Housing finance in early 20th century suburban Toronto.

Housing finance in early 20th century suburban Toronto. Abstract This study examines the financing of housing production andconsumption in five early twentieth-century Toronto suburbs. The studyareas range in status from upper-middle class to working class. Research findings include the persistence of a traditional patternof finance characterized by high levels of cash transactions and privatefinancing. Institutional lenders, while influential in financinghigh-status housing, played a relatively minor role in the overallprovision of mortgage funding. The study adds to our understanding of the role of housing financeduring this formative period when the major element of modernsuburbanization, including the emergence of a corporate land developmentindustry, were being established. Resume Cette etude e��tude?n. Music1. A piece composed for the development of a specific point of technique.2. A composition featuring a point of technique but performed because of its artistic merit. se penche sur le financement de la production et de laconsommation des logements dans cinq subdivisions de Toronto au debut du20e siecle. Elle examine principalement les diverses sources definancement du logement a l'interieur des ville. Cette etude revelela persistance d'une formule traditionnelle de financement dulogement, caracterisee par une abondance d'argent comptant et definancement prive. Les etablisse ments de prets jouerent un rolerelativement mineur dans le finance ment des hypotheques, quoique leurimportance ait ete significative sig��nif��i��ca��tive?adj.1. Tending to signify or indicate; indicative.2. Having meaning; significant.sig��nif dans le financement des logements deluxe de��luxealso de luxe ?adj.Particularly elegant and luxurious; sumptuous: deluxe accommodations; a de luxe automobile. adv. . La preponderance pre��pon��der��ance? also pre��pon��der��an��cyn.Superiority in weight, force, importance, or influence.Noun 1. preponderance d'argent comptant, de financement prive etde prets hypothecaies consentis par les vendeurs montre que Toronto aune aptitude remarquable a financer le developpement de ses logements. Introduction The development of Canada's early 20th century suburbs hasreceived much attention in the recent literature. A major focus of thisresearch has been the emergence of a corporate land development industryand its role in creating new suburban landscapes. (1) However, animportant aspect of the suburb-building process--housing finance--hasbeen relatively neglected. In North America North America,third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , access to owner-occupiedhousing has come to hold significant implications for the life chancesand social status of households. (2) This situation has had importantrepercussions repercussionsnpl → r��percussions fplrepercussionsnpl → Auswirkungen plfor the shaping of attitudes and perceptions about theappropriateness of owner-occupancy and suburban lifestyles. For mosthouseholds access to mortgage financing remains a critical determinant determinant,a polynomial expression that is inherent in the entries of a square matrix. The size n of the square matrix, as determined from the number of entries in any row or column, is called the order of the determinant. in achieving the socially prescribed status of owner-occupier. The purpose of this study is to examine the financing of housingproduction and consumption in early 20th century suburban Toronto. Theanalysis is based on a study of land registry records, specifically asample of properties located in five subdivisions which were largelybuilt between 1911 and 1941. The central focus of the study isintra-urban variations in the sources of housing finance. The paper willexamine the residential mortgage environment during the early 20thcentury and its impact on the city-building process in suburban Toronto. Housing Finance in Early 20th Century Canada Only fragmentary frag��men��tar��y?adj.Consisting of small, disconnected parts: a picture that emerges from fragmentary information.frag evidence exists on patterns of housing finance inearly 20th century Canada. The available information suggests that thehome mortgage market was dominated by private lenders with only minorparticipation by financial institutions. The major role of privatelenders would appear to represent a continuation of an earlier pattern.Research on the 19th century city has indicated that the overallinvolvement by institutional lenders was quite low and that the majorityof mortgages were held by private lenders. Most mortgages, at that time,represented a relatively small proportion of the purchase price. Indeed,taking all transactions into account, cash appears to have been the mostimportant form of financing in the 19th century. (3) Relatively little has been written on the historical evolution ofthe Canadian mortgage market. Naylor and Drummond are among the few whohave explored this topic. (4) They suggest that the shift fromentrepreneurial to corporate business organization