August 2010 Fundamentals
- Thread starter Ally
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When a mine closes
When Lynn Lee heard the mine was closing, it brought back the pain and anger of 17 years ago, when the lifeless body of her husband Bruce was pulled from the pit.
When Russell Critch heard the news, he wondered where he could ever find a new job at age 53, after working underground for 31 years.
And me? My memory tumbled back 55 years, to the day when my parents were terrified that I had fallen into one of the old mine holes that dotted the fields around our family farm in east Central Ontario.
When a mine closes in any community, it unleashes a torrent of complex emotions, both tragic and trivial. When that business is 114 years old, one of the oldest operating mines in North America – as the Madoc talc mine was – the shutdown touches almost every household in the area.
In its heyday, the Madoc mine, 220 kilometres east of Toronto, was a source of huge pride, the largest talc mine in the British Empire. It was never a massive employer, but provided a livelihood for many families, often fathers and sons working side by side. It was one of the last tangible links to a glorious mining past in the area, dating back to 1867 when the nearby hamlet of Eldorado was the site of Ontario`s first gold rush.
Since opening in 1896, the talc mine has passed through a series of owners, moving from local entrepreneurs to distant multinational companies. The current proprietor, mining giant Sherritt International Corp., announced it will close the operation by the end of August, putting 47 people in the mine and nearby processing plant out of work.
Read the full article here.
When Lynn Lee heard the mine was closing, it brought back the pain and anger of 17 years ago, when the lifeless body of her husband Bruce was pulled from the pit.
When Russell Critch heard the news, he wondered where he could ever find a new job at age 53, after working underground for 31 years.
And me? My memory tumbled back 55 years, to the day when my parents were terrified that I had fallen into one of the old mine holes that dotted the fields around our family farm in east Central Ontario.
When a mine closes in any community, it unleashes a torrent of complex emotions, both tragic and trivial. When that business is 114 years old, one of the oldest operating mines in North America – as the Madoc talc mine was – the shutdown touches almost every household in the area.
In its heyday, the Madoc mine, 220 kilometres east of Toronto, was a source of huge pride, the largest talc mine in the British Empire. It was never a massive employer, but provided a livelihood for many families, often fathers and sons working side by side. It was one of the last tangible links to a glorious mining past in the area, dating back to 1867 when the nearby hamlet of Eldorado was the site of Ontario`s first gold rush.
Since opening in 1896, the talc mine has passed through a series of owners, moving from local entrepreneurs to distant multinational companies. The current proprietor, mining giant Sherritt International Corp., announced it will close the operation by the end of August, putting 47 people in the mine and nearby processing plant out of work.
Read the full article here.
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TREB: Save HST with resale housing
As of July 1, the harmonized sales tax (HST) came into effect and Ontario consumers will be hard-pressed to avoid this so called "tax on everything." While that less than flattering nick name for the HST may be pretty close to the truth, it`s not completely accurate, especially when it comes to real estate, where the HST applies differently depending on the type of real estate, whether it is re-sale housing, newly constructed housing or business properties.
Anyone who has ever purchased a home or has considered purchasing a home knows that budgeting for taxes is an important part of determining what they can afford. Whether it is the on-going property tax, or the upfront land transfer tax, the cost of taxes on housing can add up.
With that in mind, one of the most important things to know about the HST is that, fortunately, it will not increase the tax burden on homebuyers who purchase re-sale housing. That`s because re-sale housing, which was never subject to provincial sales tax (PST) or the federal goods and services tax, will continue to be exempt from both taxes once they are combined under the HST.
The same is not true for newly constructed homes, which will be hit with additional tax under the HST. Newly constructed housing has always been subject to the GST, meaning thousands of dollars of tax for homebuyers choosing this option. Now, with the HST, new housing will also be subject to PST, meaning thousands of dollars in added costs for new homebuyers
Read the full article here.
As of July 1, the harmonized sales tax (HST) came into effect and Ontario consumers will be hard-pressed to avoid this so called "tax on everything." While that less than flattering nick name for the HST may be pretty close to the truth, it`s not completely accurate, especially when it comes to real estate, where the HST applies differently depending on the type of real estate, whether it is re-sale housing, newly constructed housing or business properties.
Anyone who has ever purchased a home or has considered purchasing a home knows that budgeting for taxes is an important part of determining what they can afford. Whether it is the on-going property tax, or the upfront land transfer tax, the cost of taxes on housing can add up.
With that in mind, one of the most important things to know about the HST is that, fortunately, it will not increase the tax burden on homebuyers who purchase re-sale housing. That`s because re-sale housing, which was never subject to provincial sales tax (PST) or the federal goods and services tax, will continue to be exempt from both taxes once they are combined under the HST.
