January 2012 Ontario Economic Fundamentals
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Fewer apartments for rent in Durham
DURHAM -- Apartment vacancy rates in Durham Region have dropped compared to this time last year.
The Canada Mortgage and Housing Corporation's fall 2011 rental market survey shows decreased vacancy rates for apartments of all types in the Oshawa census metropolitan area, which includes Oshawa, Whitby and Clarington.
Vacancy rates for bachelor apartments dropped from two per cent in October 2010 to 1.2 per cent in October of this year.
Read the full article here.
DURHAM -- Apartment vacancy rates in Durham Region have dropped compared to this time last year.
The Canada Mortgage and Housing Corporation's fall 2011 rental market survey shows decreased vacancy rates for apartments of all types in the Oshawa census metropolitan area, which includes Oshawa, Whitby and Clarington.
Vacancy rates for bachelor apartments dropped from two per cent in October 2010 to 1.2 per cent in October of this year.
Read the full article here.
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Toronto developers rush to get condo plans approved
With City Hall labour strife on the horizon and the condo craze still firing on all cylinders, downtown Toronto city councillors will consider a stack of development applications in the new year that propose to add another 7,000 residential units to the market.
The rush to move forward on 18 projects appears to be fuelled by fears of a municipal lockout or strike. The contracts of more than 28,000 city workers expire on Dec. 31, and labour disruption would bring progress on planning to a halt.
Read the full article here.
With City Hall labour strife on the horizon and the condo craze still firing on all cylinders, downtown Toronto city councillors will consider a stack of development applications in the new year that propose to add another 7,000 residential units to the market.
The rush to move forward on 18 projects appears to be fuelled by fears of a municipal lockout or strike. The contracts of more than 28,000 city workers expire on Dec. 31, and labour disruption would bring progress on planning to a halt.
Read the full article here.
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Toronto housing market headed for coold down, BMO predicts
Vancouver`s hot housing market is headed for a cool down in 2012. So is Toronto`s.
But prepare for oil prices ` and Alberta`s distinction as the strongest employment market in Canada in 2011 ` to propel Calgary and Edmonton to the top two spots next year, according to a bold prediction by BMO Economics.
`Assuming oil prices hold around $90 or better, look for those two cities to lead the way for the hottest housing markets in 2012,` says BMO Deputy Chief Economist Doug Porter.
Read the full article here.
Vancouver`s hot housing market is headed for a cool down in 2012. So is Toronto`s.
But prepare for oil prices ` and Alberta`s distinction as the strongest employment market in Canada in 2011 ` to propel Calgary and Edmonton to the top two spots next year, according to a bold prediction by BMO Economics.
`Assuming oil prices hold around $90 or better, look for those two cities to lead the way for the hottest housing markets in 2012,` says BMO Deputy Chief Economist Doug Porter.
Read the full article here.
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Barrie area vacancy rate drops to 1.7%, says housing market survey
According to Canada Mortgage and Housing Corporation's Fall 2011 Rental Market Survey for the Barrie Census Metropolitan Area, the average vacancy rate moved lower to 1.7 per cent, compared to 3.4 in the previous year.
On the basis of a sample of structures common to both the 2010 and 2011 surveys, the average two-bedroom rent increased by close to three per cent in Barrie.
Read the full article here.
According to Canada Mortgage and Housing Corporation's Fall 2011 Rental Market Survey for the Barrie Census Metropolitan Area, the average vacancy rate moved lower to 1.7 per cent, compared to 3.4 in the previous year.
On the basis of a sample of structures common to both the 2010 and 2011 surveys, the average two-bedroom rent increased by close to three per cent in Barrie.
Read the full article here.
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Get ready for housing market correction: TD
OTTAWA ` The Canadian housing market in 2012 will be a `tug-of-war,` with low interest rates hauling hard on one end of the rope, and economic uncertainty joining forces with slow income and employment growth to pull back on the other, according to a report from TD Economics.
