August 2011 Ontario Economic Fundamentals
- Thread starter Ally
- Start date
- Joined
- Mar 24, 2009
- Messages
- 16,743
Provincial Liberals announce rent rate hike in 2012
TORONTO, Ont. - The McGuinty Liberals announced Friday that they are going to change the way Ontario's rent increase rate is set, directly after announcing one of the largest rate increases in years.
Rick Bartolucci, Ontario's Municipal Affair and Housing Minister, made the promise after announcing that landlords would be able to increase their tenants' rent rates by up to 3.1 per cent in 2012.
"We believe we have to revisit the legislation," Bartolucci said. "Fix the legislation so that the increase reflected is in line with what's happening in the real world for those who rent."
Read the full article here.
TORONTO, Ont. - The McGuinty Liberals announced Friday that they are going to change the way Ontario's rent increase rate is set, directly after announcing one of the largest rate increases in years.
Rick Bartolucci, Ontario's Municipal Affair and Housing Minister, made the promise after announcing that landlords would be able to increase their tenants' rent rates by up to 3.1 per cent in 2012.
"We believe we have to revisit the legislation," Bartolucci said. "Fix the legislation so that the increase reflected is in line with what's happening in the real world for those who rent."
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Rent increase sting, then a promise of change
TORONTO - Ontario needs to revamp laws governing rental increases, Municipal Affairs Minister Rick Bartolucci said Friday after granting landlords the right to raise rents 3.1% this year.
It`s the largest hike since 2002.
`If we`re elected, we`re committed to fixing this legislation,` Bartolucci said, adding the existing rules have worked well to keep rents stable before and during the 2008 recession.
Read the full article here.
TORONTO - Ontario needs to revamp laws governing rental increases, Municipal Affairs Minister Rick Bartolucci said Friday after granting landlords the right to raise rents 3.1% this year.
It`s the largest hike since 2002.
`If we`re elected, we`re committed to fixing this legislation,` Bartolucci said, adding the existing rules have worked well to keep rents stable before and during the 2008 recession.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Sudbury's short-term job prospects brighter: Report
It's a good time to get a job in Sudbury according to The Conference Board of Canada's Metropolitan Help-Wanted Index, and the good time could last for a few months.
The index surveys 27 census metropolitan areas (CMAs) and Sudbury was among nine of 11 Ontario CMAs that are expected to experience job gains in the next few months.
So far this year, Sudbury has kept pace with Canada's labour market. In the first six months of the year, 192,000 jobs were created, with 21 of the 27 CMAs posting job gains from December to June.
Read the full article here.
It's a good time to get a job in Sudbury according to The Conference Board of Canada's Metropolitan Help-Wanted Index, and the good time could last for a few months.
The index surveys 27 census metropolitan areas (CMAs) and Sudbury was among nine of 11 Ontario CMAs that are expected to experience job gains in the next few months.
So far this year, Sudbury has kept pace with Canada's labour market. In the first six months of the year, 192,000 jobs were created, with 21 of the 27 CMAs posting job gains from December to June.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Rent increase impact will be 'scary' says Bursey
Brockville should brace itself for a spike in homelessness as a result of higher rent increases next year, a local affordable housing advocate warns.
But a Brockville property manager argues next year's maximum allowable rent increase, as set by the provincial government, will be "modest" compared to the costs faced by landlords.
The Liberal government last week announced the rate of allowable rent increases for 2012 will be 3.1 per cent, more than four times the 0.7 per cent hike in the limit in place this year.
Read the full article here.
Brockville should brace itself for a spike in homelessness as a result of higher rent increases next year, a local affordable housing advocate warns.
But a Brockville property manager argues next year's maximum allowable rent increase, as set by the provincial government, will be "modest" compared to the costs faced by landlords.
