December 2012 Ontario Economic Fundamentals
- Thread starter Ally
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The fall condo market: Is perception reality?
With all the gloomy headlines this fall declaring a declining Toronto condo market, one has to wonder: What`s really been happening out there?
An insider`s look at the monthly sales activity yields insights that may challenge some commonly held perceptions.
Read the full article here.
With all the gloomy headlines this fall declaring a declining Toronto condo market, one has to wonder: What`s really been happening out there?
An insider`s look at the monthly sales activity yields insights that may challenge some commonly held perceptions.
Read the full article here.
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Hamilton homes among most affordable in Canada
Looking for a family home? Hamilton may be the place to go.
A new survey names Steel City as one of the most affordable places in Canada to live.
The average cost of a four-bedroom, two-bathroom home in Hamilton is $245,292 according to real estate company Coldwell Banker, which conducted the survey.
Read the full article here.
Looking for a family home? Hamilton may be the place to go.
A new survey names Steel City as one of the most affordable places in Canada to live.
The average cost of a four-bedroom, two-bathroom home in Hamilton is $245,292 according to real estate company Coldwell Banker, which conducted the survey.
Read the full article here.
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Why car makers are roaring back to life
The auto industry ` the engine of the Ontario economy ` is revving up again, piggybacking on growing momentum in U.S. sales and a recovery by Japanese auto makers from last year`s natural disasters.
Vehicle production in Canada, shipments of Canadian-made vehicles and parts, and other key economic indicators show the auto recovery growing more robust, powered by healthy sales increases on both sides of the border.
Read the full article here.
The auto industry ` the engine of the Ontario economy ` is revving up again, piggybacking on growing momentum in U.S. sales and a recovery by Japanese auto makers from last year`s natural disasters.
Vehicle production in Canada, shipments of Canadian-made vehicles and parts, and other key economic indicators show the auto recovery growing more robust, powered by healthy sales increases on both sides of the border.
Read the full article here.
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GTA Realtors release monthly housing figures
TORONTO, ONTARIO--(Marketwire - Dec. 5, 2012) - Greater Toronto Area REALTORSÂ reported 5,793 sales in November 2012 - down by 16 per cent compared to November 2011.
"Transactions have been down on a year-over-year basis since June, after being up substantially in the last half of 2011 and the first half of 2012. Some buyers pulled forward their decision to purchase, which has impacted sales levels in the second half of 2012," said Toronto Real Estate Board (TREB) President Ann Hannah.
"Stricter mortgage lending guidelines, including a reduced maximum amortization period and a purchase price ceiling of one-million dollars for government insured mortgages, have prompted some buyers to move to the sidelines. This situation has been exacerbated in the City of Toronto because the additional upfront Land Transfer Tax takes money away from buyers that otherwise could be used for a larger down payment," continued Ms. Hannah.
Read the full article here.
TORONTO, ONTARIO--(Marketwire - Dec. 5, 2012) - Greater Toronto Area REALTORSÂ reported 5,793 sales in November 2012 - down by 16 per cent compared to November 2011.
"Transactions have been down on a year-over-year basis since June, after being up substantially in the last half of 2011 and the first half of 2012. Some buyers pulled forward their decision to purchase, which has impacted sales levels in the second half of 2012," said Toronto Real Estate Board (TREB) President Ann Hannah.
"Stricter mortgage lending guidelines, including a reduced maximum amortization period and a purchase price ceiling of one-million dollars for government insured mortgages, have prompted some buyers to move to the sidelines. This situation has been exacerbated in the City of Toronto because the additional upfront Land Transfer Tax takes money away from buyers that otherwise could be used for a larger down payment," continued Ms. Hannah.
Read the full article here.
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Toronto housing sales fall by 16%
The slowdown in Canada's housing market is taking hold in the country's largest city.
The number of home sales in the Greater Toronto Area plunged 16 percent in November from the same time last year, further evidence that Ottawa's decision to tighten mortgage rules over the summer are having an impact.
"Stricter mortgage lending guidelines, including a reduced maximum amortization period and a purchase price ceiling of one-million dollars for government insured mortgages, have prompted some buyers to move to the sidelines," Toronto Real Estate Board (TREB) President Ann Hannah said in a statement. "This situation has been exacerbated in the City of Toronto because the additional upfront Land Transfer Tax takes money away from buyers that otherwise could be used for a larger down payment."