at the turn of thecentury was influential in changing conditions in financial markets. Theperiod leading up to the First World War was marked by a large number ofmergers of financial institutions and an increasingly less restrictiveregulatory environment. In the process, large pools of capital couldhave been made available for investment in urban development. Inaddition, the lack of demand for rural mortgages beginning in the 1890s,combined with the urbanization of Canadian society, presumably pre��sum��a��ble?adj.That can be presumed or taken for granted; reasonable as a supposition: presumable causes of the disaster. couldhave resulted in a shift of investment to the urban built environment. Nevertheless, private lenders continued to dominate the residentialmortgage market throughout the late 19th and early 20th centuries.Doucet and Weaver, in an examination of the business activities of areal estate and property management agency between 1860 and 1920 inHamilton, Ontario, have shown the importance of property specialists,such as real estate agents and lawyers, in coordinating the investmentactivities of thousands of individuals. (5) In Hamilton, significantamounts of capital, derived largely from the trustees of estates andwell-to-do widows, were invested in the residential mortgage marketthrough these intermediaries. The multitude of accessible real estateand lawyers' offices, staffed with personnel knowledgeable aboutmarket conditions and potential investment opportunities, clearly had adistinct advantage over financial and other institutions in a periodbefore the widespread opening of branches. (6) Consequently, low risk,easily administered government and municipal bonds were preferred asinvestment vehicles by financial and other institutions. In the early 20th century, home financing was carried out throughan extremely conservative mortgage instrument: the balloon paymentmortgage A balloon payment mortgage is a mortgage which does not fully amortize over the term of the note, thus leaving a balance due at maturity.[1] The final payment is called a balloon payment because of its large size. . The balloon mortgage balloon mortgagen.A short-term mortgage in which small periodic payments are made until the completion of the term, at which time the balance is due as a single lump-sum payment. , unlike the fully amortized longtermmortgage in widespread use today, was not self-liquidating and periodicpayments were for interest only. The entire loan balance was,technically, owing at the end of the contract term as a balloon payment The final installment of a loan to be paid in an amount that is disproportionately larger than the regular installment.When a loan is made, repayment of the principal, which is the amount of the loan, plus the interest that is owed on it, is divided into installments due at .Balloon mortgages were short-term, generally for five years, whichnecessitated regular refinancing RefinancingAn extension and/or increase in amount of existing debt. with attendant high commissions andfinance charges. As the average loan was in the range of 50 percent ofthe value, an equity investment of an equal amount or a second mortgage,sometimes referred to as "junior financing" was required. (7)Ballon bal��lon?n.Buoyancy or lightness in movement that allows a dancer to rise and fall smoothly.[French, balloon; see balloon.] mortgages were unattractive to institutions like insurancecompanies whose investments generally were required to be long-term. The limited evidence available would appear to suggest that wherefinancial institutions became involved in the home mortgage market theydid so at the high end. These loans would have been for larger amountsand, presumably, would have involved a lower degree of risk. However,borrower preference for private and vendor-take-back mortgages, whichwere more widely available, and possibly more flexible in terms ofrepayment or refinancing, contributed to the dominance ofnon-institutional sources in the residential mortgage market. The preceding discussion raises a number of questions concerningthe levels of private and institutional involvement in the mortgagemarket and intra-urban patterns in housing finance in early 20th centuryCanada. What was the level of institutional involvement in the homemortgage market? How was home purchase financed in lower-status suburbsif institutional mortgages were targeted at the high end of the market?Was there a continuation, into the early 20th century, of the 19thcentury pattern of housing finance, marked by a predominance pre��dom��i��nance? also pre��dom��i��nan��cyn.The state or quality of being predominant; preponderance.Noun 1. predominance - the state of being predominant over otherspredomination, prepotency of cashfinancing? Another issue which needs to be examined in greater detail is thedistinction between the financing of housing production and consumption.A large proportion of the literature on housing finance is given over tohousing consumption. Yet, in terms of the creation of the suburbanlandscape, the provision