August 2012 Ontario Economic Fundamentals
- Thread starter Ally
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Toronto's condo boom won't burst housing bubble: RBC
TORONTO -- A new report wants to burst the idea of a Toronto housing bubble.
Yes, condo sales and construction are booming, but the Royal Bank of Canada report says there is no housing bubble because the city's number of new housing units is in line with demographic needs.
The Greater Toronto Area sees an influx of close to 100,000 people each year.
That translated to approximately 38,000 new households per year from 2006 to 2011, according to RBC and Statistics Canada data in the report.
Read the full article here.
TORONTO -- A new report wants to burst the idea of a Toronto housing bubble.
Yes, condo sales and construction are booming, but the Royal Bank of Canada report says there is no housing bubble because the city's number of new housing units is in line with demographic needs.
The Greater Toronto Area sees an influx of close to 100,000 people each year.
That translated to approximately 38,000 new households per year from 2006 to 2011, according to RBC and Statistics Canada data in the report.
Read the full article here.
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RIM closes Blackberry stores, could cut more jobs
TORONTO ` Research In Motion is making further reductions across its operations as a source confirmed Wednesday that it will shutter its North American retail stores.
The Waterloo, Ont.-based company declined to confirm a report from online magazine Cantech Letter which says workforce reductions will be revealed on Aug. 13.
RIM has been making drastic reductions across its operations to help counter faltering sales of its smartphones, particularly in North America.
Read the full article here.
TORONTO ` Research In Motion is making further reductions across its operations as a source confirmed Wednesday that it will shutter its North American retail stores.
The Waterloo, Ont.-based company declined to confirm a report from online magazine Cantech Letter which says workforce reductions will be revealed on Aug. 13.
RIM has been making drastic reductions across its operations to help counter faltering sales of its smartphones, particularly in North America.
Read the full article here.
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GM continues $850 million expansion of its Research and Development facilities in Oshawa
General Motors of Canada emphasized its commitment to significantly invest in research and development activities, with plans that total $850 million and extend to 2016.
GM reported it increased investments in research, development and engineering in Canada, including growing its activities at its Canadian Engineering Centre in Oshawa, Ontario. The automaker said it is `committed to further leveraging Canada`s expertise in strategic and important technologies by expanding activities in light weigh materials, mechatronics, software and communications. Cutting-edge technologies like these are critical to the development of tomorrow`s vehicles and the sustainability of Canada`s automotive sector.`
Read the full article here.
General Motors of Canada emphasized its commitment to significantly invest in research and development activities, with plans that total $850 million and extend to 2016.
GM reported it increased investments in research, development and engineering in Canada, including growing its activities at its Canadian Engineering Centre in Oshawa, Ontario. The automaker said it is `committed to further leveraging Canada`s expertise in strategic and important technologies by expanding activities in light weigh materials, mechatronics, software and communications. Cutting-edge technologies like these are critical to the development of tomorrow`s vehicles and the sustainability of Canada`s automotive sector.`
Read the full article here.
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Hamilton property values show steady increase
Property values in Hamilton have increased by 10 per cent over the past four years.
The Municipal Property Assessment Corporation released a report Tuesday indicating that Hamilton-Burlington is seeing a steady increase at just over two per cent a year since 2008.
Read the full article here.
Property values in Hamilton have increased by 10 per cent over the past four years.
The Municipal Property Assessment Corporation released a report Tuesday indicating that Hamilton-Burlington is seeing a steady increase at just over two per cent a year since 2008.
Read the full article here.
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Stable vacancy rate hides big shift in Ottawa office market
OTTAWA ` An overall vacancy rate as unmoving as a public servant`s file cabinet could be masking some big changes in the capital`s office market, a report issued Wednesday revealed.
The Cresa Ottawa Tenant`s Guide said Ottawa`s vacancy rate has held at 5.6 per cent through the first half of 2012 and is up just 0.3 percentage points from the fourth quarter of 2011. But the rate for the downtown core, traditionally the toughest place to find office space in Ottawa, has risen to 6.2 per cent from 3.9 per cent in late 2011.
Read the full article here.
