February 2011 Ontario Economic Fundamentals
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Why no-smoking rental clauses are a problem
If a no-pet clause in a lease is unenforceable, what about non-smoking clauses?
Last week`s column on why no-pet clauses can be a headache for landlords triggered a flood of passionate responses on both sides. It also led many to ask whether this also applies to smokers.
Here`s the bottom line: Even if a tenant signs a lease that says no smoking, and they later smoke, you cannot evict them just because they broke their promise made in the lease.
REad the full article here.
If a no-pet clause in a lease is unenforceable, what about non-smoking clauses?
Last week`s column on why no-pet clauses can be a headache for landlords triggered a flood of passionate responses on both sides. It also led many to ask whether this also applies to smokers.
Here`s the bottom line: Even if a tenant signs a lease that says no smoking, and they later smoke, you cannot evict them just because they broke their promise made in the lease.
REad the full article here.
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Barrie homes shrink
BARRIE - The first decade of the 2000s saw lots of new homes spring up in new Barrie neighbourhoods, and a 10-year realtor and host of Eye on Real Estate said the upcoming decade will see a focus on making more of what we already have.
`There were a lot of homes being built in Holly ` anything south of Mapleton Avenue,` said Barrie`s Mike Montague, who returned to the city in 2000 when the city had only 100,000 residents. `It was working its way block by block.`
He said `there was some leapfrogging on Athabaska Road (in Holly), Osprey Ridge (in the north) and Johnson Street north of Grove` in the extreme northeast, by the then-new RVH.
Read the full article here.
Read the full article
BARRIE - The first decade of the 2000s saw lots of new homes spring up in new Barrie neighbourhoods, and a 10-year realtor and host of Eye on Real Estate said the upcoming decade will see a focus on making more of what we already have.
`There were a lot of homes being built in Holly ` anything south of Mapleton Avenue,` said Barrie`s Mike Montague, who returned to the city in 2000 when the city had only 100,000 residents. `It was working its way block by block.`
He said `there was some leapfrogging on Athabaska Road (in Holly), Osprey Ridge (in the north) and Johnson Street north of Grove` in the extreme northeast, by the then-new RVH.
Read the full article here.
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Landlords shocked at Waterloo's new rental regulations
The city`s plan to reduce the number of student rentals in low-density neighbourhoods around campus was simple enough: de-commission about 1,200 rentals, downsize all lodging houses to 3 bedrooms, and increase licence fees so landlords are paying as much as $800.
But when Waterloo, Ontario`s Council held a public meeting to announce the new proposals to area landlords, it`s fair to say that all hell broke loose.
Angered beyond composure, more than a hundred landlords packed into the council chambers and blasted city officials, with one landlord referring to the plan as a `great sucking vortex of devaluation`, according to a report in The Record. Landlords threatened lawsuits if the by-law is adopted.
Read the full article here.
The city`s plan to reduce the number of student rentals in low-density neighbourhoods around campus was simple enough: de-commission about 1,200 rentals, downsize all lodging houses to 3 bedrooms, and increase licence fees so landlords are paying as much as $800.
But when Waterloo, Ontario`s Council held a public meeting to announce the new proposals to area landlords, it`s fair to say that all hell broke loose.
Angered beyond composure, more than a hundred landlords packed into the council chambers and blasted city officials, with one landlord referring to the plan as a `great sucking vortex of devaluation`, according to a report in The Record. Landlords threatened lawsuits if the by-law is adopted.
Read the full article here.
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Value of Windsor building permits down $1M
WINDSOR, Ont. -- The value of building permits issued by the City of Windsor has started slowly this year with January`s value more than a $1 million behind the same month a year ago.
The value of permits issued last month was $4,682,000, compared to $5,772,500 a year ago.
Residential permits jumped from $1.8 million to $2.4 million and commercial permits increased from $1 million to $1.9 million.
Read the full article here.
WINDSOR, Ont. -- The value of building permits issued by the City of Windsor has started slowly this year with January`s value more than a $1 million behind the same month a year ago.
