August 2013 Ontario Economic Fundamentals
- Thread starter Ally
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GTA Realtors release July resale numbers
Toronto Area REALTORSÂ reported 8,544 residential sales through the TorontoMLS system in July 2013. Total sales were up by 16 per cent compared to July 2012. Over the same period, new listings added to TorontoMLS and active listings at the end of the month were up, but by a substantially smaller rate of increase compared to sales.
"Last month's sales represented the best July result since 2009 and was the third best July result on record. Despite recent increases in average borrowing costs, home buyers are still finding affordable home ownership options in the GTA," said Toronto Real Estate Board President Dianne Usher.
Read the full article here.
Toronto Area REALTORSÂ reported 8,544 residential sales through the TorontoMLS system in July 2013. Total sales were up by 16 per cent compared to July 2012. Over the same period, new listings added to TorontoMLS and active listings at the end of the month were up, but by a substantially smaller rate of increase compared to sales.
"Last month's sales represented the best July result since 2009 and was the third best July result on record. Despite recent increases in average borrowing costs, home buyers are still finding affordable home ownership options in the GTA," said Toronto Real Estate Board President Dianne Usher.
Read the full article here.
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Shocking number of luxury condos for sale in the GTA
The number of $1 million-plus condos for sale in Toronto has reached such `shocking` levels, it would take about 20 months to sell them all given current demand, more than four times what it would take to clear the current inventory of more conventional condos.
What`s even more worrisome is those numbers don`t include `shadow inventory,` which could easily exceed the number of high-end condos that were listed for sale on the Multiple Listing Service as of the end of June, says Toronto realtor Andrew la Fleur who did the math recently on behalf of an investor.
Read the full article here.
The number of $1 million-plus condos for sale in Toronto has reached such `shocking` levels, it would take about 20 months to sell them all given current demand, more than four times what it would take to clear the current inventory of more conventional condos.
What`s even more worrisome is those numbers don`t include `shadow inventory,` which could easily exceed the number of high-end condos that were listed for sale on the Multiple Listing Service as of the end of June, says Toronto realtor Andrew la Fleur who did the math recently on behalf of an investor.
Read the full article here.
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Orangeville GO Transit Rail
As a `fringe` community, bordering the GTHA and the Greenbelt, Orangeville is home to 31,729 Ontarians, and is growing every year. It is 84 kilometres (by road) from downtown Toronto; over an hour and a half drive. Many Orangeville residents commute every day into Toronto, or other parts of the Greater Toronto Hamilton Area (GTHA).
Currently, Orangeville is served by Orangeville Transit, who runs in-town bus trips, and GO Transit, who runs busses to Brampton. GO busses are a good start to inter-regional transportation, but are prone to getting stuck in traffic. Currently, the GO Transit Bus Station in Orangeville is actually at the old Orangeville railway station.
Read the full article here.
As a `fringe` community, bordering the GTHA and the Greenbelt, Orangeville is home to 31,729 Ontarians, and is growing every year. It is 84 kilometres (by road) from downtown Toronto; over an hour and a half drive. Many Orangeville residents commute every day into Toronto, or other parts of the Greater Toronto Hamilton Area (GTHA).
Currently, Orangeville is served by Orangeville Transit, who runs in-town bus trips, and GO Transit, who runs busses to Brampton. GO busses are a good start to inter-regional transportation, but are prone to getting stuck in traffic. Currently, the GO Transit Bus Station in Orangeville is actually at the old Orangeville railway station.
Read the full article here.
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Vancouver joins Toronto real estate market sales surge
Aug. 2 (Bloomberg) -- Home sales in Canada`s two largest real estate markets soared in July, adding to evidence housing has defied predictions of a correction.
Sales in Toronto, the largest market, rose 16 percent from a year earlier to 8,544 units, while Vancouver`s existing home sales rose 40 percent, the cities` real estate boards said today. The average sale price in Toronto rose 7.9 percent and increased 13 percent in Vancouver.
Read the full article here.
Aug. 2 (Bloomberg) -- Home sales in Canada`s two largest real estate markets soared in July, adding to evidence housing has defied predictions of a correction.
Sales in Toronto, the largest market, rose 16 percent from a year earlier to 8,544 units, while Vancouver`s existing home sales rose 40 percent, the cities` real estate boards said today. The average sale price in Toronto rose 7.9 percent and increased 13 percent in Vancouver.
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Toronto, Vancouver housing markets defy warnings
Canada`s two most expensive cities for housing continue to defy warnings that their markets are poised to crash.
Both Vancouver and Toronto saw sales surge in July, outpacing expectations and further confusing buyers unsure of when the right time is to get in.
