World Headlines: What's a home actually worth these days?

First Up

By Manuela Vega

Good morning. Here’s the latest on Toronto’s first “strong mayor” budget, the flying objects in North American skies and the GTA housing market.

DON’T MISS

Steve Russell/The Star

city hall

Mayor John Tory and councillors are in for a bizarre budget session

Despite promising to resign Friday night in the wake of a Star investigation revealing he had a relationship with a former staffer, Tory will present Toronto’s budget today — the first since he was granted “strong mayor” powers. Councillors, however, have said they won’t make a scene. Instead, they’ll focus on doing what they can to keep warming centres open, scrap the planned budget boost for police and more, David Rider and Ben Spurr report. Here’s what you need to know.

Context: Tory’s $16.2-billion spending plan relies on the hope that provincial and federal governments give the city $1.5 billion in 2022 and 2023 pandemic aid.
What we know: This is who Doug Ford’s advisers would like to replace Tory.
What we don’t know: Tory has not publicly commented on the budget, or when and if he’ll resign. Allies are pleading for him to stay and an opinion poll shows Torontonians are split on the subject.
Shree Paradkar’s take: You can laugh at the Tory and Ford scandals — but the joke is on the powerless.

Petty Officer 1st Class Tyler Thus, Navy/AFP via Getty Images

canada

How the Chinese balloon was different from weather balloons

Of the four objects shot down by the U.S. military this month, the high-altitude Chinese balloon deflated off the coast of South Carolina is the only one to have been identified by a joint U.S.-Canada investigation, according to a news conference by the RCMP, Canadian Coast Guard and Canadian military. According to a manufacturer who supplies weather balloons to the American government, it was unlike a typical weather balloon. Patty Winsa sat down with the president of Kaymont Consolidated to run through the differences.

More: The massive size of the Chinese balloon would ensure it could stay in the atmosphere for months, rather than just hours. Its size and payload is similar to that of a long-term scientific study balloon, but nobody has claimed it as a scientific research balloon.
Word from governments: American security officials say the objects might be “benign,” and Justin Trudeau is focusing on the threat they pose on the path of civilian planes. Here’s the latest on the potential risks.
Another angle: Check out the Star’s coverage on American conspiracy theorist Bob Lazar, extraterrestrials and local UFO sightings.

Lance McMillan/The Star

real estate

What’s a home worth in today’s market?

It’s getting harder and harder to tell. Since last year’s real estate frenzy saw home prices skyrocket, there’s been a surge in terminated listings (meaning they’ve expired, are suspended or cancelled, or failed to close) across the GTA. Some sellers are taking their listings down, with plans to re-list later when — they hope — prices are closer to the market peak. Others are choosing to rent out their property in the meantime, May Warren reports. These numbers show the extent of price confusion in today’s topsy-turvy market.

Context: On average, the price of Toronto homes have taken a dive since the February 2022 market peak — from $1.33 million to about $1.04 million in January. But one expert pointed out that the drops aren’t consistent, and there are still bidding wars and competitive prices for some properties.
More: A new report says Canada must build a record number of new homes to keep pace with immigration.

WHAT ELSE

Canada’s Turkish diaspora is urging Ottawa to expedite immigration for families hit by the earthquake. Take a look at the response so far.

Did Justin Trudeau need the Emergencies Act to stop the “Freedom Convoy”? A judge will address that question and others within days.

It should come as no surprise the federal environment minister is taking an interest in protecting the Greenbelt.

The Osgoode Hall injunction will stay for now — but Metrolinx says several trees are already down.

The SIU is investigating after an officer shot a 15-year-old boy with a “less-lethal” shotgun.

The SIU is also investigating after a 16-year-old boy was seriously injured after a “struggle” with an officer.

Advocates say magic mushrooms could be an alternative to MAID. Here’s where their fight stands.

An electric Hummer and Caddy could be yours — but can infrastructure support an EV world?

The Oakville school’s teacher dress code controversy is expected to take centre stage at Halton board meeting.

Bruce Springsteen will have two concert dates in Toronto — and the “working class hero” is defending his ticket prices.

Ryan Reynolds is joining a Toronto-area real estate group in a bid to buy the Ottawa Senators.

Would you give up Shellac? Here’s how getting a gel manicure could be harmful to your health.

POV

Canadian Press/Sean Kilpatrick

Canadians will soon see how Justin Trudeau’s government measured up when faced with a real threat to national security.

CLOSE-UP

R.J Johnston/The Star

MISSISSAUGA: Ontario Premier Doug Ford, his wife Karla, Prime Minister Justin Trudeau and Mississauga Mayor Bonnie Crombie attend Hazel McCallion’s state funeral. Here’s how dignitaries and members of the public paid tribute to the longtime Mississauga mayor.

Thank you for reading. You can reach me and the First Up team at firstup@thestar.ca. I’ll see you back here tomorrow.

If you're not enjoying these emails, please tell us how we can make them better by emailing newsletterfeedback@thestar.ca. Or, if you'd prefer, you can unsubscribe from this newsletter by clicking the first link below.