Read the full article here.
The slowdown in Canada's housing market is taking hold in the country's largest city.
The number of home sales in the Greater Toronto Area plunged 16 percent in November from the same time last year, further evidence that Ottawa's decision to tighten mortgage rules over the summer are having an impact.
"Stricter mortgage lending guidelines, including a reduced maximum amortization period and a purchase price ceiling of one-million dollars for government insured mortgages, have prompted some buyers to move to the sidelines," Toronto Real Estate Board (TREB) President Ann Hannah said in a statement. "This situation has been exacerbated in the City of Toronto because the additional upfront Land Transfer Tax takes money away from buyers that otherwise could be used for a larger down payment."
Read the full article here.
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Canadian auto sales on track for near record year
Canadian auto sales are expected to come in just shy of a new record in 2012 after another strong month of sales across the country in November.
Ford Motor Co. of Canada, Ltd. remained the top seller in Canada for the month ` and for the year to date ` with sales up 7.4% year-over-year. The company said that was driven by a 14% jump in car sales during the month and a 6% rise in truck sales.
Read the full article here.
Canadian auto sales are expected to come in just shy of a new record in 2012 after another strong month of sales across the country in November.
Ford Motor Co. of Canada, Ltd. remained the top seller in Canada for the month ` and for the year to date ` with sales up 7.4% year-over-year. The company said that was driven by a 14% jump in car sales during the month and a 6% rise in truck sales.
Read the full article here.
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Toronto home sales down from a year ago, but prices edge up
TORONTO - The Toronto Real Estate Board says November home sales fell 16 per cent compared with a year ago, however selling prices edged higher.
Board president Ann Hannah says stricter mortgage lending guidelines have prompted some buyers to move to the sidelines.
Home sales in the Greater Toronto Area totalled 5,793 for November, down from 6,908 a year ago.
Read the full article here.
TORONTO - The Toronto Real Estate Board says November home sales fell 16 per cent compared with a year ago, however selling prices edged higher.
Board president Ann Hannah says stricter mortgage lending guidelines have prompted some buyers to move to the sidelines.
Home sales in the Greater Toronto Area totalled 5,793 for November, down from 6,908 a year ago.
Read the full article here.
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3 reasons the Bank of Canada is worried about Toronto's condo market
The Bank of Canada sounded an alarm about Toronto`s condominium market Thursday in its Financial System Review, warning that a correction here could bring on a shock that would spiral through the whole economy.
The bank said Canadian households, weighed down by record personal debt, are vulnerable to two shocks: A big drop in housing prices and sharp decline in the job market.
And it singles out the condo market as a potential catalyst.
Read the full article here.
The Bank of Canada sounded an alarm about Toronto`s condominium market Thursday in its Financial System Review, warning that a correction here could bring on a shock that would spiral through the whole economy.
The bank said Canadian households, weighed down by record personal debt, are vulnerable to two shocks: A big drop in housing prices and sharp decline in the job market.
And it singles out the condo market as a potential catalyst.
Read the full article here.
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Hamilton rental housing
Student housing in near-campus neighbourhoods is an important part of the McMaster student experience. The McMaster Students Union (MSU) has a role in rencouraging the development of high-quality communities, both on and off campus. Student housing issues should be overseen in a manner that promotes safe, secure and stimulating environments that are conducive to students academic success and personal growth, and foster a sense of community, civic responsibility, and an appreciation of the diversity of the University community.
Amongst our principles is that student housing must ideally be a safe, sound and secure environment for all students while also being financially accessible, so as to represent fair market value. The municipal government must take active steps to provide rent control and legislation against artificial price inflation. To tie it all together, municipal by-laws should consequently help foster this harmonious community between students and local homeowners within McMaster`s surrounding neighbourhoods.
Read the full article here.
Student housing in near-campus neighbourhoods is an important part of the McMaster student experience. The McMaster Students Union (MSU) has a role in rencouraging the development of high-quality communities, both on and off campus. Student housing issues should be overseen in a manner that promotes safe, secure and stimulating environments that are conducive to students academic success and personal growth, and foster a sense of community, civic responsibility, and an appreciation of the diversity of the University community.
