June 2014 Ontario Economic Fundamentals
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Queen's to add 2,000 full-time university students
Queen's University plans to add more than 2,000 full-time students to its direct and second-entry undergraduate programs will have a major impact on local housing, officials say.
Increased undergraduate enrolment at Queen's University would bring the total headcount from 16,526 in fall 2013 to 18,368 in fall 2016.
Read the full article here.
Queen's University plans to add more than 2,000 full-time students to its direct and second-entry undergraduate programs will have a major impact on local housing, officials say.
Increased undergraduate enrolment at Queen's University would bring the total headcount from 16,526 in fall 2013 to 18,368 in fall 2016.
Read the full article here.
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Ontario's minimum wage jumped to $11 an hour on June 1st
TORONTO ` Angel Reyes is getting his first raise in four years Sunday when Ontario's minimum wage goes up by 75 cents to $11.
But he's not feeling any richer.
"The cost of everything has gone up so much. My rent has increased, transportation has increased, food has increased. Even the cost of stamps at the post office," said the 60-year-old temp agency worker who sorts trash for a Toronto recycling company.
Read the full article here.
TORONTO ` Angel Reyes is getting his first raise in four years Sunday when Ontario's minimum wage goes up by 75 cents to $11.
But he's not feeling any richer.
"The cost of everything has gone up so much. My rent has increased, transportation has increased, food has increased. Even the cost of stamps at the post office," said the 60-year-old temp agency worker who sorts trash for a Toronto recycling company.
Read the full article here.
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Second phase of MaRs tower nearly empty
The 20-storey MaRS tower was at risk of becoming a white elephant from the beginning because it was simply too big and too expensive for Canada`s relatively small life sciences sector, Toronto-based commercial brokers say.
Construction forged ahead for several months until late 2008, defying basic Canadian real estate development conventions such as having at least 40 per cent of the space leased before concrete was poured.
Read the full article here.
The 20-storey MaRS tower was at risk of becoming a white elephant from the beginning because it was simply too big and too expensive for Canada`s relatively small life sciences sector, Toronto-based commercial brokers say.
Construction forged ahead for several months until late 2008, defying basic Canadian real estate development conventions such as having at least 40 per cent of the space leased before concrete was poured.
Read the full article here.
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Milton among top investment communities in Ontario
Milton has been named one of the top investment communities in Ontario in an annual report released by the Real Estate Investment Network (REIN).
The 140-page report analyzes current and future prospects for real estate investments and places the town in 10th spot, just behind the city of Toronto.
Read the full article here.
Milton has been named one of the top investment communities in Ontario in an annual report released by the Real Estate Investment Network (REIN).
The 140-page report analyzes current and future prospects for real estate investments and places the town in 10th spot, just behind the city of Toronto.
Read the full article here.
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New office complex planned for Stittsville
Abbott-Fernbank Holdings, part of The Regional Group, wants approval to build 272 dwelling units, 26,000 square feet of office space and 95,500 square feet of retail on Fernbank Road over five years. A second phase, to be completed within 20 years, would increase the number of residential units slightly and add another 21,500 square feet of retail.
Read the full article here.
Abbott-Fernbank Holdings, part of The Regional Group, wants approval to build 272 dwelling units, 26,000 square feet of office space and 95,500 square feet of retail on Fernbank Road over five years. A second phase, to be completed within 20 years, would increase the number of residential units slightly and add another 21,500 square feet of retail.
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Ottawa housing starts to fall in 2014
`Neither the buyer or the seller will have the upper hand,` Sandra PÃrez Torres, CMHC's senior market analyst for the Ottawa region, said in an interview with OBJ.
According to Ms. PÃrez Torres, prices are also likely to stay relatively stable, rising at the rate of inflation.
Read the full article here.
`Neither the buyer or the seller will have the upper hand,` Sandra PÃrez Torres, CMHC's senior market analyst for the Ottawa region, said in an interview with OBJ.
According to Ms. PÃrez Torres, prices are also likely to stay relatively stable, rising at the rate of inflation.
Read the full article here.
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Ottawa home prices up slightly in April
Teranet says prices were up 0.5 per cent from March, and although the gain "might appear robust" compared with the previous month, home prices always climb in the spring season.
In fact, it noted that April's increase was the third lowest for any April besides during the recession in 15 years.
Read the full article here.
Teranet says prices were up 0.5 per cent from March, and although the gain "might appear robust" compared with the previous month, home prices always climb in the spring season.
In fact, it noted that April's increase was the third lowest for any April besides during the recession in 15 years.
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Ottawa's housing market to remain stable
Canada`s housing market watchdog updated its outlook on the state of the real estate industry in the nation`s capital Thursday and dismissed speculation that a major market correction is looming.
According to Canada Mortgage and Housing Corp., while homeowners can expect the market to cool slightly in the coming months, a rebound is likely for early 2015.
