April 2011 Ontario Economic Fundamentals
- Thread starter Ally
- Start date
- Joined
- Mar 24, 2009
- Messages
- 16,743
Alberta oilsands 'greening' good news for Ontario
EDMONTON - The `greening` of Alberta`s oilsands will create major growth opportunities for Ontario`s cleantech sector, says the province`s minister of economic development.
`We`re seeing that focus on the cleantech industry from executives in the oil and gas industry,` says Sandra Pupatello, who is in Edmonton for the National Buyer/Seller Forum, a three-day gathering of key oilsands players.
`Ontario has 2,200 cleantech companies now, and most of their business is outside Canada. So this is a real good opportunity to give them (access to) Canadian customers, and we`re delighted about that.`
Read the full article here.
EDMONTON - The `greening` of Alberta`s oilsands will create major growth opportunities for Ontario`s cleantech sector, says the province`s minister of economic development.
`We`re seeing that focus on the cleantech industry from executives in the oil and gas industry,` says Sandra Pupatello, who is in Edmonton for the National Buyer/Seller Forum, a three-day gathering of key oilsands players.
`Ontario has 2,200 cleantech companies now, and most of their business is outside Canada. So this is a real good opportunity to give them (access to) Canadian customers, and we`re delighted about that.`
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Canadian auto sales enjoy record March
Auto makers enjoyed robust sales in both Canada and the United States last month, but the crisis in Japan will lead to more shutdowns at North American plants in April.
Small cars took centre stage in the U.S. market in March as soaring gas prices caused buyers to snap up subcompacts and compacts. Overall sales jumped 5 per cent in Canada from year-earlier levels, leading to the best March on record as the key spring selling season begins.
But the earthquake, tsunami and nuclear crisis in Japan has caused parts shortages that are now affecting North American vehicle production ` and not just for Japanese auto makers.
Read the full article here.
Auto makers enjoyed robust sales in both Canada and the United States last month, but the crisis in Japan will lead to more shutdowns at North American plants in April.
Small cars took centre stage in the U.S. market in March as soaring gas prices caused buyers to snap up subcompacts and compacts. Overall sales jumped 5 per cent in Canada from year-earlier levels, leading to the best March on record as the key spring selling season begins.
But the earthquake, tsunami and nuclear crisis in Japan has caused parts shortages that are now affecting North American vehicle production ` and not just for Japanese auto makers.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
$10M project planned for Wasdell Falls
Construction of an approximately $10-million hydroelectric generating station could be underway late this summer on the Wasdell Falls dam near Washago, says Bill Touzel, president of the Wasdell Falls Power Corporation.
For the past four years the development project has been undergoing a Class Environmental Assessment for Waterpower Projects under the Canadian Environmental Assessment Act.
"We've been going through a combination of preliminary engineering, conceptional designing and the environmental assessment process," Touzel said on Monday.
The environmental report is now available for a 30-day public review ending on April 30.
Read the full article here.
Construction of an approximately $10-million hydroelectric generating station could be underway late this summer on the Wasdell Falls dam near Washago, says Bill Touzel, president of the Wasdell Falls Power Corporation.
For the past four years the development project has been undergoing a Class Environmental Assessment for Waterpower Projects under the Canadian Environmental Assessment Act.
"We've been going through a combination of preliminary engineering, conceptional designing and the environmental assessment process," Touzel said on Monday.
The environmental report is now available for a 30-day public review ending on April 30.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Finch West LRT cancelled
With the proposed Finch West LRT now officially off the rails for good, the Star's Christopher Hume believes there are some real losers. Not just commuters - but an entire section of the city where Hume argues efficient transit could have truly changed the landscape. Video by Randy Risling.
Watch the video here.
With the proposed Finch West LRT now officially off the rails for good, the Star's Christopher Hume believes there are some real losers. Not just commuters - but an entire section of the city where Hume argues efficient transit could have truly changed the landscape. Video by Randy Risling.
Watch the video here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Anxious first-time homebuyers boost real estate prices
Fears of rising interest rates are driving first-time homebuyers in the market and pushing up home prices across the country, according to a new study.
The First-Time Buyers Report, issued yesterday by Re/Max, said 70 per cent of Canada`s real estate markets have shown an upswing in home prices and 30 per cent report stronger sales activity than last year. The 8 per cent average price hike in Hamilton-Burlington is the second highest in the country.
Realtor Conrad Zurini, of Hamilton-based Re/Max Del Mar Realty Inc., noted Royal Bank hiked its five-year closed mortgage rate by 35 basis points this week and predicted other lenders will follow suit quickly. (Bank of Montreal announced a similar hike Tuesday.)
Read the full article here.
Fears of rising interest rates are driving first-time homebuyers in the market and pushing up home prices across the country, according to a new study.