OTTAWA ` An overall vacancy rate as unmoving as a public servant`s file cabinet could be masking some big changes in the capital`s office market, a report issued Wednesday revealed.
The Cresa Ottawa Tenant`s Guide said Ottawa`s vacancy rate has held at 5.6 per cent through the first half of 2012 and is up just 0.3 percentage points from the fourth quarter of 2011. But the rate for the downtown core, traditionally the toughest place to find office space in Ottawa, has risen to 6.2 per cent from 3.9 per cent in late 2011.
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Strengthening the industry's voice on transit
Back in May, I set a goal of reaching out to 90 people in my first 90 days as the new president at CEO of BILD, and in about five weeks, I surpassed it. But don`t get me wrong, I`m still reaching out and meeting new people every single day.
In fact, earlier this week, I met the CEO of the Greater Toronto CivicAction Alliance, Mitzie Hunter, who heads up an organization that convenes civic leaders from across all sectors and the region to spur change on the tough issues and big opportunities facing us today.
Here in the GTA, one of the toughest issues we face is rolling out ` and funding ` regional transportation plans.
Read the full article here.
Back in May, I set a goal of reaching out to 90 people in my first 90 days as the new president at CEO of BILD, and in about five weeks, I surpassed it. But don`t get me wrong, I`m still reaching out and meeting new people every single day.
In fact, earlier this week, I met the CEO of the Greater Toronto CivicAction Alliance, Mitzie Hunter, who heads up an organization that convenes civic leaders from across all sectors and the region to spur change on the tough issues and big opportunities facing us today.
Here in the GTA, one of the toughest issues we face is rolling out ` and funding ` regional transportation plans.
Read the full article here.
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GTA home sales slide in July
Home sales in the Toronto region slipped in July, down 1.5 per cent from a year earlier ` but the slide seems minimal compared to Vancouver`s steep drop.
The Toronto Real Estate Board says 7,570 homes were sold in July in Greater Toronto, compared with 7,683 in July 2011, with a drop in condominium sales in Toronto being the most pronounced.
By contrast, the Real Estate Board of Greater Vancouver reported 2,098 properties sold in July, down 11.2 per cent from a month earlier, and down 18.4 per cent from July 2011.
Read the full article here.
Home sales in the Toronto region slipped in July, down 1.5 per cent from a year earlier ` but the slide seems minimal compared to Vancouver`s steep drop.
The Toronto Real Estate Board says 7,570 homes were sold in July in Greater Toronto, compared with 7,683 in July 2011, with a drop in condominium sales in Toronto being the most pronounced.
By contrast, the Real Estate Board of Greater Vancouver reported 2,098 properties sold in July, down 11.2 per cent from a month earlier, and down 18.4 per cent from July 2011.
Read the full article here.
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Condo act doesn't need major revamp
In June, the McGuinty government announced a public consultation process to `modernize` the 1998 Condominium Act to meet the needs of owners, residents and other stakeholders in the rapidly-evolving industry.
The announcement came on the heels of repeated attempts by NDP MPP Rosario Marchese to introduce his badly-flawed Bill 72, the Property Owners` Protection Act, 2012.
In an interview last month with the Toronto Star`s NewInHomes.com, Marchese provided some background on why he introduced the new legislation and his goals for the act.
Read the full article here.
In June, the McGuinty government announced a public consultation process to `modernize` the 1998 Condominium Act to meet the needs of owners, residents and other stakeholders in the rapidly-evolving industry.
The announcement came on the heels of repeated attempts by NDP MPP Rosario Marchese to introduce his badly-flawed Bill 72, the Property Owners` Protection Act, 2012.
In an interview last month with the Toronto Star`s NewInHomes.com, Marchese provided some background on why he introduced the new legislation and his goals for the act.
Read the full article here.
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How to reduce risk as GTA real estate softens
For every pundit who says the GTA real estate market will crash, there is someone else who says it will remain stable or even grow. I fall into that camp. Even so there are signs of weakness in the market. June resale figures for the GTA are 5 per cent lower than a year ago, according to the Toronto Real Estate Board. June prices were also lower than April and May, although still 7 per cent higher on average than last June. Some say this is a typical summer slowdown while others see storm clouds on the horizon. Whatever your vieww, here are some ways to reduce your risk, whether you own a home or investment property.
