August 2011 Ontario Economic Fundamentals

[Ally]

Downtown Ottawa becoming 'condo' city




They go up almost as quickly as they sell.




The furious pace of the towering cranes and the men below piecing them together is evidence of Ottawa's shift toward becoming a condo city.




And as the light rail project picks up speed and its routes get nailed down, the pace at which the glass and concrete towers rise is also expected to quicken, especially within the vicinity of the LRT line.




"We're beginning to get into that particular trend," says Canada Mortgage and Housing Corporation's Sandra Perez Torres.





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[Ally]

Eager buyers keep housing market hot




Financial consultant Jose Jimenez has been on his own gut-wrenching roller coaster ride the last few weeks ` and not because of the stock market fluctuations he monitors daily.




Jimenez, 35, has been trying to buy his first home.




`In a way, I`ve been rooting for the markets to tank a bit and hoping that might encourage other people not to buy right now, but that doesn`t seem to be the case,` says Jimenez, whose wife is expecting their second child.





Read the full article here.

 

[Ally]

'New mayor, new deal': Ford seeks public cash for subway




If Mayor Rob Ford had convinced anyone the Sheppard subway expansion would be paid for with corporate cash, he shattered the illusion on Wednesday.




In a morning meeting at Queen`s Park, Ford asked Premier Dalton McGuinty to give the city $650 million for Sheppard by 2014. His justification: $333 million in federal money depends on that provincial money.




For a mayor who said in April that the $4.2 billion Sheppard project would not require a major government investment ` `I`m not quite sure where taxpayers` money is coming in when we`re using private money,` he said ` the request represented a notable turnabout. It also provided ammunition for critics, transit experts among them, who say the project is not feasible.





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[Ally]

Hamilton - hot property




A vacant Toronto crack house helped convince Frank Hoedl he might be better off living in Hamilton.




The 45-year-old photographer`s search for an affordable family home in Toronto was already going badly when he and his wife, Elizabeth, wandered into a dilapidated two-storey house north of the Danforth.




The mould, worrisome wiring and sealed-off basement hinted at the building`s history. Helpful neighbours spelled it out: The almost $300,000 house had been more flophouse than home.





Read the full article here.

 

[Ally]

Toronto landlord facing stiff fines for fatal house fire




The owner of an east-end Toronto house where two people were killed in a fire last week is accused of breaking several safety regulations. He could be fined as much as $200,000.




A couple living in a suite occupying the main floor and basement of 143 Bastedo Ave., near Coxwell and Danforth, were killed by the blaze in the early morning last Friday. A man in an upstairs apartment escaped.





Read the full article here.

 

[Ally]

Eager buyers keep housing market hot




Financial consultant Jose Jimenez has been on his own gut-wrenching roller coaster ride the last few weeks ` and not because of the stock market fluctuations he monitors daily.




Jimenez, 35, has been trying to buy his first home.




`In a way, I`ve been rooting for the markets to tank a bit and hoping that might encourage other people not to buy right now, but that doesn`t seem to be the case,` says Jimenez, whose wife is expecting their second child.





Read the full article here.

 

[Ally]

17 things to know about closing your house deal




Closing day in a house deal is a milestone for both the seller and the buyer. To make it go smoothly, it is very important that both buyer and the seller are properly prepared.




Here`s a checklist if you are selling:




1. Make sure you have given your lawyer a copy of any deed, mortgage, survey and current property tax bills. You should have received these from your lawyer when you bought the house.




2. Do not cancel your household insurance policy until you have heard that the deal has closed. Also, if you are moving out more than 30 days before closing, you need to notify your insurer that the home will be vacant. This way, you will still be covered if anything happens in the home up to the closing date.





Read the full article here.

 

[Ally]

'Bully bis' symptom of housing market gone mad?






At first glance, 221 Lee Ave. is just a simple semi.




