October 2014 Maritimes Economic Fundamentals

Ally

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#2
St. John's firm probes property picture





The Newfoundland and Labrador company that owns Maritime Centre, Four Points by Sheraton in Halifax and the Holiday Inn Sydney-Waterfront, said Monday it is considering strategic options for its Canadian real estate holdings.





Fortis Inc.
said it will engage in a review of strategic options for its hotel and commercial real estate business, operating under its wholly owned subsidiary Fortis Properties Corp
., headquartered in St. John`s, N.L.





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Ally

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#3
New Brunswick premier-designate announces jobs board to set creation targets





FREDERICTON - New Brunswick's premier-designate says he is setting up a jobs board that will include cabinet and deputy ministers that will set targets for job creation.Brian Gallant says he will chair the board, which will consist of cabinet and deputy ministers from economic departments as well as the CEOs of related agencies and Crown corporations.





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Ally

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#4
St. John's housing market on a 'winning streak'





Never mind Toronto, Vancouver or Calgary. The head of Canada`s largest real estate brokerage says the housing market that has most surprised him this year is St. John`s.





`We expected considerable slowing and it really hasn`t, the market continues to drive ahead at a faster pace than the rest of the country,` says Royal LePage`s CEO Phil Soper.





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Ally

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#5
Nova Scotia to spend $52 million to cut affordable housing backlog





The provincial government is investing millions of dollars to reduce the backlog of people waiting for affordable housing.





At an announcement in Dartmouth on Tuesday, Premier Stephen McNeil said the province would spend $52 million, $42 million of which comes from unspent federal housing contributions, to create a rent supplement, improve public housing and seniors` housing, and make capital investments.





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Ally

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#6
Housing starts to decline in Charlottetown





According to Canada Mortgage and Housing Corporation's (CMHC's) Fall Housing Market Outlook - Charlottetown report, total housing starts in Charlottetown are expected to decline in 2014, 2015 and 2016.





"Demand for housing in the Charlottetown area is expected to decline over the forecast period as international migration slows and out-migration accelerates," said Jason Beaton, Market Analyst with CMHC's Atlantic Business Centre.





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Ally

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#7
Lower activity expected for St. John's region housing market






According to Canada Mortgage and Housing Corporation's (CMHC's) Fall Housing Market Outlook - St. John's report, housing market activity this year and throughout 2015-2016 will be at lower levels than experienced in past years.





"The St. John's area housing market is expected to post lower activity over the 2014 to 2016 forecast period, despite the fact that the region's economy continues to generate population expansion, employment and income growth," said Chris Janes, Senior Market Analyst with CMHC in Newfoundland and Labrador.









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Ally

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#8
Housing starts to decline in New Brunswick





According to Canada Mortgage and Housing Corporation's (CMHC's) Fall Housing Market Outlook - Saint John, Moncton and Fredericton report, residential construction in New Brunswick's large urban centres is expected to decline until 2016.





"Rising out-migration will negatively impact demand for new single-detached homes while persistently high vacancy rates in the province's large urban centres will slow multi-residential construction activity, resulting in an overall decline in total housing starts in 2015 and 2016," said Claude Gautreau, CMHC's Senior Market Analyst for New Brunswick. Rapid expansion of the rental universe in some markets combined with out-migration has exerted upward pressure on the vacancy rate.





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Ally

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#9
Halifax housing market going soft, lack of employment growth partly to blame: CMHC





The latest report from the Canada Mortgage and Housing Corporation (CMHC) released Thursday suggests demand for single family homes fell in 2014 and will be well below normal in 2015, though apartment construction, sales and rentals are on the upswing.





`We see the direct link between people exiting home ownership ` empty nesters, single person households ` and moving into an apartment,` said CMHC Atlantic Business Centre senior market analyst Guillaume Neault. `This explains partially why apartment units have been so popular.`





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