of financing for housing production is clearlya critical element. This study will attempt to resolve these questionswith reference to Toronto between 1911 and 1941. Research Method Two approaches can be employed when sampling properties for thestudy of urban housing finance. The first approach involves the samplingof a large number of properties across an urban area which can then beanalyzed through aggregation into spatial units. The second approach isbased on the selection of a small number of areas and the sampling ofproperties within them. In work of an historical nature, wherecomputerized data banks are rare and manuscript sources cover manyvolumes, the latter approach is often the most feasible one. Dataretrieval for a large number of properties when using land registryrecords as the primary data source is greatly facilitated by theadoption of a small-area strategy. Five study areas were selected for analysis. Their selection wasbased on previous work which examined land subdivision activity inToronto during the period leading up to the First World War. (8) Thestudy areas consist of five subdivisions named Lawrence Park Lawrence Park may mean: Lawrence Park, Toronto, Canada Lawrence Park, Pennsylvania, United States Lawrence Park Township, Pennsylvania, United States Lawrence Gardens, Lahore, Pakistan , MonarchPark, Danforth-Woodbine Park, Silverthorn Park Addition and the ParsonsEstate (see Figure 1). The study areas are not statisticallyrepresentative of Toronto's early 20th century suburbs butencompass a cross-section of the full range of subdivision types. When constructed, the five subdivisions ranged from very highstatus, Lawrence Park, to a shacktown, the Parsons Estate. The selectionof Lawrence Park, located in high-status North Toronto North Toronto is the northern section of the old, pre-amalgamation City of Toronto, Ontario, Canada. It occupies a geographically central location within the current "megacity" boundaries. , was based inpart on the availability of Bordessa's detailed study of itsdevelopment. (9) Monarch Park and Danforth-Woodbine Park were chosen torepresent the east end of the city. Although located in close proximityto each other, the housing stock is larger and of better quality inMonarch Park. Both subdivisions were developed with lower middle andworking-class homebuyers in mind. Silverthorn Park Addition and theParsons Estate were selected primarily because they were directed at alargely working-class market. Of the five study areas the greatestvariation in the housing stock was found in Silverthorn Park Addition.The housing stock in the southern portion of the subdivision, located inclose proximity to St Clair Avenue, was larger and more expensive thanthe housing in the remainder of the suburb. In advertisements, theParsons Estate was explicitly promoted as a low cost opportunity for theself-builder. Both subdivisions are located near the heavy industrialand meat packing district at the north-western boundary of the City ofToronto. (10) The relative status of the five subdivisions can be judged from theinformation presented in Tables 1 and 2. Table 1 shows the variation inconstruction dates between the five subdivisions. The three middlingsubdivisions: Monarch Park, Danforth-Woodbine Park and Silverthorn ParkAddition, were built out in the period immediately following the FirstWorld War. High-status Lawrence Park and the shacktown: the ParsonsEstate, took considerably longer to complete and many of the buildinglots were not constructed on until the post-W.W.II period. Dollar values for house sales provide one indicator of the statusof the five subdivisions. Table 2 aggregates house prices by two timeperiods. The table suggests the impact of general economic conditions onhouse prices during the study period. The period up to 1926 was markedby increasing house prices with the reverse holding true for the late1920s and 1930s. Lower house price values in the second time period mayalso be attributed to the production of less expensive housing inresponse to changing market conditions. The data in Table 2 support therank ordering of the subdivisions described above. Using a random systematic method, a 20% sample of properties wasderived from complete address listings compiled for the study areas. Thesample represented 449 properties. The size of the sample, whilesomewhat arbitrary, was felt to be reasonable given the time andresources necessary to search 30 years of title (1911-1941) for 449properties, including examining title deeds TITLE DEEDS. Those deeds which are evidences of the title of the owner of an estate. 2. The person who is entitled to the inheritance has a right to the possession of the title deeds. 1 arr. & Marsh. 