July 2013 Ontario Economic Fundamentals
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Prognosis grim for Toronto condo investors
Warren Buffett is fond of saying that `you never know who is swimming naked until the tide goes out.` Well, when interest rates start to climb, Toronto`s condominium investors may be about to get a lesson in the perils of swimming in the buff.
Bond yields worldwide jumped in recent weeks as the Federal Reserve hinted its bond-buying program could soon begin to wind down. The Canadian bond market has not been immune to this force, with 5-year government bond yields up from 1.33 per cent five weeks ago to 1.84 per cent last week.
Read the full article here.
Warren Buffett is fond of saying that `you never know who is swimming naked until the tide goes out.` Well, when interest rates start to climb, Toronto`s condominium investors may be about to get a lesson in the perils of swimming in the buff.
Bond yields worldwide jumped in recent weeks as the Federal Reserve hinted its bond-buying program could soon begin to wind down. The Canadian bond market has not been immune to this force, with 5-year government bond yields up from 1.33 per cent five weeks ago to 1.84 per cent last week.
Read the full article here.
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Worries of correction persist in Toronto's condo alley
Sandwiched between two rail lines in Toronto`s core, great factories once produced the finest Canada could offer the world: Magic baking powder, Brunswick bowling alley flooring and Massey Ferguson farm equipment.
Those factories and many others here have been long abandoned or demolished, but the area is bustling. It is now called Liberty Village and it is packed with high-rise condominiums, largely built over the last five years, with many more still under construction.
Read the full article here.
Sandwiched between two rail lines in Toronto`s core, great factories once produced the finest Canada could offer the world: Magic baking powder, Brunswick bowling alley flooring and Massey Ferguson farm equipment.
Those factories and many others here have been long abandoned or demolished, but the area is bustling. It is now called Liberty Village and it is packed with high-rise condominiums, largely built over the last five years, with many more still under construction.
Read the full article here.
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Toronto real estate board calls on city executive committee to set land transfer tax phase-out in motion
TORONTO, ONTARIO -- (Marketwired) -- 07/03/13 -- With detailed options on an initial cut to the Toronto Land Transfer Tax before the City of Toronto Executive Committee, the Toronto Real Estate Board (TREB) is calling on the Committee to take decisive action to get a phase-out of this tax in motion. TREB is presenting its views in a deputation to the Executive Committee today.
"A Land Transfer Tax reduction should be part of the City's next budget process, so the City's Budget Committee should have an opportunity to review this issue. Torontonians have waited long enough for this and they want decisive action, so the Executive Committee should indicate, to the Budget Committee, its clear support, in principle, for an initial 10 percent reduction, and then let the Budget Committee work on the details of making that happen," said Dianne Usher, TREB President.
Read the full article here.
TORONTO, ONTARIO -- (Marketwired) -- 07/03/13 -- With detailed options on an initial cut to the Toronto Land Transfer Tax before the City of Toronto Executive Committee, the Toronto Real Estate Board (TREB) is calling on the Committee to take decisive action to get a phase-out of this tax in motion. TREB is presenting its views in a deputation to the Executive Committee today.
"A Land Transfer Tax reduction should be part of the City's next budget process, so the City's Budget Committee should have an opportunity to review this issue. Torontonians have waited long enough for this and they want decisive action, so the Executive Committee should indicate, to the Budget Committee, its clear support, in principle, for an initial 10 percent reduction, and then let the Budget Committee work on the details of making that happen," said Dianne Usher, TREB President.
Read the full article here.
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GTA REALTORS release June resale numbers
TORONTO, ONTARIO--(Marketwired - July 4, 2013) - Greater Toronto Area REALTORSÂ reported 9,061 sales through the TorontoMLS system in June 2013 - down by less than one per cent compared to June 2012. Over the same period, new listings were down by a greater rate than sales, suggesting market conditions became tighter.
"The sales picture in the GTA improved markedly in the second quarter of 2013. While the number of transactions was still down compared to 2012, rates of decline were substantially improved compared to the first quarter," said Toronto Real Estate Board President Dianne Usher.