The same is not true for newly constructed homes, which will be hit with additional tax under the HST. Newly constructed housing has always been subject to the GST, meaning thousands of dollars of tax for homebuyers choosing this option. Now, with the HST, new housing will also be subject to PST, meaning thousands of dollars in added costs for new homebuyers
Read the full article here.
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Misconeptions about HST slowing home sales: Poll
Royal LePage Real Estate Services says almost half of its agents believe the main reason for the cooling housing market is a public misconception about how the harmonized sales tax affects home sales.
The company conducted an online-only poll of its realtors at the end of July -- almost a month after the HST went into effect in British Columbia and Ontario -- and found that 43.9 per cent of the 769 respondents in those provinces blamed the new tax for the downturn. The HST was considered a bigger threat than rising interest rates despite two recent quarter-point hikes, Royal LePage said.
Even before the HST was introduced in B.C. and Ontario, sales in the second quarter of this year were down 13.3 per cent from the first quarter, on a seasonally adjusted basis, according to the Canadian Real Estate Association. June sales dropped 8.2 per cent from May.
CREA said the national average sales price rose just 4.9 per cent from a year ago to $342,662 in June.
"We wanted to understand the impact HST has had since it was introduced, and what we found is that there is a need to better educate home buyers and sellers to ensure they understand when the HST is applicable," said Phil Soper, chief executive of Royal LePage. "According to our realtors who work in B.C. and Ontario communities every day, misconceptions about the HST are having an effect on the market in both provinces."
Read the full article here.
Royal LePage Real Estate Services says almost half of its agents believe the main reason for the cooling housing market is a public misconception about how the harmonized sales tax affects home sales.
The company conducted an online-only poll of its realtors at the end of July -- almost a month after the HST went into effect in British Columbia and Ontario -- and found that 43.9 per cent of the 769 respondents in those provinces blamed the new tax for the downturn. The HST was considered a bigger threat than rising interest rates despite two recent quarter-point hikes, Royal LePage said.
Even before the HST was introduced in B.C. and Ontario, sales in the second quarter of this year were down 13.3 per cent from the first quarter, on a seasonally adjusted basis, according to the Canadian Real Estate Association. June sales dropped 8.2 per cent from May.
CREA said the national average sales price rose just 4.9 per cent from a year ago to $342,662 in June.
"We wanted to understand the impact HST has had since it was introduced, and what we found is that there is a need to better educate home buyers and sellers to ensure they understand when the HST is applicable," said Phil Soper, chief executive of Royal LePage. "According to our realtors who work in B.C. and Ontario communities every day, misconceptions about the HST are having an effect on the market in both provinces."
Read the full article here.
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Toronto existing home market shows more signs of cooling
The classic Georgian home in Toronto`s posh Forest Hill neighborhood had all the hallmarks of a sought after property that might provoke a bidding war.
The marble foyer, grand living and dining rooms and french doors leading to a stately garden meant that the home fetched $3.5 million this week.
Yet that figure, while not an inconsiderable sum, even for one of the city`s finest neighborhoods, had property watchers wondering whether it is a sign of the declining fortunes of the market. After all, in 2007 it sold for $3.68 million.
"I think this is a reflection of the marketplace, prices have firmed up and are not going any higher. They have topped out," said Kevin Loberg, a broker with Coldwell Banker Terrequity.
Earlier this year the home at 148 Forest Hill Rd. had been listed at $4,195,000. Even that had come down from the $4,675,000 being asked last year.
Read the full article here.
The classic Georgian home in Toronto`s posh Forest Hill neighborhood had all the hallmarks of a sought after property that might provoke a bidding war.
The marble foyer, grand living and dining rooms and french doors leading to a stately garden meant that the home fetched $3.5 million this week.
Yet that figure, while not an inconsiderable sum, even for one of the city`s finest neighborhoods, had property watchers wondering whether it is a sign of the declining fortunes of the market. After all, in 2007 it sold for $3.68 million.
"I think this is a reflection of the marketplace, prices have firmed up and are not going any higher. They have topped out," said Kevin Loberg, a broker with Coldwell Banker Terrequity.
Earlier this year the home at 148 Forest Hill Rd. had been listed at $4,195,000. Even that had come down from the $4,675,000 being asked last year.
Read the full article here.
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Condo sales in Toronto drop for first time in 16 years
New condo sales in Toronto decreased for the first time in 16 years in the second quarter, as the market cooled along with the broader housing market
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Sales of new condos have posted quarter-over-quarter sales gains since 1994, said Urbanation Inc, an information gathering company that tracks sales in the Toronto area. There were 4,991 sales in the second quarter, an eight per cent decline from the first quarter`s 5,415.
