April 2013 Ontario Economic Fundamentals
- Thread starter Ally
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Echo kids are moving on - from their parents' homes to downtown Toronto rentals
Baby boomers rejoice.
All those twenty-something echo `kids` who have been living at home in the wake of the 2008 recession seem to be finally moving out of their childhood bedrooms and into the real world now that job prospects are looking brighter.
Read the full article here.
Baby boomers rejoice.
All those twenty-something echo `kids` who have been living at home in the wake of the 2008 recession seem to be finally moving out of their childhood bedrooms and into the real world now that job prospects are looking brighter.
Read the full article here.
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Condo prices set to rise in 2013 as demand continues to grow
TORONTO ` A new condo report suggests first-time buyers, retirees and population growth will continue to fuel demand and price growth for the compact living spaces over the next few years.
The study by Genworth Canada found that average condo resale prices are expected to rise next year in seven of the eight metropolitan centres studied.
Read the full article here.
TORONTO ` A new condo report suggests first-time buyers, retirees and population growth will continue to fuel demand and price growth for the compact living spaces over the next few years.
The study by Genworth Canada found that average condo resale prices are expected to rise next year in seven of the eight metropolitan centres studied.
Read the full article here.
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Condo prices set to rise in 2013 as demand continues to grow
TORONTO ` A new condo report suggests first-time buyers, retirees and population growth will continue to fuel demand and price growth for the compact living spaces over the next few years.
The study by Genworth Canada found that average condo resale prices are expected to rise next year in seven of the eight metropolitan centres studied.
Read the full article here.
TORONTO ` A new condo report suggests first-time buyers, retirees and population growth will continue to fuel demand and price growth for the compact living spaces over the next few years.
The study by Genworth Canada found that average condo resale prices are expected to rise next year in seven of the eight metropolitan centres studied.
Read the full article here.
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Money still flows out of 'have-not' Ontario
Over the coming weeks, Canadians will turn their attention to a familiar rite of spring ` filing their taxes. Meanwhile, federal and provincial governments are undertaking their own annual ritual ` presenting budgets that outline how those tax dollars will be spent.
In Canada, it can be dizzying to track the relationship between the taxes sent from one province`s residents to the federal government and what is ultimately returned in federal spending in the province. Our own analysis shows that this exercise results in a net transfer away from Ontario amounting to approximately $11 billion per year, based on the latest available figures.
Read the full article here.
Over the coming weeks, Canadians will turn their attention to a familiar rite of spring ` filing their taxes. Meanwhile, federal and provincial governments are undertaking their own annual ritual ` presenting budgets that outline how those tax dollars will be spent.
In Canada, it can be dizzying to track the relationship between the taxes sent from one province`s residents to the federal government and what is ultimately returned in federal spending in the province. Our own analysis shows that this exercise results in a net transfer away from Ontario amounting to approximately $11 billion per year, based on the latest available figures.
Read the full article here.
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Buildings and population on the rise in the Waterloo Region
Everywhere you turn in Waterloo Region, you see evidence of growth, with new buildings under construction in all corners of the area.
What`s driving the local construction boom is a similar boom in the population of Waterloo Region.
Read the full article here.
Everywhere you turn in Waterloo Region, you see evidence of growth, with new buildings under construction in all corners of the area.
What`s driving the local construction boom is a similar boom in the population of Waterloo Region.
Read the full article here.
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Hamilton house prices continue to rise while national average stalls
Housing prices in Hamilton rose last month, bucking a downward national trend, according to figures released Friday by the Canadian Real Estate Association.
The number of homes sold across Canada decreased by almost 16 per cent in February compared to a year ago. Similarly, Hamilton's residential sales were down 15.7 per cent last month from February 2012.
But as the average Canadian sale price dipped by about one per cent to $368,895, values in the Hamilton area actually rose. House prices there were up 5.1 per cent year-over-year, and 3.5 per cent from January, to $371,252, according to the Realtors Association of Hamilton-Burlington.
Read the full article here.
Housing prices in Hamilton rose last month, bucking a downward national trend, according to figures released Friday by the Canadian Real Estate Association.
The number of homes sold across Canada decreased by almost 16 per cent in February compared to a year ago. Similarly, Hamilton's residential sales were down 15.7 per cent last month from February 2012.