Sales in Toronto`s housing market were up 16 per cent in July compared to the same month last year, while Vancouver, already the most expensive city in Canada in which to own a home, saw a surprising 40-per-cent jump.
Read the full article here.
Canada`s two most expensive cities for housing continue to defy warnings that their markets are poised to crash.
Both Vancouver and Toronto saw sales surge in July, outpacing expectations and further confusing buyers unsure of when the right time is to get in.
Sales in Toronto`s housing market were up 16 per cent in July compared to the same month last year, while Vancouver, already the most expensive city in Canada in which to own a home, saw a surprising 40-per-cent jump.
Read the full article here.
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Ottawa has too much space, too few tenants
With the exception of the mid-`90s recession, demand for downtown space located close to our country`s seat of power has remained more or less steady.
But that has all changed. The available tenant pool is shrinking and supply is quickly outpacing demand.
Read the full article here.
With the exception of the mid-`90s recession, demand for downtown space located close to our country`s seat of power has remained more or less steady.
But that has all changed. The available tenant pool is shrinking and supply is quickly outpacing demand.
Read the full article here.
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Metrolinx on the Scarborough subway vs LRT debate
In the wake of city council`s decision to support a subway instead of an LRT when it comes to replacing the aging Scarborough RT, Metrolinx has advised municipal officials that it is stopping work on the LRT, which was already in the works. In addition to warning that the City would be on the hook for the money that`s already been spent on the LRT, McCuaig let the City know that Metrolinx would make the $1.48 billion it has remaining on the books for Scarborough transit available for a subway`an amount less than the $1.8 billion city council said it needed from the province. He also confirmed that work would continue as scheduled on the Eglinton Crosstown line, and that changes to the existing agreement between Metrolinx and Toronto would be confined as much as possible to the Scarborough project.
Read the full article here.
In the wake of city council`s decision to support a subway instead of an LRT when it comes to replacing the aging Scarborough RT, Metrolinx has advised municipal officials that it is stopping work on the LRT, which was already in the works. In addition to warning that the City would be on the hook for the money that`s already been spent on the LRT, McCuaig let the City know that Metrolinx would make the $1.48 billion it has remaining on the books for Scarborough transit available for a subway`an amount less than the $1.8 billion city council said it needed from the province. He also confirmed that work would continue as scheduled on the Eglinton Crosstown line, and that changes to the existing agreement between Metrolinx and Toronto would be confined as much as possible to the Scarborough project.
Read the full article here.
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Modest growth forecast for Sudbury
Greater Sudbury's economy is set to grow this year by a modest 1.2%, and the city can expect slow but steady growth over the next five years, a Conference Board of Canada report said Wednesday.
In its five-year forecast, the Conference Board predicted Sudbury's unemployment rate will dip to 5.7% in 2017. In June, the unemployment rate was 7.5%.
Read the full article here.
Greater Sudbury's economy is set to grow this year by a modest 1.2%, and the city can expect slow but steady growth over the next five years, a Conference Board of Canada report said Wednesday.
In its five-year forecast, the Conference Board predicted Sudbury's unemployment rate will dip to 5.7% in 2017. In June, the unemployment rate was 7.5%.
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July housing starts in Toronto
TORONTO, ONTARIO`(Marketwired ` Aug. 9, 2013) - Housing starts in the Toronto, Census Metropolitan Area (CMA) were trending at 34,218 units in July compared to 31,733 in June according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) [sup](1)[/sup] of housing starts.
`Total housing starts reflect a continuing increase in employment, indicating that the overall economic environment is strengthening in Toronto,` said Edgard Navarrete, CMHC`s Toronto Market Analyst.
Read the full article here.
TORONTO, ONTARIO`(Marketwired ` Aug. 9, 2013) - Housing starts in the Toronto, Census Metropolitan Area (CMA) were trending at 34,218 units in July compared to 31,733 in June according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) [sup](1)[/sup] of housing starts.
`Total housing starts reflect a continuing increase in employment, indicating that the overall economic environment is strengthening in Toronto,` said Edgard Navarrete, CMHC`s Toronto Market Analyst.
Read the full article here.
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July housing starts in Ottawa
OTTAWA, ONTARIO`(Marketwired ` Aug. 9, 2013) - Housing starts in Ottawa Census Metropolitan Area (CMA) were trending at 6,482 units in July compared to 5,690 units in June according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) [sup](1)[/sup] of housing starts.