The value of permits issued last month was $4,682,000, compared to $5,772,500 a year ago.
Residential permits jumped from $1.8 million to $2.4 million and commercial permits increased from $1 million to $1.9 million.
Read the full article here.
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Downtown Hamilton is a happenin' place
It's a surprising picture of Hamilton's downtown.
The city's core is adding jobs and residents ` a total of 2,700 since 2001. More than 1,600 businesses now employ 23,400 people, making average salaries well above the city and provincial averages. The majority of those jobs are in government or professional, scientific or financial fields.
And more downtown people work in creative sectors such as design, music, digital media and the arts than in education and manufacturing combined. That all points to Hamilton making the transition from a manufacturing-based city to a player in the new knowledge economy.
These are some of the major findings of a report, Working in the Core, commissioned by the city to shed light on Hamilton's downtown employment. It calls the core an `economic powerhouse` and says `downtown will be Hamilton's calling card to attract next generation talent and provide diverse and well-paying economic opportunities.`
Read the full article here.
It's a surprising picture of Hamilton's downtown.
The city's core is adding jobs and residents ` a total of 2,700 since 2001. More than 1,600 businesses now employ 23,400 people, making average salaries well above the city and provincial averages. The majority of those jobs are in government or professional, scientific or financial fields.
And more downtown people work in creative sectors such as design, music, digital media and the arts than in education and manufacturing combined. That all points to Hamilton making the transition from a manufacturing-based city to a player in the new knowledge economy.
These are some of the major findings of a report, Working in the Core, commissioned by the city to shed light on Hamilton's downtown employment. It calls the core an `economic powerhouse` and says `downtown will be Hamilton's calling card to attract next generation talent and provide diverse and well-paying economic opportunities.`
Read the full article here.
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Migration at 20-year high
MONTREAL - The number of Canadians moving to another province has punched to a high not seen in 20 years as people pack up in search of better jobs and salaries elsewhere.
Roughly 337,000 Canadians were on the move in 2010, says a report on interprovincial migration published Thursday by TD Economics. That's 45,000 more than the year before and the most since the late 1980s. It also represents the largest share of the overall population since 1998.
"It's a good sign in the sense that whenever you see that kind of movement, it's an expression of a labour market that's healing after a pretty severe recession," said TD senior economist Pascal Gauthier, who wrote the study. "People are either returning home or moving to areas that didn't have employment before. For those that are already employed, they're finding potentially better prospects."
Read the full article here.
MONTREAL - The number of Canadians moving to another province has punched to a high not seen in 20 years as people pack up in search of better jobs and salaries elsewhere.
Roughly 337,000 Canadians were on the move in 2010, says a report on interprovincial migration published Thursday by TD Economics. That's 45,000 more than the year before and the most since the late 1980s. It also represents the largest share of the overall population since 1998.
"It's a good sign in the sense that whenever you see that kind of movement, it's an expression of a labour market that's healing after a pretty severe recession," said TD senior economist Pascal Gauthier, who wrote the study. "People are either returning home or moving to areas that didn't have employment before. For those that are already employed, they're finding potentially better prospects."
Read the full article here.
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GTA condo sales near record
Anxious to leave the family home, Naseem Jha bought her Mississauga condo a week before Christmas.
The 26-year-old investment banking analyst moved into the 925 square foot unit last week and couldn`t be more thrilled.
`It took me a while to leave the roost, but I finally did it,` says Jha. `And hopefully my friends won`t kid me anymore.`
Thanks to buyers like Jha, condo sales in the Greater Toronto Area hit near-record levels in the fourth quarter of 2010.
Read the full article here.
Anxious to leave the family home, Naseem Jha bought her Mississauga condo a week before Christmas.
The 26-year-old investment banking analyst moved into the 925 square foot unit last week and couldn`t be more thrilled.
`It took me a while to leave the roost, but I finally did it,` says Jha. `And hopefully my friends won`t kid me anymore.`
Thanks to buyers like Jha, condo sales in the Greater Toronto Area hit near-record levels in the fourth quarter of 2010.
Read the full article here.