653. and land transfer taxaffidavits. Growing interest in the study of city building has encouraged theexploration of a largely untapped source of information: land registryrecords. Two widely cited examples of this work are Katz, Doucet andStern's study of mid-Victorian Hamilton and Edel, Sclar andLuria's analysis of Boston's suburbanization. (11) In boththese studies, however, land registry data formed only a small portionof data sets which included information from the manuscript census andassessment rolls. This study of housing finance employs land registryrecords as the principal data source. In Ontario, records of all land transactions made since themid-19th century have been preserved and are readily available to thepublic at a fee. A summary of all registered instruments filed in theRegistry Office registry officeNounBrit & NZ same as register officeregistry officen (BRIT) → registro civil;to get married in a registry office → is recorded in an abstract book. Two types of abstractbooks exist which summarize sum��ma��rize?intr. & tr.v. sum��ma��rized, sum��ma��riz��ing, sum��ma��riz��esTo make a summary or make a summary of.sum land transactions before and aftersubdivision. These are, respectively, concession books and plan books.(12) The original instruments, if not discharged, are also available forexamination. Unfortunately, for historical research purposes, once amortgage instrument is discharged the original mortgage documents aredestroyed. Thus the abstract books of deed represent one of the fewhistorical sources of information on mortgage financing. From theabstract books it is possible to determine the volume and timing ofmortgages, a dollar amount and the lender. In addition, by examining thedifference between the date of the mortgage and the discharge date it ispossible to estimate the length of time of the mortgage. (13) As this study is concerned with housing finance throughout thebuilding process, from lot purchase to occupancy, it was necessary todistinguish between the spheres of production and consumption. Thesphere of production is defined as encompassing all propertytransactions from the lot sale by the land developer to the completionof construction. The sphere of consumption is represented by allproperty transactions following the occupation of a dwelling.Unfortunately, it is not possible to establish the timing ofconstruction or occupancy from the registry records. For the purposes of this study establishing a date of occupancy wasconsidered to be more important than the timing of construction. Animportant consideration is the fact that construction does notnecessarily commence upon the issuance of a building permit. The date offirst occupancy was determined by preparing a complete residence historyfor each sampled property from city directories. Beginning in 1941, andworking backwards annually, a listing of the occupants of the 449properties was compiled. Where an address was not listed it was assumedthat the residence had not yet been constructed and occupied. Analysis of the land registry and additional information explored anumber of issues related to housing finance: the level of privateinvolvement in the mortgage market, intra-urban variations ininstitutional mortgage lending and the proportion of transactionsfinanced with cash. The analysis is divided into two parts whichrespectively examine the financing of housing production andconsumption. Financing Housing Production Information on the sources of financing for all transactions, byfirst mortgage, in the housing production phase is presented in Table 3.Table 4 contains information on the sources of second and subsequentmortgages. In Table 3 a transaction involving a cash payment isindicated by the category "No Mortgage." The most striking feature of Table 3 is the high percentage of cashfinancing--49.3% overall. Cash financing was especially pronounced inthe lower-status subdivisions of Silverthorn Park Addition and theParsons Estate. Even in upscale Lawrence Park, which had a relativelyhigh level of institutional financing, over a third of the transactionsin the production phase were financed with cash rather than a mortgage.However, the pattern of financing among the five subdivisions differedsignificantly. Private mortgages and vendor-take-back mortgages formed theprincipal source of financing for more than one-third of thetransactions by first mortgage and more than two-thirds of the secondand subsequent mortgages. The predominance of cash and private financingin the production phase indicates the weakness of the capital baseavailable to the home-building industry at the time. In lower-statussuburbs, for example the Parsons Estate, self-building was pursued as ameans of providing affordable housing an option actively promoted by thedevelopers. Institutional lenders would have been reluctant to acceptthe risk which would have been incurred in financing self-building. Four main types of institutional lender were identified from theland registry records: 1) trust, loan and savings companies, 2) lifeinsurance companies, 3) subdivision developers, and 4) otherinstitutions, for example, churches, unions and fraternal fraternal/fra��ter��nal/ (frah-ter��n'l)1. of or pertaining to brothers.2. of twins; derived from two oocytes.fra��ter��naladj.1. Of or relating to brothers. organizations.In both the production phase and the consumption phase the majority