`Seasonally adjusted housing starts rallied in July following robust June activity. Townhome construction activity posted very healthy growth, particularly in Ottawa`s outskirts. Rows are becoming increasingly popular as they provide a more affordable alternative to single-detached housing and more space than condominium units,` said Sandra Perez Torres, Senior Market Analyst for Eastern and Northern Ontario.
Read the full article here.
OTTAWA, ONTARIO`(Marketwired ` Aug. 9, 2013) - Housing starts in Ottawa Census Metropolitan Area (CMA) were trending at 6,482 units in July compared to 5,690 units in June according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) [sup](1)[/sup] of housing starts.
`Seasonally adjusted housing starts rallied in July following robust June activity. Townhome construction activity posted very healthy growth, particularly in Ottawa`s outskirts. Rows are becoming increasingly popular as they provide a more affordable alternative to single-detached housing and more space than condominium units,` said Sandra Perez Torres, Senior Market Analyst for Eastern and Northern Ontario.
Read the full article here.
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July housing starts in Hamilton
TORONTO, ONTARIO`(Marketwired ` Aug. 9, 2013) - Housing starts in Hamilton Census Metropolitan Area (CMA) were trending at 3,078 units in July compared to 3,334 units in June, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)(1) of housing starts.
`Following a sharp increase last month, the trend in Hamilton`s total housing starts declined in July 2013. The decrease was entirely due to weaker construction of townhouses in the City of Hamilton. This July marked the City`s lowest monthly townhouse starts since February 2011. Conversely, townhouse starts in the City of Burlington were up as some homebuyers shifted their demand in favour of townhouses relative to single-detached dwellings,` said Abdul Kargbo, CMHC`s Senior Market Analyst for Hamilton and Brantford CMAs.
Read the full article here.
TORONTO, ONTARIO`(Marketwired ` Aug. 9, 2013) - Housing starts in Hamilton Census Metropolitan Area (CMA) were trending at 3,078 units in July compared to 3,334 units in June, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)(1) of housing starts.
`Following a sharp increase last month, the trend in Hamilton`s total housing starts declined in July 2013. The decrease was entirely due to weaker construction of townhouses in the City of Hamilton. This July marked the City`s lowest monthly townhouse starts since February 2011. Conversely, townhouse starts in the City of Burlington were up as some homebuyers shifted their demand in favour of townhouses relative to single-detached dwellings,` said Abdul Kargbo, CMHC`s Senior Market Analyst for Hamilton and Brantford CMAs.
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July 2013 housing starts in Barrie
TORONTO, ONTARIO`(Marketwired ` Aug. 9, 2013) - Housing starts in the Barrie Census Metropolitan Area (CMA) were trending at 868 units in July compared to 726 in June according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)[sup]1[/sup] of housing starts.
`Both the trend and the SAAR measure showed higher home construction. Single-detached home starts were up, as were townhouse and apartment starts. The City of Barrie was the main beneficiary of this increase, `said Abdellah Massaoudi, CMHC`s Market Analyst for Barrie.
Read the full article here.
TORONTO, ONTARIO`(Marketwired ` Aug. 9, 2013) - Housing starts in the Barrie Census Metropolitan Area (CMA) were trending at 868 units in July compared to 726 in June according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)[sup]1[/sup] of housing starts.
`Both the trend and the SAAR measure showed higher home construction. Single-detached home starts were up, as were townhouse and apartment starts. The City of Barrie was the main beneficiary of this increase, `said Abdellah Massaoudi, CMHC`s Market Analyst for Barrie.
Read the full article here.
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July 2013 Housing starts in Ontario
TORONTO, ONTARIO`(Marketwired ` Aug. 9, 2013) - Housing starts in the Ontario region were trending up at 58,376 units in July, compared to 55,653 in June, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)[sup](1)[/sup] of housing starts.
`A pullback in Ontario`s housing construction seems to have stopped for now. Ontario`s housing starts trend, which is down from last year, has been essentially flat for four months. The latest month`s home starts trend is up a little, with multiple family construction,mostly apartment condominiums, leading the way. Home prices are high, so it is not surprising that the more affordable new home types, such as condominium apartments, have been very popular,` said Alex Medow, CMHC Ontario Senior Market Analyst.
Read the full article here.
TORONTO, ONTARIO`(Marketwired ` Aug. 9, 2013) - Housing starts in the Ontario region were trending up at 58,376 units in July, compared to 55,653 in June, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)[sup](1)[/sup] of housing starts.
`A pullback in Ontario`s housing construction seems to have stopped for now. Ontario`s housing starts trend, which is down from last year, has been essentially flat for four months. The latest month`s home starts trend is up a little, with multiple family construction,mostly apartment condominiums, leading the way. Home prices are high, so it is not surprising that the more affordable new home types, such as condominium apartments, have been very popular,` said Alex Medow, CMHC Ontario Senior Market Analyst.
