January 2013 Ontario Economic Fundamentals

[Ally]

Hamilton housing starts December 2012






TORONTO, ONTARIO--(Marketwire - Jan. 9, 2013) - Housing starts in Hamilton, Census Metropolitan Area (CMA) were trending at 2,354 units in December, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)[sup]1[/sup] of housing starts. The standalone monthly SAAR was 2,162 units in December, down from 2,823 units in November.




"Hamilton's total housing starts were down in December 2012 from the same month a year ago. However, after twelve months, starts of all housing types increased from the previous year. Low mortgage rates, positive migration flows and fewer listings on the existing home market supported residential construction activity in 2012 - particularly during the first half of the year," said Abdul Kargbo, CMHC's Senior Market Analyst for Hamilton and Brantford CMAs.





Read the full article here.

 

[Ally]

Barrie housing starts December 2012






TORONTO, ONTARIO--(Marketwire - Jan. 9, 2013) - Housing starts in the Barrie Census Metropolitan Area (CMA) were trending at 968 units in December, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)[sup]1[/sup] of housing starts. The standalone monthly SAAR was 783 units in December, up from 709 in November.




"Housing starts for the year 2012 were up. Availability of land in the Town of Innisfil for the construction of single-detached homes and the start-up of several higher density residential projects increased housing starts last year." said Abdellah Massaoudi, CMHC's Market Analyst for Barrie.





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[Ally]

Assessing the Orillia rental market






ORILLIA - A recent snapshot of Orillia`s rental market is more realistic than in the past, but a local housing expert said it still is not representative of what`s out there.




Nor do the Canadian Mortage and Housing Corporation`s (CMHC) rental statistics accurately reflect the cost of what is vacant, said Orillia Housing Resource Centre co-ordinator Nadine Ritchie.




The non-profit organization provides information and support to people looking for suitable housing, provides support services to those who are homeless or at risk of homelessness and provides a comprehensive list of rental properties available in the area.





Read the full article here.

 

[Ally]

GTA realtors release fourth quarter market report





Greater Toronto Area REALTORSÂ reported 3,648 rental condominium apartment transactions through the TorontoMLS system in the fourth quarter of 2012, up 13 per cent from the 3,234 transactions recorded during the same period in 2011. The number of units listed for rent at some point during the fourth quarter was up by close to 18 per cent on a year-over-year basis.






"The number of rental transactions through the TorontoMLS system has been growing quite strongly over the past year, as many renter households are attracted to investor-held condominium apartments and townhomes that offer modern finishes and amenities in popular areas throughout the Greater Toronto Area," said Toronto Real Estate Board (TREB) President Ann Hannah.





Read the full article here.

 

[Ally]

The GTA deserves better than a 'hail mary' on transit planning




Here`s the good news. At long last, it seems that most of the GTA`s political leaders, activists and advocates agree that the region is in desperate need of billions of dollars in infrastructure spending. Without fresh investment in subways, GO trains, light rail and roadways, soul-sucking congestion will seriously hamper economic competitiveness.




Here`s the bad news. Very few people ­` especially politicians ` want to really talk about how to pay for it.





Read the full article here.

 

[Ally]

North of Toronto, a new downtown sprouts in suburban Vaughan




KPMG is set to become the main tenant in an office tower in the heart of Vaughan`s bustling downtown. The only catch is that the downtown doesn`t exist yet.




The space around the proposed KPMG Tower looks like a largely vacant pocket of suburbia just north of Toronto.




The consulting company began its search for additional office space a couple of years ago because its downtown Toronto-based practice catering to entrepreneurs was growing so quickly.



Read the full article here.

 

[Ally]

Ottawa committed to attracting new auto investment





Federal Industry Minister Christian Paradis says Ottawa remains committed to courting new auto assembly work, despite concerns that more needs to be done.




`We have to make sure that we can create a good environment to attract investment from the companies,` he said on the sidelines of the North American International Auto Show in Detroit.





Read the full article here.

 

[Ally]

Canada has become a bit player in the game of auto subsidies




It is ` as the saying goes ` the cost of doing business.




Ottawa`s recent renewal of a $250-million innovation fund for the auto industry is a pricey reminder that government subsidies are now the norm in the global auto business.




The federal and Ontario governments are already deep into General Motors of Canada Ltd. and Chrysler Canada Inc. to the tune of $14-billion. Ottawa and Ontario may soon pony up another $400-million to help Ford Motor Co. of Canada Ltd. retool its assembly plant in Oakville, Ont.



Read the full article here.

 

[Ally]

York region releases economic development action plan




The Regional Municipality of York has released its Economic Development Action Plan which sets out a strategic course of action for the economic growth and prosperity of York Region. More than 300 stakeholders engaged in more than 20 consultations to help shape the goals and actions included in the plan.




`Economic growth and job creation are vital to the Region`s prosperity,` said York Region chairman and CEO Bill Fisch. `The Economic Development Action Plan continues to evaluate where the Region will be successful and the actions and partnerships that will ensure our continued success.`





Read the full article here.