"Despite the quarter-over-quarter decrease, sales during the past four quarters were near record highs," said Ben Myers, Urbanation`s executive vice-president. "When we consider the rapid sales pace of the six months prior to Q2/10, the new sales market is softening. Expect a slightly slower sales pace for the remaining two quarters of 2010."
The amount of time units are sitting on the market has also increased, to 25 days in the second quarter from 22 days in the first quarter. There were 12,638 unsold units available at the end of the second quarter, an increase of 12 per cent over the same time last year.
The resale market held up far better, setting a new quarterly record of 5,076 sales, beating the previous high of 4,854 set in the third quarter of 2009. It`s an 18 per cent increase over the first quarter, and five per cent over a year ago.
Read the full article here.
New condo sales in Toronto decreased for the first time in 16 years in the second quarter, as the market cooled along with the broader housing market
. Sales of new condos have posted quarter-over-quarter sales gains since 1994, said Urbanation Inc, an information gathering company that tracks sales in the Toronto area. There were 4,991 sales in the second quarter, an eight per cent decline from the first quarter`s 5,415.
"Despite the quarter-over-quarter decrease, sales during the past four quarters were near record highs," said Ben Myers, Urbanation`s executive vice-president. "When we consider the rapid sales pace of the six months prior to Q2/10, the new sales market is softening. Expect a slightly slower sales pace for the remaining two quarters of 2010."
The amount of time units are sitting on the market has also increased, to 25 days in the second quarter from 22 days in the first quarter. There were 12,638 unsold units available at the end of the second quarter, an increase of 12 per cent over the same time last year.
The resale market held up far better, setting a new quarterly record of 5,076 sales, beating the previous high of 4,854 set in the third quarter of 2009. It`s an 18 per cent increase over the first quarter, and five per cent over a year ago.
Read the full article here.
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Buyers exit Toronto housing market
House prices in Toronto fell 3.3 per cent in July, as buyers disappeared despite record low mortgage rates.
Sales fell 34 per cent in July compared to June, at 6,564 compared to a record 9,967 a year ago. The drop mirrors those seen out west, where sales have plummeted through the summer despite low interest rates and a lot of inventory for buyers to choose from.
"The level of July sales remained below the expected long-term trend. The market has become more balanced following record monthly sales through most of the winter and early spring," said Toronto Real Estate
Board president Bill Johnston.
Total sales through the first seven months of 2010 are up by 12 per cent compared to the same period in 2009.
Read the full article here.
House prices in Toronto fell 3.3 per cent in July, as buyers disappeared despite record low mortgage rates.
Sales fell 34 per cent in July compared to June, at 6,564 compared to a record 9,967 a year ago. The drop mirrors those seen out west, where sales have plummeted through the summer despite low interest rates and a lot of inventory for buyers to choose from.
"The level of July sales remained below the expected long-term trend. The market has become more balanced following record monthly sales through most of the winter and early spring," said Toronto Real Estate
Board president Bill Johnston. Total sales through the first seven months of 2010 are up by 12 per cent compared to the same period in 2009.
Read the full article here.
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Toronto new condo sales start to slow
The heated Toronto condominium market seems to be gearing down as sales start to slow.
New condo sales in the Toronto census metropolitan area declined eight per cent to 4,991 sales in the second quarter of 2010, compared with 5,415 in the earlier quarter, according to figures released Tuesday
It was the first time since 1994 that second-quarter sales declined from the first, according to condo market research firm Urbanation Inc.
"We were expecting sales to be stronger in the second quarter, but it looks like the market is softening," said Ben Myers, Urbanation executive vice president. "The pace is going to be slower for the rest of the year."
The market is also coming off a record first quarter and fourth quarter of 2009, said Urbanation.
Read the full article here.
The heated Toronto condominium market seems to be gearing down as sales start to slow.
New condo sales in the Toronto census metropolitan area declined eight per cent to 4,991 sales in the second quarter of 2010, compared with 5,415 in the earlier quarter, according to figures released Tuesday
It was the first time since 1994 that second-quarter sales declined from the first, according to condo market research firm Urbanation Inc.
"We were expecting sales to be stronger in the second quarter, but it looks like the market is softening," said Ben Myers, Urbanation executive vice president. "The pace is going to be slower for the rest of the year."
The market is also coming off a record first quarter and fourth quarter of 2009, said Urbanation.
Read the full article here.
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Toronto existing home market shows more signs of cooling
The classic Georgian home in Toronto`s posh Forest Hill neighborhood had all the hallmarks of a sought after property that might provoke a bidding war.
The marble foyer, grand living and dining rooms and french doors leading to a stately garden meant that the home fetched $3.5 million this week.
