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December 2011 Prairie Economic Fundamentals

Ally

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News articles for December 2011.
 

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Winnipeg homebuyers have something to smile about



The gods were smiling on Winnipeg homebuyers in the third quarter of this year, according to a new housing affordability report from RBC Economics.





The bank said Friday Manitoba saw some of the country's biggest improvements in housing affordability during the quarter that ended Sept. 30.





Not only did mortgage rates decline from the second to third quarters, but selling prices also did an about-face, declining across the board after racking up some record-breaking gains in the second quarter.







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Saskatchewan job bonanza




Saskatchewan's popular Premier Brad Wall has a nice mission ahead of him - to lure to his province jobless workers from depressed places such as the United States and Ireland to support his booming economy.




While governments across the developed world are struggling with high unemployment, soaring debt and stalling output, Saskatchewan is expected to lead the country with GDP growth of 5.1% this year, according to the Conference Board of Canada.




Its unemployment rate was the lowest in Canada for most of the year. It rose to a still-tight 5.1% in November, from 3.7% in October.





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Saskatchewan legislative assembly begins




The 27th session of Saskatchewan's legislative assembly began Monday with the election of the Speaker of the House and the Speech from the Throne.




Read by Lt.-Gov. Gordon Barnhart, the throne speech outlined the government's priorities for the next year, including helping tenants facing large rent increases.




The Saskatchewan Party government says these renters will get a break from landlords who are not part of a tenant assistance initative. Landlords who are not in this plan will have to give renters a year's notice of a rent increase, instead of the current six months.





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Latest stats show how Swift Current has healthy real estate market





Swift Current`s real estate market has the community in a great position to attract young people looking for affordable housing.






While there has been a 44 per cent increase in single-family construction projects starting up this year, it`s the multi-family units that have taken off this year and shown a 100 per cent increase above the 2010 activity.




`It`s the multi-family units where you find a lot of affordable rental properties, and that`s what is making the Swift Current market most attractive,` explained Alan Thomarat, CEO of the Canadian Home Builders Association of Saskatchewan. `When we look at the rest of the rental market in the province, and with the housing starts increases in Swift Current, that`s very significant.`





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Kindersley, Swift Current areas rank third, fourth respectively in Saskatchewan land sales




The December sale of Crown petroleum and natural gas rights has brought in $20.8 million in revenue for the province, capping another solid year of land sales.







Total land sale revenue for the 2011 calendar year amounted to $248.8 million, making 2011 the fourth-best on record for land sale revenues.




"We're pleased by the strong interest companies expressed in the parcels on offer in the December sale," Energy and Resources Minister Bill Boyd said. "We've seen a trend in the latter part of the year of companies concentrating on working the assets they have already acquired.





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Saskatoon's population growth means house construction boom





According to numbers released Thursday by the Canada Mortgage and Housing Corporation, almost 3,000 houses have been built so far this year, about 700 more than last year.







Michael Fabiyi from the Canada Mortgage and Housing Corporation expects the rate of growth to continue.







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Winnipeg, Toronto, Oshawa lead year-over-year price increases




Statistics Canada's latest housing price index shows Winnipeg, Toronto and Oshawa showing year-over-year price increases of 5.6%... the highest in Canada.




Year-over-year, the overall National Housing Price Index was up 2.5 % in October. Windsor and Victoria posted the largest year-over-year price drops.




October's gain of 2.5 per cent over September was led by Toronto, Oshawa, and Edmonton. Prices were unchanged in nine of 21 metropolitan regions surveyed.





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2012 shaping up to be a fine year to buy in Moncton, ReMax says



A balanced housing market in Metro Moncton coupled with strong consumer confidence means gains in house sales for 2012 along with only modest price increases, real estate firm ReMax says.





The ReMax Housing Market 2012 forecast says a growing inventory of homes will tip the scales in buyers' favour in the coming year, with prices rising about three per cent to an average of $177,000. Sales will also rise by three per cent, ReMax says, to about 2,800 next year in Metro Moncton, with much of that growth driven by pre-owned homes.





"With housing starts expected to slow in the year ahead, the outlook for the resale market remains positive," the study says, adding that expected improvements in the global economy help local markets.





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Manitoba has the lowest rental vacancy rate in Canada: CMHC





Rental vacancy rates across Canada continue to drop, and Manitoba has the fewest rental vacancies in the country.







The Canada Mortgage and Housing Corporation said Tuesday in October of 2011, Manitoba's vacancy rate was just one per cent, the lowest in Canada. Newfoundland and Labrador came in at 1.3 per cent, while Saskatchewan was at 1.9 per cent. Winnipeg itself has a vacancy rate of only 1.1 per cent, but that's higher than Regina's 0.6 per cent.







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Manitoba looks to China to save Port of Churchill




OTTAWA ` The Manitoba government is wooing the world`s second-largest economy in an effort to save the Port of Churchill on Hudson Bay in northern Manitoba.




The consul general from the Chinese consulate in Toronto as well as his wife, and another consular official toured the port and the town of Churchill on Tuesday, showing interest in possibly investing to help keep the port alive.




Lloyd Axworthy, president of the University of Winnipeg and chairman of the board of the Churchill Gateway Development Corporation, said Consul General Ligang Chen was in Winnipeg about a month ago meeting with Premier Greg Selinger when he learned about Churchill and began to show great interest.





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Rent hike notice periods may change in Saskatchewan




Saskatchewan has introduced a new law to increase the notice period some landlords must give before they can raise the rent.




The proposed new notice period is one year and would only apply if the landlord is not a member of an approved industry group.




Landlords who do belong to an approved group may still issue rent hikes with a notice period of six months.





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Saskatchewan bedroom communities likely to form from Highway 11 twinning



As each leg of the Highway 11 twinning project is completed, the distance between Prince Albert and Saskatoon seems that much shorter and communities along the way are hoping to reap the benefits.





Denis Poirier, mayor of Duck Lake, said he sees a possibility that the twinning will bring an increased population to the town. He said because Duck Lake is situated nearly halfway between Saskatoon and Prince Albert, the double lanes mean they could turn into more of a bedroom community.





`I think all the towns from Saskatoon to Prince Albert can become more or less like bedroom communities,` he said.





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City of Regina to go deep with business partner on proposed football stadium




REGINA - City council in Regina has voted in favour of working with a private-sector partner to build, finance and maintain a new football stadium in the city's downtown.




The stadium is part of a proposed $1-billion redevelopment that would also include housing, retail and commercial projects.




Construction could start in 2013, with the completion date set for 2016.





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New Winnipeg stadium to be named Investors Group Field




WINNIPEG - Good-bye Canad Inns Stadium, hello Investors Group Field.




The Winnipeg Blue Bombers and Investors Group have extended a long-standing partnership to include the naming rights of the new football stadium at the University of Manitoba, it was announced Wednesday afternoon.





The 'Investors Group Field' naming agreement is for 12 years. While no financial details regarding the partnership were disclosed, it`s believed the deal is much more lucrative than the 10-year, $1.5-million deal the football team had with Manitoba-based hotel chain Canad Inns, which has been the stadium name holder since the 2001 season.





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Saskatoon bound: Newcomers lead westward shift




When Bangladeshi-born Sayful Ahmed decided to come to Canada for a fresh start, he didn`t head to Vancouver, Toronto or Montreal.




He chose Saskatoon.




The city of 234,000 people, which has garnered a reputation for seeking newcomers and having plenty of work, was just too appealing to pass up.





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