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w at er lo oc hr on ic le .c a W at er lo o C hr on ic le | T hu rs da y, M ay 12 ,2 02 2 | 16 FORM 2 EXPROPRIATIONS ACT NOTICE OF APPLICATION FOR APPROVAL TO EXPROPRIATE LAND IN THE MATTER OF an application by THE REGIONAL MUNICIPALITY OF WATERLOO for approval to expropriate land, which is required for improvements at the intersection of Line 86 (Regional Road No. 86) and Floradale Road (Regional Road No. 10), Woolwich Township, in The Regional Municipality of Waterloo. NOTICE IS HEREBY GIVEN that application has been made for approval to expropriate the land described as follows: Fee Simple Partial Taking: 1. Part of Lot 104, German Company Tract, being Part 1 on 58R-21350, (Part of PIN 22211-0422 (LT)), Township of Woolwich, Regional Municipality of Waterloo (1525 Floradale Road / 300 Line 86, Woolwich); 2. Part Lot 105, German Company Tract, being Parts 3, 4 & 6 on 58R-21350, (Part of PIN 22233-0839 (LT)), Township of Woolwich, Regional Municipality of Waterloo (275 Church Street West, Woolwich); 3. Part of Lot 112, German Company Tract, being Part 7 on 58R-21350, (Part of PIN 22159-0006 (LT)), Township of Woolwich, Regional Municipality of Waterloo (southwest quadrant of the intersection of Line 86 and Floradale Road, Woolwich); 4. Part of Lot 113, German Company Tract, being Part 8 on 58R-21350, (Part of PIN 22211-0411 (LT)), Township of Woolwich, Regional Municipality of Waterloo (6805 Line 86, Woolwich); being in the Township of Woolwich, Regional Municipality of Waterloo Permanent Easement - Drainage: The right and easement, being an easement in gross, for itself, its successors and assigns and anyone authorized by it, in perpetuity to, at any time enter upon the following properties for purposes of constructing, installing, maintaining, inspecting, altering, moving, replacing, reconstructing, enlarging and repairing, as applicable, pipes, catch basins, swales, ditches and other works and appurtenances thereto for the purpose of the transfer or transmission and management of storm water, both above and below the ground and for every such purpose and for all purposes necessary or incidental to the exercise of the rights hereby created, through, over, upon, along and across the lands, and for all such purposes together with the free, unimpeded and unobstructed access for itself, its successors and assigns, servants, agents, contractors, workers and anyone authorized by it, and vehicles, supplies and equipment at all times and for all purposes and things necessary for or incidental to the exercise and enjoyment of the right and easement: 5. Part Lot 105, German Company Tract, being Parts 2 & 5 on 58R-21350, (Part of PIN 22233-0839 (LT)), Township of Woolwich, Regional Municipality of Waterloo (275 Church Street West, Woolwich); being in the Township of Woolwich, Regional Municipality of Waterloo Any owner of lands in respect of which notice is given who desires an inquiry into whether the taking of such land is fair, sound and reasonably necessary in the achievement of the objectives of the expropriating authority shall so notify the approving authority in writing, (a) in the case of a registered owner, served personally or by registered mail within thirty days after the registered owner is served with the notice, or, when the registered owner is served by publication, within thirty days after the first publication of the notice; (b) in the case of an owner who is not a registered owner, within thirty days after the first publication of the notice. The approving authority is: The Council of The Regional Municipality of Waterloo c/o Regional Solicitor, Legal Services 150 Frederick Street, 8th Floor, Kitchener, Ontario N2G 4J3 This notice first published on the 3rd day of May, 2022. Note: General location only - not to scale. See Reference Plan 58R-21350 for detail Jeff Schelling, Regional Solicitor THE REGIONAL MUNICIPALITY OF WATERLOO (EXPROPRIATING AUTHORITY) *****For clarity, please see the full details of this notice available on our Public Notices webpage at www.regionofwaterloo.ca/Modules/News/Search.aspx?feedId=d190b4c1- d9d7-4cb8-bc36-f10bb4423ef7**** How big a mortgage can you afford? It's one of the first questions faced by any new homebuyer. Figuring out how much you can borrow without getting in over your head requires detailed planning and real- istic goals, says Jason Heath, managing di- rector of Objective Financial Partners. Heath suggests potential buyers start by meeting with a mortgage broker to do a personal assessment of your costs. "Some people live very frugally while others spend more, those factors don't get incor- porated into how much the bank will lend you," Heath points out. The amount you can borrow safely de- pends primarily on the percentage of your pay that will go toward housing costs and debt payments for a mortgage of a given size. Two key ratios to consider are your Gross Debt Service (GDS) ratio and Total Debt Service (TDS) ratio. GDS is the percentage of your gross monthly household income that covers your housing costs (including mortgage payments, utilities, taxes and condo fees). The Canada Mortgage and Housing Corpo- ration restricts GDS to 39 per cent of your income. TDS is the percentage of your gross monthly household income that covers your housing costs plus other debts (in- cluding car payments, credit card debt and other loans). CMHC restricts that ratio to 44 per cent of your income. You can find a debt service calculator on the CMHC website where you can run some numbers. To give you an idea of how much you can borrow, we asked Leah Zlatkin, a mort- gage broker at LowestRates.ca, to calcu- late a typical mortgage amount for a first time buyer making $100,000 a year. If you got a five-year fixed mortgage rate of 3.25 per cent, you would have to be able to handle a mortgage at the "stress test" rate of 5.25 per cent, she says. That would qualify you for a mortgage of around $528,000. Every quarter percent- age point increase on the stress test rate would equate to about $12,000 less in fi- nancing. With a down payment of $30,000, that means you could afford a home that costs about $560,000. The reality is even many high-earning professionals, including doctors and law- yers, can't afford real estate in Toronto, Heath says. That's why many are looking at homes further outside the city, consider- ing smaller starter condos or saving a larg- er down payment. NEWS CAN I AFFORD THAT MORTGAGE? CLARRIE FEINSTEIN clarriefeinstein@torstar.ca