Read the full article here.
TORONTO, ONTARIO--(Marketwired - July 4, 2013) - Greater Toronto Area REALTORSÂ reported 9,061 sales through the TorontoMLS system in June 2013 - down by less than one per cent compared to June 2012. Over the same period, new listings were down by a greater rate than sales, suggesting market conditions became tighter.
"The sales picture in the GTA improved markedly in the second quarter of 2013. While the number of transactions was still down compared to 2012, rates of decline were substantially improved compared to the first quarter," said Toronto Real Estate Board President Dianne Usher.
Read the full article here.
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Slight drop in London and St. Thomas June stats for home, condo sales
London and St. Thomas Association of Realtors announced on Wednesday (July 3) that sales last month were down 3.6 percent over those of the previous June with 654 detached homes exchanging hands and 141 condos.
This represents a 1.4 percent decrease in sales for detached homes and a 13 percent decrease in condo sales.
`Year-to-date sales are still slightly down over last year by 5.4 percent,` said Doug Pedlar, president of London and St. Thomas Association of Realtors (LSTAR), adding that over all it is turning out to be closely in line with 2012.
Read the full article here.
London and St. Thomas Association of Realtors announced on Wednesday (July 3) that sales last month were down 3.6 percent over those of the previous June with 654 detached homes exchanging hands and 141 condos.
This represents a 1.4 percent decrease in sales for detached homes and a 13 percent decrease in condo sales.
`Year-to-date sales are still slightly down over last year by 5.4 percent,` said Doug Pedlar, president of London and St. Thomas Association of Realtors (LSTAR), adding that over all it is turning out to be closely in line with 2012.
Read the full article here.
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Guelph unemployment rises for fourth straight month
GUELPH ` The City of Guelph's unemployment rate continued its trend of several consecutive months and climbed once more in June. The city's unemployment rate is now at 7.9 per cent, according to data released Friday by Statistics Canada. That's up from the jobless rate of 7.5 per cent logged at the end of May and well above the 5.8 per cent at the end of February `` the last month during which its unemployment rate dropped. Nationally as well, job creation stalled last month as employers pulled back on hiring after a wild May that saw an unsustainably high 95,000 new jobs added, leaving many to question the accuracy of the country's key labour report. June's data from Statistics Canada, issued Friday, was more in keeping with expectations as the agency recorded a loss of about 400 jobs ` a statistically insignificant number that kept the unemployment rate moored at 7.1 per cent.
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GUELPH ` The City of Guelph's unemployment rate continued its trend of several consecutive months and climbed once more in June. The city's unemployment rate is now at 7.9 per cent, according to data released Friday by Statistics Canada. That's up from the jobless rate of 7.5 per cent logged at the end of May and well above the 5.8 per cent at the end of February `` the last month during which its unemployment rate dropped. Nationally as well, job creation stalled last month as employers pulled back on hiring after a wild May that saw an unsustainably high 95,000 new jobs added, leaving many to question the accuracy of the country's key labour report. June's data from Statistics Canada, issued Friday, was more in keeping with expectations as the agency recorded a loss of about 400 jobs ` a statistically insignificant number that kept the unemployment rate moored at 7.1 per cent.
Read the full article here.
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Soaring Toronto condo market ignites fears of a crash
TORONTO ` Sandwiched between two rail lines in this city's core, great factories once produced the finest Canada could offer the world: Magic baking powder, Brunswick bowling alley flooring and Massey Ferguson farm equipment.
Those factories and many others here have been long abandoned or demolished, but the area is bustling. It is now called Liberty Village and it is packed with high-rise condominiums, largely built over the last five years, with many more still under construction.
Read the full article here.
TORONTO ` Sandwiched between two rail lines in this city's core, great factories once produced the finest Canada could offer the world: Magic baking powder, Brunswick bowling alley flooring and Massey Ferguson farm equipment.
Those factories and many others here have been long abandoned or demolished, but the area is bustling. It is now called Liberty Village and it is packed with high-rise condominiums, largely built over the last five years, with many more still under construction.
Read the full article here.