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Oshawa`s Hwy 407 campaign is revving up
OSHAWA
` The City of Oshawa`s RAMP it up! Hwy 407 East Extension campaign continues to gain momentum in its second week.
Week two of the campaign began with Mayor Henry emailing a letter to all Ontario MPPs and MPs asking for their written support on expediting construction of the Hwy 407 East Extension to Hwy 35/115 in one continuous phase. The email letter and responses in support, along with any non-responses, are posted online at www.oshawa.ca/407.
Read the full article here.
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GTA condo sales near record high
Anxious to leave the family home, Naseem Jha bought her Mississauga condo a week before Christmas.
The 26-year-old investment banking analyst moved into the 925 square foot unit last week and couldn`t be more thrilled.
`It took me a while to leave the roost, but I finally did it,` says Jha. `And hopefully my friends won`t kid me anymore.`
Thanks to buyers like Jha, condo sales in the Greater Toronto Area hit near-record levels in the fourth quarter of 2010.
Read the full article here.
Anxious to leave the family home, Naseem Jha bought her Mississauga condo a week before Christmas.
The 26-year-old investment banking analyst moved into the 925 square foot unit last week and couldn`t be more thrilled.
`It took me a while to leave the roost, but I finally did it,` says Jha. `And hopefully my friends won`t kid me anymore.`
Thanks to buyers like Jha, condo sales in the Greater Toronto Area hit near-record levels in the fourth quarter of 2010.
Read the full article here.
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Why you can't ask tenants if they plan to have kids
Most landlords get along with their tenants, but there is always the tenant from hell. He or she doesn`t pay the rent on time, wrecks the apartment and upsets the other people living there. In the end it cost thousands to evict them.
How can you avoid that outcome? The best way is to screen the tenant effectively in the first place. This means asking the right questions and knowing which ones you can ask
What you can ask for:
A common question involves whether a landlord can ask for a Social Insurance Number (SIN). The police say we shouldn`t give out our SIN number because thieves can use this information to obtain phony credit cards and ruin our credit rating. Yet it is not illegal for a landlord to ask for a SIN number.
Read the full article here.
Most landlords get along with their tenants, but there is always the tenant from hell. He or she doesn`t pay the rent on time, wrecks the apartment and upsets the other people living there. In the end it cost thousands to evict them.
How can you avoid that outcome? The best way is to screen the tenant effectively in the first place. This means asking the right questions and knowing which ones you can ask
What you can ask for:
A common question involves whether a landlord can ask for a Social Insurance Number (SIN). The police say we shouldn`t give out our SIN number because thieves can use this information to obtain phony credit cards and ruin our credit rating. Yet it is not illegal for a landlord to ask for a SIN number.
Read the full article here.
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What's up with Toronto's official plan?
A key piece of David Miller`s green roofs strategy may cave in next week when city council debates a motion from the planning and growth management committee to exempt industrial buildings.
Will it be a sign of what`s to come?
Mayor Rob Ford`s hand-picked chair, Peter Milczyn (Etobicoke Lakeshore), has signalled that he intends to shake up the city`s planning rules. At the committee`s inaugural session, it voted to ask council to rescind the notorious driveway restrictions that made news during the election, and it appears that other Miller-era development policies may also be on the chopping block.
Read the full article here.
A key piece of David Miller`s green roofs strategy may cave in next week when city council debates a motion from the planning and growth management committee to exempt industrial buildings.
Will it be a sign of what`s to come?
Mayor Rob Ford`s hand-picked chair, Peter Milczyn (Etobicoke Lakeshore), has signalled that he intends to shake up the city`s planning rules. At the committee`s inaugural session, it voted to ask council to rescind the notorious driveway restrictions that made news during the election, and it appears that other Miller-era development policies may also be on the chopping block.
Read the full article here.
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North York, then and now
Paul Oulahen moved into the Yonge-Sheppard area of North York in 1959. As a youngster, he and his friends shopped at Northtown Plaza and Dempsey`s Hardware, hung out at the Willow Theatre and Mitchell Field`s outdoor rink, and collected chestnuts from the bountiful trees along Yonge Street. There were no buildings taller than three storeys, and nobody knew what a high-rise condominium meant.
