February 2012 Ontario Economic Fundamentals
- Thread starter Ally
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Legal opinion challenges Ford's transit plan in Toronto
A Toronto councillor has obtained a legal opinion that concludes Mayor Rob Ford does not have the power to cancel the Transit City plan without City Council's approval.
Debate over how Toronto should invest billions in upcoming transit improvements has flared up in recent days, with several councillors pushing for Ford to back down from his position that a planned Eglinton Avenue light-rail line should be built below grade.
As originally conceived under David Miller`s Transit City plan, the Eglinton line was supposed to be buried only along the busiest stretches of the road. But Ford has long been insistent that the Eglinton line must be underground, a scenario that raises the cost of the project considerably and has led critics to question if that is the most practical option.
Read the full article here.
A Toronto councillor has obtained a legal opinion that concludes Mayor Rob Ford does not have the power to cancel the Transit City plan without City Council's approval.
Debate over how Toronto should invest billions in upcoming transit improvements has flared up in recent days, with several councillors pushing for Ford to back down from his position that a planned Eglinton Avenue light-rail line should be built below grade.
As originally conceived under David Miller`s Transit City plan, the Eglinton line was supposed to be buried only along the busiest stretches of the road. But Ford has long been insistent that the Eglinton line must be underground, a scenario that raises the cost of the project considerably and has led critics to question if that is the most practical option.
Read the full article here.
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Bed bug fight running short of cash
The Toronto Public Health board asked the province Friday to keep the cash coming to fight bed bugs in the city.
Around $1.2 million in one-time funding from the Ontario Health Ministry to combat bed bug infestations among Toronto`s most vulnerable populations runs out March 31.
Dr. David McKeown, the city`s chief medical officer of health, told health board members the funding is helping treat bed bugs in vulnerable populations.
Read the full article here.
The Toronto Public Health board asked the province Friday to keep the cash coming to fight bed bugs in the city.
Around $1.2 million in one-time funding from the Ontario Health Ministry to combat bed bug infestations among Toronto`s most vulnerable populations runs out March 31.
Dr. David McKeown, the city`s chief medical officer of health, told health board members the funding is helping treat bed bugs in vulnerable populations.
Read the full article here.
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Why that condo rental might not work in Toronto
Toronto condominium investors might find themselves disappointed in rental rates, according to a new survey.
`Investors have been able to rent out their condominiums units in Toronto ` but not necessarily at the rents they were expecting,` says Altus Group, a real estate research firm, in a new report. `The addition of more than 9,000 condominium apartments units to the Toronto rental stock in the past year has kept average rent increases to a minimum.`
Read the full article here.
Toronto condominium investors might find themselves disappointed in rental rates, according to a new survey.
`Investors have been able to rent out their condominiums units in Toronto ` but not necessarily at the rents they were expecting,` says Altus Group, a real estate research firm, in a new report. `The addition of more than 9,000 condominium apartments units to the Toronto rental stock in the past year has kept average rent increases to a minimum.`
Read the full article here.
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Toronto Hydro issues online blueprint for blackouts with map of neighbourhoods most prone to outages
Reading this story by candlelight? Then odds are you live north of Eglinton Ave.
Toronto Hydro has mapped out the areas of the city most prone to blackouts.
They are concentrated in North York, northern Scarborough, and the former City of York, where some neighbourhoods suffer a dozen blackouts a year or more, on average.
Read the full article here.
Reading this story by candlelight? Then odds are you live north of Eglinton Ave.
Toronto Hydro has mapped out the areas of the city most prone to blackouts.
They are concentrated in North York, northern Scarborough, and the former City of York, where some neighbourhoods suffer a dozen blackouts a year or more, on average.
Read the full article here.
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TTC chair blindsided by 6-to-3 vote dismissing report
TTC chair Karen Stintz shook with emotion at City Hall after Mayor Rob Ford`s allies voted to block a transit report that would have bolstered the case for building part of the Eglinton light rail line on the street.
A series of 6-to-3 votes on the Eglinton-Scarborough-Crosstown extension blindsided the chair, who has been at odds with the Mayor over whether the midtown corridor should be underground, or above ground in the more spacious suburbs. The gulf widened on Tuesday, as the provincial agency building the line demanded in writing the city figure out what kind of transit it wants. The TTC`s decision tells the province `that we`re not interested in getting our act together,` an angry Ms. Stintz told reporters after the meeting.
