February 2013 Ontario Economic Fundamentals
- Thread starter Ally
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High hopes for Booth Street 'Distillery District'
OTTAWA ` Natural Resources Canada`s plans to get rid of part of its huge building complex on Booth Street is adding to hopes that the area could become Ottawa`s version of Toronto`s popular Distillery District.
The idea of creating a shopping and entertainment area out of repurposed brick government buildings on the land north of Carling Avenue near Preston Street has been kicked around for some time, but would require NRCan to give up the property.
Read the full article here.
OTTAWA ` Natural Resources Canada`s plans to get rid of part of its huge building complex on Booth Street is adding to hopes that the area could become Ottawa`s version of Toronto`s popular Distillery District.
The idea of creating a shopping and entertainment area out of repurposed brick government buildings on the land north of Carling Avenue near Preston Street has been kicked around for some time, but would require NRCan to give up the property.
Read the full article here.
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It's bikes vs cars as Ottawa begins to review official plan
OTTAWA ` Every few years, politicians at City Hall are required by law to tear down the paper they put up to conceal basic disagreements about what kind of city Ottawa ought to be. The process began Tuesday morning, with arguments kicking off about everything from cars versus bikes to how tall buildings ought to be on main streets.
Formally, the city was beginning a year-long review of its massive official land-use plan, its transportation plan and its infrastructure plan, which need to be updated every five years.
Read the full article here.
OTTAWA ` Every few years, politicians at City Hall are required by law to tear down the paper they put up to conceal basic disagreements about what kind of city Ottawa ought to be. The process began Tuesday morning, with arguments kicking off about everything from cars versus bikes to how tall buildings ought to be on main streets.
Formally, the city was beginning a year-long review of its massive official land-use plan, its transportation plan and its infrastructure plan, which need to be updated every five years.
Read the full article here.
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Markham councillors move forward with plans for arena
An attempt by some Markham councillors to cancel a publicly-funded arena project failed early this morning.
After eight hours of debates and deputations, councillors narrowly voted, 7 to 6, to keep moving forward with plans to build a 20,000 seat, NHL-style arena.
Negotiations will continue between the city and private partners, one of those being Graeme Roustan.
Read the full article here.
An attempt by some Markham councillors to cancel a publicly-funded arena project failed early this morning.
After eight hours of debates and deputations, councillors narrowly voted, 7 to 6, to keep moving forward with plans to build a 20,000 seat, NHL-style arena.
Negotiations will continue between the city and private partners, one of those being Graeme Roustan.
Read the full article here.
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Investigation suggests Toronto home construction price-fixing conspiracy
Real estate is expensive in Toronto, there's just no getting around it. If you want a home in Canada`s biggest city, you have to be prepared to pay dearly for it. That is the cost of doing business.
But an investigation into Toronto`s construction industry suggests the existence of a conspiratorial cabal that has been cashing in on the city`s profitable housing market
CBC Newshttp://http://us.lrd.yahoo.com/_ylt...petition-bureau-price-fixing-allegations.html reports that Canada's Competition Bureau has been investigating the city's construction industry. It reportedly uncovered a long-standing industry conspiracy to inflate the cost of home foundations.
Read the full article here.
Real estate is expensive in Toronto, there's just no getting around it. If you want a home in Canada`s biggest city, you have to be prepared to pay dearly for it. That is the cost of doing business.
But an investigation into Toronto`s construction industry suggests the existence of a conspiratorial cabal that has been cashing in on the city`s profitable housing market
CBC Newshttp://http://us.lrd.yahoo.com/_ylt...petition-bureau-price-fixing-allegations.html reports that Canada's Competition Bureau has been investigating the city's construction industry. It reportedly uncovered a long-standing industry conspiracy to inflate the cost of home foundations.
Read the full article here.
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Ontario's debt worse than California's: Fraser Report
TORONTO - Ontario and its ballooning debt are on a collision course with fiscal reality, a new Fraser Institute report suggests.
The province`s net debt could swell to 66% of GDP by 2019-20 if the government doesn`t slow the rate of health and education spending adopted over the past decade, the report`s authors concluded.
Read the full article here.
TORONTO - Ontario and its ballooning debt are on a collision course with fiscal reality, a new Fraser Institute report suggests.
The province`s net debt could swell to 66% of GDP by 2019-20 if the government doesn`t slow the rate of health and education spending adopted over the past decade, the report`s authors concluded.
Read the full article here.