Amongst our principles is that student housing must ideally be a safe, sound and secure environment for all students while also being financially accessible, so as to represent fair market value. The municipal government must take active steps to provide rent control and legislation against artificial price inflation. To tie it all together, municipal by-laws should consequently help foster this harmonious community between students and local homeowners within McMaster`s surrounding neighbourhoods.
Read the full article here.
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Update on Spadina subway expansion in Toronto
The TTC made a rare double breakthrough with its tunnel boring machines last week, and the event was posted on YouTube.
Powerful boring machines, dubbed `Yorkie` and `Torkie,` broke through at the same time to excited applause during work on the 8.6 kilometre Toronto-York Spadina subway extension.
The extension runs from Downsview Station northwest through York University and north to the Vaughan Metropolitan Centre in York Region.
Read the full article here.
The TTC made a rare double breakthrough with its tunnel boring machines last week, and the event was posted on YouTube.
Powerful boring machines, dubbed `Yorkie` and `Torkie,` broke through at the same time to excited applause during work on the 8.6 kilometre Toronto-York Spadina subway extension.
The extension runs from Downsview Station northwest through York University and north to the Vaughan Metropolitan Centre in York Region.
Read the full article here.
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Avoid condo buyer's remorse
When you buy a condominium from plans that won`t be built for a few years, the developer has to give you a list of important documents when you sign the sale agreement. These include the rules that will govern the condominium and a budget for the first year, so you can figure out in advance what you will pay for common expenses.
You have 10 days from the date the developer gives you that information to change your mind. If you do not cancel, then it is a firm deal.
Read the full article here.
When you buy a condominium from plans that won`t be built for a few years, the developer has to give you a list of important documents when you sign the sale agreement. These include the rules that will govern the condominium and a budget for the first year, so you can figure out in advance what you will pay for common expenses.
You have 10 days from the date the developer gives you that information to change your mind. If you do not cancel, then it is a firm deal.
Read the full article here.
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Hamilton's jobless rate drops
Ontario's economic development minister says the province is
leading the country in job creation.
Brad Duguid says more than 378-thousand new jobs have been created in the province since the 2009 recession.
But he says he's not pleased to see unemployment last month was at 7.9 per cent -- a rate he calls ``stubbornly high.''
Read the full article here.
Ontario's economic development minister says the province is
leading the country in job creation.
Brad Duguid says more than 378-thousand new jobs have been created in the province since the 2009 recession.
But he says he's not pleased to see unemployment last month was at 7.9 per cent -- a rate he calls ``stubbornly high.''
Read the full article here.
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Barrie gains 1,200 jobs in one month
The good news out of November`s Labour Force Survey from Statistics Canada indicates that not only did a whole bunch of Barrie`s unemployed gain full-time employment, but unemployment rates have been steadily falling for the past year.
`One hopes it`s a broader trend,` said Mayor Jeff Lehman. `It seems to be bringing us to a much better place than where we were last year.`
Read the full article here.
The good news out of November`s Labour Force Survey from Statistics Canada indicates that not only did a whole bunch of Barrie`s unemployed gain full-time employment, but unemployment rates have been steadily falling for the past year.
`One hopes it`s a broader trend,` said Mayor Jeff Lehman. `It seems to be bringing us to a much better place than where we were last year.`
Read the full article here.
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Toronto defends condo market against Bank of Canada report
Analysts are already be pooh-poohing the Central Bank's warning about a potential collapse of that real estate segment if developers don't slacken the pace of construction.
"Even if demand fell 50 per cent in the condo rental market," said Ben Myers, VP of condo market research firm Urbanation, "we'd still be in a balanced market."
The comments come on the heels of a fresh warning from the Bank of Canada, now pointing to condo development in the GTA that continues at the same frenetic pace as last summer, that despite a 20 per cent drop in sales over the last several months.
Read the full article here.
Analysts are already be pooh-poohing the Central Bank's warning about a potential collapse of that real estate segment if developers don't slacken the pace of construction.
"Even if demand fell 50 per cent in the condo rental market," said Ben Myers, VP of condo market research firm Urbanation, "we'd still be in a balanced market."