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Toronto home prices remain stable
TORONTO, July 9, 2013 /CNW/ - The Royal LePage House Price Survey and Market Survey Forecast released today showed modest growth in prices for all housing types surveyed in Toronto.
Standard two-storey homes saw an increase of 2.2 per cent year-over-year to $683,241 and detached bungalows increased by 3.1 per cent to $577,495, while condominium prices remained relatively flat, increasing by 0.7 per cent to $366,189.
Read the full article here.
TORONTO, July 9, 2013 /CNW/ - The Royal LePage House Price Survey and Market Survey Forecast released today showed modest growth in prices for all housing types surveyed in Toronto.
Standard two-storey homes saw an increase of 2.2 per cent year-over-year to $683,241 and detached bungalows increased by 3.1 per cent to $577,495, while condominium prices remained relatively flat, increasing by 0.7 per cent to $366,189.
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June home sales strong in Barrie
Home sales in Barrie and the surrounding areas continued to see strong levels of activity in June according to the Barrie and District Association of Realtors.
The association covers Barrie and part or all of Springwater, Oro-Medonte, Essa and Clearview townships as well as the towns of Innisfil and Bradford-West Gwillimbury.
The association's MLS System recorded 515 residential unit sales in June.
Read the full article here.
Home sales in Barrie and the surrounding areas continued to see strong levels of activity in June according to the Barrie and District Association of Realtors.
The association covers Barrie and part or all of Springwater, Oro-Medonte, Essa and Clearview townships as well as the towns of Innisfil and Bradford-West Gwillimbury.
The association's MLS System recorded 515 residential unit sales in June.
Read the full article here.
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June housing starts in Ottawa
OTTAWA, ONTARIO--(Marketwired - July 9, 2013) - Housing starts in Ottawa Census Metropolitan Area (CMA) were trending at 5,689 units in June compared to 5,140 units in May 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.
"Seasonally adjusted housing starts picked up in June following a slight moderation in May as activity firmed in most segments of the housing market. Single-detached and row construction continue the revitalizing trend started earlier in the second quarter. Nonetheless, housing starts in the Ottawa CMA are forecast to moderate from last year's strong level," said Sandra Perez Torres, Senior Market Analyst for Eastern and Northern Ontario.
Read the full article here.
OTTAWA, ONTARIO--(Marketwired - July 9, 2013) - Housing starts in Ottawa Census Metropolitan Area (CMA) were trending at 5,689 units in June compared to 5,140 units in May 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.
"Seasonally adjusted housing starts picked up in June following a slight moderation in May as activity firmed in most segments of the housing market. Single-detached and row construction continue the revitalizing trend started earlier in the second quarter. Nonetheless, housing starts in the Ottawa CMA are forecast to moderate from last year's strong level," said Sandra Perez Torres, Senior Market Analyst for Eastern and Northern Ontario.
Read the full article here.
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June housing starts in St. Catharines-Niagara
TORONTO, ONTARIO`(Marketwired ` July 9, 2013) - Housing starts in the St. Catharines-Niagara Census Metropolitan Area (CMA) were trending at 1,154 units in June compared to 1,416 in May, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)(1) of housing starts.
`In the first half of 2013 total housing starts in St.Catharines-Niagara CMA have posted growth when compared to the same period of last year. Low mortgage carrying costs are supportive of growing housing demand. That is being reflected in the gradual increase of low rise structures,` said Alexander Bonnyman, CMHC`s Senior Market Analyst.
Read the full article here.
TORONTO, ONTARIO`(Marketwired ` July 9, 2013) - Housing starts in the St. Catharines-Niagara Census Metropolitan Area (CMA) were trending at 1,154 units in June compared to 1,416 in May, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)(1) of housing starts.
`In the first half of 2013 total housing starts in St.Catharines-Niagara CMA have posted growth when compared to the same period of last year. Low mortgage carrying costs are supportive of growing housing demand. That is being reflected in the gradual increase of low rise structures,` said Alexander Bonnyman, CMHC`s Senior Market Analyst.
Read the full article here.