Read the full article here.
For every pundit who says the GTA real estate market will crash, there is someone else who says it will remain stable or even grow. I fall into that camp. Even so there are signs of weakness in the market. June resale figures for the GTA are 5 per cent lower than a year ago, according to the Toronto Real Estate Board. June prices were also lower than April and May, although still 7 per cent higher on average than last June. Some say this is a typical summer slowdown while others see storm clouds on the horizon. Whatever your vieww, here are some ways to reduce your risk, whether you own a home or investment property.
Read the full article here.
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Ontario Tenants Federation pushing for standardized leases
It`s the clause that has no claws, yet many landlords still use it, and many prospective tenants still fear it.
The infamous `no pets allowed` line is frequently inserted into lease agreements, sending many animal-owning apartment seekers scattering.
However, what some do not know is that the clause is void in Ontario. And it`s not the only one.
Read the full article here.
It`s the clause that has no claws, yet many landlords still use it, and many prospective tenants still fear it.
The infamous `no pets allowed` line is frequently inserted into lease agreements, sending many animal-owning apartment seekers scattering.
However, what some do not know is that the clause is void in Ontario. And it`s not the only one.
Read the full article here.
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Has Toronto's condo roller coaster peaked?
Toronto`s sizzling condo market has peaked, and developers are just waiting to see where the roller coaster goes next, says a housing research firm.
`We have hit the peak in the new condo market, we are on the down side of the roller coaster,` Ben Myers, executive vice president of Urbanation Inc., said in a phone interview. `We will really have to see how the developers react to a little bit of the slowing in the market, if they hold off on new launches.`
Read the full article here.
Toronto`s sizzling condo market has peaked, and developers are just waiting to see where the roller coaster goes next, says a housing research firm.
`We have hit the peak in the new condo market, we are on the down side of the roller coaster,` Ben Myers, executive vice president of Urbanation Inc., said in a phone interview. `We will really have to see how the developers react to a little bit of the slowing in the market, if they hold off on new launches.`
Read the full article here.
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Despite signs of cooling condo market, Toronto developers keep building
What cooling housing market?
Toronto developers appear to be forging ahead with new projects, according to data from Statistics Canada released Tuesday, despite some signs the housing market is cooling, particularly for condos.
Toronto was one of the few cities in Canada to show a gain in the number of residential and other building permits in June ` mainly a result of a rise construction permits for new homes of all sorts, including semi-detached, row houses and single homes.
Read the full article here.
What cooling housing market?
Toronto developers appear to be forging ahead with new projects, according to data from Statistics Canada released Tuesday, despite some signs the housing market is cooling, particularly for condos.
Toronto was one of the few cities in Canada to show a gain in the number of residential and other building permits in June ` mainly a result of a rise construction permits for new homes of all sorts, including semi-detached, row houses and single homes.
Read the full article here.
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The simmering class war over basement apartments in Brampton
I once moved into an illegal basement apartment in Toronto for a newspaper series about working undercover as a maid. At $750 a month, it was the most affordable roach-free dwelling I could find. What`s more, it helped my landlord, himself a cleaner at the Four Seasons, pay his mortgage. Secondary suites are mutually beneficial for renters and homeowners. So I applaud the controversial new legislation that has finally legalized the subterranean world of basement apartments. The province-wide law, which took effect in January, overrides any municipal bylaws prohibiting them`bylaws that were typically passed due to residents` complaints about traffic congestion, overcrowded schools and, though less often vocalized, there-goes-the-neighbourhood fears.
The laws that regulate secondary units are confusing, thanks to some political flip-flopping over the past two decades. In 1994, the provincial NDP government under Bob Rae passed Bill 120, permitting second units in houses, regardless of local zoning laws. A year later, Mike Harris`s new Conservative government introduced Bill 20, restoring to municipalities the right to outlaw secondary suites. Brampton, the epitome of sprawl, quickly took advantage of Bill 20 and banned the apartments. Pre-existing units that had been built to code were grandfathered, but anything built after 1995 was deemed illegal. (Secondary suites, for the record, are legal in Toronto, where they constitute 20 per cent of the rental stock and tend to be 10 to 15 per cent cheaper than apartment building units.)