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Toronto to pass New York in commerical property boom
Toronto will add more prime office space in 2014 than almost any other city in the Americas as developers take advantage of low borrowing costs to meet demand from companies such as Google Inc.
Last year was the best ever for deals in the real estate investment trust sector.
More than 1.59 million square feet of so-called triple-A space will be added in Toronto next year, according to data from Cushman & Wakefield Inc., the world`s largest closely held real estate brokerage firm. That`s more than in New York and trails only Mexico City, Cushman said. Investments from pension funds and real estate investment trusts, as well as borrowing costs in some cases more than 2 percentage points lower than in 2007 have helped fund development as well as acquisitions.
Read the full article here.
Toronto will add more prime office space in 2014 than almost any other city in the Americas as developers take advantage of low borrowing costs to meet demand from companies such as Google Inc.
Last year was the best ever for deals in the real estate investment trust sector.
More than 1.59 million square feet of so-called triple-A space will be added in Toronto next year, according to data from Cushman & Wakefield Inc., the world`s largest closely held real estate brokerage firm. That`s more than in New York and trails only Mexico City, Cushman said. Investments from pension funds and real estate investment trusts, as well as borrowing costs in some cases more than 2 percentage points lower than in 2007 have helped fund development as well as acquisitions.
Read the full article here.
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Toronto condo news
TORONTO ` January 31, 2013: Urbanation Inc., the leading source of information and analysis on the Toronto condominium market since 1981, today released its Q4-2012 market overview.
In the Toronto Census Metropolitan Area (CMA) there were 3,841 new condominium apartment sales in Q4-2012, an increase of 16% over the third quarter. Overall, 17,997 new units sold in 2012, between the five-year CMA average of 20,119 annual sales (2007 to 2011) and the ten-year average of 17,139 annual sales (2002 to 2011), but down from the record breaking pace set in 2011.
Read the full article here.
TORONTO ` January 31, 2013: Urbanation Inc., the leading source of information and analysis on the Toronto condominium market since 1981, today released its Q4-2012 market overview.
In the Toronto Census Metropolitan Area (CMA) there were 3,841 new condominium apartment sales in Q4-2012, an increase of 16% over the third quarter. Overall, 17,997 new units sold in 2012, between the five-year CMA average of 20,119 annual sales (2007 to 2011) and the ten-year average of 17,139 annual sales (2002 to 2011), but down from the record breaking pace set in 2011.
Read the full article here.
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Rental vacancies drop despite GTA condo boom
The rental market remains tight across the GTA ` and especially in the highly-coveted downtown core ` despite a surge of new condos over the last five years that now account for 16 per cent of all the rental units in the region, according to the Canada Mortgage and Housing Corporation.
While the vacancy rate for rental apartments bumped up slightly in October over a year earlier, it still remains at one of its lowest levels in a decade, 1.7 per cent, compared to an even lower vacancy rate of 1.2 per cent for rental condos, the federal housing authority said Thursday.
Read the full article here.
The rental market remains tight across the GTA ` and especially in the highly-coveted downtown core ` despite a surge of new condos over the last five years that now account for 16 per cent of all the rental units in the region, according to the Canada Mortgage and Housing Corporation.
While the vacancy rate for rental apartments bumped up slightly in October over a year earlier, it still remains at one of its lowest levels in a decade, 1.7 per cent, compared to an even lower vacancy rate of 1.2 per cent for rental condos, the federal housing authority said Thursday.
Read the full article here.
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Drop in net migration to GTA contributing to softening housing market
A significant decrease in the number of people migrating to Ontario from other countries ` and leaving the province in search of jobs ` is contributing to the softening of the GTA housing market, says a new report from the Canada Mortgage and Housing Corporation.
Read the full article here.
A significant decrease in the number of people migrating to Ontario from other countries ` and leaving the province in search of jobs ` is contributing to the softening of the GTA housing market, says a new report from the Canada Mortgage and Housing Corporation.
Read the full article here.
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Apartments snapped up as fast as they are built in the Twin Cities
Apartments in the Twin Cities are filling up as fast as they become available, sparking a wave of new rental development unlike anything the metro area has seen in decades.
Though hundreds of new apartments were built last year, the average vacancy rate remained largely unchanged at a scant 2.9 percent, according to Marquette Advisors, a national research firm. Rental prices climbed slightly to an average of $957, suggesting that peak demand is still ahead
Read the full article here.