Yet that figure, while not an inconsiderable sum, even for one of the city`s finest neighborhoods, had property watchers wondering whether it is a sign of the declining fortunes of the market. After all, in 2007 it sold for $3.68 million.
"I think this is a reflection of the marketplace, prices have firmed up and are not going any higher. They have topped out," said Kevin Loberg, a broker with Coldwell Banker Terrequity.
Earlier this year the home at 148 Forest Hill Rd. had been listed at $4,195,000. Even that had come down from the $4,675,000 being asked last year.
Read the full article here.
The classic Georgian home in Toronto`s posh Forest Hill neighborhood had all the hallmarks of a sought after property that might provoke a bidding war.
The marble foyer, grand living and dining rooms and french doors leading to a stately garden meant that the home fetched $3.5 million this week.
Yet that figure, while not an inconsiderable sum, even for one of the city`s finest neighborhoods, had property watchers wondering whether it is a sign of the declining fortunes of the market. After all, in 2007 it sold for $3.68 million.
"I think this is a reflection of the marketplace, prices have firmed up and are not going any higher. They have topped out," said Kevin Loberg, a broker with Coldwell Banker Terrequity.
Earlier this year the home at 148 Forest Hill Rd. had been listed at $4,195,000. Even that had come down from the $4,675,000 being asked last year.
Read the full article here.
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Everything you didn`t want to know about bedbugsWhat do they look like?
At maturity, they`re the size of an apple seed, oval in shape and darkish red (from sucking on your blood). They will feed on mammals or birds, but prefer humans. Newly hatched, they`re harder to see: translucent, like an uncooked grain of rice. Adult bedbugs can live for a year without feeding, which makes getting rid of them even more difficult. An infestation can also be recognized through blood spots on your mattress, shells and fecal matter.
How fast do they reproduce?
A female can lay 10 eggs a day, some 200 to 500 eggs in her lifespan. Eggs hatch in 10 days, and new bugs must eat within two days. An infestation of 40 bugs can grow to more than 6,000 in six months if not dealt with.
How do they travel? How far can they go?
Bedbugs are considered the most difficult urban pest to get rid of. They`re most active at night, attracted to a warm body and exhaled carbon dioxide. Although an infestation usually begins in a mattress and bed frame, it can quickly spread.
Read the full article here.
At maturity, they`re the size of an apple seed, oval in shape and darkish red (from sucking on your blood). They will feed on mammals or birds, but prefer humans. Newly hatched, they`re harder to see: translucent, like an uncooked grain of rice. Adult bedbugs can live for a year without feeding, which makes getting rid of them even more difficult. An infestation can also be recognized through blood spots on your mattress, shells and fecal matter.
How fast do they reproduce?
A female can lay 10 eggs a day, some 200 to 500 eggs in her lifespan. Eggs hatch in 10 days, and new bugs must eat within two days. An infestation of 40 bugs can grow to more than 6,000 in six months if not dealt with.
How do they travel? How far can they go?
Bedbugs are considered the most difficult urban pest to get rid of. They`re most active at night, attracted to a warm body and exhaled carbon dioxide. Although an infestation usually begins in a mattress and bed frame, it can quickly spread.
Read the full article here.
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Tell Ontario Government where to go
Long-Term Infrastructure Plan Consultations
In 2005, recognizing the need for increased spending on public infrastructure such as roads, bridges, schools, hospitals and transit, the McGuinty government launched the ReNew Ontario plan. A five-year, $30-billion investment, ReNew was completed in 2008-09, a year ahead of schedule.
In 2009, facing a global economic crisis, the government launched significant short-term infrastructure investments to stimulate economic growth and help preserve and create jobs across the province. Infrastructure spending in 2009-10 was a record for the province, and this year`s spending will be greater still
Read the full article here.
Long-Term Infrastructure Plan Consultations
In 2005, recognizing the need for increased spending on public infrastructure such as roads, bridges, schools, hospitals and transit, the McGuinty government launched the ReNew Ontario plan. A five-year, $30-billion investment, ReNew was completed in 2008-09, a year ahead of schedule.
In 2009, facing a global economic crisis, the government launched significant short-term infrastructure investments to stimulate economic growth and help preserve and create jobs across the province. Infrastructure spending in 2009-10 was a record for the province, and this year`s spending will be greater still
Read the full article here.
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GM profits surge past one billion dollars in second quarter
DETROIT — General Motors Co. posted its biggest quarterly profit in six years on Thursday, a day ahead of an expected IPO filing that will clear the way for the U.S. government to relinquish its majority stake in the top U.S. automaker.
GM reported second-quarter net earnings of $1.3 billion, compared with $865 million in the first quarter.
The second-quarter profit was the largest since 2004, when the U.S. auto market was still booming with annual sales of near 17 million vehicles and GM`s brands accounted for more than one in four purchases of new cars and trucks.