ofthe institutional mortgages were held by life insurance companies andtrust companies. In spite of the much touted "Instalment Plans" promotedby subdivision developers in advertisements, developers played arelatively minor role in housing finance. Only in high-status LawrencePark was the developer, the Dovercourt Land, Building and SavingsCompany, an important source of mortgage financing. It is interesting tonote the integration of land development with savings, for this suggeststhe sophisticated corporate structure of the land development industryevolving at the time. (14) An examination of Table 3 would appear to suggest that the middlethree subdivisions--Monarch Park, Danforth-Woodbine Park and SilverthornPark Addition--had broadly similar patterns of housing finance in theproduction phase. High-status Lawrence Park and the shack-town, theParsons Estate, seem to represent deviations from the pattern identifiedin the other three study areas. Table 5 has been prepared in order totest this notion. In Table 5, Cramer's V statistic statistic,n a value or number that describes a series of quantitative observations or measures; a value calculated from a sample.statistica numerical value calculated from a number of observations in order to summarize them. has beenemployed to indicate the strength of association between each pair ofsubdivisions. (15) Only Monarch Park and Danforth-Woodbine Park show nosignificant difference in financing patterns. However, Lawrence Park andthe Parsons Estate do stand out as having significantly differentpatterns of housing finance from the other three study areas. The evidence presented so far indicates the importance of cashfinancing to the city-building process in early 20th century suburbanToronto, even in high-status housing developments. It would appear thatthe provision of capital for housing production from institutionallenders was quite meagre mea��geralso mea��gre ?adj.1. Deficient in quantity, fullness, or extent; scanty.2. Deficient in richness, fertility, or vigor; feeble: the meager soil of an eroded plain.3. . Heavy reliance on cash and private financingmay have been an important contributing factor in the perpetuation per��pet��u��ate?tr.v. per��pet��u��at��ed, per��pet��u��at��ing, per��pet��u��ates1. To cause to continue indefinitely; make perpetual.2. of ahighly fragmented building industry during this period. Financing Housing Consumption The sphere of housing consumption refers to transactions involvingsales and mortgages on newly-built homes and resales. This area ofhousing finance has often been addressed in the literature. Informationon sources of consumption financing is presented in Tables 6 and 7. InTable 6, as in Table 3, the category "No Mortgage" signifiescash sales sales made for ready, money, in distinction from those on which credit is given; stocks sold, to be delivered on the day of transaction.See also: Cash . A comparison between Table 3 and Table 6 shows that institutionalmortgage lending was even lower in the consumption sphere (4.2%) than inthe sphere of production (14.9%). While cash continued to be asignificant source of financing, the dominant mode of home financing inthe sphere of production was the vendor-take-back mortgage. Indeed, withthe exception of Lawrence Park, private financing either through privatemortgages or vendor-take-back mortgages was the most important means ofhousing finance. However, a significant difference was again foundbetween the levels of financing among the five study areas. Table 7shows the higher involvement of institutions in providing second andsubsequent mortgages in four of the five study areas. As was the case in the sphere of production, the three middlesubdivisions--Monarch Park, Danforth-Woodbine Park and Silverthorn ParkAddition--appear to have had broadly similar patterns of financing, withthe Parsons Estate and Lawrence Park representing divergent di��ver��gent?adj.1. Drawing apart from a common point; diverging.2. Departing from convention.3. Differing from another: a divergent opinion.4. patterns.This notion is tested in Table 8 using the Cramer's V statistic. Inthis case it is only Lawrence Park, with its higher level ofinstitutional mortgage provision and higher level of cash sales, whichhas a significantly different pattern of housing finance from the otherstudy areas. Clearly, the hesitancy hes��i��tan��cyn.An involuntary delay or inability in starting the urinary stream. of financial institutions to providemortgages on lower-cost housing, combined with borrower preference forsome form of private financing, were critical factors in shaping theresidential mortgage market. These factors, in turn, may have played asignificant role in influencing the form of the built and socialenvironments. The production and consumption of a residential landscapeof higher density and less commodious com��mo��di��ous?adj.1. Spacious; roomy. See Synonyms at spacious.2. Archaic Suitable; handy.