By the mid-1970s, young Paul and his teenage pals were awed as the area`s first major shopping plaza and office tower ` the Sheppard Centre ` took shape. After that, every time he and his neighbours turned their heads there was something new on the horizon. In the 1980s, it was the North York Civic Centre (and City Hall), which housed gregarious mayor Mel Lastman, then the popular Douglas Snow Aquatic Centre, and the addition of the North York subway station and the Sheppard subway line. As the area buzzed with activity, a wealth of trendy restaurants, shops and theatres opened their doors to the influx of young professionals and empty nesters moving into the area`s new high-rise condominiums.
Now, with 11 high-rise condo projects in the works and another 10 coming to market soon, Mr. Oulahen`s old neighbourhood will see even more changes. `I can`t wait until these new developments are up,` says Mr. Oulahen, of Re/Max Realtron, who works alongside his wife and two sons. `It`s been a long time coming. When you compare it to Bloor Street, Yonge/Eglinton and Bloor West Village, there will be a lot more shops and amenities for people who are living in this community.`
Read the full article here.
Paul Oulahen moved into the Yonge-Sheppard area of North York in 1959. As a youngster, he and his friends shopped at Northtown Plaza and Dempsey`s Hardware, hung out at the Willow Theatre and Mitchell Field`s outdoor rink, and collected chestnuts from the bountiful trees along Yonge Street. There were no buildings taller than three storeys, and nobody knew what a high-rise condominium meant.
By the mid-1970s, young Paul and his teenage pals were awed as the area`s first major shopping plaza and office tower ` the Sheppard Centre ` took shape. After that, every time he and his neighbours turned their heads there was something new on the horizon. In the 1980s, it was the North York Civic Centre (and City Hall), which housed gregarious mayor Mel Lastman, then the popular Douglas Snow Aquatic Centre, and the addition of the North York subway station and the Sheppard subway line. As the area buzzed with activity, a wealth of trendy restaurants, shops and theatres opened their doors to the influx of young professionals and empty nesters moving into the area`s new high-rise condominiums.
Now, with 11 high-rise condo projects in the works and another 10 coming to market soon, Mr. Oulahen`s old neighbourhood will see even more changes. `I can`t wait until these new developments are up,` says Mr. Oulahen, of Re/Max Realtron, who works alongside his wife and two sons. `It`s been a long time coming. When you compare it to Bloor Street, Yonge/Eglinton and Bloor West Village, there will be a lot more shops and amenities for people who are living in this community.`
Read the full article here.
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Durham Region Average Home Price still Climbing
The Durham Region Association of REALTORSÂ reported that the average price of a home in Durham Region in January was $302,326, a 4.5 per cent increase from $289,195 in January, 2010. The gain from December 2010`s average of $294,305 was smaller at 2.7 per cent.
A total of 505 transactions took place in Durham Region area through the MLSÂ System in January up 9.5 per cent from the 461 sold in December but down five per cent from sales last January of 532. The five year average is around 510 in January so 2011`s statistics is reasonable.
There were 1,074 new listings in January. That is an increase of 128 per cent from the 471 new listings in December; however the total actives remain low at 1,415 with the average of total listings on the market over the past five years being in the 2,000 range.
Read the full article here.
The Durham Region Association of REALTORSÂ reported that the average price of a home in Durham Region in January was $302,326, a 4.5 per cent increase from $289,195 in January, 2010. The gain from December 2010`s average of $294,305 was smaller at 2.7 per cent.
A total of 505 transactions took place in Durham Region area through the MLSÂ System in January up 9.5 per cent from the 461 sold in December but down five per cent from sales last January of 532. The five year average is around 510 in January so 2011`s statistics is reasonable.
There were 1,074 new listings in January. That is an increase of 128 per cent from the 471 new listings in December; however the total actives remain low at 1,415 with the average of total listings on the market over the past five years being in the 2,000 range.
Read the full article here.