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June housing starts in Toronto
TORONTO, ONTARIO--(Marketwired - July 9, 2013) - Housing starts in the Toronto, Census Metropolitan Area (CMA) were trending at 31,829 units in June compared to 34,330 in May 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.
"Although down this month, condominium apartment starts continue to be supported by the backlog of units sold but not yet started. Starts of low-rise housing, which includes single-detached, semi-detached and row houses, remained a relatively stable part of residential construction activity," said Ed Heese, CMHC's Senior Market Analyst.
Read the full article here.
TORONTO, ONTARIO--(Marketwired - July 9, 2013) - Housing starts in the Toronto, Census Metropolitan Area (CMA) were trending at 31,829 units in June compared to 34,330 in May 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.
"Although down this month, condominium apartment starts continue to be supported by the backlog of units sold but not yet started. Starts of low-rise housing, which includes single-detached, semi-detached and row houses, remained a relatively stable part of residential construction activity," said Ed Heese, CMHC's Senior Market Analyst.
Read the full article here.
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June housing starts in Ontario
TORONTO, ONTARIO--(Marketwired - July 9, 2013) - Housing starts in the Ontario region were trending at 55,649 units in June, compared to 58,087 in May, 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.
"Less in migration, owing to modest Ontario job growth over the past year and better supply conditions for higher density housing caused the residential construction trend to ease in June. Improving economic and resale market conditions in the second quarter should help stabilize residential construction activity in the months ahead," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist.
Read the full article here.
TORONTO, ONTARIO--(Marketwired - July 9, 2013) - Housing starts in the Ontario region were trending at 55,649 units in June, compared to 58,087 in May, 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.
"Less in migration, owing to modest Ontario job growth over the past year and better supply conditions for higher density housing caused the residential construction trend to ease in June. Improving economic and resale market conditions in the second quarter should help stabilize residential construction activity in the months ahead," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist.
Read the full article here.
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June housing starts in the Hamilton CMA
TORONTO, ONTARIO--(Marketwired - July 9, 2013) - Housing starts in Hamilton Census Metropolitan Area (CMA) were trending at 3,328 units in June compared to 3,058 units in May, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)(1) of housing starts.
"The trend in Hamilton's total housing starts increased in June 2013 compared to the previous month. Hamilton CMA residential construction activity in the past two months has exhibited a steady recovery from the decline seen during the second half of 2012. In addition, apartment starts in the City of Burlington helped boost residential activity further in June," said Abdul Kargbo, CMHC's Senior Market Analyst for Hamilton and Brantford CMAs.
Read the full article here.
TORONTO, ONTARIO--(Marketwired - July 9, 2013) - Housing starts in Hamilton Census Metropolitan Area (CMA) were trending at 3,328 units in June compared to 3,058 units in May, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)(1) of housing starts.
"The trend in Hamilton's total housing starts increased in June 2013 compared to the previous month. Hamilton CMA residential construction activity in the past two months has exhibited a steady recovery from the decline seen during the second half of 2012. In addition, apartment starts in the City of Burlington helped boost residential activity further in June," said Abdul Kargbo, CMHC's Senior Market Analyst for Hamilton and Brantford CMAs.
Read the full article here.
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Active retirees lured to Windsor region
Stephanie Thomson was already halfway committed to moving to Bob-Lo Island upon seeing Amherstburg's scenic riverfront.
When she began crunching the numbers and realized she could sell her Mississauga condominium, buy her new townhome and still pocket $200,000 it wasn't long before the moving vans were backed up to her door.
Read the full article here.
Stephanie Thomson was already halfway committed to moving to Bob-Lo Island upon seeing Amherstburg's scenic riverfront.
When she began crunching the numbers and realized she could sell her Mississauga condominium, buy her new townhome and still pocket $200,000 it wasn't long before the moving vans were backed up to her door.
Read the full article here.
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Affordability draws homebuyers outside of Toronto's core
MISSISSAUGA, ON, July 17, 2013 /CNW/ - Affordability remained the strongest driver of residential housing in the Toronto market in the first half of 2013, with single-detached homes in neighbourhoods east and west of the central core posting the best overall performances, according to RE/MAX Ontario-Atlantic Canada.