The Liberal government last week announced the rate of allowable rent increases for 2012 will be 3.1 per cent, more than four times the 0.7 per cent hike in the limit in place this year.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Toronto Real Estate Board July 2011 MarketWatch
Greater Toronto REALTORSÂ reported 7,922 transactions through the TorontoMLSÂ system in July 2011, representing a 23 per cent increase over July 2010. Total sales through the first seven months of this year amounted to 55,863 ` down by 1.3 per cent compared to the same period in 2010. After adjusting for seasonal fluctuations, the July figure continued to point to an annual sales result close to 90,000 ` in line with results from the previous six months.
"Strong home sales continued in July, with a substantial rebound over last summer`s slow-down brought about by higher mortgage rates, new lending guidelines and misconceptions about the HST. The greatest rebound was seen in the condominium apartment segment in the City of Toronto," said Toronto Real Estate Board President Richard Silver. "If the current pace of sales holds up, we could see the second best year on record under the current TREB market area."
Read the full article here.
Greater Toronto REALTORSÂ reported 7,922 transactions through the TorontoMLSÂ system in July 2011, representing a 23 per cent increase over July 2010. Total sales through the first seven months of this year amounted to 55,863 ` down by 1.3 per cent compared to the same period in 2010. After adjusting for seasonal fluctuations, the July figure continued to point to an annual sales result close to 90,000 ` in line with results from the previous six months.
"Strong home sales continued in July, with a substantial rebound over last summer`s slow-down brought about by higher mortgage rates, new lending guidelines and misconceptions about the HST. The greatest rebound was seen in the condominium apartment segment in the City of Toronto," said Toronto Real Estate Board President Richard Silver. "If the current pace of sales holds up, we could see the second best year on record under the current TREB market area."
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
North Bay council likes the look of the rental housing by-law
Students and non-students alike may soon find it more difficult to find cheap accommodations in North Bay as the city will be getting stricter with regards to the number of housing units available.
A Rental Housing By-Law was presented for council consideration during Tuesday's Committee Council meeting. It is proposed to be effective beginning in January of 2012.
The council has recognized a need within the community to deal with various rental housing issues within the city of North Bay. This comes from a variety of complaints that have been received over many years regarding conflict around, and resolutions to, with student and non-student issues in residential neighbourhoods in the city.
Read the full article here.
Students and non-students alike may soon find it more difficult to find cheap accommodations in North Bay as the city will be getting stricter with regards to the number of housing units available.
A Rental Housing By-Law was presented for council consideration during Tuesday's Committee Council meeting. It is proposed to be effective beginning in January of 2012.
The council has recognized a need within the community to deal with various rental housing issues within the city of North Bay. This comes from a variety of complaints that have been received over many years regarding conflict around, and resolutions to, with student and non-student issues in residential neighbourhoods in the city.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Ontario OK's 3.1% rate hike next year
Ontario renters can expect their rents to jump by a maximum of 3.1 per cent next year after the McGuinty government announced the provincial rent increase rate for 2012.
It is one of the steepest rent increases in recent years, outstripping - by four times - the 0.7 per cent allowed for 2011, and the 2.1 per cent for 2010. The 2011 increase was the lowest in more than three decades.
However, in announcing the increase Friday, Municipal Affairs and Housing Minister Rick Bartolucci said the Liberals would change the way Ontario's rent increases rates were set, if they were re-elected in the October election.
Read the full article here.
Ontario renters can expect their rents to jump by a maximum of 3.1 per cent next year after the McGuinty government announced the provincial rent increase rate for 2012.
It is one of the steepest rent increases in recent years, outstripping - by four times - the 0.7 per cent allowed for 2011, and the 2.1 per cent for 2010. The 2011 increase was the lowest in more than three decades.
However, in announcing the increase Friday, Municipal Affairs and Housing Minister Rick Bartolucci said the Liberals would change the way Ontario's rent increases rates were set, if they were re-elected in the October election.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Toronto smashes 2nd quarter condo sale record
On a day that saw stock indices tumble around the world, a pair of real estate reports released Thursday offer snapshots of one market that has been significantly more robust.