[Middle English, convenient, from Medieval Latin housing would have been oneimportant outcome. Another aspect which deserves further comment is the level of cashfinancing in Lawrence Park, which at 50% was even higher than that forthe Parsons Estate (see Table 6). Studies of the United States United States,officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. cityassociate a high proportion of cash sales with of redlining Identifying text that has been changed in a word processing document by displaying it in a special color, for example. It allows the original author of the text or other users to see ongoing revisions. The term comes from manual editing where a red pen is used to mark up the pages. ordiscriminatory lending practices. (16) Studies of residentialmortgage-lending practices in the contemporary American city havediscovered higher proportions of cash sales in the less affluent innercity. A divergent pattern has been found in present-day Toronto. In astudy of the demand for institutional mortgage financing in MetropolitanToronto Metro Council redirects here. For the legislative body of Nashville, Tennessee, see Metropolitan Council (Davidson County). For a governmental body in Minnesota, see Metropolitan Council. during the mid-1970s, it was found that cash sales wereconcentrated in the high-income areas. (17) In Canada, unlike the UnitedStates, federal income taxation does not exempt mortgage loan interestand local property tax expenses. (18) Consequently, little incentiveexists, from the perspective of reducing income taxation, for Canadiansto finance home acquisition with a mortgage. The preponderance of cashfinancing for home purchase in a high-status area like Lawrence Parkduring the early 20th century would not appear to be entirely at oddswith current Torontonian practice. [GRAPHIC OMITTED] Conclusion This study has analyzed the financing of housing production andconsumption in early 20th-century suburban Toronto. Data derived fromland registry records on property transactions for a sample of 449properties distributed across five study areas were examined. The study has demonstrated the persistence of a traditional patternof housing finance in Toronto during the early 20th century which wascharacterized by high levels of cash transactions and private financing.Institutional lenders played a relatively minor role in the provision ofmortgage financing. For the production of housing, the dominance of cashand private financing appear to suggest that builders had to work with arelatively insecure in��se��cureadj.1. Lacking emotional stability; not well-adjusted.2. Lacking self-confidence; plagued by anxiety.in capital base. This condition may have in retarded re��tard��ed?adj.1. Often Offensive Affected with mental retardation.2. Occurring or developing later than desired or expected; delayed. the development of the building industry and contributed to thepersistence of its fragmentary nature. However, it is also possible tosuggest that builders may have been able to secure financing outside theresidential mortgage market. Loans from banks could have been madeavailable to building contractors, on the security of their businesses,and to building suppliers, who could, in turn, have extended credit tothe builders. The small scale of operations of the building industryallowed for few economies of scale to be realised. Consequently,self-building and self-financing were feasible options in the provisionof less expensive housing for working people where sweat-equity couldplay a critical role. Although institutional lenders were scarce in the overall picture,they were influential in the financing of high-status housing. Theposition of financial institutions in the residential mortgage market atthe time is a reflection of their preference for alternative investmentvehicles and the strong competition from a multiplicity of small,locally-based lawyers' and real estate offices. The preponderanceof housing finance through cash, private financing and vendor-take-backmortgages suggests that Toronto appears to have had a notable capacityto finance its own housing development. This study represents only a starting point Noun 1. starting point - earliest limiting pointterminus a quocommencement, get-go, offset, outset, showtime, starting time, beginning, start, kickoff, first - the time at which something is supposed to begin; "they got an early start"; "she knew from the . Many questions remainunanswered. Of particular interest would be an examination of theprivate lenders: Who were they and where did their capital come from?Out of a total of 1,739 property transactions examined only 105, or6.0%, resulted from financial difficulties. This finding suggests thatresidential mortgages provided a fairly low risk investment. Indeed,taking the five subdivisions together, the risk of foreclosure foreclosureLegal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. tended tobe lower in the working-class suburbs. Certainly, more work needs to beundertaken on patterns of housing finance in other Canadian citiesduring this formative period. Notes 1. P-A. Linteau, "Canadian Suburbanization in a North American North Americannamed after North America.North American blastomycosissee North American blastomycosis.North American cattle ticksee boophilusannulatus. Context: Does the Border Make a Difference", Journal of UrbanHistory, 13 (1987), 252-74; R.H. Paterson, "Creating the PackagedSuburb: The Evolution of Planning and Business Practices in the EarlyCanadian Land Development Industry, 1900-1914" in SuburbiaRe-examined, ed. B. Kelly (Westport, Conn.: Greenwood Press, 1989),119-32. 