What's a home actually worth these days?

Plus, Tory's first "strong mayor" budget and how the Chinese balloon differs from weather balloons [The Star] First Up [By Manuela Vega] 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](mailto:firstup@thestar.ca?source=newsletter&utm_source=ts_nl&utm_medium=emailutm_email=6C53B63A8E3FAD70AD4EF13004527437&utm_campaign=frst_167030). 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. 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