Condominium sales in Toronto in the second quarter of 2011 topped the previous record set in the same time frame in 2007 by 35%, according to Urbanation, a condo market research group.
The upswing coincides with a 23% increase in the home resale market in July 2011 over July 2010, according to numbers from the Toronto Real Estate Board (TREB).
Read the full article here.
On a day that saw stock indices tumble around the world, a pair of real estate reports released Thursday offer snapshots of one market that has been significantly more robust.
Condominium sales in Toronto in the second quarter of 2011 topped the previous record set in the same time frame in 2007 by 35%, according to Urbanation, a condo market research group.
The upswing coincides with a 23% increase in the home resale market in July 2011 over July 2010, according to numbers from the Toronto Real Estate Board (TREB).
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Housing market trend-line bodes well
I knew we were having a pretty good year as far as total new home sales go but I was amazed when it was pointed out to me that we`re actually well on the way to the second best year ever. We`re going to get there in quite a different way than we did in 2002 when the all-time record was set, but hold that thought.
A few weeks ago, I got my monthly e-mail from Steven Hurst, the VP of Analytics for RealNet Canada Inc., containing the sales statistics for June and the totals for the first half of the year. In that e-mail, Hurst drew my attention to a number of highlights in the data, including the record-setting pace of sales so far this year.
Let`s look at the month of June first, starting with high-rise sales which were up a whopping 62 per cent compared with June, 2010. As Hurst pointed out, it was the second best June ever and the fourth best month of all for high-rise sales. Add in a 40 per cent spike in sales of low-rise homes in the suburbs and total new home sales for June were up 53 per cent, year/year.
Read the full article here.
I knew we were having a pretty good year as far as total new home sales go but I was amazed when it was pointed out to me that we`re actually well on the way to the second best year ever. We`re going to get there in quite a different way than we did in 2002 when the all-time record was set, but hold that thought.
A few weeks ago, I got my monthly e-mail from Steven Hurst, the VP of Analytics for RealNet Canada Inc., containing the sales statistics for June and the totals for the first half of the year. In that e-mail, Hurst drew my attention to a number of highlights in the data, including the record-setting pace of sales so far this year.
Let`s look at the month of June first, starting with high-rise sales which were up a whopping 62 per cent compared with June, 2010. As Hurst pointed out, it was the second best June ever and the fourth best month of all for high-rise sales. Add in a 40 per cent spike in sales of low-rise homes in the suburbs and total new home sales for June were up 53 per cent, year/year.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Second-best June for GTA condos, 905 keeps pace
`I don`t know why I keep getting surprised.` So says Stephen Dupuis ` president and CEO of the Building Industry and Land Development Association (BILD). That after another record month for new high-rise sales in June. With 3,027 new condo sales throughout the Greater Toronto Area, it was the second best June on record, and saw 62.1% more sales than June 2010.
`June is usually not that good,` says Mr. Dupuis, who cites numbers provided by RealNet Canada Inc. `It was a pleasant surprise. It actually blew our minds.`
By now, though, it shouldn`t be so surprising. After all, June was just another good month in a record year, the tail end of the best-ever second quarter and best-ever first half for high-rise sales in the GTA. And while July numbers weren`t available as of press time, Mr. Dupuis expects the summer to continue that trend; usually slow in terms of condo openings, there already have been several new sites released.
Read the full article here.
`I don`t know why I keep getting surprised.` So says Stephen Dupuis ` president and CEO of the Building Industry and Land Development Association (BILD). That after another record month for new high-rise sales in June. With 3,027 new condo sales throughout the Greater Toronto Area, it was the second best June on record, and saw 62.1% more sales than June 2010.
