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April 2015 Canadian Economic Fundamentals

Ally

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Landlord group acquires portion of Target Canada real estate portfolio

On March 6, 2015, a landlord group led by Ivanhoé Cambridge Inc. and Oxford Properties Group completed a transaction involving the termination of leases at 11 properties that had previously been leased by Target Canada Co. (Target), owner and operator of shopping centers, and a unit of Target Corp., for $138 million. Ivanhoé Cambridge Inc., a unit of Caisse de dépôt et placement du Québec, and Oxford Properties Group were the landlords/managers of these 11 locations. In January 2015, Target announced that it was seeking buyers for its real estate portfolio. By order dated March 5, 2015, the Ontario CCAA Court approved the transaction whereby the leases in respect of these 11 locations were surrendered to Ivanhoé Cambridge and Oxford Properties Group for their termination, resulting in these 11 locations being removed from the real property portfolio sales process.

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The cheap 'loonie' effect: Is it working?

Is the cheaper Canadian dollar (a.k.a., the 'loonie') helping the overall economy by taking pressure off the resource sector – which has been humbled by weak commodity prices − and pumping up manufacturing as an alternative?

The dramatic fall in the value of the loonie versus the greenback is supposed to be significantly lifting the export sales to the U.S. of Canadian manufacturers.

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Economists split over Canada's overvalued housing market

After years of teasing and poking Canada’s real estate market in its bloated and overvalued gut, British periodical – The Economist – has finally given us top honours, pegging Canada’s housing market as the most overvalued in the world compared to rental rates, at 89 per cent, and third when compared to incomes at 35 per cent.

All in, of the 26 markets examined by the magazine, seven had housing prices more than 25 per cent overvalued including Australia, France, Britain and Sweden. Belgium was the highest, with house prices 50 per cent overvalued when compared to income.

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Office vacancy rate decreases in Montreal

A report by Colliers International shows that the vacancy rate for offices in Montreal decreased in the first quarter of 2015.

The rate has fallen from the last quarter of 2014 despite new supply due to positive absorption of offices. The supply has meant businesses being able to find good rates.

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What could possibly go wrong? Exploring the federal budget's economic outlook

OTTAWA - At a time of economic uncertainty, the Harper government has delivered a budget that contains a whack of projections based in large part on private-sector forecasts predicting better days ahead.

As a result, the assumptions in the budget — the government's first balanced fiscal plan in years —prompt one question in particular: What could possibly go wrong?

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Dissecting the budget's economic outlook

OTTAWA - At a time of economic uncertainty, the Harper government has delivered a budget that contains a whack of projections based in large part on private-sector forecasts predicting better days ahead.

As a result, the assumptions in the budget — the government's first balanced fiscal plan in years —prompt one question in particular: What could possibly go wrong?

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Canadian home sales revive in March; Vancouver, Toronto the only hot spots

OTTAWA - Low mortgage rates helped boost the number of Canadian home sales in March by 4.1 per cent compared with February, according to the Canadian Real Estate Association.

The association said Wednesday sales through its Multiple Listing Service last month were up in nearly two-thirds of the markets it tracks, led by gains in Vancouver, Calgary and Edmonton.

However, Calgary and Edmonton came in below the 10-year average for the month.

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Canadian crude oil growth expected to slow next year

Canada’s crude output growth will slow to 17,000 barrels a day by next year after oil lost half its value, according to the Canadian Energy Research Institute.

Growth in production will slow from 41,000 barrels a day this year amid declining conventional oil output, CERI president emeritus Peter Howard said in a presentation at a conference in Calgary on Tuesday. The slowdown delays by two years Canada’s need for one of four major oil export pipelines planned, Howard said.

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Five tips when buying a home pre-construction



Buying a pre-construction house or condo can be great, especially if you like working with a blank slate. But there are some things to keep in mind:

Expect to wait. Most projects take much longer than expected. You might have to wait two or three years between the date you sign your purchase agreement and the date you move in. If there are delays, you could wait even longer.

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What could possible go wrong? Exploring the federal budget's economic outlook

As a result, the assumptions in the budget – the government's first balanced fiscal plan in years – prompt one question in particular: What could possibly go wrong?