Its front lawn could double for a toboggan slope. Its neighbours are a hodgepodge of new infills and century-old homes. It`s hardly a knockout when it comes to curb appeal.




But 221 Lee Ave. does have one important thing going for it.




This week the meticulously renovated Beach home sold for almost $100,000 over its $699,000 asking price and has become just the latest symbol of a housing market gone mad.





Read the full article here.

 

[Ally]

Ford mum on how to scrap land sales tax, as budget shortfall looms




Mayor Rob Ford seems prepared to break campaign promises on service cuts and layoffs, but remains mum on his pledge to eliminate the land transfer tax that pumped $274 million into Toronto coffers last year.




Ford made eliminating the tax, introduced by his predecessor David Miller in 2008 to help balance the city budget, a key plank in his successful election platform.




Last Oct. 21, four days before the civic election, Ford warned he might not deliver on that promise until 2012.





Read the full article here.

 

[Ally]

TREB fires back at competition bureau





The Toronto Real Estate Board (TREB) filed its official response to the Competition Bureau`s complaint on Friday, requesting that the Competition Tribunal dismiss the application with costs payable to TREB.



`We have patiently and tolerantly waited for the opportunity to respond to the Competition Bureau, and today we filed a response rejecting the commissioner`s position and outlining why we believe the application has no merit,` says TREB president Richard Silver in a news release.




`TREB has followed through on its commitment to provide Realtor members with greater flexibility to serve their clients by developing a Virtual Office Website (VOW) policy. The VOW policy will allow for secure password-protected websites designed to allow consumers to search and display MLS listing data, with the benefit of a Realtor member`s oversight, supervision and accountability,` says the release.





Read the full article here.

 

[Ally]

First draft of Kitchener's New Official Plan



The First Draft of the new Official Plan was 'tabled' at the Planning and Strategic Initiatives Committee on Monday, June 20, 2011. The formal review and consultation period is now underway and will go until Wednesday, September 28, 2011.





A hard copy of the first draft of the new Official Plan is available for viewing at the City's Planning Department counter at 200 King St West, 6th Floor, during regular business hours. A few hard copies are also available to be signed out to provide for further review.





Read the full article here.

 

[Ally]

Province announces $1.9 million for Ajax aerospace company




AJAX -- An aerospace company with facilities in Ajax is flying high after the Province of Ontario announced a $1.9 million investment in the company.




The money comes from the Innovation Demonstration Fund and Messier-Dowty, which manufactures landing gear at its Ajax plant, will match the funds and put it towards developing a more environmentally friendly process for applying and removing chemical coatings to landing gear.




The Ajax plant is currently owned by France-based Messier-Bugatti-Dowty, and Messier Dowty Inc. president Bryan Teed said the Ajax plant has a 62-year history in town. He said the company has long been associated with cutting edge technology, pointing out it manufactured the landing gear for the Avro Arrow. Looking to the future, the company is manufacturing the landing gear for the Boeing 787 Dreamliner.





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[Ally]

Orillia prepping industrial land




The city is hoping that by preparing its industrial land for sale, it is also sowing the seeds of job creation.




At least four city-owned lots, located at the northeast corner of University Avenue and Old Barrie Road, are expected to go on the market this fall.




"Economic revitalization in this community is foremost in our plans and obviously these lands are key to that," Coun. Patrick Kehoe said on Tuesday.




The location of the West Orillia Industrial Park, near Lakehead University and the West Orillia Sports Complex, make the lands very attractive for growth, says Coun. Pete Bowen.





Read the full article here.

 

[Ally]

Toronto wary of condo correction




TORONTO`A condominium-building boom is lifting Canada's largest city into the same stratosphere as London, Sydney, Vancouver and Miami, but deepening the worries about a potential tumble.




Buyers snapped up 1,986 condominiums in Toronto in July, up 28% from a year earlier, according to the Canadian Real Estate Association. Average prices have surged 8% to 9% a year for the past five years, climbing to 304,000 Canadian dollars (US$306,900).