`While lower than historical average mortgage rates remain supportive of housing demand, weaker employment conditions in Ottawa have slowed down resale market activity,` said Sandra Perez Torres, a senior market analyst with CMHC. `Consequently, it is expected that sales of existing homes will retreat in 2014 by over two per cent, before picking up slightly in 2015 as economic and employment conditions improve.`
However, even with slumping sales expected for the resale market, Perez Torres noted that average housing prices will still increase by around 1.1 per cent year-over-year.
Read the full article here.
Canada`s housing market watchdog updated its outlook on the state of the real estate industry in the nation`s capital Thursday and dismissed speculation that a major market correction is looming.
According to Canada Mortgage and Housing Corp., while homeowners can expect the market to cool slightly in the coming months, a rebound is likely for early 2015.
`While lower than historical average mortgage rates remain supportive of housing demand, weaker employment conditions in Ottawa have slowed down resale market activity,` said Sandra Perez Torres, a senior market analyst with CMHC. `Consequently, it is expected that sales of existing homes will retreat in 2014 by over two per cent, before picking up slightly in 2015 as economic and employment conditions improve.`
However, even with slumping sales expected for the resale market, Perez Torres noted that average housing prices will still increase by around 1.1 per cent year-over-year.
Read the full article here.
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Greater Toronto realtors report resale housing market figures
TORONTO, ONTARIO -- (Marketwired) -- 06/04/14 -- Toronto Real Estate Board President Dianne Usher announced that both the number of home sales through the TorontoMLS system and the average selling price were up strongly in May compared to a year ago.
Total TorontoMLS sales for May 2014 amounted to 11,079 - a new high for the month of May. This result was up by 11.4 per cent compared to 9,946 sales reported in May 2013. The average selling price for these sales was $585,204, representing an 8.3 per cent year-over-year increase compared to the average price of $540,544 in May 2013.
Read the full article here.
TORONTO, ONTARIO -- (Marketwired) -- 06/04/14 -- Toronto Real Estate Board President Dianne Usher announced that both the number of home sales through the TorontoMLS system and the average selling price were up strongly in May compared to a year ago.
Total TorontoMLS sales for May 2014 amounted to 11,079 - a new high for the month of May. This result was up by 11.4 per cent compared to 9,946 sales reported in May 2013. The average selling price for these sales was $585,204, representing an 8.3 per cent year-over-year increase compared to the average price of $540,544 in May 2013.
Read the full article here.
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Toronto's average detached home price closes in on $1million as sales surge to fresh record in May
Toronto existing home sales set a new record for the month of May as activity climbed another 11.4% from a year earlier.
The Toronto Real Estate Board said there were 11,079 sales last month in the Greater Toronto Area,up from 9,946 a year earlier.
Read the full article here.
Toronto existing home sales set a new record for the month of May as activity climbed another 11.4% from a year earlier.
The Toronto Real Estate Board said there were 11,079 sales last month in the Greater Toronto Area,up from 9,946 a year earlier.
Read the full article here.
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Cambridge tops list of real estate investment opportunities
CAMBRIDGE ` Our city and Kitchener constitute the cream of the crop when it comes to real estate investment opportunities in Ontario, a national research organization has found.
The Real Estate Investment Network (REIN) released its Top Ontario Investment Towns report earlier this week and Cambridge is tied with Kitchener for first place in community rankings for 2014.
Read the full article here.
CAMBRIDGE ` Our city and Kitchener constitute the cream of the crop when it comes to real estate investment opportunities in Ontario, a national research organization has found.
The Real Estate Investment Network (REIN) released its Top Ontario Investment Towns report earlier this week and Cambridge is tied with Kitchener for first place in community rankings for 2014.
Read the full article here.
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Why Ontario is the Silicon Valley of the north
California`s Highway 101 stretches 95 kilometres between San Francisco and San Jose, connecting small and large technology companies, students, innovators and venture capitalists. Nestled around Highway 101 is the largest innovation corridor in the world ` Silicon Valley.
Similarly, Ontario`s tree-lined Highway 401 stretches 115 kilometres between Toronto and Waterloo, also connecting small and large technology companies, students, innovators and venture capitalists. Last year, this Ontario corridor surpassed all other cities and regions and became the world`s second largest innovation corridor. It is the Silicon Valley of the North.
Read the full article here.
California`s Highway 101 stretches 95 kilometres between San Francisco and San Jose, connecting small and large technology companies, students, innovators and venture capitalists. Nestled around Highway 101 is the largest innovation corridor in the world ` Silicon Valley.
Similarly, Ontario`s tree-lined Highway 401 stretches 115 kilometres between Toronto and Waterloo, also connecting small and large technology companies, students, innovators and venture capitalists. Last year, this Ontario corridor surpassed all other cities and regions and became the world`s second largest innovation corridor. It is the Silicon Valley of the North.
Read the full article here.
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Big Canada U.S. bridge obtains final permit
WASHINGTON ` A major Canada-U.S. infrastructure project has cleared its last regulatory hurdle with the granting of a permit for a new bridge between Detroit and Windsor, Ont.