The First-Time Buyers Report, issued yesterday by Re/Max, said 70 per cent of Canada`s real estate markets have shown an upswing in home prices and 30 per cent report stronger sales activity than last year. The 8 per cent average price hike in Hamilton-Burlington is the second highest in the country.
Realtor Conrad Zurini, of Hamilton-based Re/Max Del Mar Realty Inc., noted Royal Bank hiked its five-year closed mortgage rate by 35 basis points this week and predicted other lenders will follow suit quickly. (Bank of Montreal announced a similar hike Tuesday.)
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Home sales fall, but prices rise
First-time homebuyers looking to avoid higher interest rates and tighter mortgage rules have helped to prop up the real estate market, says a new report.
But higher house prices mean many first-time buyers have had to quell ambitions of owning their dream home.
`Many purchasers intent on realizing home ownership are scaling back on expectations or are willing to sacrifice location, quality or size to make their dream a reality,` said Michael Polzler, executive vice-president of ReMax Ontario-Atlantic Canada, in a report Tuesday.
Read the full article here.
First-time homebuyers looking to avoid higher interest rates and tighter mortgage rules have helped to prop up the real estate market, says a new report.
But higher house prices mean many first-time buyers have had to quell ambitions of owning their dream home.
`Many purchasers intent on realizing home ownership are scaling back on expectations or are willing to sacrifice location, quality or size to make their dream a reality,` said Michael Polzler, executive vice-president of ReMax Ontario-Atlantic Canada, in a report Tuesday.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Alexandra Park official plan amendment & rezoning
On March 11, 2011, Toronto Community Housing Corporation (TCHC) submitted Official Plan Amendment and Rezoning applications to permit the revitalization and redevelopment of Alexandra Park and Atkinson Housing Co-op. The master plan proposes to demolish and replace 333 townhouse and apartment units, renovate and retain 473 apartment units, and incorporate 1,540 market condominium and townhouse units. The master plan also proposes an extended public street network, a series of public parks, and private and shared outdoor amenity spaces.
Read more on the official plan here.
On March 11, 2011, Toronto Community Housing Corporation (TCHC) submitted Official Plan Amendment and Rezoning applications to permit the revitalization and redevelopment of Alexandra Park and Atkinson Housing Co-op. The master plan proposes to demolish and replace 333 townhouse and apartment units, renovate and retain 473 apartment units, and incorporate 1,540 market condominium and townhouse units. The master plan also proposes an extended public street network, a series of public parks, and private and shared outdoor amenity spaces.
Read more on the official plan here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Durham highrise sales go up
DURHAM -- Highrise condo sales are up and low-rise sales are down, according to the Building Industry and Land Development Association.
In Durham Region, there were 266 condos sold in February 2011, compared to 263 in February 2010, says a press release from the association, which notes RealNet Canada Inc. as its source. Of those sales, 254 were low-rise units, down by two from the same time period last year, and 12 were highrises, up from seven in February 2010.
In the Greater Toronto Area, condo sales accounted for six out of every 10 new homes sold in February, and of them, more were highrises.
Read the full article here.
DURHAM -- Highrise condo sales are up and low-rise sales are down, according to the Building Industry and Land Development Association.
In Durham Region, there were 266 condos sold in February 2011, compared to 263 in February 2010, says a press release from the association, which notes RealNet Canada Inc. as its source. Of those sales, 254 were low-rise units, down by two from the same time period last year, and 12 were highrises, up from seven in February 2010.
In the Greater Toronto Area, condo sales accounted for six out of every 10 new homes sold in February, and of them, more were highrises.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Toronto vacancy rate down as office real estate recovers from recession
Toronto`s office space market is brushing off the remaining signs of recession as vacancy rates start to lower in the downtown core, a new report says.
According to Colliers International`s semi-annual report released Tuesday, the GTA`s average vacancy rate inched down over the past six months to 6.4 percent. Meanwhile, the availability rate in the downtown core also decreased from 10.3 percent at its peak in 2009 to a pre-recession level of 9.1 percent.
`These are signs of solid recovery and the resiliency of the Toronto office market,` said John Arnoldi, managing director with Colliers International in Toronto.
He pointed out that three new office buildings ` the Telus tower, RBC tower, and the Bay And Adelaide centre ` that have cropped up in the city are full.
Read the full article here.
Toronto`s office space market is brushing off the remaining signs of recession as vacancy rates start to lower in the downtown core, a new report says.
According to Colliers International`s semi-annual report released Tuesday, the GTA`s average vacancy rate inched down over the past six months to 6.4 percent. Meanwhile, the availability rate in the downtown core also decreased from 10.3 percent at its peak in 2009 to a pre-recession level of 9.1 percent.