Read the full article here.
I once moved into an illegal basement apartment in Toronto for a newspaper series about working undercover as a maid. At $750 a month, it was the most affordable roach-free dwelling I could find. What`s more, it helped my landlord, himself a cleaner at the Four Seasons, pay his mortgage. Secondary suites are mutually beneficial for renters and homeowners. So I applaud the controversial new legislation that has finally legalized the subterranean world of basement apartments. The province-wide law, which took effect in January, overrides any municipal bylaws prohibiting them`bylaws that were typically passed due to residents` complaints about traffic congestion, overcrowded schools and, though less often vocalized, there-goes-the-neighbourhood fears.
The laws that regulate secondary units are confusing, thanks to some political flip-flopping over the past two decades. In 1994, the provincial NDP government under Bob Rae passed Bill 120, permitting second units in houses, regardless of local zoning laws. A year later, Mike Harris`s new Conservative government introduced Bill 20, restoring to municipalities the right to outlaw secondary suites. Brampton, the epitome of sprawl, quickly took advantage of Bill 20 and banned the apartments. Pre-existing units that had been built to code were grandfathered, but anything built after 1995 was deemed illegal. (Secondary suites, for the record, are legal in Toronto, where they constitute 20 per cent of the rental stock and tend to be 10 to 15 per cent cheaper than apartment building units.)
Read the full article here.
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GTA sales on par with the last decade
Six months in and the year is turning out ` well, pretty average.
The Building Industry and Land Development Association (BILD) and market analysis firm RealNet Canada have released their sales numbers for the first six months of 2012, with some unsurprising results. While the 20,785 new homes and condos sold between January and June is down from last year`s 24,107 at this time, it`s on par with other years in the past decade. After the first six months of 2010, for example, only 19,664 units had been sold.
Read the full article here.
Six months in and the year is turning out ` well, pretty average.
The Building Industry and Land Development Association (BILD) and market analysis firm RealNet Canada have released their sales numbers for the first six months of 2012, with some unsurprising results. While the 20,785 new homes and condos sold between January and June is down from last year`s 24,107 at this time, it`s on par with other years in the past decade. After the first six months of 2010, for example, only 19,664 units had been sold.
Read the full article here.
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Hamilton to identify hotspots for overland flooding
Efforts are under way to assign coordinates for about 900 overland flooding `hot spots` in Hamilton, Ontario where water traditionally backs up or overflows after big storms.
Digitally mapping the hot spots ` mostly storm water inlets and outlets that back up or overflow in heavy rain ` will enable municipal crews to prioritize inspection areas before extreme weather strikes, the Hamilton Spectator reports. The sites include culverts, pipe outfalls, sewer grates and underpasses where debris tends to become stuck.
Read the full article here.
Efforts are under way to assign coordinates for about 900 overland flooding `hot spots` in Hamilton, Ontario where water traditionally backs up or overflows after big storms.
Digitally mapping the hot spots ` mostly storm water inlets and outlets that back up or overflow in heavy rain ` will enable municipal crews to prioritize inspection areas before extreme weather strikes, the Hamilton Spectator reports. The sites include culverts, pipe outfalls, sewer grates and underpasses where debris tends to become stuck.
Read the full article here.
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Toronto 'condo rollercoaster' peaks as Flaherty acts
Canadian Finance Minister Jim Flaherty is making progress in his effort to cool Toronto`s overheated condo market with tougher mortgage lending rules.
Condo sales dropped 10 percent in July from a year earlier to 1,753 units and the average price fell 1 percent to C$328,216 ($328,347), the city`s real estate board said Aug. 3. Prices have fallen by 2.3 percent from a year earlier, ending annual price gains that peaked at 11 percent in October, according to Bloomberg calculations using Toronto Real Estate Board figures.