Read the ful article here.
TTC chair Karen Stintz shook with emotion at City Hall after Mayor Rob Ford`s allies voted to block a transit report that would have bolstered the case for building part of the Eglinton light rail line on the street.
A series of 6-to-3 votes on the Eglinton-Scarborough-Crosstown extension blindsided the chair, who has been at odds with the Mayor over whether the midtown corridor should be underground, or above ground in the more spacious suburbs. The gulf widened on Tuesday, as the provincial agency building the line demanded in writing the city figure out what kind of transit it wants. The TTC`s decision tells the province `that we`re not interested in getting our act together,` an angry Ms. Stintz told reporters after the meeting.
Read the ful article here.
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Mississauga budget committee approves property tax hike, councillor raises
Mississauga`s budget committee on Monday approved a 2012 budget that includes a 7.4% increase to the city`s portion of the property-tax bill and no major service cuts.
The budget ` which comes amid unprecedented fiscal pressures ` also includes a 2% salary increase for council members and non-unionized staff, despite repeated pleas for wage restraint from a local residents` association. All of the budget measures must still go to council for formal approval.
`I`m a little shell-shocked,` responded Chris Mackie, a representative for Miranet, which acts on behalf of various local ratepayers` groups.
Read the full article here.
Mississauga`s budget committee on Monday approved a 2012 budget that includes a 7.4% increase to the city`s portion of the property-tax bill and no major service cuts.
The budget ` which comes amid unprecedented fiscal pressures ` also includes a 2% salary increase for council members and non-unionized staff, despite repeated pleas for wage restraint from a local residents` association. All of the budget measures must still go to council for formal approval.
`I`m a little shell-shocked,` responded Chris Mackie, a representative for Miranet, which acts on behalf of various local ratepayers` groups.
Read the full article here.
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Where to buy now: The inside scoop on Toronto's next 10 hot neighbourhoods
In a relentlessly hot market, buyers are starved for great housing stock, prices that mortals can afford, walkable blocks with great restaurants and green spaces, plus neighbours who might actually talk to you. Sure, it`s an impossible dream. Unless you`re looking here: the inside scoop on 10 amazing pockets with value and character to burn.
Read the full article here.
In a relentlessly hot market, buyers are starved for great housing stock, prices that mortals can afford, walkable blocks with great restaurants and green spaces, plus neighbours who might actually talk to you. Sure, it`s an impossible dream. Unless you`re looking here: the inside scoop on 10 amazing pockets with value and character to burn.
Read the full article here.
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Employment grows in Ottawa, slips nationally
OTTAWA ` The unemployment rate in the Ottawa region fell in January as the region added more than 8,100 jobs, according to Statistics Canada.
More than 705,900 people living in Ottawa and Gatineau were employed in the month, the national statistics researcher said in its monthly labour force survey released Friday. The number is a big jump over the 697,800 employed in the region in December.
The region`s jobless rate stood at 5.9 per cent, well below the national figure of 7.6 per cent.
Read the full article here.
OTTAWA ` The unemployment rate in the Ottawa region fell in January as the region added more than 8,100 jobs, according to Statistics Canada.
More than 705,900 people living in Ottawa and Gatineau were employed in the month, the national statistics researcher said in its monthly labour force survey released Friday. The number is a big jump over the 697,800 employed in the region in December.
The region`s jobless rate stood at 5.9 per cent, well below the national figure of 7.6 per cent.
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Home construction robust in warm winter; good for GDP, but could be sign of glut: CMHC
TORONTO - The pace of housing starts slowed slightly in January but remained robust during an unseasonably warm winter, according to data from Canada Mortgage and Housing Corp.
Strong homebuilding activity will likely to be a boon to the Canadian economy in the short term, but could also signal overbuilding that could wreak havoc in the longer term, economists warned Wednesday.
The seasonally adjusted annual start rate ` which smooths monthly variations ` was 197,900 units in January, down from 199,900 units in December, the CMHC reported.
Read the full article here.
TORONTO - The pace of housing starts slowed slightly in January but remained robust during an unseasonably warm winter, according to data from Canada Mortgage and Housing Corp.
Strong homebuilding activity will likely to be a boon to the Canadian economy in the short term, but could also signal overbuilding that could wreak havoc in the longer term, economists warned Wednesday.