The degree of potential fragility in the blueprint's predictions depends on who you ask, though many experts agree forecasting the economy's future beyond the short term is often anyone's guess.

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Beyond pricing startup helps Airbnb homeowners boost revenues from their rentals

A “steal of a deal” for a short-term rental on Airbnb may become harder to find, if San Francisco-based Beyond Pricing has its way.

The startup is selling a service for homeowners on Airbnb who want to boost revenues from their short-term rentals by figuring out the highest price they can charge.

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Federal budget 2015 offers a break on real estate investment gains by donating charity

The federal government is going to make it a little easier to avoid taxes on real estate investment gains — as long as you give the money to charity.

Tuesday’s budget will let Canadians donate proceeds from their real estate and be exempt from some capital gains tax which is charged on investment property. Principal residences are already exempt from the tax.

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First-time homebuyers turning to the 'bank of mom and dad'

TORONTO – A Bank of Montreal report suggests first-time home buyers are increasingly turning to the “Bank of Mom and Dad.”

BMO’s 2015 Home Buying Report found that 42 per cent of first-time buyers told an online survey that they expected their parents or relatives to help pay for their first home.

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Price gains in Toronto and Vancouver housing extending to nearby regions

A new report suggests Canada's two most expensive housing markets will become pricier this year than previously thought.

Re/Max now sees the average residential sale price in the Greater Toronto Area growing eight percent to $594,827 from the same time last year, and prices in Vancouver growing seven percent year-over-year to $874,869. The realtor group says fierce competition for limited supply is the main driver, with some of the effects spilling over into nearby regions.

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Budget highlights from a real estate perspective

The 2015 federal budget wasn’t very enticing, but it did offer a couple of tax and saving incentives for those considering estate planning using real estate or looking to stay in their home a bit longer. Here are a few budget highlights from a real estate perspective:

–> Anyone 65 or older will benefit from the new Home Accessibility Tax Credit (HATC), explains Don Carson, spokesperson for Canada’s Chartered Professional Accountants. Under this new tax credit, you can retrofit your home, up to a cost of $10,000, and get a 15% tax rebate. “If a walk-in tub costs $5,000, this 15% tax credit will mean the net cost for that modification is $4,250,” says Carson. The credit is also open to caregivers of anyone over 65 and those who already qualify for the disability tax credit. Better still, this tax credit can be claimed in addition to the medical expense credits for the same renovation costs.

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Riding out the storm

Well, here we are again. Just when you think the good times will never end, they do. And, just when you think the market will never come back, it does. It has taken me a long time, but I now see these downturns for what they are - opportunities. I have been fortunate to have been involved with a few successful business ventures and every one of them benefited from the opportunities proffered by a downturn.

This current downturn takes me back to February 2009. This was the low point in oil & gas markets, with WTI trading at $33/barrel. During this time (while working on another venture), I saw my company's revenue cut in half. We adapted as many companies are doing today by cutting payroll. We minimized lay-offs and opted for pay cuts to keep the maximum number of people employed. We were a small firm so this was a practical tactic.

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Millennials also want to live in burbs, small towns

Don’t believe everything you hear about millennials — they’re not all edgy urban hipsters.

In fact, according to the most recent research, only 37 percent of those between the ages of 18 and 34 want to live in cities.

An almost equal number, 36 percent, consider themselves suburbanites. And 23 percent want to live in small towns and rural areas.

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Look at Canada's
agriculture potential if tiny change in the global climate


Climate change is going to affect agriculture across the world as rising temperatures make many dry regions even drier, hot regions hotter, and wet regions more prone to flooding. All of those changes are going to affect the way the world's food is grown.

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How many jobs will the budget create? Finance minister admits he doesn't know

Finance Minister Joe Oliver is admitting he doesn't know how many jobs last week's federal budget will create.

Despite insisting that the budget will create jobs through measures such as the small business tax cut, Oliver told CTV's Question Period that he doesn't know how many.

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RE/MAX 2015 spring market trends report released

RE/MAX has just released its 2015 Spring Market Trends Report — a summary of the ups, downs and trends in the real estate market across Canada. The report is detailed and extensive, taking into account all of the country’s major centres and can be used as one way to look at changing demographics and realities.

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