Apartments in the Twin Cities are filling up as fast as they become available, sparking a wave of new rental development unlike anything the metro area has seen in decades.
Though hundreds of new apartments were built last year, the average vacancy rate remained largely unchanged at a scant 2.9 percent, according to Marquette Advisors, a national research firm. Rental prices climbed slightly to an average of $957, suggesting that peak demand is still ahead
Read the full article here.
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Toronto high-rise sees biggest drop, but building hits new record
Welcome to `the new normal.`
Anyone who followed Toronto`s new-home and condo market last year won`t be surprised to hear it: 2012 saw a significant decrease in sales from the year prior. Representatives of the Building Industry and Land Development Association (BILD) and market research firm RealNet Canada revealed the final 2012 market results in a press conference on Jan. 23.
Read the full article here.
Welcome to `the new normal.`
Anyone who followed Toronto`s new-home and condo market last year won`t be surprised to hear it: 2012 saw a significant decrease in sales from the year prior. Representatives of the Building Industry and Land Development Association (BILD) and market research firm RealNet Canada revealed the final 2012 market results in a press conference on Jan. 23.
Read the full article here.
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Why this was the best January ever for Toronto real estate
Broker Patrick Rocca of Bosley Real Estate Ltd. recalls the heady Toronto spring real estate market of 2012 and remembers unremarkable semi-detached houses selling for $900,000 and $1-million.
`There was a lot of stupidity last spring,` says the broker with Bosley Real Estate Ltd. `I don`t think we`ll see that again.`
Read the full article here.
Broker Patrick Rocca of Bosley Real Estate Ltd. recalls the heady Toronto spring real estate market of 2012 and remembers unremarkable semi-detached houses selling for $900,000 and $1-million.
`There was a lot of stupidity last spring,` says the broker with Bosley Real Estate Ltd. `I don`t think we`ll see that again.`
Read the full article here.
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GTA REALTORS release monthly resale figures
"The January sales figures represent a good start to 2013. While the number of transactions was down slightly compared to last year, the rate of decline was much less than what was experienced in the second half of 2012. This suggests that some buyers, who put their decision to purchase on hold last year due to stricter mortgage lending guidelines, are once again becoming active in the market," said Toronto Real Estate Board (TREB) President Ann Hannah.
"It is interesting to note that sales were up for many home types in the GTA regions surrounding the City of Toronto. This is due, at least in part, to the additional upfront land transfer tax in the City of Toronto," added Ms. Hannah.
Read the full article here.
"The January sales figures represent a good start to 2013. While the number of transactions was down slightly compared to last year, the rate of decline was much less than what was experienced in the second half of 2012. This suggests that some buyers, who put their decision to purchase on hold last year due to stricter mortgage lending guidelines, are once again becoming active in the market," said Toronto Real Estate Board (TREB) President Ann Hannah.
"It is interesting to note that sales were up for many home types in the GTA regions surrounding the City of Toronto. This is due, at least in part, to the additional upfront land transfer tax in the City of Toronto," added Ms. Hannah.
Read the full article here.
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Unsold condos in Toronto steadily rising, but market strong
The percentage of unsold condominiums in Toronto`s housing market continues to rise but the market remains strong by historical standards, according to a new survey.
Urbanation Inc., one of the leading research companies in the condo industry, said overall the Toronto census metropolitan area was 79% sold in the fourth quarter of 2012, down from 80% a quarter earlier and 82% a year earlier. It is above the 10-year average of 78%.
Read the full article here.
The percentage of unsold condominiums in Toronto`s housing market continues to rise but the market remains strong by historical standards, according to a new survey.
Urbanation Inc., one of the leading research companies in the condo industry, said overall the Toronto census metropolitan area was 79% sold in the fourth quarter of 2012, down from 80% a quarter earlier and 82% a year earlier. It is above the 10-year average of 78%.
Read the full article here.
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City of Toronto unveils new economic development plan
The municipal government unveiled a new economic development plan at City Hall last week. It hopes the plan will improve conditions for businesses that are thinking of setting up shop in Toronto as well as businesses that are already here, but face bureaucratic hurdles to success. Titled Collaborating for Competitiveness: A Strategic Plan for Accelerating Growth and Job Creation in Toronto, the plan is very much interested in sweating the small stuff: its focus is on streamlining zoning processes, maintaining infrastructure, and raising our city's profile--the nitty-gritty, daily details.
Read the full article here.