The seasonally adjusted annual start rate ` which smooths monthly variations ` was 197,900 units in January, down from 199,900 units in December, the CMHC reported.
Read the full article here.
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Oshawa new home construction steady in January
According to Canada Mortgage and Housing Corporation (CMHC), construction began on a total of 102 homes in January in the Oshawa Census Metropolitan Area (CMA). Starts last month were more than double the number recorded in the same period last year, yet in line with the 10-year average for January.
"New home construction in Oshawa has remained within a tight range over the past few years and in line with underlying demand and supply conditions in the area. No major changes are foreseen for construction levels in the near future," said Inna Breidburg, Market Analyst with CMHC's Ontario Business Centre.
Read the full article here.
According to Canada Mortgage and Housing Corporation (CMHC), construction began on a total of 102 homes in January in the Oshawa Census Metropolitan Area (CMA). Starts last month were more than double the number recorded in the same period last year, yet in line with the 10-year average for January.
"New home construction in Oshawa has remained within a tight range over the past few years and in line with underlying demand and supply conditions in the area. No major changes are foreseen for construction levels in the near future," said Inna Breidburg, Market Analyst with CMHC's Ontario Business Centre.
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Condo conversion planned for Preston Heights, Cambridge
Plans were unveiled Monday night to convert a 17-unit townhouse complex in Preston Heights into condominiums.
If approved, the move would result in the creation of a condominium corporation to allow the sale of individual units at 507-539 Parkview Cres.
One of the major concerns regarding the conversion is the loss of rental housing in the city. According to a staff report, December housing figures provided by the Canadian Mortgage and Housing Corporation show the vacancy rate for townhouses at 4.2 per cent and apartment /townhouses units at 2.6 per cent. The city`s official plan suggests an acceptable vacancy rate of three per cent.
Read the full article here.
Plans were unveiled Monday night to convert a 17-unit townhouse complex in Preston Heights into condominiums.
If approved, the move would result in the creation of a condominium corporation to allow the sale of individual units at 507-539 Parkview Cres.
One of the major concerns regarding the conversion is the loss of rental housing in the city. According to a staff report, December housing figures provided by the Canadian Mortgage and Housing Corporation show the vacancy rate for townhouses at 4.2 per cent and apartment /townhouses units at 2.6 per cent. The city`s official plan suggests an acceptable vacancy rate of three per cent.
Read the full article here.
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Hamilton population growth slow and steady, but still good
Hamilton`s 3.1 per cent population growth may look modest beside Burlington`s 6.9 per cent, but it`s still good, says Hamilton`s economic director, Neil Everson.
`Hamilton has traditionally had a long steady growth ` But it is an increase.`
New census data from Statistics Canada on Wednesday shows the city`s population grew 3.1 per cent to 519,949 in the five years up to 2011. That`s about 15,000 more than the 504,559 population in 2006.
Read the full article here.
Hamilton`s 3.1 per cent population growth may look modest beside Burlington`s 6.9 per cent, but it`s still good, says Hamilton`s economic director, Neil Everson.
`Hamilton has traditionally had a long steady growth ` But it is an increase.`
New census data from Statistics Canada on Wednesday shows the city`s population grew 3.1 per cent to 519,949 in the five years up to 2011. That`s about 15,000 more than the 504,559 population in 2006.
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Waterloo Region becomes 10th largest urban area in Canada
OTTAWA ` After a long chase we have squeaked past London to become the 10th biggest urban area in the country.
Barely.
Statistics Canada counted 477,160 urban residents in Waterloo Region in May, 2011. That`s 2,374 more people than in nearby London. London has slipped to 11th in the national ranking of metropolitan areas.
The population milestone will increase the community`s profile as Kitchener-Waterloo-Cambridge will show up more often on top-10 lists prepared for investors and job-seekers.
Read the full article here.
OTTAWA ` After a long chase we have squeaked past London to become the 10th biggest urban area in the country.
Barely.
Statistics Canada counted 477,160 urban residents in Waterloo Region in May, 2011. That`s 2,374 more people than in nearby London. London has slipped to 11th in the national ranking of metropolitan areas.
The population milestone will increase the community`s profile as Kitchener-Waterloo-Cambridge will show up more often on top-10 lists prepared for investors and job-seekers.
Read the full article here.
