O. Reg. 346/08: GENERAL

 

ontario regulation 346/08

made under the

toronto islands residential community stewardship act, 1993

Made: September 24, 2008
Filed: September 30, 2008
Published on e-Laws: October 1, 2008
Printed in The Ontario Gazette: October 18, 2008

Amending O. Reg. 817/93

(General)

1. (1) Subsections 7 (3) and (4) of Ontario Regulation 817/93 are revoked and the following substituted:

(3) 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:

A_p =  × [1–1.00022^{(–36159 + D)}] × I

where

A_p = the adjusted purchase price,

Payment =  the payment calculated for a 99-year land lease based on the original purchase price for a land lease under subsection 17 (3) of the Act at an 8 per cent interest rate, assuming a conventional lease of equal annual blended principal and interest,

D = the number of days after the proclamation of the Act,

I = the accumulated rate of inflation.

(4) Despite subsection (3), 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:

A_r =  × [1–1.00022^{(–36159 + D)}] × I

where

A_r = the adjusted discounted purchase price,

Payment =  the payment calculated for a 99-year land lease based on the original discounted purchase price for a land lease under subsection 17 (4) of the Act at an 8 per cent interest rate, assuming a conventional lease of equal annual blended principal and interest,

D = the number of days after the proclamation of the Act,

I = the accumulated rate of inflation.

(2) Paragraph 1 of subsection 7 (5) of the Regulation is revoked and the following substituted:

1. The vendor or the estate of the deceased owner is entitled to receive an amount calculated as follows:

[0.6 × × (36159 – D_s)] + (0.4 × A_p )

where

P_p = the purchase price for land lease as paid by the owner,

D_p = the number of days from the date of proclamation of the Act to the date of purchase by the owner,

D_s = the number of days from the date of proclamation of the Act to the date of sale by the owner,

A_p = the adjusted purchase price as calculated under subsection (3).

(3) Paragraph 1 of subsection 7 (6) of the Regulation is revoked and the following substituted:

1. The vendor or the estate of the deceased owner is entitled to receive an amount calculated as follows:

[0.6 × × (36159 – D_s)] + (0.4 × A_r)

where

P_r = the purchase price for land lease as paid by the owner,

D_p = the number of days from the date of proclamation of the Act to the date of purchase by the owner,

D_s = the number of days from the date of proclamation of the Act to the date of sale by the owner,

A_r = the adjusted discounted purchase price as calculated under subsection (4).

(4) Subsection 7 (8) of the Regulation is revoked and the following substituted:

(8) The payment required under subsection 21 (7) of the Act shall be calculated as follows:

(0.6 × A_p) – [0.6 × [] × ( 36159 – D_s )]

where

P_p = the purchase price for land lease as paid by the owner,

D_p = the number of days from the date of proclamation of the Act to the date of purchase by the owner,

D_s = the number of days from the date of proclamation of the Act to the date of sale by the owner,

A_p = the adjusted purchase price calculated under subsection (3).

(5) Paragraph 2 of subsection 7 (10) of the Regulation is revoked and the following substituted:

2. The Trust shall also transfer the following amount to the City of Toronto:

(0.6 × A_r) – [0.6 × [] × (36159 – D_s )]

where

P_r = the purchase price for land lease as paid by the owner,

D_p = the number of days from the date of proclamation of the Act to the date of purchase by the owner,

D_s = the number of days from the date of proclamation of the Act to the date of sale by the owner,

A_r = the adjusted discounted purchase price calculated under subsection (4).

2. The Regulation is amended by adding the following section:

7.1 The Trust shall, with respect to each transaction involving a house and land lease or a vacant land lease on the land described in the Schedule to the Act, keep the following information in the register described in section 26 of the Act:

1. Any documentation supporting the calculation of the maximum purchase price of the house under subsection 12 (1) and the purchase price for the house component under subsection 12 (9).

2. Any documentation supporting the calculation of the adjusted purchase price for the land lease under subsection 7 (3) or the adjusted discounted purchase price for the land lease under subsection 7 (4).

3. Any documentation supporting the calculation of the amount payable to the City of Toronto under subsection 7 (8) or (10).

3. This Regulation comes into force on the day it is filed.