Read the full article here.
Canadian Finance Minister Jim Flaherty is making progress in his effort to cool Toronto`s overheated condo market with tougher mortgage lending rules.
Condo sales dropped 10 percent in July from a year earlier to 1,753 units and the average price fell 1 percent to C$328,216 ($328,347), the city`s real estate board said Aug. 3. Prices have fallen by 2.3 percent from a year earlier, ending annual price gains that peaked at 11 percent in October, according to Bloomberg calculations using Toronto Real Estate Board figures.
Read the full article here.
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Hamilton residential condo average sale prices up in July
(August 3, 2012 ` Hamilton, Ontario) The REALTORSÂ Association of Hamilton
‐Burlington (RAHB) reported the residential condominium market saw a 4.3 per cent increase in average sale price in July compared to the same month last year. Median sale prices also saw gains over July of last year.
"With the residential condominium segment of the market continuing to increase in average sale price, we anticipate a continued overall stable market in most segments," said RAHB President Cameron Nolan.
Read the full article here.
(August 3, 2012 ` Hamilton, Ontario) The REALTORSÂ Association of Hamilton
‐Burlington (RAHB) reported the residential condominium market saw a 4.3 per cent increase in average sale price in July compared to the same month last year. Median sale prices also saw gains over July of last year.
"With the residential condominium segment of the market continuing to increase in average sale price, we anticipate a continued overall stable market in most segments," said RAHB President Cameron Nolan.
Read the full article here.
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Condo construction booms in Montreal
MONTREAL - Single family resales may be on the rise in the Greater Montreal Area, but when it comes to new construction, condo development is still booming.
In July, new housing starts in Greater Montreal rose five per cent, year over year, because of a 23 per cent rise in condo starts, the Canadian Mortgage and Housing Corp. said Thursday. On Montreal Island, starts rose 51 per cent last month, because of an increase in condo and rental starts.
Year to date, even as total housing starts dropped five per cent in Greater Montreal, new condo construction rose 11 per cent above the record-breaking level in 2011.
Read the full article here.
MONTREAL - Single family resales may be on the rise in the Greater Montreal Area, but when it comes to new construction, condo development is still booming.
In July, new housing starts in Greater Montreal rose five per cent, year over year, because of a 23 per cent rise in condo starts, the Canadian Mortgage and Housing Corp. said Thursday. On Montreal Island, starts rose 51 per cent last month, because of an increase in condo and rental starts.
Year to date, even as total housing starts dropped five per cent in Greater Montreal, new condo construction rose 11 per cent above the record-breaking level in 2011.
Read the full article here.
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Toronto housing starts rise in July
TORONTO, ONTARIO`(Marketwire ` Aug. 9, 2012) - Housing starts for the Toronto Census Metropolitan Area were trending at 48,900 units in July according to the Canada Mortgage and Housing Corporation (CMHC). The trend is a moving average of the monthly seasonally adjusted annual rates (SAAR)[sup]1[/sup] of total starts data. The standalone monthly SAAR was 51,700 units, up from 42,000 units in June.
`Strength in housing construction last month was shown across all housing types, with low density starts moving up to their highest point of the year. Activity has been shifting towards relatively more affordable pockets of the GTA. In particular, Brampton starts are running at a five-year high,` said Shaun Hildebrand, CMHC`s Senior Market Analyst for the GTA.
Read the full article here.
TORONTO, ONTARIO`(Marketwire ` Aug. 9, 2012) - Housing starts for the Toronto Census Metropolitan Area were trending at 48,900 units in July according to the Canada Mortgage and Housing Corporation (CMHC). The trend is a moving average of the monthly seasonally adjusted annual rates (SAAR)[sup]1[/sup] of total starts data. The standalone monthly SAAR was 51,700 units, up from 42,000 units in June.
`Strength in housing construction last month was shown across all housing types, with low density starts moving up to their highest point of the year. Activity has been shifting towards relatively more affordable pockets of the GTA. In particular, Brampton starts are running at a five-year high,` said Shaun Hildebrand, CMHC`s Senior Market Analyst for the GTA.
Read the full article here.