`These are signs of solid recovery and the resiliency of the Toronto office market,` said John Arnoldi, managing director with Colliers International in Toronto.
He pointed out that three new office buildings ` the Telus tower, RBC tower, and the Bay And Adelaide centre ` that have cropped up in the city are full.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Ootes lowers the boom on single-family homes in Toronto
Four years ago, then-councillor Case Ootes admonished the city`s housing agency for its free-spending ways when it emerged that Toronto Community Housing owned dozens of single-family homes worth upward of $500,000.
On Wednesday, he confronted the object of his disaffection head-on, approving the sale of 22 homes in a contentious decision that highlighted the agency`s strange new rule-by-decree governance structure.
Read the full article here.
Four years ago, then-councillor Case Ootes admonished the city`s housing agency for its free-spending ways when it emerged that Toronto Community Housing owned dozens of single-family homes worth upward of $500,000.
On Wednesday, he confronted the object of his disaffection head-on, approving the sale of 22 homes in a contentious decision that highlighted the agency`s strange new rule-by-decree governance structure.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Interest rate hikes are coming - and soon
My post on the March 1 interest rate decision noted that the `output gap` -- the difference between actual output and potential output -- plays a key role in how the Bank conducts policy. When output is below potential, interest rates are kept low to make sure that inflation does not fall below its 2 per cent target. When output is at potential -- that is, at the level where there are no pressures on inflation in either direction -- the Bank sets interest rates at a `neutral` rate, which is widely believed to be between 3 and 4 per cent. In March, it was estimated that the closing of the gap was roughly 22 months away, at the end of 2012.
Six weeks later, the news that the gap is now expected to close in mid-2012 shortens the horizon to 14 months or so. If the Bank continues its custom of increasing rates in increments of 25 basis points, then going from the current level of 1 per cent to 3 per cent would require 8 increases in the next 10 interest rate decisions.
Read the full article here.
My post on the March 1 interest rate decision noted that the `output gap` -- the difference between actual output and potential output -- plays a key role in how the Bank conducts policy. When output is below potential, interest rates are kept low to make sure that inflation does not fall below its 2 per cent target. When output is at potential -- that is, at the level where there are no pressures on inflation in either direction -- the Bank sets interest rates at a `neutral` rate, which is widely believed to be between 3 and 4 per cent. In March, it was estimated that the closing of the gap was roughly 22 months away, at the end of 2012.
Six weeks later, the news that the gap is now expected to close in mid-2012 shortens the horizon to 14 months or so. If the Bank continues its custom of increasing rates in increments of 25 basis points, then going from the current level of 1 per cent to 3 per cent would require 8 increases in the next 10 interest rate decisions.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Government-sponsored waterfront development a waste: Doug Ford
The mayor's closest adviser is no fan of government-sponsored redevelopment along Toronto's waterfront.
In response to a reporter's question about whether the city should pull out of Waterfront Toronto, the tri-partite agency charged with revitalizing 2,000 acres of the city`s lakefront, Councillor Doug Ford launched into a lecture on the folly of the government's role in development projects.
Read the full article here.
The mayor's closest adviser is no fan of government-sponsored redevelopment along Toronto's waterfront.
In response to a reporter's question about whether the city should pull out of Waterfront Toronto, the tri-partite agency charged with revitalizing 2,000 acres of the city`s lakefront, Councillor Doug Ford launched into a lecture on the folly of the government's role in development projects.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
This site tracks your condo's value, even before it's built
Say you bought a one-bedroom downtown condo for $446,000 back in May 2009. Sure, the project`s just a hole in the ground at the moment but you`d still like to know how much that property`s currently worth.
Condo buyers have never been able to get that kind of information before.
And George Carras, chief of RealNet Canada Inc. ` the primary data provider for the GTA real estate and development industry ` realized there was a big void in need of filling.
Read the full article here.
Say you bought a one-bedroom downtown condo for $446,000 back in May 2009. Sure, the project`s just a hole in the ground at the moment but you`d still like to know how much that property`s currently worth.
Condo buyers have never been able to get that kind of information before.
And George Carras, chief of RealNet Canada Inc. ` the primary data provider for the GTA real estate and development industry ` realized there was a big void in need of filling.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Know your right as a real estate buyer
There`s been a revolution in real estate in recent years. Unfortunately, many customers are still in the dark about it.
I`ve written two previous Moneyville columns about working exclusively with a real estate agent to buy property. One related to cottage-hunters and the other looked more generally at buyer agreements.
Because of all the feedback, I`m devoting this week`s column to answering frequently asked questions about a buyer`s relationship with a realtor.
Read the full article here.
There`s been a revolution in real estate in recent years. Unfortunately, many customers are still in the dark about it.