The results reflected a 47% surge in global production from the depressed levels of a year earlier when GM began operating under bankruptcy protection in a restructuring that included $50 billion in U.S. government funding.
The stronger profit also showed the gains GM has made from cost-cutting during bankruptcy and stronger sales in overseas markets led by China.
Revenue rose to $33.2 billion from $31.5 billion in the first quarter, boosted by stronger results in North America.
Read the full article here.
DETROIT — General Motors Co. posted its biggest quarterly profit in six years on Thursday, a day ahead of an expected IPO filing that will clear the way for the U.S. government to relinquish its majority stake in the top U.S. automaker.
GM reported second-quarter net earnings of $1.3 billion, compared with $865 million in the first quarter.
The second-quarter profit was the largest since 2004, when the U.S. auto market was still booming with annual sales of near 17 million vehicles and GM`s brands accounted for more than one in four purchases of new cars and trucks.
The results reflected a 47% surge in global production from the depressed levels of a year earlier when GM began operating under bankruptcy protection in a restructuring that included $50 billion in U.S. government funding.
The stronger profit also showed the gains GM has made from cost-cutting during bankruptcy and stronger sales in overseas markets led by China.
Revenue rose to $33.2 billion from $31.5 billion in the first quarter, boosted by stronger results in North America.
Read the full article here.
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New house prices rise slightly in June
OTTAWA—The New Housing Price Index rose 0.1 per cent in June following a 0.3 per cent increase in May.
Statistics Canada reports prices fell in seven of the 21 metropolitan areas, with the largest decreases recorded in Regina (down 0.4 per cent) and Charlottetown (down 0.3).
Saint John, Fredericton and Moncton, N.B., were up 1.3 per cent while the new home index rose 0.5 per cent in Ottawa-Gatineau and Winnipeg.
Toronto and Oshawa increased 0.3 per cent, while Montreal`s new house index was up 0.2.
Vancouver`s dropped 0.2 per cent.
StatsCan says builders in Toronto and Oshawa, as well as Ottawa–Gatineau, reported strong market conditions, while in Vancouver, some builders lowered their prices to generate sales.
Read the full article here.
OTTAWA—The New Housing Price Index rose 0.1 per cent in June following a 0.3 per cent increase in May.
Statistics Canada reports prices fell in seven of the 21 metropolitan areas, with the largest decreases recorded in Regina (down 0.4 per cent) and Charlottetown (down 0.3).
Saint John, Fredericton and Moncton, N.B., were up 1.3 per cent while the new home index rose 0.5 per cent in Ottawa-Gatineau and Winnipeg.
Toronto and Oshawa increased 0.3 per cent, while Montreal`s new house index was up 0.2.
Vancouver`s dropped 0.2 per cent.
StatsCan says builders in Toronto and Oshawa, as well as Ottawa–Gatineau, reported strong market conditions, while in Vancouver, some builders lowered their prices to generate sales.
Read the full article here.
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Chrysler to spend $27 million on Toronto auto parts plant
Chrysler Canada is spending $27.2 million on new technology for its auto parts casting plant in Toronto, preserving the factory`s 280 jobs.
The plant in Etobicoke, which currently produces aluminum die castings and pistons, is being prepared to make vehicle suspension parts called crossmembers starting in the third quarter of 2011, Chrysler said Thursday.
"We welcome this investment in the Etobicoke Casting Plant as it is an acknowledgment of the high-quality components produced by our skilled workforce for many years," said Michael Butz, manager of the west-end plant.
"Being able to expand our part portfolio better aligns with Chrysler`s long-term product strategy, which ensures the future for this facility."
Canadian Auto Workers president Ken Lewenza said he was "thrilled" with the investment.
"This will help preserve and enhance jobs in the city and give a greater measure of security to our members and their families well into the future," he said.
Read the full article here.
Chrysler Canada is spending $27.2 million on new technology for its auto parts casting plant in Toronto, preserving the factory`s 280 jobs.
The plant in Etobicoke, which currently produces aluminum die castings and pistons, is being prepared to make vehicle suspension parts called crossmembers starting in the third quarter of 2011, Chrysler said Thursday.
"We welcome this investment in the Etobicoke Casting Plant as it is an acknowledgment of the high-quality components produced by our skilled workforce for many years," said Michael Butz, manager of the west-end plant.
"Being able to expand our part portfolio better aligns with Chrysler`s long-term product strategy, which ensures the future for this facility."
Canadian Auto Workers president Ken Lewenza said he was "thrilled" with the investment.
"This will help preserve and enhance jobs in the city and give a greater measure of security to our members and their families well into the future," he said.
Read the full article here.