2. R.J. Johnston, City and Society: An Outline for Urban Geography The Urban Geography Journal was first published in 1980. It is published semi-quarterly and contains a range of original papers, by geography and other social scientist researches, on issues relating to urban policy and planning, race, poverty, ethnicity in urban areas, housing, and (Harmondsworth, Middlesex: Penguin Books, 1980). 3. M. Katz, M. Doucet and M. Stern, The Social Organization ofEarly Industrial Capitalism (Cambridge, Mass.: Harvard University Press The Harvard University Press is a publishing house, a division of Harvard University, that is highly respected in academic publishing. It was established on January 13, 1913. In 2005, it published 220 new titles. ,1982), 148. 4. I. Drummond, Progress Without Planning: The Economic History ofOntario Pre-1867Before the arrival of the Europeans, the region was inhabited both by Algonquian (Ojibwa, Cree and Algonquin) and Iroquoian (Iroquois and Huron) tribes.[1] The French explorer ��tienne Br?l�� explored part of the area in 1610-12. from Confederation A union of states in which each member state retains some independent control over internal and external affairs. Thus, for international purposes, there are separate states, not just one state. to the Second World War (Toronto: Universityof Toronto Research at the University of Toronto has been responsible for the world's first electronic heart pacemaker, artificial larynx, single-lung transplant, nerve transplant, artificial pancreas, chemical laser, G-suit, the first practical electron microscope, the first cloning of T-cells, Press, 1987), 309-39; R.T. Naylor, The History of CanadianBusiness Canadian Business is the longest-publishing business magazine in Canada. It was founded in 1928 as The Commerce of the Nation, the organ of the Canadian Chamber of Commerce. The magazine was renamed Canadian Business in 1933. , 1867-1914, Volume 1: The Banks and Finance Capital (Toronto:James Lorimer Publishing Co., 1975), 199-210. 5. M. Doucet and J. Weaver, "The North American ShelterBusiness, 1960-1920: A Study of a Canadian Real Estate and PropertyManagement Agency", Business History Review, 58 (1984), 234-62. 6. The insitutions referred to here are principally loan, trust andsavings companies and insurance companies. Banks in Canada GovernmentBank of Canada (Central Bank) Business Development Bank of Canada "Big six" banksRoyal Bank of Canada Bank of Nova Scotia Toronto-Dominion Bank Bank of Montreal Canadian Imperial Bank of Commerce were excludedby legislation from issuing residential mortgages until the early 1950sbecause of their short-term sources of capital. 7. M. Goldberg, Issues in Housing Finance in Canada: PastAchievements, Present Reality, Future Prospects (Ottawa: Canada Mortgageand Housing Corporation Canada Mortgage and Housing Corporation (CMHC) is a Canadian government agency. The agency is responsible for the housing industry in Canada. Its main duty is currently to ensure low cost mortgage loans are available to Canadians by providing insurance to lenders in case of , 1983); H. Woodward, Canadian Mortgages (DonMills Don Mills is a new town and neighbourhood in Toronto, recognized as the first planned and fully integrated post-war community developed by private enterprise in North America. , Ontario: Collins, 1959). 8. Paterson, "Creating the Packaged Suburb". 9. K. Bordessa, "A Corporate Suburb for Toronto: LawrencePark, 1900-1935" (M.A. Thesis, Graduate Program in Geography, YorkUniversity York University,at North York, Ont., Canada; nondenominational; coeducational; founded 1959 as an affiliate of the Univ. of Toronto, became independent 1965. , 1980). 10. Promotion of the five subdivisions is discussed in Paterson,"Creating the Packaged Suburb". 11. M. Edel, E. Sclar and D. Luria, Shaky Palaces: Homeownershipand Social Mobility in Boston's Suburbanization (New York New York, state, United StatesNew York,Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of : ColumbiaUniversity Press Columbia University Press is an academic press based in New York City and affiliated with Columbia University. It is currently directed by James D. Jordan (2004-present) and publishes titles in the humanities and sciences, including the fields of literary and cultural studies, , 1984); Katz et al., Social Organization of EarlyIndustrial Capitalism. 12. J.M. Globe, Title Searching in Ontario: A Procedural Guide,Second Edition (Toronto: Butterworths, 1982). 13. For further details see: R.H. Paterson, "CreatingSuburbia: Processes of Housing Production and Consumption in SuburbanToronto, 1911-1941" (Ph.D. Dissertation, Graduate Program inGeography, York University, 1988). 