But as the average Canadian sale price dipped by about one per cent to $368,895, values in the Hamilton area actually rose. House prices there were up 5.1 per cent year-over-year, and 3.5 per cent from January, to $371,252, according to the Realtors Association of Hamilton-Burlington.
Read the full article here.
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Pinnacle plans to build the tallest residential tower in Canada on Toronto's lakeshore
Pinnacle International, a Vancouver- based developer, plans to build the largest hotel and condominium project in Toronto, the Canadian financial capital with the most highrises under construction in North America.
Pinnacle`s proposal calls for six highrises, including an 88-storey condominium that would be the tallest residential tower in Canada; a 70-story highrise with hotel, and an office tower near the Toronto Star newspaper headquarters on Yonge Street, according to plans submitted to the city. If built, the combined 6.4 million square feet of space would be the largest residential mixed-use project in the country, according to real estate research firm RealNet Canada Inc.
Read the full article here.
Pinnacle International, a Vancouver- based developer, plans to build the largest hotel and condominium project in Toronto, the Canadian financial capital with the most highrises under construction in North America.
Pinnacle`s proposal calls for six highrises, including an 88-storey condominium that would be the tallest residential tower in Canada; a 70-story highrise with hotel, and an office tower near the Toronto Star newspaper headquarters on Yonge Street, according to plans submitted to the city. If built, the combined 6.4 million square feet of space would be the largest residential mixed-use project in the country, according to real estate research firm RealNet Canada Inc.
Read the full article here.
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Ontario must press close to $11B fiscal gap
There are few things more Canadian than claiming you`re been shafted by Ottawa. In the case of Ontario, though, it`s actually true ` and it`s getting worse.
A new study by the respected Mowat Centre at the University of Toronto puts a number on the amount that the complicated system of federal transfers and payments to the provinces is shortchanging Ontario ` $11.1 billion a year, or almost 2 per cent of the province`s annual economic output. To put that in perspective, the province`s budget deficit, the cause of so much financial pain and political angst, is just a shade higher: $11.9 billion.
Read the full article here.
There are few things more Canadian than claiming you`re been shafted by Ottawa. In the case of Ontario, though, it`s actually true ` and it`s getting worse.
A new study by the respected Mowat Centre at the University of Toronto puts a number on the amount that the complicated system of federal transfers and payments to the provinces is shortchanging Ontario ` $11.1 billion a year, or almost 2 per cent of the province`s annual economic output. To put that in perspective, the province`s budget deficit, the cause of so much financial pain and political angst, is just a shade higher: $11.9 billion.
Read the full article here.
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The 'economic flu' that plagues Niagara
ST. CATHARINES - Niagara is suffering from three symptoms of the economic flu.
First, the region`s geographical isolation makes it a backstage performer compared to the front-stage economies of the GTA and immediate surrounding cities like Hamilton. I call this the dizziness symptom.
Second, Niagara is still constrained by old or outdated industrial sectors. This is the stuffy nose symptom. And third, the region`s governance structure is institutionally fragmented, with political leadership in the various cities and towns battling over turf rather than thinking as a region. I call this the constant coughing and sneezing symptom, and this last syndrome is becoming something of a taboo subject here ` the disease no one in the `village` wants to talk about.
Read the full article here.
ST. CATHARINES - Niagara is suffering from three symptoms of the economic flu.
First, the region`s geographical isolation makes it a backstage performer compared to the front-stage economies of the GTA and immediate surrounding cities like Hamilton. I call this the dizziness symptom.
Second, Niagara is still constrained by old or outdated industrial sectors. This is the stuffy nose symptom. And third, the region`s governance structure is institutionally fragmented, with political leadership in the various cities and towns battling over turf rather than thinking as a region. I call this the constant coughing and sneezing symptom, and this last syndrome is becoming something of a taboo subject here ` the disease no one in the `village` wants to talk about.
Read the full article here.
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Waterloo rental tribunal upholds one license rejection, overturns a second
WATERLOO ` Waterloo`s rental housing licensing tribunal has handed down decisions on the first two appeals of licence rejections.
Two local landlords appealed denials by Jim Barry, the city`s director of bylaw enforcement.
One landlord, whose licence was denied because of a criminal conviction for uttering threats during a domestic incident in 2011, had the decision overturned. He will be granted a licence to rent a basement apartment on Sandringham Drive.