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New CEO, expected IPO add fuel to GM recovery
General Motors Co. yesterday posted its best quarterly profit in six years and unveiled plans for a new chief executive to steer the company, the clearest signs yet the ailing automaker is on a road to recovery.
The turnaround comes a little more than a year after a steep drop-off in sales caused by the financial crisis forced GM and its smaller rival Chrysler Group LLC to stumble into bankruptcy protection and accept massive bailouts from the U.S. and Canadian governments.
GM`s strong profits and new CEO will help pave the way for the company to start selling stock to the public and try to rid itself of the "Government Motors" moniker earned after a more than US$50-billion taxpayer handout made it majority owned by the U.S. government.
GM is expected to file plans as soon as today or possibly next week for an initial public stock offering to sell part of itself -- perhaps a 20% stake for as much as US$16-billion. The actual offering could be a few months away and be followed by the sale of further stakes over the next few years as car and truck sales rev up.
The company is hoping its strong quarterly profit -- its second consecutive quarter of gains -- will help entice investors. Its second-quarter earnings came in at US$1.3-billion, a big reversal from the US$12.9-billion it lost in the same period a year ago. Revenue jumped 44% to US$33.2-billion during the quarter, fuelled in part by a spurt in sales of the Buick Excelle in China and Chevrolet Equinox in the United States.
Read the full article here.
General Motors Co. yesterday posted its best quarterly profit in six years and unveiled plans for a new chief executive to steer the company, the clearest signs yet the ailing automaker is on a road to recovery.
The turnaround comes a little more than a year after a steep drop-off in sales caused by the financial crisis forced GM and its smaller rival Chrysler Group LLC to stumble into bankruptcy protection and accept massive bailouts from the U.S. and Canadian governments.
GM`s strong profits and new CEO will help pave the way for the company to start selling stock to the public and try to rid itself of the "Government Motors" moniker earned after a more than US$50-billion taxpayer handout made it majority owned by the U.S. government.
GM is expected to file plans as soon as today or possibly next week for an initial public stock offering to sell part of itself -- perhaps a 20% stake for as much as US$16-billion. The actual offering could be a few months away and be followed by the sale of further stakes over the next few years as car and truck sales rev up.
The company is hoping its strong quarterly profit -- its second consecutive quarter of gains -- will help entice investors. Its second-quarter earnings came in at US$1.3-billion, a big reversal from the US$12.9-billion it lost in the same period a year ago. Revenue jumped 44% to US$33.2-billion during the quarter, fuelled in part by a spurt in sales of the Buick Excelle in China and Chevrolet Equinox in the United States.
Read the full article here.
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In Toronto, multiple factors are at work shaping a see-saw market
May housing statistics are in. April`s buoyant market seems to have sprung a leak. Preliminary reports suggest June will continue that trend.
Is there anything to glean from the month-to-month changes in new high- and low-rise homes and resale housing?
Jim Ritchie, senior vice-president of sales and marketing at Tridel Corp., seems to agree with 19th-century British Prime Minister Benjamin Disraeli when it comes to gleaning trends from monthly ups and downs.
Mr. Disraeli is famously quoted as saying there are three kinds of lies: lies, damned lies and statistics.
"I don`t pay much attention to month-to-month changes," says Mr. Ritchie. "Right now, for example, there are so many factors at play in the market that any or all of them could affect short-term buying decisions.
"I think we are still on track to sell at least 15,000 high-rise units for the year and that would make it a good normal year for sales."
Read the full article here.
May housing statistics are in. April`s buoyant market seems to have sprung a leak. Preliminary reports suggest June will continue that trend.
Is there anything to glean from the month-to-month changes in new high- and low-rise homes and resale housing?
Jim Ritchie, senior vice-president of sales and marketing at Tridel Corp., seems to agree with 19th-century British Prime Minister Benjamin Disraeli when it comes to gleaning trends from monthly ups and downs.
Mr. Disraeli is famously quoted as saying there are three kinds of lies: lies, damned lies and statistics.
"I don`t pay much attention to month-to-month changes," says Mr. Ritchie. "Right now, for example, there are so many factors at play in the market that any or all of them could affect short-term buying decisions.
"I think we are still on track to sell at least 15,000 high-rise units for the year and that would make it a good normal year for sales."
Read the full article here.
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Prices in cottage country again on the rise
As memories of the recession dim, city dwellers are again starting to dream of owning a cottage property – maybe on a lake; maybe near a ski hill. A place where they can escape the traffic and concrete for well-earned days of R&R away from the pressures of big-city life.
A word of advice: Better move quickly because prices are again on the rise in the most popular areas north of the GTA, and since almost nothing new was launched during the past couple of years, pickings are limited.