Read the full article here.
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July housing starts in KWC
TORONTO, ONTARIO`(Marketwired ` Aug. 9, 2013) - Housing starts in the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) were trending down at 1459 units in July compared to 1575 in June, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)[sup](1)[/sup] of housing starts.
`Starts were down, mainly due to a slow month for apartment construction. However, a one month decline in apartment starts is not very meaningful, as they tend to be volatile from month to month. The fact that the resale market remains fairly tight tells us to expect a respectable level of starts going forward`, said Anthony Passarelli, CMHC`s Market Analyst for Kitchener-Cambridge-Waterloo.
Read the full article here.
TORONTO, ONTARIO`(Marketwired ` Aug. 9, 2013) - Housing starts in the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) were trending down at 1459 units in July compared to 1575 in June, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)[sup](1)[/sup] of housing starts.
`Starts were down, mainly due to a slow month for apartment construction. However, a one month decline in apartment starts is not very meaningful, as they tend to be volatile from month to month. The fact that the resale market remains fairly tight tells us to expect a respectable level of starts going forward`, said Anthony Passarelli, CMHC`s Market Analyst for Kitchener-Cambridge-Waterloo.
Read the full article here.
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London unemployment rate lowest in 5 months
Unemployment in the London area dropped to its lowest level in five months in July, but it isn`t all good news.
According to Statistics Canada the unemployment rate in London-St. Thomas fell to 8.6 percent in July, but the drop was more about the 1,400 people who gave up looking for work than job creation in the Forest City.
Read the full article here.
Unemployment in the London area dropped to its lowest level in five months in July, but it isn`t all good news.
According to Statistics Canada the unemployment rate in London-St. Thomas fell to 8.6 percent in July, but the drop was more about the 1,400 people who gave up looking for work than job creation in the Forest City.
Read the full article here.
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Move over Parkdale, the Junction is here
The epitome of recent gentrification, Parkdale has gone from a less-desired neighbourhood to a residential hot spot in the last few years. Businesses have popped up all over, and families and young professionals have scooped up age old homes in the neighbourhood and transformed them into beautiful residences. The Drake and Gladstone had gone through their own metamorphosis and the transformation continued to creep west past Dufferin, under the CN bridge and right smack dab into Parkdale.
Read the full article here.
The epitome of recent gentrification, Parkdale has gone from a less-desired neighbourhood to a residential hot spot in the last few years. Businesses have popped up all over, and families and young professionals have scooped up age old homes in the neighbourhood and transformed them into beautiful residences. The Drake and Gladstone had gone through their own metamorphosis and the transformation continued to creep west past Dufferin, under the CN bridge and right smack dab into Parkdale.
Read the full article here.
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Toronto Trump tower's investor revolt bigger than thought
Well over a year after Toronto`s Trump International Hotel & Tower officially opened, investors in more than 200 hotel-condo units have yet to close on their suites in the troubled project.
This fact, which is just hinted at in a recent court filing, means rookie developer Talon International has yet to collect final payments on all but about 50 of the 261 hotel-condo suites in the 65-storey luxury landmark.
Read the full article here.
Well over a year after Toronto`s Trump International Hotel & Tower officially opened, investors in more than 200 hotel-condo units have yet to close on their suites in the troubled project.
This fact, which is just hinted at in a recent court filing, means rookie developer Talon International has yet to collect final payments on all but about 50 of the 261 hotel-condo suites in the 65-storey luxury landmark.
Read the full article here.
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Bombardier OK'd for Waterloo Region LRT
Production of the Flexity Freedom gear is scheduled to begin next year, with delivery beginning in the summer of 2016. The council also can exercise an option for 14 additional cars.
The order follows two others involving Bombardier and Toronto, for the moment still the sole operator of LRT in Ontario. Toronto Transit Commission (TTC) has 204 Flexity Freedom cars on order, mostly for its existing city streetcar network, while Metrolinx expects 182 similar vehicles to be used for LRT expansion the Toronto metropolitan area.
Read the full article here.
Production of the Flexity Freedom gear is scheduled to begin next year, with delivery beginning in the summer of 2016. The council also can exercise an option for 14 additional cars.
The order follows two others involving Bombardier and Toronto, for the moment still the sole operator of LRT in Ontario. Toronto Transit Commission (TTC) has 204 Flexity Freedom cars on order, mostly for its existing city streetcar network, while Metrolinx expects 182 similar vehicles to be used for LRT expansion the Toronto metropolitan area.
Read the full article here.