 

[Ally]

GTA realtors release mid-month resale housing figures





Greater Toronto REALTORS(R) reported 1,469 sales through the TorontoMLS system during the first two weeks of January 2013. This result represented an increase of 2.4 per cent over the 1,435 transactions reported during the same period in 2012.




"The New Year started off on a positive note with residential sales slightly above last year's levels," said Toronto Real Estate Board (TREB) President Ann Hannah. "I am cautiously optimistic about this result. It will be important to watch sales trends closely as we move through the first quarter to see if some of the households who moved to the sidelines as a result of stricter lending guidelines are starting to renew their decision to purchase a home."





Read the full article here.

 

[Ally]

Toronto home prices up 4% in January




Realtors are `cautiously optimistic` that Toronto`s housing market is picking up a bit of unexpected steam after six months of slowing sales and softening prices.




The number of houses that changed hands in the first two weeks of January was up 2.4 per cent and the average selling price was up 4 per cent compared to the same period a year ago, according to figures released Wednesday by the Toronto Real Estate Board.





Read the full article here.

 

[Ally]

Three condo towers approved for Centrepointe



OTTAWA ` City council`s planning committee Monday morning approved a three-building development for the north end of Centrepointe Drive, close to Sir Guy Carleton high school.





The 364-unit development, spread across three 15-storey buildings constructed atop street-level townhouses, is the very definition of controversial in the neighbourhood. The local community association is just about evenly split on it.




Read the full article here.

 

[Ally]

Can the Entertainment District's restaurant row resist condo frenzy




The controversy over high-rise condo development in the heart of Toronto`s Entertainment District`s so-called `restaurant row` erupted this week as the developer faced off against concerned restaurateurs and residents in tense hearings before the Ontario Municipal Board.




In a last-ditch effort to quash the 47-storey tower slated to be built at 321-323 King St. West, (between Peter and Widmer Streets), restaurant owners and worried citizens ` led by Kit Kat eatery owner Al Carbone ` appeared before the OMB in a series of meetings to argue that the 304-unit project will erode the integrity and quirky vibe of the strip.



Read the full article here.

 

[Ally]

Low economic growth ahead for Kingston




Kingston may `lag behind` most of the province economically, but a Queen`s business professor has forecasted relatively positive conditions for part-time or casual workers who live in the area.




Gary Bissonette, assistant professor in the School of Business, presented his projections for the national, provincial and local economies of 2013 at the School`s Business Forecast Luncheon held on Dec. 11 at the Four Points Sheraton.





Read the full article here.

 

[Ally]

Toronto area sees record year for office property deals




Real estate firms chased commercial properties in the Greater Toronto Area like never before in 2012,

setting a record for both the number of deals done and the value of those deals.




Research firm RealNet Canada Inc. has crunched the numbers and found 1,984 asset sales of more than $1-million last year, for properties such as office buildings, industrial complexes, retail space, hotels and apartments. About $13-billion worth of deals were done in total ` more than double the level of 2009, when the market bottomed out in the wake of the financial crisis.



Read the full article here.

 

[Ally]

Toronto resales up year-over-year in first half of January




The Toronto Real Estate Board (TREB) released their mid-month resale housing figures earlier this week and the numbers show that sales through the first two weeks of January are stronger than the same period in 2012.




There were 1,469 sales through the Toronto MLS system, representing an increase of 2.4 per cent over the 1,435 transactions during the first two weeks of 2012.




`The New Year started off on a positive note with residential sales slightly above last year`s levels,` said Ann Hannah, TREB`s President, in the press release that accompanied the numbers.





Read the full article here.

 

[Ally]

Downtown Toronto condos: Signs of life




Some Toronto realtors are seeing an unexpected surge in condo buyers scouring the market post Christmas and the return of a phenomenon not seen in months ` bidding wars.




`I was shocked,` says ReMax realtor Peter Krpan who advised one couple, first-time buyers, that the softening condo market meant they could take their time and bid low on almost any downtown unit they wanted.





Read the full article here.

 

[Ally]

Metrolinx - the big move





Some have called public transit infrastructure the best possible stimulus the real estate industry can receive. So it only makes sense that Ontario`s firm commitment to spend $8.4 billion on 52 km











of new light rail lines in Toronto will present remarkable opportunities for wise investors and developers.







Read the full article here.

 

[Ally]

Young echo boomers move to downtown Toronto, push population growth rate way up





Population growth in downtown Toronto has outpaced the city`s suburbs for the first time in decades, according to a report released today by TD Economics.



Between 2006 and 2011, population growth in downtown Toronto rose to 16.2 per cent, while growth in the Peel, York, Durham and Halton regions dropped to 13.7 per cent. The 16.2 per cent figure is three times higher than for the 2001 to 2006 period in which growth was only 4.6 per cent.





Read the full article here.

 

[Ally]

Hamilton housing prices rising faster than anywhere else in Canada




A new study says housing prices in Hamilton are rising faster than anywhere else in Canada.




The city bucked the national trend by seeing 7.4-per cent growth in 2012, the highest of the urban centres studied, according to the Teranet-National Bank House Price Index.




Hamilton, Quebec City and Victoria had higher readings.





Read the full article here.