents the Trust from offering a house and land lease for sale where the purchase price for the house component is less than the maximum purchase price in subsection (1) if so directed by the owner. O.Reg. 800/94, s.5(2).
13.The purchase price calculated under section 7 or 12 shall, in the case of a sale of an interest held in joint tenancy, be reduced to reflect the proportion that the joint interest held bears to the amount otherwise determined. O.Reg. 817/93, s.13.
14.(1)Any individual may apply to purchase a house and land lease or vacant land lease by writing to the Toronto Islands Residential Community Trust Corporation at 102 Lakeshore Avenue, Toronto, Ontario, M5J 1X8. O.Reg. 800/94, s.6.
(2)The application shall include the name, address and telephone number of each individual applying to purchase a house and land lease and any application fee which may be required by the Trust. O.Reg. 817/93, s. 14(2).
15.Revoked: O.Reg. 362/96, s.7.
16.Revoked: O.Reg. 362/96, s.8.
16.1Additional objects of the Trust are to facilitate the financing of a house and land lease or vacant land lease which may include making loans, taking a mortgage, holding a mortgage, assigning a mortgage, entering into agreements respecting the enforcement of a mortgage, effecting sales under section 22 of the Act and obtaining a guarantee of loans or parts of loans and assigning such guarantee. O.Reg. 800/94, s.8.
16.2Every land lease of land on which a house is situate and every vacant land lease shall contain the following additional conditions:
1.Except as provided in paragraph 2, an owner shall occupy the house for a minimum of 220 days in each calendar year after the year of purchase.
2.A house may be subleased for no more than two years in any five-year period without permission of the Trust and the Trust may extend the sublease for up to one additional year to a total maximum of three years.
3.Each owner must sign a statutory declaration stating that he or she will occupy the house as his or her principal residence and that he or she has read the provisions of the lease requiring the use of the house as a principal residence.
4.The owner may not mortgage or charge the house and land lease without first notifying the Trust. O.Reg. 800/94, s.8.
16.3The purchase price under clause 19 (10) (b) of the Act for a land lease for land on Algonquin Island is$46,000. O.Reg. 362/96, s.9.
16.4The rights of way over the lands described in Schedule 1, together with the related property, plant and equipment, are prescribed for the purposes of paragraph 1 of subsection 4 (1.1) of the Act (sewer and water infrastructure). O.Reg. 362/96, s.9.
16.5The lands described in Schedule 2 are prescribed for the purposes of paragraph 2 of subsection 4 (1.1) of the Act. O.Reg. 362/96, s.9.
16.6The rights of way over the lands described in Schedule 3, together with the related property, plant and equipment, are prescribed for the purposes of subsection 4.1 (1) of the Act (Toronto Hydro). O.Reg. 362/96, s.9.
16.7The following buildings, together with their accessory buildings and structures, are prescribed for the purposes of paragraph 2 of section 4.2 of the Act:
1.The building known as the “Algonquin Island Club House” located at 18 Wyandot Avenue on Algonquin Island.
2.The building known as the “Shaw House” located at 108 Lakeshore Avenue on Ward’s Island.
3.The building known as the “Rectory” located at 102 Lakeshore Avenue on Ward’s Island.
4.The building known as the “Old Firehall” located at 101 Cibola Avenue on Ward’s Island.
5.The buildings known as the “Ward’s Island Clubhouse Buildings” located at 18 and 20 Withrow Street on Ward’s Island. O.Reg. 362/96, s.9.
16.8The lands known municipally by the addresses set out in Schedule 4, together with the houses, buildings and structures on the land, are prescribed for the purposes of paragraph 2 of subsection 33 (2) of the Act and paragraph 2 of subsection 33 (3) of the Act (Building Code proceedings and applications). O.Reg. 362/96, s.9.
17.Omitted (provides for coming into force of provisions of this Regulation). O.Reg. 817/93, s.17.
Schedule 1
Rights of way — sewer and water infrastructure (Section 16.4)