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Housing prices keep edging up
Prices in the new home market increased for the 12th straight month in a row, according to figures released by Statistics Canada on Thursday.
But housing market indicators released in the past few weeks have been so contradictory that builders, realtors ` and vendors ` are far from relaxed looking ahead to 2011.
Bob Finnigan of Heathwood Homes, for example, closed out 2010 on a high note after selling more than 300 houses across the Greater Toronto Area last year, up from about 180 the year before.
Read the full article here.
Prices in the new home market increased for the 12th straight month in a row, according to figures released by Statistics Canada on Thursday.
But housing market indicators released in the past few weeks have been so contradictory that builders, realtors ` and vendors ` are far from relaxed looking ahead to 2011.
Bob Finnigan of Heathwood Homes, for example, closed out 2010 on a high note after selling more than 300 houses across the Greater Toronto Area last year, up from about 180 the year before.
Read the full article here.
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Ontario economic snapshot
TORONTO, ON, Feb. 14, 2011/ Troy Media/ ` International merchandise trade statistics for Ontario show exports increased in the 4th quarter of 2010 while imports declined. Ontario`s international merchandise trade deficit narrowed to its lowest level since the first quarter of 2009.
International exports of goods originating in Ontario totalled $38.4 billion in the 4th quarter, up $1.98 billion (5.4 per cent) from the 3rd quarter (all figures are seasonally-adjusted). The gain was led by a rise in quantities, although prices also increased. The rise in exports was mainly due to a sharp increase in industrial goods/materials, which more than offset a sharp decline in automotive products.
International imports of goods destined for the province totalled $59.4 billion in the 4th quarter, down $1.3 billion (2.1 per cent) from the 3rd quarter. The decline was mostly due to lower quantities although prices also decreased. The drop in imports was led by automotive products and machinery/equipment, which more than offset an increase in energy products and industrial goods/materials.
Read the full article here.
TORONTO, ON, Feb. 14, 2011/ Troy Media/ ` International merchandise trade statistics for Ontario show exports increased in the 4th quarter of 2010 while imports declined. Ontario`s international merchandise trade deficit narrowed to its lowest level since the first quarter of 2009.
International exports of goods originating in Ontario totalled $38.4 billion in the 4th quarter, up $1.98 billion (5.4 per cent) from the 3rd quarter (all figures are seasonally-adjusted). The gain was led by a rise in quantities, although prices also increased. The rise in exports was mainly due to a sharp increase in industrial goods/materials, which more than offset a sharp decline in automotive products.
International imports of goods destined for the province totalled $59.4 billion in the 4th quarter, down $1.3 billion (2.1 per cent) from the 3rd quarter. The decline was mostly due to lower quantities although prices also decreased. The drop in imports was led by automotive products and machinery/equipment, which more than offset an increase in energy products and industrial goods/materials.
Read the full article here.
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GTA condo market on the move!
The Toronto and GTA condo market is very active. More and more, homeowners are turning to condominium apartments. That is quite a change from the late 1960's when this all started.
In 2010, there were 37,041 new and resale condominium units sold in the GTA. That's just shy of the record number achieved in 2007 when 38,306 units were sold.
The demand has encouraged the developers to build more. In 2010, 18,221 units were started in Toronto, that's double the 2009 starts.
If the market is responding with increased supply, the question is: "who will buy them"?
The 18,221 number was just the starts. Generally, it's about 3 years to completion. In the GTA, there are 236 projects under construction now offering some 73,953 units for sale. The only difference is timing. This massive number of units under development and under construction is the highest number for any city in North America. However, there's not much competition because the American market is still in recovery mode with oversupply in many areas.
Read the full article here.
The Toronto and GTA condo market is very active. More and more, homeowners are turning to condominium apartments. That is quite a change from the late 1960's when this all started.
In 2010, there were 37,041 new and resale condominium units sold in the GTA. That's just shy of the record number achieved in 2007 when 38,306 units were sold.
The demand has encouraged the developers to build more. In 2010, 18,221 units were started in Toronto, that's double the 2009 starts.