Also, the closer the cottage is to the GTA, the greater the demand and the faster prices will rise this year. Muskoka, for example, is just now recovering from the slump that started in 2008 but the ski-hill country further south is well into business as usual.
In the Georgian Triangle, the cottage area closest to the GTA and home to towns like Blue Mountain and Collingwood, overall MLS sales were up 40 per cent in the first five months of this year and the average price of a home or cottage sold through the system rose 12 per cent.
Granted, those sales reflect not just recreational properties but also homes snapped up by locals and a healthy chunk of pre-retirement and retirement buyers looking to spend their remaining years in the area. Andres Paara, president of the Georgian Triangle Real Estate Board, figures buyers divide neatly into thirds: A third of the 788 properties sold in the first five months of 2010 went to those looking for recreational properties, a third to locals and a third to people looking for a retirement haven.
Read the full article here.
As memories of the recession dim, city dwellers are again starting to dream of owning a cottage property – maybe on a lake; maybe near a ski hill. A place where they can escape the traffic and concrete for well-earned days of R&R away from the pressures of big-city life.
A word of advice: Better move quickly because prices are again on the rise in the most popular areas north of the GTA, and since almost nothing new was launched during the past couple of years, pickings are limited.
Also, the closer the cottage is to the GTA, the greater the demand and the faster prices will rise this year. Muskoka, for example, is just now recovering from the slump that started in 2008 but the ski-hill country further south is well into business as usual.
In the Georgian Triangle, the cottage area closest to the GTA and home to towns like Blue Mountain and Collingwood, overall MLS sales were up 40 per cent in the first five months of this year and the average price of a home or cottage sold through the system rose 12 per cent.
Granted, those sales reflect not just recreational properties but also homes snapped up by locals and a healthy chunk of pre-retirement and retirement buyers looking to spend their remaining years in the area. Andres Paara, president of the Georgian Triangle Real Estate Board, figures buyers divide neatly into thirds: A third of the 788 properties sold in the first five months of 2010 went to those looking for recreational properties, a third to locals and a third to people looking for a retirement haven.
Read the full article here.
- Joined
- Mar 24, 2009
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- 16,743
Downtrodden lower Yonge on the road to recovery
After decades of stagnation, the city`s longest street could be turning a corner.
Consider the signs: Four substantial high-rise projects are going up along Yonge Street between Bloor and Gerrard streets. A major commercial real-estate firm, Primaris, has bought property on both sides north of Dundas Street, although the company isn`t yet revealing its plans. And Ryerson University is moving aggressively to carve out a presence around the intersection of Yonge and Gould Street.
What`s more, a growing number of residents, businesses and local politicians are talking openly about wider sidewalks, bike lanes and reducing Yonge south of Bloor to two lanes – especially at Dundas, which has become one of Canada`s busiest pedestrian crossings.
As James Robinson, executive director of the Downtown Yonge Business Improvement Area, says, "People are voting with their feet."
What`s missing in all this is Toronto`s planning department, which has no strategy for the evolution of lower Yonge or improvements to the public realm. "Yonge Street" – despite its much-touted role as the city`s main artery – doesn`t even appear in Toronto`s official plan.
Unlike many of Toronto`s downtown retail strips, lower Yonge has been stuck in a rut for decades, even though it is just a block from Bay Street, which has become one of the city`s densest residential neighbourhoods over the past 15 years.
Read the full article here.
After decades of stagnation, the city`s longest street could be turning a corner.
Consider the signs: Four substantial high-rise projects are going up along Yonge Street between Bloor and Gerrard streets. A major commercial real-estate firm, Primaris, has bought property on both sides north of Dundas Street, although the company isn`t yet revealing its plans. And Ryerson University is moving aggressively to carve out a presence around the intersection of Yonge and Gould Street.
What`s more, a growing number of residents, businesses and local politicians are talking openly about wider sidewalks, bike lanes and reducing Yonge south of Bloor to two lanes – especially at Dundas, which has become one of Canada`s busiest pedestrian crossings.
As James Robinson, executive director of the Downtown Yonge Business Improvement Area, says, "People are voting with their feet."
What`s missing in all this is Toronto`s planning department, which has no strategy for the evolution of lower Yonge or improvements to the public realm. "Yonge Street" – despite its much-touted role as the city`s main artery – doesn`t even appear in Toronto`s official plan.
Unlike many of Toronto`s downtown retail strips, lower Yonge has been stuck in a rut for decades, even though it is just a block from Bay Street, which has become one of the city`s densest residential neighbourhoods over the past 15 years.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Semi-dead
Townhouses and semi-detached homes have been one of the mainstays of Toronto`s neighbourhoods almost since the city was founded. They were a dandy way for builders to get the biggest bang for their buck and provided an affordable option for families.