14. The changing organization of the Canadian land developmentindustry during the early twentieth century is examined in: Paterson,"Creating the Packaged Suburb". 15. H.M. Blalock, Social Statistics (New York: McGraw-Hill, 1960),228-31. 16. D. Harvey and L. Chatterjee, "Absolute Rent and theStructuring of Space by Governmental and Financial Institutions",Antipode an��ti��pode?n.A direct or diametrical opposite: "We just sit and listen to the fullness of the quiet, as an antipode to focused busyness"Kathryn A. Knox. , 6 (1974): 22-36. 17. R.A. Murdie, "Residential Mortgage Lending in MetropolitanToronto: A Case Study of the Resale Market", Canadian Geographer,30 (1986): 98-110. 18. The origins of the United States federal tax exemption ofmortgage loan interest are discussed in: K. Fox. Metropolitan America:Urban Life and Policy in the United States, 1940-1980 (Jackson, Miss.:University of Mississippi The University of Mississippi, also known as Ole Miss, is a public, coeducational research university located in Oxford, Mississippi. Founded in 1848, the school is composed of the main campus in Oxford and three branch campuses located in Booneville, Tupelo, and Southaven. Press, 1986), 88-92.Table 1: Estimated Dates of Construction for Sampled Properties, FiveToronto Subdivisions, 1911-1941. Lawrence Monarch Danforth- Silverthorn ParsonsTime Period Park Park Woodbine Park Park Addition Estate% <1921 11.1 58.8 23.7 15.9 29.0% 1921-1925 11.1 36.8 68.8 63.8 27.5% 1926-1930 24.7 4.4 4.3 17.4 2.9% 1931-1935 13.6 0.0 0.0 2.9 8.7% 1936-1940 7.4 0.0 1.0 0.0 1.4% >1940 32.1 0.0 2.1 0.0 30.4Number of 81 68 93 69 138 PropertiesTable 2: Bona Fide Values for House Sales, Aggregated by Time Period,Five Toronto Subdivisions, 1911-1941 Before 1926 1926-1941 Number Median Number MedianLawrence Park 14 $18,520 43 $9,500Monarch Park 42 $4,200 25 $3,900Danforth-Woodbine Park 69 $4,350 49 $3,325Silverthorn Park Addition 29 $4,600 23 $4,400Parsons Estate 38 $2,450 63 $2,600All Five Subdivisions 192 $4,275 203 $3,500Table 3: Housing Production, Sources of Financing for all Transactionsby First Mortgage, Five Toronto Subdivisions, 1911-1941. Danforth-WoodbineLender Type Lawrence Park Monarch Park Park% No Mortgage 35.8 36.7 37.8% Private 11.2 24.7 24.4% Vendor-Take-Back 16.1 28.0 24.0% Institutional 36.9 10.6 13.8Number of Transactions 187 150 217 Silverthorn Park All FiveLender Type Addition Parsons Estate Subdivisions% No Mortgage 50.9 68.8 49.3% Private 20.1 15.1 18.5% Vendor-Take-Back 12.4 11.4 17.3% Institutional 16.6 4.7 14.9Number of Transactions 169 343 1066(X2 = 166.1 > Crit .001)Table 4: Housing Production, Sources of Financing for all Transactionsby Second and Subsequent Mortgages, Five Toronto Subdivisions,1911-1941. Danforth-WoodbineLender Type Lawrence Park Monarch Park Park% Private 56.1 76.2 63.3% Vendor-Take-Back 1.8 9.5 20.0% Institutional 42.1 14.3 16.7Number of Transactions 57 21 30 Silverthorn Park All FiveLender Type Addition Parsons Estate Subdivisions% Private 74.3 92.1 70.8% Vendor-Take-Back 2.6 0.0 5.4% Institutional 23.1 7.9 23.8Number of Transactions 39 38 185Table 5: Housing Production, Sources of Financing for all Transactionsby First Mortgage, Five Toronto Subdivisions, 1911-1941. Danforth- Silverthorn Lawrence Monarch Woodbine Park Parsons Park Park Park Addition EstateLawrence Park -Monarch Park 0.33** -Danforth-Woodbine 0.29** 0.06 - ParkSilverthorn Park 0.26** 0.23* 0.17* - AdditionParsons Estate 0.45** 0.31** 0.31** 0.23** -(* = .01, ** = .001)Table 6: Housing Consumption, Sources of Financing for all Transactionsby First Mortgage, Five Toronto Subdivisions, 1911-1941. Danforth-WoodbineLender Type Lawrence Park Monarch Park Park% No Mortgage 50.0 31.9 34.1% Private 10.0 12.1 10.3% Vendor-Take-Back 25.0 52.7 52.4% Institutional 15.0 3.3 3.2Number of Transactions 60 91 126 Silverthorn Park All FiveLender Type Addition Parsons Estate Subdivisions% No Mortgage 28.6 44.8 37.7% Private 14.3 19.0 13.4% Vendor-Take-Back 55.5 34.5 44.7% Institutional 1.6 1.7 4.2Number of Transactions 63 116 456(X2 = 32.8 > X2 Crit .005)Table 7: Housing Consumption, Sources of Financing for all Transactionsby Second and Subsequent Mortgages, Five Toronto Subdivisions,1911-1941. Danforth-WoodbineLender Type Lawrence Park Monarch Park Park% Private 36.8 62.5 64.6% Vendor-Take-Back 5.3 7.1 6.2% Institutional 57.9 30.4 29.2Number of Transactions 19 56 48 Silverthorn Park All FiveLender Type Addition Parsons Estate Subdivisions% Private 73.7 93.8 69.9% Vendor-Take-Back 7.9 6.2 6.7% Institutional 18.4 0.0 23.4Number of Transactions 38 48 209Table 8: Housing Consumption, Sources of Financing for all Transactionsby First Mortgage, Five Toronto Subdivisions, 1911-1941. Danforth- Silverthorn Lawrence Monarch Woodbine Park Parsons Park Park Park Addition EstateLawrence Park -Monarch Park 0.33** -Danforth-Woodbine 0.31** 0.03 - ParkSilverthorn Park 0.38** 0.07* 0.09* - AdditionParsons Estate 0.28** 0.20** 0.20** 0.20** -(* = .01, ** = .001)