December 2012 Ontario Economic Fundamentals

[Ally]

Barrie jobless rate falls



BARRIE - Barrie's unemployment dropped in November, Statistics Canada reports.





Its rate fell to 7.2 per cent, which is down 3.8 per cent from a year ago.





"Every day, I continue to plug away at helping improve job prospects for people in the Barrie area by lobbying for more support from parliament, consulting with local stakeholders as well as working closely with other levels of government. The new job numbers are encouraging signs that these efforts are bearing fruit," said Barrie MP Patrick Brown.







Read the full article here.

 

[Ally]

Ontario government reports 32,000 new jobs




The Ontario government is reporting that the province has created 32,000 new jobs in November as part of their goal to protect health care and education, erase the deficit and form a stronger business climate.




`Ontario`s economy is moving in the right direction,` said Brad Duguid, Ontario Minister of Economic Development and Innovation. `Our government is committed to taking the right steps to continue building confidence in Ontario`s economic future and to support job creation.`





Read the full article here.

 

[Ally]

GM moves Camaro line out of Canada





General Motors is moving production of the next version of its Camaro sports car from its Oshawa operation in Ontario to a plant in Michigan, a move the union says will cost 1,000 jobs at the massive factory east of Toronto.



The Canadian Auto Workers estimated the move, which could also affect parts companies, could cost as many as 9,000 jobs in the region after all the spinoff affects are included.





Read the full article here.

 

[Ally]

Is Toronto's condo market at a crossroads?



TORONTO ` Barry Fenton walked to the bank of floor-to-ceiling windows in his 30th-floor uptown Toronto penthouse suite and declared, `This is the best view of the city.`





To the south, a mass of steel-and-glass skyscrapers glinted in the bright autumn sun. Several cranes were in motion on unfinished buildings, a common sight in a city in the midst of a residential building boom.





The Bank of Canada sounded an alarm about Toronto`s condominium market in early December, 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.






Read the full article here.

 

[Ally]

GTA realtors release mid-month sales figures





Greater Toronto Area REALTORSÂ reported 2,169 transactions through the TorontoMLS system during the first 14 days of December 2012. This number of sales was down by 16 per cent in comparison to the same period in December 2011.






"Stricter mortgage lending guidelines, including a reduced maximum amortization period and a one million dollar purchase price ceiling for government-backed insured mortgages, appear to have had the effect desired by Finance Minister Jim Flaherty. Some home buyers have put their home purchase decision on hold," said Toronto Real Estate Board (TREB) President Ann Hannah.





Read the full article here.

 

[Ally]

TTC sets new ridership record






The Toronto Transit Commission has set a new 12 month ridership record. From October 3, 2011 to October 2, 2012, the TTC carried just over 510 million riders. By the end of this year, the TTC expects to have carried 514 million riders, with a projected ridership of 528 million in 2013.




The TTC has taken steps to add extra service to meet the increase in ridership. In September and October, the TTC increased service on 77 subway, streetcar and bus routes, with approximately 50 of these increases during peak times. More service will be added in the new year to meet ridership demand.





Read the full article here.

 

[Ally]

Condos, hotel-spa, and retirement home top options for Preston Springs




CAMBRIDGE ` Paul de Haas marvelled at the sterling state of his new purchase.




Wood scraps. Busted windows. Dismantled duct work.




`This is a gem,` said the latest owner of the historic Preston Springs building on Wednesday as he stood inside the gutted first floor of the 123-year-old former luxury hotel at 110 Fountain St. S.





Read the full article here.

 

[Ally]

Why the GTA housing market will stay strong in 2013






Many economists predicted a local real estate crash this year, with prices falling by up to 25 per cent. I didn`t see that prediction coming true and it didn`t. Nor will do I believe it will happen in 2013.




Here`s why:






1. Homes are more affordable




In 1990, the average GTA home cost half of what it does today. But interest rates were 12 per cent for a five-year term at the time. So if a two- bedroom condo cost $250,000 in 1990 and you had a 20-per-cent down payment, your monthly carrying costs, including interest, taxes and common expenses, were about $2,500. The average rental for a two-bedroom condo at the time was $1,100, according to the Housing New Canadians research group. So the economics of ownership made no sense.






Read the full article here.

 

[Ally]

Toronto reaches skywards, but how dark are the clouds?






TORONTO (Reuters) - Barry Fenton walked to the bank of floor-to-ceiling windows in his 30th-floor uptown Toronto penthouse suite and declared, "This is the best view of the city."





To the south, a mass of steel-and-glass skyscrapers glinted in the bright autumn sun. Several cranes were in motion on unfinished buildings, a common sight in a city in the midst of a residential building boom.





"If you look around the core, every building you look at has a different look to it, a different ambience," said the energetic co-founder of Lanterra Developments, one of the city's most active builders. "That's important."





Read the full article here.

 

[Ally]

Fact: There is no overbuilding in the Toronto condo market




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.

 

[Ally]

Chinese investors seek Ontario farmland



Chinese investors are looking to buy farmland in eastern Ontario and lots of it.





Montreal-based Monaxxion is representing Chinese immigrants, financed by Chinese investors, looking to purchase 40,000 hectares of agricultural land in Canada. The buyers are looking to invest around $300 million in Ontario, with a further $200 million on its way. "Money is no problem. If they need more, we will have it," Pierre Bergeron, an agent with Monaxxion, told Farmers Forum. He said the group was unsuccessful in buying land in western Canada and is finding barriers to entry in Quebec.





Read the full article here.

 

[Ally]

Condo conundrum





Tenants of an Auburn Drive rental apartment are worried about the potential impact a proposed condominium conversion by the building`s owner might have on them.



Auburn Green Limited has applied to the city and the region to have the eight-storey, 63-unit apartment located at 237 Auburn Dr. converted to a condominium and city council approved the draft plan on Nov. 5.





Read the full article here.

 

[Ally]

Trump Tower woes signal Toronto's condo market on 'thin ice'




Herbert Crockett said his late father suggested investing in something he could touch, so he put cash into Donald Trump`s latest hotel project in Toronto where he could feel the marble under his feet.





Read the full articlec here.