Read the full article here.
WATERLOO ` Waterloo`s rental housing licensing tribunal has handed down decisions on the first two appeals of licence rejections.
Two local landlords appealed denials by Jim Barry, the city`s director of bylaw enforcement.
One landlord, whose licence was denied because of a criminal conviction for uttering threats during a domestic incident in 2011, had the decision overturned. He will be granted a licence to rent a basement apartment on Sandringham Drive.
Read the full article here.
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Ottawa home sales keep falling
OTTAWA ` Resale home sales fell for the fifth straight month in March, further evidence of a slide in the Ottawa housing market.
According to the Ottawa Real Estate Board, 1,167 residential properties were sold through the board`s Multiple Listing Service, the least for a March since 2009, when 1,161 homes were sold.
Read the full article here.
OTTAWA ` Resale home sales fell for the fifth straight month in March, further evidence of a slide in the Ottawa housing market.
According to the Ottawa Real Estate Board, 1,167 residential properties were sold through the board`s Multiple Listing Service, the least for a March since 2009, when 1,161 homes were sold.
Read the full article here.
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Coca-Cola's move downtown is good for the city
Coca-Cola hasn`t remained one of the world`s top companies just by making a fizzy soft drink. It has been on the leading edge of business trends from mass marketing to multinational production. Now it is joining another trend: the move downtown.
On Thursday, Coca-Cola Refreshments Canada opened gleaming new offices on King Street East. The three-storey complex sits atop the headquarters of the Toronto Sun. Constructed around a light-bathed central atrium, it has modern open-concept offices, bright meeting rooms inscribed with inspirational quotations and, of course, lots of Coke machines and drink fridges.
Read the full article here.
Coca-Cola hasn`t remained one of the world`s top companies just by making a fizzy soft drink. It has been on the leading edge of business trends from mass marketing to multinational production. Now it is joining another trend: the move downtown.
On Thursday, Coca-Cola Refreshments Canada opened gleaming new offices on King Street East. The three-storey complex sits atop the headquarters of the Toronto Sun. Constructed around a light-bathed central atrium, it has modern open-concept offices, bright meeting rooms inscribed with inspirational quotations and, of course, lots of Coke machines and drink fridges.
Read the full article here.
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Toronto condo market kings retreat to avert property hard landing
Toronto condo builders are slowing development in a bid to avoid a crash after a decade-long boom led to 159 towers now under construction.
Housing starts edged higher in March and building permits were weaker than expected in February, offering some reassurance that the market isn`t crashing. Read more
So far this year, they`ve announced 13 new condominium projects, the fewest since the recession in 2009, when there were just three over the same period, figures from real estate researcher RealNet Canada Inc. show. In the same period last year, 29 new projects were announced, including Tridel Corp.`s Ten York, the third-tallest residential tower in the country at 75-stories when it was first marketed.
Read the full article here.
Toronto condo builders are slowing development in a bid to avoid a crash after a decade-long boom led to 159 towers now under construction.
Housing starts edged higher in March and building permits were weaker than expected in February, offering some reassurance that the market isn`t crashing. Read more
So far this year, they`ve announced 13 new condominium projects, the fewest since the recession in 2009, when there were just three over the same period, figures from real estate researcher RealNet Canada Inc. show. In the same period last year, 29 new projects were announced, including Tridel Corp.`s Ten York, the third-tallest residential tower in the country at 75-stories when it was first marketed.
Read the full article here.
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March 2013 Kitchener Housing Starts
TORONTO, ONTARIO--(Marketwired - April 9, 2013) - Housing starts in the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) were trending at 1,538 units in March, 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 total housing starts.
"A slowing economy in the last half of 2012 has resulted in many households putting their homebuying intentions on hold. For those households who moved ahead with their home purchases, many found their home in the well-supplied resale market. With less demand, new construction has slowed. With a surge in apartment construction in the past two years, a significant part of demand for both rental and condominium apartments has been satisfied and new planned condominium apartment projects will take longer to sell," said Erica McLerie, CMHC's Senior Market Analyst for the Kitchener-Cambridge-Waterloo CMA.
Read the full article here.
TORONTO, ONTARIO--(Marketwired - April 9, 2013) - Housing starts in the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) were trending at 1,538 units in March, 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 total housing starts.