`June is usually not that good,` says Mr. Dupuis, who cites numbers provided by RealNet Canada Inc. `It was a pleasant surprise. It actually blew our minds.`
By now, though, it shouldn`t be so surprising. After all, June was just another good month in a record year, the tail end of the best-ever second quarter and best-ever first half for high-rise sales in the GTA. And while July numbers weren`t available as of press time, Mr. Dupuis expects the summer to continue that trend; usually slow in terms of condo openings, there already have been several new sites released.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Toronto real estate market statistics - July 2011
Toronto real estate sales continued their hot pace recording a 23% increase in July 2011 over the same month last year. The month's actual sales volume of 7,922 is actually typical for July, the 23% increase has more to do with the poor sales figures last year. See chart below.
It's worth noting that sales cooled down significantly during the second half of July. Two weeks ago TREB reported that sales were up 35% during the first two weeks of July which means that the volume of sales would have had to slow down considerably during the second half of the month to bring the % increase down to 23%.
We finally started to see some relief on the supply side as 16% more houses were listed for sale in July over the same month last year. There were 19% fewer homes available for sale last month over last year, an improvement over the 24% decline we saw last month.
Read the full article here.
Toronto real estate sales continued their hot pace recording a 23% increase in July 2011 over the same month last year. The month's actual sales volume of 7,922 is actually typical for July, the 23% increase has more to do with the poor sales figures last year. See chart below.
It's worth noting that sales cooled down significantly during the second half of July. Two weeks ago TREB reported that sales were up 35% during the first two weeks of July which means that the volume of sales would have had to slow down considerably during the second half of the month to bring the % increase down to 23%.
We finally started to see some relief on the supply side as 16% more houses were listed for sale in July over the same month last year. There were 19% fewer homes available for sale last month over last year, an improvement over the 24% decline we saw last month.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Toronto gets a choice between gravy or taxes
Rob Ford has been mayor of Toronto for nine months now and still hasn`t solved the problem of the $774 million shortfall in the annual budget, so naturally he`s being subjected to a round of mockery for his failure.
It took years to create the disaster that is the Toronto budget. Previous councils dealt with it by pleading desperately for money from the province every 12 months. Ford made the mistake of suggesting it might be better to spend less, and further suggested during his mayoral campaign that he could find a way to do that without hurting services. That was his mistake: he should have declared the problem insoluble and blamed somebody else, like his predecessors.
Instead he`s being subjected to jokes about his size (the Handbook of Victimology, Volume 4, provides an exemption on fat jokes as long as the target is 1. male and 2. a politician. Female politicians are still off limits) and endless references to the `gravy train` he claimed had to be stopped. Despite paying a consulting firm $3 million and inviting voters to suggest services that were `core` or `non-core`, he still hasn`t found the gravy. Which seems to be because there is no gravy: every single service the city provides turns out to be vital.
Read the full article here.
Rob Ford has been mayor of Toronto for nine months now and still hasn`t solved the problem of the $774 million shortfall in the annual budget, so naturally he`s being subjected to a round of mockery for his failure.
It took years to create the disaster that is the Toronto budget. Previous councils dealt with it by pleading desperately for money from the province every 12 months. Ford made the mistake of suggesting it might be better to spend less, and further suggested during his mayoral campaign that he could find a way to do that without hurting services. That was his mistake: he should have declared the problem insoluble and blamed somebody else, like his predecessors.
Instead he`s being subjected to jokes about his size (the Handbook of Victimology, Volume 4, provides an exemption on fat jokes as long as the target is 1. male and 2. a politician. Female politicians are still off limits) and endless references to the `gravy train` he claimed had to be stopped. Despite paying a consulting firm $3 million and inviting voters to suggest services that were `core` or `non-core`, he still hasn`t found the gravy. Which seems to be because there is no gravy: every single service the city provides turns out to be vital.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
UrbanRental provides vital information on condo rental market
It`s a great time to be renting someone else`s condo in Toronto.