Rows of sparkling condo towers line the shores of Lake Ontario, while cranes dot the inland skyline near the tony neighborhood of Yorkville, a magnet for visiting pop-music and Hollywood celebrities. In May, a local real-estate developer announced that an undisclosed foreign buyer paid a record C$28 million for a sprawling unit in a tower of luxury condominiums anchored by a Four Seasons Hotel.





Read the full article here.

 

[Ally]

Home starts remain at high level






The Ontario preliminary Seasonally Adjusted Annual Rate of home starts across urban centres remained at a high level in July.




Construction on an estimated 72,900 residential housing units got underway in the latest month, up slightly from a revised 71,700 units in June. Multi-family home construction, which includes semi-detached units, townhouses and apartments, grew to its second highest level this year. Single detached construction moderated in July. When compared to activity in July 2010, more Ontario major markets posted declines than increases during the latest month. New home construction in Ontario urban areas is running 14 per cent higher than at this time last year.





Read the full article here.

 

[Ally]

Milton boom pushes Halton home sales to a high



All that hot weather did nothing to cool buyers` heels as new home sales surged in July across the greater Toronto region.





Halton region recorded the biggest spike: a 305.4 per cent increase in new home sales compared to July 2010 and a 214 per cent increase in condo sales. Most of these were in the Milton area.





Toronto registered an unusual 90.5 per cent gain, thanks largely to sales at The Neighbourhoods of Queen St. E., a chic townhouse development underway near Boulton Ave. and Clark St.





Across the GTA, the volume of sales rose an average 36 per cent.





Read the full article here.

 

[Ally]

Video: Hamilton sheds its industrial image





When non-residents hear the words 'Hamilton, Ontario' there`s a good chance scarred landscapes and tall smokestacks come to mind. But Steeltown is making a concerted effort to shake the reputation of its industrial past and look to a small-business future. Its aggressive entrepreneurial agenda includes a one-stop centre at city hall for information and advice, reduced red tape, and incentives designed to draw out-of-town companies. Neil Everson, Hamilton's director of economic development, discusses the steps Hamilton is taking to make it more attractive for companies to do business






Watch the video here.

 

[Ally]

Toronto house prices expected to cool through autumn




Toronto`s overheated real estate market is expected to cool through the fall and winter, which should ease bidding wars and lead to more moderate price increases into 2012, says a CMHC housing market outlook released Wednesday.




Affordability is becoming such a concern, especially in overheated markets like Toronto, that the report predicts higher demand for rental apartments and condos by aspiring first-time buyers who are finding themselves priced out of the market.





Read the full article here.

 

[Ally]

Are we a match ask home seekers




Kate and Arthur Ruff spent some 60 hours combing census data, scouring school scores and searching the Internet from Massachusetts, keen to make sure their move to Toronto landed their family in the right neighbourhood.




In the end, their happy relocation to the Christie and Dupont area was prompted largely by an innovative new web tool called Neighbourhood Match, a sort of eHarmony for house hunters.




That and the coffee question; Do you prefer Tim`s, Starbucks or independent coffee houses?





Read teh full articel here.

 

[Ally]

NDP vows condo act reform in Ontario




Tom Smeraldo and Emilio Ojeda walked into their new Cabbagetown-area condo, took one look at their `view` (a brick wall), `balcony` (more of a ledge), and `hardwood floor` (actually laminate) and phoned their lawyer.




`We were so disappointed. We just wanted out of the deal,` said Smeraldo.




They couldn`t. Not unless they wanted to lose tens of thousands in deposits. Instead, the couple set out on a three-year battle with the builder over what they say are broken promises and lingering deficiencies.




Theirs is a cautionary tale, one you`ve likely heard before and will hear again as the GTA increasingly becomes a community of condo dwellers. As of December, there were about 264,000 condo units in the region.





Read the full article here.