Read the full article here.
MISSISSAUGA, ON, July 17, 2013 /CNW/ - Affordability remained the strongest driver of residential housing in the Toronto market in the first half of 2013, with single-detached homes in neighbourhoods east and west of the central core posting the best overall performances, according to RE/MAX Ontario-Atlantic Canada.
Read the full article here.
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GTA realtors release housing resale figures
TORONTO, ONTARIO`(Marketwired ` July 16, 2013) - Greater Toronto Area REALTORSÂ reported 3,603 residential sales through the TorontoMLS system during the first 14 days of July. This result represented a moderate increase of 2.2 per cent compared to the same period in 2012. Over the same time frame, the number of new listings entered into TorontoMLS was down by two per cent.
`The second half of 2013 began with tighter market conditions in the GTA housing market. With sales up and new listings down, it makes sense that the annual rate of price growth accelerated. This was especially the case for single-detached and semi-detached homes in the City of Toronto, which remained in very short supply,` said Toronto Real Estate Board President Dianne Usher.
Read the full article here.
TORONTO, ONTARIO`(Marketwired ` July 16, 2013) - Greater Toronto Area REALTORSÂ reported 3,603 residential sales through the TorontoMLS system during the first 14 days of July. This result represented a moderate increase of 2.2 per cent compared to the same period in 2012. Over the same time frame, the number of new listings entered into TorontoMLS was down by two per cent.
`The second half of 2013 began with tighter market conditions in the GTA housing market. With sales up and new listings down, it makes sense that the annual rate of price growth accelerated. This was especially the case for single-detached and semi-detached homes in the City of Toronto, which remained in very short supply,` said Toronto Real Estate Board President Dianne Usher.
Read the full article here.
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GTA realtors release rental market report
TORONTO, ONTARIO--(Marketwired - July 16, 2013) - Greater Toronto Area REALTORSÂ reported 5,853 condominium apartments rented through the TorontoMLS system in the second quarter of 2013. This result was up by approximately 23 per cent in comparison to the second quarter of 2012. The number of condominium apartments listed for rent was up by over 15 per cent to 10,284.
"Condominium apartments rented out by investors have become an increasingly important part of the overall rental stock in the GTA, given that very few purpose-built rental properties have been completed over the last decade," said Toronto Real Estate Board President Dianne Usher.
Read the full article here.
TORONTO, ONTARIO--(Marketwired - July 16, 2013) - Greater Toronto Area REALTORSÂ reported 5,853 condominium apartments rented through the TorontoMLS system in the second quarter of 2013. This result was up by approximately 23 per cent in comparison to the second quarter of 2012. The number of condominium apartments listed for rent was up by over 15 per cent to 10,284.
"Condominium apartments rented out by investors have become an increasingly important part of the overall rental stock in the GTA, given that very few purpose-built rental properties have been completed over the last decade," said Toronto Real Estate Board President Dianne Usher.
Read the full article here.
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New rules for student housing in Oshawa
Lost in the shuffle of other, louder happenings at Oshawa City Hall was the approval of a new bylaw tenants and landlords in the City`s student housing area will have to learn to live with.
The new bylaw updates the current licensing bylaw for residential rental units in the area surrounding the campuses of Durham College and UOIT. It entrenches a $500 penalty for landlords operating without a license, establishes offences for landlords advertising rental units without first obtaining a license and adding other property standard bylaws landlords must abide by if they want to obtain a license.
Read the full article here.
Lost in the shuffle of other, louder happenings at Oshawa City Hall was the approval of a new bylaw tenants and landlords in the City`s student housing area will have to learn to live with.
The new bylaw updates the current licensing bylaw for residential rental units in the area surrounding the campuses of Durham College and UOIT. It entrenches a $500 penalty for landlords operating without a license, establishes offences for landlords advertising rental units without first obtaining a license and adding other property standard bylaws landlords must abide by if they want to obtain a license.
Read the full article here.