Rental rates for leased condominiums barely increased in the past year, and they`re not likely to rise much anytime soon, according to a new report from Urbanation.
Index rents (rent per square foot) in the first quarter of 2011 rose just 2.2 per cent compared to the same period a year earlier, to $2.11 from $2.06 per square foot.
Read the full article here.
It`s a great time to be renting someone else`s condo in Toronto.
Rental rates for leased condominiums barely increased in the past year, and they`re not likely to rise much anytime soon, according to a new report from Urbanation.
Index rents (rent per square foot) in the first quarter of 2011 rose just 2.2 per cent compared to the same period a year earlier, to $2.11 from $2.06 per square foot.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Ontario and Hamilton lose jobs
OTTAWA - The Canadian economy added jobs in July, building on three consecutive months of growth.
Statistics Canada says the country's unemployment rate fell last month to 7.2 per cent as fewer people entered the workforce. Ontario and Hamilton lost jobs in July. The unemployment rate in Hamilton climbed to 6.4 per cent from 5.9 per cent in June.
Increases in the private sector were offset by losses in the public sector and fewer people who were self employed.
Read the full article here.
OTTAWA - The Canadian economy added jobs in July, building on three consecutive months of growth.
Statistics Canada says the country's unemployment rate fell last month to 7.2 per cent as fewer people entered the workforce. Ontario and Hamilton lost jobs in July. The unemployment rate in Hamilton climbed to 6.4 per cent from 5.9 per cent in June.
Increases in the private sector were offset by losses in the public sector and fewer people who were self employed.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Ottawa housing prices increase in July
Ottawa's housing market warmed up during July 2011, according to the Ottawa Real Estate Board. Average housing prices in the city rose 6.2 per cent to $341,340 compared to prices in July 2010.
Condominium prices jumped more than 11 per cent from the same period last year to an average $270,933. Residential-class property prices are also up. This year the average was $362,539 in July, a 4.8 per cent growth from last year.
Read the full article here.
Ottawa's housing market warmed up during July 2011, according to the Ottawa Real Estate Board. Average housing prices in the city rose 6.2 per cent to $341,340 compared to prices in July 2010.
Condominium prices jumped more than 11 per cent from the same period last year to an average $270,933. Residential-class property prices are also up. This year the average was $362,539 in July, a 4.8 per cent growth from last year.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Cheap apartments getting hard to find
Fiona O`Connor has one word to describe her apartment search in Toronto.
`Hellish.`
The native Montrealer moved to Toronto in May for work, but quickly found the bachelor she had rented month-to-month was too small. That set her on a quest for a two-bedroom ` and put her in stiff competition with other renters.
`I would show up to viewings and there would be at least 25 people ahead of me,` O`Connor said.
Some apartments were not as advertised, with landlords stretching the definition of `two-bedroom` to include rooms that weren`t closed off from the rest of the unit.
Read the full article here.
Fiona O`Connor has one word to describe her apartment search in Toronto.
`Hellish.`
The native Montrealer moved to Toronto in May for work, but quickly found the bachelor she had rented month-to-month was too small. That set her on a quest for a two-bedroom ` and put her in stiff competition with other renters.
`I would show up to viewings and there would be at least 25 people ahead of me,` O`Connor said.
Some apartments were not as advertised, with landlords stretching the definition of `two-bedroom` to include rooms that weren`t closed off from the rest of the unit.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Why this cool kid moved to Hamilton
I must admit, the recent shenanigans of the brothers Ford have made me somewhat grateful that I no longer call Toronto home. Don't get me wrong, Toronto is a lovely city, but how lovely it will be after four years of the Ford family rule remains to be seen. Regardless, nothing good can come of Rob and Doug's lack of appreciation of the arts and how much it adds to a city's vibrancy and cultural fabric, above and beyond the all important bottom line.