The comments come on the heels of a fresh warning from the Bank of Canada, now pointing to condo development in the GTA that continues at the same frenetic pace as last summer, that despite a 20 per cent drop in sales over the last several months.
Read the full article here.
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Toronto condo update from Urbanation
This post is a follow-up to yesterday's on some of the false and twisted info that appeared in articles published in the Post and Globe yesterday.
The Bank of Canada and the media have consistently pointed out that there is overbuilding in the Toronto Condominium Market. I wanted to put some statistics and forecasts out there to test that hypothesis.
Read the full article here.
This post is a follow-up to yesterday's on some of the false and twisted info that appeared in articles published in the Post and Globe yesterday.
The Bank of Canada and the media have consistently pointed out that there is overbuilding in the Toronto Condominium Market. I wanted to put some statistics and forecasts out there to test that hypothesis.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Toronto condo update from Urbanation
This post is a follow-up to yesterday's on some of the false and twisted info that appeared in articles published in the Post and Globe yesterday.
The Bank of Canada and the media have consistently pointed out that there is overbuilding in the Toronto Condominium Market. I wanted to put some statistics and forecasts out there to test that hypothesis.
Read the full article here.
This post is a follow-up to yesterday's on some of the false and twisted info that appeared in articles published in the Post and Globe yesterday.
The Bank of Canada and the media have consistently pointed out that there is overbuilding in the Toronto Condominium Market. I wanted to put some statistics and forecasts out there to test that hypothesis.
Read the full article here.
- Joined
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- Messages
- 16,743
Ontario gains 32,000 jobs in November
Ontario's strong plan to protect health care and education, eliminate the deficit and build a more competitive business climate has helped to create 32,000 net new jobs in November.
Earlier this week, Brad Duguid, Minister of Economic Development and Innovation, was in New York to promote, build and strengthen partnerships with key businesses in the financial services and information and communication technology sectors. The GTA is North America's second largest financial services hub after New York City based on direct employment
Read the full article here.
Ontario's strong plan to protect health care and education, eliminate the deficit and build a more competitive business climate has helped to create 32,000 net new jobs in November.
Earlier this week, Brad Duguid, Minister of Economic Development and Innovation, was in New York to promote, build and strengthen partnerships with key businesses in the financial services and information and communication technology sectors. The GTA is North America's second largest financial services hub after New York City based on direct employment
Read the full article here.
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Land transfer tax questioned in Toronto as housing market slows
After recent figures showed a 16 per cent drop in housing sales in November compared to the same time last year, Toronto realtors are strengthening their call to abolish the land transfer tax.
But several city councillors say the Municipal Land Transfer Tax now provides a source of revenue the city simply cannot afford to lose.
Ever since the land transfer tax took effect in 2008, the Toronto Real Estate Board has staunchly opposed the tax.
Read the full article here.
After recent figures showed a 16 per cent drop in housing sales in November compared to the same time last year, Toronto realtors are strengthening their call to abolish the land transfer tax.
But several city councillors say the Municipal Land Transfer Tax now provides a source of revenue the city simply cannot afford to lose.
Ever since the land transfer tax took effect in 2008, the Toronto Real Estate Board has staunchly opposed the tax.
Read the full article here.
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Waterfront Toronto: The future
On a chilly morning in early December, a cloud of construction dust along Toronto`s lakeside thoroughfare belies the revolution that is occurring beneath our feet.
For the better part of a decade, a small army of workers have been quietly laying the groundwork for the most sweeping transformation of the waterfront since the city`s boggy marshlands became a thriving industrial port a century ago. The $34-billion project aims to set the stage for a new Toronto, where a collection of interconnected, sustainable communities turn the city`s long-neglected back alley into its grand foyer.
Read the full article here.
On a chilly morning in early December, a cloud of construction dust along Toronto`s lakeside thoroughfare belies the revolution that is occurring beneath our feet.
For the better part of a decade, a small army of workers have been quietly laying the groundwork for the most sweeping transformation of the waterfront since the city`s boggy marshlands became a thriving industrial port a century ago. The $34-billion project aims to set the stage for a new Toronto, where a collection of interconnected, sustainable communities turn the city`s long-neglected back alley into its grand foyer.
Read the full article here.