I`ve written two previous Moneyville columns about working exclusively with a real estate agent to buy property. One related to cottage-hunters and the other looked more generally at buyer agreements.
Because of all the feedback, I`m devoting this week`s column to answering frequently asked questions about a buyer`s relationship with a realtor.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Is this the last good spring housing market?
Tammy Siergersma spent most of the winter renovating a home in east Toronto. It was a big investment for the designer, who over the last decade has bought and gutted about half a dozen properties, each time making a profit as she put them on the market.
This time the project was much more personal. The property was within walking distance of her own house near the increasingly gentrified neighbourhood of Leslieville.
`It was much closer to home, and I know I would likely end up meeting the buyers at the No Frills, so the last thing you want them to do is complain about the place,` laughs Siergersma.
Read the full article here.
Tammy Siergersma spent most of the winter renovating a home in east Toronto. It was a big investment for the designer, who over the last decade has bought and gutted about half a dozen properties, each time making a profit as she put them on the market.
This time the project was much more personal. The property was within walking distance of her own house near the increasingly gentrified neighbourhood of Leslieville.
`It was much closer to home, and I know I would likely end up meeting the buyers at the No Frills, so the last thing you want them to do is complain about the place,` laughs Siergersma.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
GM joins Toyota, Ford to hike U.S. auto prices
DETROIT ` General Motors Co. says it is raising car and truck prices in the United States by an average of $123 per vehicle to make up for its increased oil and steel costs, but it appears Canadian consumers can rest easy.
"That's doesn't apply in Canada," Jason Easton, corporate communications manager for GM Canada, said of the increases announced south of the border.
General Motors is the third major automaker to raise prices in the past three weeks because of higher costs, signalling that the surge in crude oil prices is starting to affect car prices for consumers. Ford Motor Co. and Toyota Motor Corp. both announced price increases in March and early April.
The GM increases, which affect nearly all Buick, Chevrolet, Cadillac and GMC models, will go into effect in the U.S. starting May 2.
Read the full article here.
DETROIT ` General Motors Co. says it is raising car and truck prices in the United States by an average of $123 per vehicle to make up for its increased oil and steel costs, but it appears Canadian consumers can rest easy.
"That's doesn't apply in Canada," Jason Easton, corporate communications manager for GM Canada, said of the increases announced south of the border.
General Motors is the third major automaker to raise prices in the past three weeks because of higher costs, signalling that the surge in crude oil prices is starting to affect car prices for consumers. Ford Motor Co. and Toyota Motor Corp. both announced price increases in March and early April.
The GM increases, which affect nearly all Buick, Chevrolet, Cadillac and GMC models, will go into effect in the U.S. starting May 2.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Why condo living may suit first-time homebuyers
When you are ready to buy your first house, you might consider the option of condo living. While it`s true that living in a condo isn`t for everyone, there are definite advantages.
Here are a few things first-time homebuyers should consider when thinking about condo living:
Affordability
If you get nervous at the thought of a huge monthly mortgage payment, a condo usually offers a lower monthly payment, freeing up more money for travel, saving for retirement, or living the type of lifestyle you want to live.
Top personal finance gurus like Gail Vaz-Oxlade warn that you should spend no more than 35 per cent of your net income on housing. This includes mortgage payments, property tax, utilities, insurance, and maintenance fees.
Read the full article here.
When you are ready to buy your first house, you might consider the option of condo living. While it`s true that living in a condo isn`t for everyone, there are definite advantages.
Here are a few things first-time homebuyers should consider when thinking about condo living:
Affordability
If you get nervous at the thought of a huge monthly mortgage payment, a condo usually offers a lower monthly payment, freeing up more money for travel, saving for retirement, or living the type of lifestyle you want to live.
Top personal finance gurus like Gail Vaz-Oxlade warn that you should spend no more than 35 per cent of your net income on housing. This includes mortgage payments, property tax, utilities, insurance, and maintenance fees.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Factory sales dragged down by autos
Canadian manufacturing sales fell in February by the most since August 2009, as auto sales pulled back after a surge in January and exporters continued to be hammered by the strong Canadian dollar.
Factory sales fell 1.5 per cent, Statistics Canada said on Thursday, following a 4.4-per-cent gain in January, revised from 4.5 per cent reported previously. Markets had expected a 0.2-per-cent dip in month-on-month sales.
Read the full article here.
Canadian manufacturing sales fell in February by the most since August 2009, as auto sales pulled back after a surge in January and exporters continued to be hammered by the strong Canadian dollar.
Factory sales fell 1.5 per cent, Statistics Canada said on Thursday, following a 4.4-per-cent gain in January, revised from 4.5 per cent reported previously. Markets had expected a 0.2-per-cent dip in month-on-month sales.
Read the full article here.