If the market is responding with increased supply, the question is: "who will buy them"?
The 18,221 number was just the starts. Generally, it's about 3 years to completion. In the GTA, there are 236 projects under construction now offering some 73,953 units for sale. The only difference is timing. This massive number of units under development and under construction is the highest number for any city in North America. However, there's not much competition because the American market is still in recovery mode with oversupply in many areas.
Read the full article here.
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What to look for in a new Toronto transit plan
After releasing our report Making Tracks to Torontonians early this year, we learned that a new hybrid transit plan for Toronto was in the works ` a compromise between Mayor Ford's subway extension and the light rail plan that was underway before Ford became mayor.
Here at the Pembina Institute, we have been sharpening our pencils, poised to analyze the new plan as soon as it hits the table. Not knowing what this new plan will look like, we have been preparing for its unveiling by considering possible scenarios ` what a compromise between Transit City and the proposed subway plan might look like, what it should look like, and what's best for Toronto.
Here are some ` though definitely not all ` of the criteria will we be looking for when the new plan hits the light of day:
1. Is it cost-effective?
With limited funds available for transit for the next ten years, a plan should aim to bring rapid transit to the doorsteps of as many Torontonians as possible
Read the full article here.
After releasing our report Making Tracks to Torontonians early this year, we learned that a new hybrid transit plan for Toronto was in the works ` a compromise between Mayor Ford's subway extension and the light rail plan that was underway before Ford became mayor.
Here at the Pembina Institute, we have been sharpening our pencils, poised to analyze the new plan as soon as it hits the table. Not knowing what this new plan will look like, we have been preparing for its unveiling by considering possible scenarios ` what a compromise between Transit City and the proposed subway plan might look like, what it should look like, and what's best for Toronto.
Here are some ` though definitely not all ` of the criteria will we be looking for when the new plan hits the light of day:
1. Is it cost-effective?
With limited funds available for transit for the next ten years, a plan should aim to bring rapid transit to the doorsteps of as many Torontonians as possible
Read the full article here.
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Toronto developer plans 39-storey condo tower at King and Spadina
Developers who drew municipal ire for plunking a sprawling, single-storey liquor store on a prime downtown corner are making amends by making it taller.
Way taller.
Nascent plans for a series of properties surrounding the LCBO outlet on the corner of King Street and Spadina Avenue would turn what`s now a suburban-style store into a 39-storey, 443-unit condo tower that would incorporate a brick heritage building and feature futuristic, solar-energy-harnessing windows and a green roof.
Read the full article here.
Developers who drew municipal ire for plunking a sprawling, single-storey liquor store on a prime downtown corner are making amends by making it taller.
Way taller.
Nascent plans for a series of properties surrounding the LCBO outlet on the corner of King Street and Spadina Avenue would turn what`s now a suburban-style store into a 39-storey, 443-unit condo tower that would incorporate a brick heritage building and feature futuristic, solar-energy-harnessing windows and a green roof.
Read the full article here.
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Oshawa on a roll: Mayor
OSHAWA -- Oshawa is on the cusp of great things, Mayor John Henry told the local business community during his first state-of-the-city address.
He said a combination of factors, ranging from progress at the waterfront to massive growth in the education sector, are making Oshawa a place people want to live, work, invest and study.
"There isn't a week goes by that I don't have somebody in my office coming in to talk about something that they want to do, because they know that ... this is the right time to be here," the mayor said to a crowd of 300 local movers and shakers gathered at Tosca Banquet Hall on Feb. 17.
Read the full article here.
OSHAWA -- Oshawa is on the cusp of great things, Mayor John Henry told the local business community during his first state-of-the-city address.
He said a combination of factors, ranging from progress at the waterfront to massive growth in the education sector, are making Oshawa a place people want to live, work, invest and study.
"There isn't a week goes by that I don't have somebody in my office coming in to talk about something that they want to do, because they know that ... this is the right time to be here," the mayor said to a crowd of 300 local movers and shakers gathered at Tosca Banquet Hall on Feb. 17.
Read the full article here.