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February 2014 Ontario Economic Fundamentals

Ally

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Shrinking workplaces, but more shopping spaces in 2014





Two major trends will define Toronto`s commercial real estate market in 2014 ` a decline in the amount of space per office worker and an explosion in retail therapy destinations, says a new report from commercial brokerage CBRE.





`The old expression used to be that retail follows rooftops,` as new shopping centres opened in the wake of new suburban subdivisions, says Ross Moore, CBRE`s director of research for Canada. `Now retail is following elevators, given all the condo construction going on.`






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Dog owners prodding condo developers to accommodate pets' needs





When residents bought units in the Trinity Lofts, a condo project near the Distillery District, they were under the impression that the building would have a `pet spa,` a little common area where they could groom their dog so they didn`t have to do it in their bathtub.








For more than a year, the building`s dog owners have been waiting for that pet spa. `A lot of people bought into the building because they thought `oh great, there`s going to be a dog wash`,` said Davelle Morrison, president of the building`s condo board. `People want the dog wash.`





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Niagara's revitalization





There were commitments to a new hospital and investment in the wine industry. The local racetrack was saved, new aerospace jobs were announced and there was talk of finally running the commuter trains for which everyone has been clamouring.





For about a month, over the course of a provincial by-election campaign that ended on Thursday with a win by New Democrat Wayne Gates, the good people of Niagara were spoiled for attention.





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Could the York Region become Canada's next big tech hub?





In the wake of BlackBerry Ltd.`s recent travails, which seem to threaten a replay of the end of Nortel Networks Corp., it's easy to overlook the fact that Canada still has a few cards to play.





Ottawa and Kitchener-Waterloo, Ont., have been home to some of Canada`s brightest stars, but little-recognized York Region may be taking a run at restoring some of the tech limelight to the country`s $155-billion industry.





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City of Waterloo shines spotlight on rental housing license by-law





Waterloo - Municipal enforcement officials have embarked on a campaign to increase awareness of the rental housing licensing by-law. `The city has worked tirelessly to protect the health and safety, as well as human rights, of those residing within rental units,` stated Jim Barry, director of municipal enforcement for the City of Waterloo. `We are making every attempt possible to ensure tenants and landlords are aware of the by-law and that landlords obtain their licenses accordingly.`





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Ottawa to divide PEI into two EI regions in October





O'LEARY, P.E.I. (CP) ` The federal government has announced changes to employment insurance it says will better reflect the economy in Prince Edward Island. Fisheries Minister Gail Shea announced Thursday that beginning in October the Island will be divided into two EI regions ` a capital and non-capital region.





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York Region rental housing demand





York Region is a great place to live where people are proud to call home. For many, however, it is becoming more difficult to afford to live here.





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RioCan CEO says rental housing is the future






RioCan recently abandoned its unpopular years-long effort to install a Walmart on Kensington Market
`s western border, but now Edward Sonshine
, CEO of the real-estate development firm, is back with an idea that seems more likely to win support among downtown dwellers: purpose-built rental housing, and lots of it.





In an interview with Bloomberg News, Sonshine, who now jokingly refers to himself as `the Darth Vader of Kensington,` says that his company is angling to capture a market that other Toronto developers have all but ignored in recent years: renters.








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Get ready for house prices to continue to rise in Toronto





It`s only two weeks of data, but the Toronto Real Estate Board is reporting the first 14 days of February saw existing home prices continue to rise.





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TD's 2014 outlook for Toronto real estate






Last Wednesday evening TD Canada Trust presented their Chief Economist Craig Alexander at an `invitation-only` presentation for RE/MAX Hallmark agents and their clients.


Some of his comments were expected ` some not so much. Here`s a point summary of what he had to say.

  • Even with the bond buying rate dropping off, Canadian interest rates won`t move till late 2015
    TD Bank is now the 2nd largest bank in Canada and the 8th largest in the USA with more branches there than in Canada




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Hamilton's economy expected to grow 2.5% in 2014





Hamilton`s economy is forecast to grow by 2.5 per cent this year, according to the Conference Board of Canada`s metropolitan outlook for winter 2014, which was released Wednesday.








That`s an improvement over the 0.7 per cent increase seen in 2013. `This year, economic growth will be driven by renewed demand in the manufacturing sector as well as stronger services sector growth,` the report reads. `Stronger activity in those areas of the economy will more than make up for modest growth in the construction sector.`





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Slow growth forecast for Toronto in 2014





Toronto is expected to continue its slow economic growth throughout the rest of the year, faring only slightly better than the rest of the country.






The economy is forecast to increase a middling 2.8 per cent in 2014, according to a report released Wednesday by the Conference Board of Canada.





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Secondary suites could be costly for Barrie: Councillor





In-law suites and basement apartments will be allowed throughout Barrie, if a city proposal gets the green light.





But before that goes ahead, Coun. John Brassard would like to know what impact additional residents who will live into these affordable units will have on taxpayer-funded services such as policing, fire protection and waste management.





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Hamilton reaps benefits from immigrants





Immigrants to Canada are diverse in many ways. They come from different countries, enter Canada under different immigration categories (skilled workers, family class immigrants, refugees and more), and bring a wide variety of life experiences. Despite this diversity, immigrants share their desire for a better life ` for themselves and for their families. And, on the whole, including immigrants across all categories, they benefit our economy and community in a variety of ways, including:





1. Immigrants contribute to Hamilton's tax base and local economy.






Close to one-fourth of Hamilton's residents are foreign-born, most of them arriving several decades ago or more. They are established taxpayers, homeowners and consumers. Hamilton benefits from the significant buying power and tax revenue generated by immigrants.





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