I got a chuckle out of the news that Hamilton Mayor Bob Bratina had invited Canadian literary icon, Margaret Atwood, to pay his city a visit, (essentially dismissing the Fords as a couple of backwater rubes in the process), and acknowledging Ms. Atwood's stature as one of our country's most storied authors. This, of course, was after Councillor Doug Ford commented that he wouldn't have a clue who Ms. Atwood was if she walked by him on the street. Something makes me think Doug Ford would be more likely to recognize Bubbles from Trailer Park Boys, but who am I to judge?
Hamilton, for those of you who don't know, is the reason I am now an ex-Torontonian. My family and I relocated to the former Steeltown back in 2009, and I have to say, it's the best move we've made. I adore my new city, although, the initial reaction of friends and family, upon learning of our new destination, was generally one of shock and horror. "Hamilton!??!" they would exclaim. "Why???"
Read the full article here.
I must admit, the recent shenanigans of the brothers Ford have made me somewhat grateful that I no longer call Toronto home. Don't get me wrong, Toronto is a lovely city, but how lovely it will be after four years of the Ford family rule remains to be seen. Regardless, nothing good can come of Rob and Doug's lack of appreciation of the arts and how much it adds to a city's vibrancy and cultural fabric, above and beyond the all important bottom line.
I got a chuckle out of the news that Hamilton Mayor Bob Bratina had invited Canadian literary icon, Margaret Atwood, to pay his city a visit, (essentially dismissing the Fords as a couple of backwater rubes in the process), and acknowledging Ms. Atwood's stature as one of our country's most storied authors. This, of course, was after Councillor Doug Ford commented that he wouldn't have a clue who Ms. Atwood was if she walked by him on the street. Something makes me think Doug Ford would be more likely to recognize Bubbles from Trailer Park Boys, but who am I to judge?
Hamilton, for those of you who don't know, is the reason I am now an ex-Torontonian. My family and I relocated to the former Steeltown back in 2009, and I have to say, it's the best move we've made. I adore my new city, although, the initial reaction of friends and family, upon learning of our new destination, was generally one of shock and horror. "Hamilton!??!" they would exclaim. "Why???"
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Pickering village development dead due to poor soil conditions
AJAX -- It was supposed to be one of the cornerstones of revitalization in Pickering Village, an urban square combined with a mixed-use office building at the corner of Kingston Road and Elizabeth Street.
But now the plan to build the Pharmaceutical Advertising Advisory Board's (PAAB) headquarters in the village is dead, after poor soil at the site made the project too expensive.
The Town of Ajax sold the .46 acre site, located on the west side of the courtyard, to PAAB in 2009 for $500,000. A ground-breaking was held in early 2010 and the plan was to allow for retail space at the ground floor of the building and the creation of a public square, complete with a $25,000 piece of public art paid for by PAAB.
Read the full article here.
AJAX -- It was supposed to be one of the cornerstones of revitalization in Pickering Village, an urban square combined with a mixed-use office building at the corner of Kingston Road and Elizabeth Street.
But now the plan to build the Pharmaceutical Advertising Advisory Board's (PAAB) headquarters in the village is dead, after poor soil at the site made the project too expensive.
The Town of Ajax sold the .46 acre site, located on the west side of the courtyard, to PAAB in 2009 for $500,000. A ground-breaking was held in early 2010 and the plan was to allow for retail space at the ground floor of the building and the creation of a public square, complete with a $25,000 piece of public art paid for by PAAB.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Toronto economic indicators
Toronto Economic Indicators is a monthly publication produced by the Economic Development Division. It provides a monthly snapshot of the regional economy, and includes data on employment, unemployment, real estate activity, transit ridership, social indicators, financial indicators, innovation and others.
Read the full article here.
Toronto Economic Indicators is a monthly publication produced by the Economic Development Division. It provides a monthly snapshot of the regional economy, and includes data on employment, unemployment, real estate activity, transit ridership, social indicators, financial indicators, innovation and others.
Read the full article here.