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Growth in Western provinces outpacing Ontario
OTTAWA ` Canada is growing and going west.
Statistics Canada counted 33,476,688 people in its May, 2011 census, a 5.9 per cent increase over the 2006 national count.
And Canada`s western provinces saw the biggest increases with Saskatchewan, Alberta and British Columbia all growing faster than the national average. Yukon saw the biggest population growth between 2006 and 2011 at 11.6 per cent, followed closely by Alberta at 10.8 per cent.
Cities in Western Canada like Calgary, Edmonton and Saskatoon saw double-digit jumps in population growth.
Read the full article here.
OTTAWA ` Canada is growing and going west.
Statistics Canada counted 33,476,688 people in its May, 2011 census, a 5.9 per cent increase over the 2006 national count.
And Canada`s western provinces saw the biggest increases with Saskatchewan, Alberta and British Columbia all growing faster than the national average. Yukon saw the biggest population growth between 2006 and 2011 at 11.6 per cent, followed closely by Alberta at 10.8 per cent.
Cities in Western Canada like Calgary, Edmonton and Saskatoon saw double-digit jumps in population growth.
Read the full article here.
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Slow growth the norm
In a trend seen throughout Ontario, Orillia has experienced little growth over the past five years.
The Sunshine City`s population rose 1.1% ` a mere 327 people ` since 2006, according to Statistics Canada.
Orillia`s population in 2011 was 30,586, while in 2006, it was 30,259.
`Part of the trend over the last few years in Ontario, with the economic downturn, (is) people have been going where the jobs are,` Dan Landry, Orillia`s manager of economic development, said Wednesday. `We`re kind of in the same boat as everyone there.`
Read the full article here.
In a trend seen throughout Ontario, Orillia has experienced little growth over the past five years.
The Sunshine City`s population rose 1.1% ` a mere 327 people ` since 2006, according to Statistics Canada.
Orillia`s population in 2011 was 30,586, while in 2006, it was 30,259.
`Part of the trend over the last few years in Ontario, with the economic downturn, (is) people have been going where the jobs are,` Dan Landry, Orillia`s manager of economic development, said Wednesday. `We`re kind of in the same boat as everyone there.`
Read the full article here.
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Toronto's condo conundrum
A sliver of land wedged between Toronto's elevated expressway and an off-ramp that pumps traffic into downtown may become the epicentre for a Canadian housing bubble.
In four years, this site that's now used as a parking lot and police impound near the shores of Lake Ontario will be home to Ten York, a 75-storey glass building that would be the country's third-tallest condo tower.
Read the full article here.
A sliver of land wedged between Toronto's elevated expressway and an off-ramp that pumps traffic into downtown may become the epicentre for a Canadian housing bubble.
In four years, this site that's now used as a parking lot and police impound near the shores of Lake Ontario will be home to Ten York, a 75-storey glass building that would be the country's third-tallest condo tower.
Read the full article here.
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Cambridge 'balanced' housing market should remain stable
It might not be a story that ends happily ever after, but describing the real estate market in Cambridge sounds a bit like a fairy tale these days.
It`s not too hot and it`s not too cold. One might say it`s just right.
Read the full article here.
It might not be a story that ends happily ever after, but describing the real estate market in Cambridge sounds a bit like a fairy tale these days.
It`s not too hot and it`s not too cold. One might say it`s just right.
Read the full article here.
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Toronto real estate: Traditional realtors face challenge by online players
Everything about TheRedPin.com`s Bloor St. office feels more like a tech startup than a real estate brokerage, which is fitting because this relatively new company is a hybrid of both.
Its mission is simple and shouts in chalk from a wall that`s been converted to a giant blackboard: Making House Hunting Easy.
TheRedPin.com is among the first of a new breed of realtors in Toronto ` tech-savvy data crunchers who are determined to give homebuyers the tools they need to find their dream home from the comfort of their own computer.
Read the full article here.
Everything about TheRedPin.com`s Bloor St. office feels more like a tech startup than a real estate brokerage, which is fitting because this relatively new company is a hybrid of both.
Its mission is simple and shouts in chalk from a wall that`s been converted to a giant blackboard: Making House Hunting Easy.
TheRedPin.com is among the first of a new breed of realtors in Toronto ` tech-savvy data crunchers who are determined to give homebuyers the tools they need to find their dream home from the comfort of their own computer.
Read the full article here.