The municipal government unveiled a new economic development plan at City Hall last week. It hopes the plan will improve conditions for businesses that are thinking of setting up shop in Toronto as well as businesses that are already here, but face bureaucratic hurdles to success. Titled Collaborating for Competitiveness: A Strategic Plan for Accelerating Growth and Job Creation in Toronto, the plan is very much interested in sweating the small stuff: its focus is on streamlining zoning processes, maintaining infrastructure, and raising our city's profile--the nitty-gritty, daily details.
Read the full article here.
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Toronto Hydro and TREB making moving a little easier
TORONTO, Feb. 5, 2013 /CNW/ ` According to the Toronto Real Estate Board (TREB), over 4,375 homes sold within the GTA in the month of January 2013 which means, in the not so distant future, buyers in the city will be closing their deals and moving into their newly purchased homes. In an effort to make the moving process a little easier for the thousands of Torontonians moving each month, Toronto Hydro-Electric System Limited (Toronto Hydro) has launched My TorontoHydro[sup]TM[/sup] ` a new online tool to help customers manage their accounts.
Read the full article here.
TORONTO, Feb. 5, 2013 /CNW/ ` According to the Toronto Real Estate Board (TREB), over 4,375 homes sold within the GTA in the month of January 2013 which means, in the not so distant future, buyers in the city will be closing their deals and moving into their newly purchased homes. In an effort to make the moving process a little easier for the thousands of Torontonians moving each month, Toronto Hydro-Electric System Limited (Toronto Hydro) has launched My TorontoHydro[sup]TM[/sup] ` a new online tool to help customers manage their accounts.
Read the full article here.
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Internationally renowned experts on real estate investing to speak at the next meeting of OREIO
The Ottawa Real Estate Investors Organization (OREIO) will welcome Richard Dolan, President of REIN Group of Companies and Patrick Francey, CEO of the Real Estate Investment Network (REIN Ltd.) at its next meeting, to take place on February 11, 2013 in the Centennial Ballroom at the Travelodge Hotel on Carling Avenue in Ottawa. This is an exciting opportunity for people in Ottawa to hear pertinent information on how real estate investing can establish a secure financial future, and how international events affect the Ottawa real estate market.
Read the full article here.
The Ottawa Real Estate Investors Organization (OREIO) will welcome Richard Dolan, President of REIN Group of Companies and Patrick Francey, CEO of the Real Estate Investment Network (REIN Ltd.) at its next meeting, to take place on February 11, 2013 in the Centennial Ballroom at the Travelodge Hotel on Carling Avenue in Ottawa. This is an exciting opportunity for people in Ottawa to hear pertinent information on how real estate investing can establish a secure financial future, and how international events affect the Ottawa real estate market.
Read the full article here.
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Toronto to meet office demand in 2014
Toronto will add more prime office space in 2014 than almost any other city in the Americas as developers take advantage of low borrowing costs to meet demand from companies such as Google.
More than 1.59 million square feet of so-called triple-A space will be added in Toronto next year, according to data from Cushman & Wakefield, the world's largest closely held real estate brokerage firm. That's more than in New York and trails only Mexico City, Cushman said. Investments from pension funds and real estate investment trusts, as well as borrowing costs, in some cases more than 2 percentage points lower than in 2007, have helped fund development as well as acquisitions.
Read the full article here.
Toronto will add more prime office space in 2014 than almost any other city in the Americas as developers take advantage of low borrowing costs to meet demand from companies such as Google.
More than 1.59 million square feet of so-called triple-A space will be added in Toronto next year, according to data from Cushman & Wakefield, the world's largest closely held real estate brokerage firm. That's more than in New York and trails only Mexico City, Cushman said. Investments from pension funds and real estate investment trusts, as well as borrowing costs, in some cases more than 2 percentage points lower than in 2007, have helped fund development as well as acquisitions.
Read the full article here.
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Jobless youth to cost Canadian economy $23B over next two decades: TD bank
OTTAWA ` The loss of tens of thousands of youth jobs during the recession was not only painful for the young people involved but will impact them and Canada`s economy for years to come, says a new paper from TD Bank.
Being unemployed at a young age can have a long-lasting impact on an individual`s career prospects
The report estimates that the legacy
Read the full article here.
OTTAWA ` The loss of tens of thousands of youth jobs during the recession was not only painful for the young people involved but will impact them and Canada`s economy for years to come, says a new paper from TD Bank.
Being unemployed at a young age can have a long-lasting impact on an individual`s career prospects
The report estimates that the legacy
Read the full article here.