"A slowing economy in the last half of 2012 has resulted in many households putting their homebuying intentions on hold. For those households who moved ahead with their home purchases, many found their home in the well-supplied resale market. With less demand, new construction has slowed. With a surge in apartment construction in the past two years, a significant part of demand for both rental and condominium apartments has been satisfied and new planned condominium apartment projects will take longer to sell," said Erica McLerie, CMHC's Senior Market Analyst for the Kitchener-Cambridge-Waterloo CMA.
Read the full article here.
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Landlords get reprieve on licensing hike
Rather than foist an 800% increase on landlords of properties of one to four rental units, a city council committee opted Monday for further staff study of other options.
The boost to $200 from $25 for rental unit licensing fee for property owners was a bid to get full cost recovery of the effort to make rental units safe for tenants. And it was to comply with a directive from a city council chasing a third consecutive tax freeze.
Read the full article here.
Rather than foist an 800% increase on landlords of properties of one to four rental units, a city council committee opted Monday for further staff study of other options.
The boost to $200 from $25 for rental unit licensing fee for property owners was a bid to get full cost recovery of the effort to make rental units safe for tenants. And it was to comply with a directive from a city council chasing a third consecutive tax freeze.
Read the full article here.
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March 2013 Housing starts in Toronto
TORONTO, ONTARIO--(Marketwired - April 9, 2013) - Housing starts in Toronto Census Metropolitan Area (CMA) were trending at 36,700 units in March, 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.
"After trending lower over the past several months, new home construction in Toronto is now in line with longer-term averages. Fewer condo starts will continue to limit construction activity in 2013, however increased ownership demand in the second half of the year is expected to keep levels close to the current trend," said Shaun Hildebrand, CMHC's Senior Market Analyst for Toronto.
Read the full article here.
TORONTO, ONTARIO--(Marketwired - April 9, 2013) - Housing starts in Toronto Census Metropolitan Area (CMA) were trending at 36,700 units in March, 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.
"After trending lower over the past several months, new home construction in Toronto is now in line with longer-term averages. Fewer condo starts will continue to limit construction activity in 2013, however increased ownership demand in the second half of the year is expected to keep levels close to the current trend," said Shaun Hildebrand, CMHC's Senior Market Analyst for Toronto.
Read the full article here.
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Underground economy driving up London jobless rate
Some of those jobs London so badly needs, with the highest big-city jobless rate in the country, can be found underground.
No, not in the dirt but in the underground economy.
Hidden from number counters, the taxman and competing with businesses that pay their taxes and might even hire more people if business were better, the black market especially thrives in tough times or when new regulations or taxes are brought in.
Read the full article here.
Some of those jobs London so badly needs, with the highest big-city jobless rate in the country, can be found underground.
No, not in the dirt but in the underground economy.
Hidden from number counters, the taxman and competing with businesses that pay their taxes and might even hire more people if business were better, the black market especially thrives in tough times or when new regulations or taxes are brought in.
Read the full article here.
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GTA realtors release condo market report
April 16, 2013 -- Greater Toronto Area REALTORSÂ reported 4,133 condominium apartment sales through the TorontoMLS system during the first quarter of 2013. This result was down by approximately 17 per cent in comparison to the first quarter of 2012.
New listings of condominium apartments were also down on a year-over-basis in the first quarter, but by a lesser annual rate of five per cent.
Read the full article here.
April 16, 2013 -- Greater Toronto Area REALTORSÂ reported 4,133 condominium apartment sales through the TorontoMLS system during the first quarter of 2013. This result was down by approximately 17 per cent in comparison to the first quarter of 2012.
New listings of condominium apartments were also down on a year-over-basis in the first quarter, but by a lesser annual rate of five per cent.
Read the full article here.
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Competition Bureau loses online listings case against Toronto real estate board
The Competition Bureau has lost a high-profile attempt to force the Toronto Real Estate Board to make it easier for web-based real estate brokerages to compete, a case that was being closely watched across the country.
The Bureau said late Monday that its case has been dismissed. A spokesman said that an appeal is possible.
Read the full article here.
The Competition Bureau has lost a high-profile attempt to force the Toronto Real Estate Board to make it easier for web-based real estate brokerages to compete, a case that was being closely watched across the country.
The Bureau said late Monday that its case has been dismissed. A spokesman said that an appeal is possible.
Read the full article here.