My first house was a semi on Balliol Street; I paid $24,500 and held it together with two mortgages.
Now, however, they are fast disappearing from the urban landscape: In the city of Toronto, semi-detached homes have reached almost endangered-species status. Granted they still represent a healthy chunk of the market in the 905 area, especially in Peel and York Regions.
But in Toronto, new semis are so few and far between that they almost qualify for museum exhibit status alongside the passenger pigeon and the horse-drawn milk wagon.
"We just aren`t seeing a lot of them built in the city of Toronto," says Steven Hurst, vice-president of analytics at RealNet Canada Inc, which tracks the GTA`s new-homes market.
Figures for May show that there were only 34 new semis and 144 new townhouses for sale in the city. Compare that with 387 semis and 976 townhouses on the new-homes market in May, 2000.
Read the full article here.
Townhouses and semi-detached homes have been one of the mainstays of Toronto`s neighbourhoods almost since the city was founded. They were a dandy way for builders to get the biggest bang for their buck and provided an affordable option for families.
My first house was a semi on Balliol Street; I paid $24,500 and held it together with two mortgages.
Now, however, they are fast disappearing from the urban landscape: In the city of Toronto, semi-detached homes have reached almost endangered-species status. Granted they still represent a healthy chunk of the market in the 905 area, especially in Peel and York Regions.
But in Toronto, new semis are so few and far between that they almost qualify for museum exhibit status alongside the passenger pigeon and the horse-drawn milk wagon.
"We just aren`t seeing a lot of them built in the city of Toronto," says Steven Hurst, vice-president of analytics at RealNet Canada Inc, which tracks the GTA`s new-homes market.
Figures for May show that there were only 34 new semis and 144 new townhouses for sale in the city. Compare that with 387 semis and 976 townhouses on the new-homes market in May, 2000.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
TREB: Economic recovery in the GTA is strong
Resale housing market conditions continued to moderate in the Greater Toronto Area last month. With 6,564 homes changing hands in July, activity declined 34 per cent from July 2009 when there 9,967 sales. On the year, existing home transactions were up 12 per cent compared to the first seven months of 2009.
Given that real estate conditions vary in individual areas, specific figures for the 416 and 905 areas are important to consider. In the 416 area there were 2,582 sales, while 3,982 transactions took place in the 905 region. As compared to July 2009, when there were 3,880 sales in the 416 area, activity in the city decreased by 33 per cent. In the 905 region activity decreased by nearly 35 per cent compared to July 2009`s 6,087 transactions.
Interestingly, moderate sales activity has not had an unfavourable effect on home values. New listings dipped to the lowest level for July since 2002. This means that there was enough competition between buyers to continue to see upward pressure exerted on the average selling price of a resale home in the GTA. With 21,714 active listings throughout the GTA, there is about 10 per cent less choice in the market compared to a month ago, when 23,923 homes were available for sale.
The average selling price of a home in the GTA last month was $420,482, a 6 per cent increase over the July 2009 average of $395,414. Average price growth, meanwhile, was marginally stronger in the 905 region than in the 416 area. In the 416, the average price of $444,459 rose nearly 6 per cent from $421,110 a year ago. In the 905, the average price of $404,935 grew nearly 7 per cent from July 2009`s average price of $379,035.
Read the full article here.
Resale housing market conditions continued to moderate in the Greater Toronto Area last month. With 6,564 homes changing hands in July, activity declined 34 per cent from July 2009 when there 9,967 sales. On the year, existing home transactions were up 12 per cent compared to the first seven months of 2009.
Given that real estate conditions vary in individual areas, specific figures for the 416 and 905 areas are important to consider. In the 416 area there were 2,582 sales, while 3,982 transactions took place in the 905 region. As compared to July 2009, when there were 3,880 sales in the 416 area, activity in the city decreased by 33 per cent. In the 905 region activity decreased by nearly 35 per cent compared to July 2009`s 6,087 transactions.
Interestingly, moderate sales activity has not had an unfavourable effect on home values. New listings dipped to the lowest level for July since 2002. This means that there was enough competition between buyers to continue to see upward pressure exerted on the average selling price of a resale home in the GTA. With 21,714 active listings throughout the GTA, there is about 10 per cent less choice in the market compared to a month ago, when 23,923 homes were available for sale.
The average selling price of a home in the GTA last month was $420,482, a 6 per cent increase over the July 2009 average of $395,414. Average price growth, meanwhile, was marginally stronger in the 905 region than in the 416 area. In the 416, the average price of $444,459 rose nearly 6 per cent from $421,110 a year ago. In the 905, the average price of $404,935 grew nearly 7 per cent from July 2009`s average price of $379,035.
Read the full article here.