That permit from the U.S. Coast Guard was the last one required for a bridge in the busy corridor that handles one-third of all Canada-U.S. trade.
Read the full article here.
WASHINGTON ` A major Canada-U.S. infrastructure project has cleared its last regulatory hurdle with the granting of a permit for a new bridge between Detroit and Windsor, Ont.
That permit from the U.S. Coast Guard was the last one required for a bridge in the busy corridor that handles one-third of all Canada-U.S. trade.
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Toronto real estate market red hot
It was the best May ever for house sales across the GTA, and prices continued to climb ` up 8.3 per cent on average from a year ago ` in the face of fewer listings and ever-more-intense competition, according to figures released by the Toronto Real Estate Board Wednesday.
The average sale price across the GTA was $585,204, up from an average of $540,544 in May of 2013.
Read the full article here.
It was the best May ever for house sales across the GTA, and prices continued to climb ` up 8.3 per cent on average from a year ago ` in the face of fewer listings and ever-more-intense competition, according to figures released by the Toronto Real Estate Board Wednesday.
The average sale price across the GTA was $585,204, up from an average of $540,544 in May of 2013.
Read the full article here.
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Orillia is 'the next wave'
Orillia has slipped from first to 11th place in the province for development interest, but will rebound in the coming years, said the author of the Top Ontario Investment Towns report.
Don Campbell, senior analyst of the Real Estate Investment Network (REIN), which studies 118 towns in Ontario, said the slip is not bad news; it`s just Orillia has lagged behind Barrie, a development hotspot ,the past few years.
Read the full article here.
Orillia has slipped from first to 11th place in the province for development interest, but will rebound in the coming years, said the author of the Top Ontario Investment Towns report.
Don Campbell, senior analyst of the Real Estate Investment Network (REIN), which studies 118 towns in Ontario, said the slip is not bad news; it`s just Orillia has lagged behind Barrie, a development hotspot ,the past few years.
Read the full article here.
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Toronto home sales rebound, post best May on record
After a slow start to the spring market, Toronto`s home sales bounced back last month, setting a record for May.
The number of existing homes that changed hands in the Toronto area came in 11.4-per-cent higher than a year earlier, and set a new high for the month of May, the Toronto Real Estate Board said Wednesday.
Read the full article here.
After a slow start to the spring market, Toronto`s home sales bounced back last month, setting a record for May.
The number of existing homes that changed hands in the Toronto area came in 11.4-per-cent higher than a year earlier, and set a new high for the month of May, the Toronto Real Estate Board said Wednesday.
Read the full article here.
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Explore the reasons for the sudden boom in Brampton real estate
Brampton has a rich cultural heritage. It remained unknown till the early 19th century when the European settlers came to this land. It was given its present name by John Elliott and William Lawson. The evolution of the Grand Trunk Railway brought a remarkable economic transformation in this city and this gave rise to population explosion. This further aided in the emergence of new industries like shoe production, market gardening, banking, etc. It came into existence as a town in the year 1873 and later in 1974 it became a proper city.
Read the full article here.
Brampton has a rich cultural heritage. It remained unknown till the early 19th century when the European settlers came to this land. It was given its present name by John Elliott and William Lawson. The evolution of the Grand Trunk Railway brought a remarkable economic transformation in this city and this gave rise to population explosion. This further aided in the emergence of new industries like shoe production, market gardening, banking, etc. It came into existence as a town in the year 1873 and later in 1974 it became a proper city.
Read the full article here.
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Day of reckoning nears for Ontario as growing deficit raises risk of fresh credit downgrade
The warnings have been quick and delivered with a growing sense of unease. In less than three weeks, Moody`s Investors Services, a major international credit rating agency, issued successive commentaries about Ontario`s fiscal challenges that, although cautiously worded in pithy parlance, nonetheless signaled a further credit downgrade for Canada`s largest province appears inevitable ` if not imminent.
Read the full article here.
The warnings have been quick and delivered with a growing sense of unease. In less than three weeks, Moody`s Investors Services, a major international credit rating agency, issued successive commentaries about Ontario`s fiscal challenges that, although cautiously worded in pithy parlance, nonetheless signaled a further credit downgrade for Canada`s largest province appears inevitable ` if not imminent.
Read the full article here.
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Sales strong as area-built vehicles satisfy customer needs
The Canadian automotive industry is roaring back with vehicles built in the London area leading the charge.
Toyota`s RAV4, made in Woodstock, is on a record-setting sales pace while the Equinox and Terrain vehicles, assembled at Cami in Ingersoll, remain top sellers.
Read the full article here.
The Canadian automotive industry is roaring back with vehicles built in the London area leading the charge.
Toyota`s RAV4, made in Woodstock, is on a record-setting sales pace while the Equinox and Terrain vehicles, assembled at Cami in Ingersoll, remain top sellers.
Read the full article here.