The report suggests Calgary and Edmonton will come out on the winning side, while price corrections will sap the strength of the powerhouse markets in Toronto and Vancouver.
Housing sales grew in 2011 by 2.2%, according to the report by economist Sonya Gulati, and prices rose by an estimated 7.5% ` though once the overheated condo markets in Vancouver and Toronto were removed from the equation the overall price gains were much more muted.
Read the full article here.
OTTAWA ` The Canadian housing market in 2012 will be a `tug-of-war,` with low interest rates hauling hard on one end of the rope, and economic uncertainty joining forces with slow income and employment growth to pull back on the other, according to a report from TD Economics.
The report suggests Calgary and Edmonton will come out on the winning side, while price corrections will sap the strength of the powerhouse markets in Toronto and Vancouver.
Housing sales grew in 2011 by 2.2%, according to the report by economist Sonya Gulati, and prices rose by an estimated 7.5% ` though once the overheated condo markets in Vancouver and Toronto were removed from the equation the overall price gains were much more muted.
Read the full article here.
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Take me higher: GTA condo sales still breaking records
The numbers from RealNet, BILD`s market intelligence source, back up the claim. On a year-to-date basis, 2011 is the best year ever for high-rise sales. By the end of November 2010, 2,591 new condos had sold that year in the GTA. Compare that to 3,137 sold by the end of November for 2011. That`s a 21.1% increase.
Read the full article here.
The numbers from RealNet, BILD`s market intelligence source, back up the claim. On a year-to-date basis, 2011 is the best year ever for high-rise sales. By the end of November 2010, 2,591 new condos had sold that year in the GTA. Compare that to 3,137 sold by the end of November for 2011. That`s a 21.1% increase.
Read the full article here.
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Toronto house prices hit new record
The Toronto housing market slipped back into sellers` territory in November, helping propel prices even higher to a record average of $481,305.
That`s a 2.1 per cent increase from October and, when adjusted for seasonal fluctuations, almost 10 per cent more than the average GTA home was worth a year ago, according to figures released Thursday by the Canadian Real Estate Association.
Read the full article here.
The Toronto housing market slipped back into sellers` territory in November, helping propel prices even higher to a record average of $481,305.
That`s a 2.1 per cent increase from October and, when adjusted for seasonal fluctuations, almost 10 per cent more than the average GTA home was worth a year ago, according to figures released Thursday by the Canadian Real Estate Association.
Read the full article here.
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Help wanted index turns positive, points to job growth in new year
Job prospects in Toronto and four other Ontario cities are up, although the rate of expected growth is ranked `modest,` the Conference Board of Canada reported Wednesday.
`Until the U.S. economy gets going, you`re going to see fairly modest growth in most Ontario cities,` said Alan Arcand, author of the board`s monthly Metro Help-Wanted Index for December.
Near-term job prospects are up in Sudbury, Hamilton, St. Catharines-Niagara and Windsor, says the report, which tracks job growth in 26 Canadian metropolitan areas.
Read the full article here.
Job prospects in Toronto and four other Ontario cities are up, although the rate of expected growth is ranked `modest,` the Conference Board of Canada reported Wednesday.
`Until the U.S. economy gets going, you`re going to see fairly modest growth in most Ontario cities,` said Alan Arcand, author of the board`s monthly Metro Help-Wanted Index for December.
Near-term job prospects are up in Sudbury, Hamilton, St. Catharines-Niagara and Windsor, says the report, which tracks job growth in 26 Canadian metropolitan areas.
Read the full article here.
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Job prospects mixed in Ontario: Conference Board
OTTAWA ` The Conference Board is providing some hope for the jobs market over the next few months.
The think-tank's metro help-wanted index, which tracks job growth in the economy, shows near-term prospects for jobs are up in 14 of 26 metropolitan areas.
Read the full article here.
OTTAWA ` The Conference Board is providing some hope for the jobs market over the next few months.
The think-tank's metro help-wanted index, which tracks job growth in the economy, shows near-term prospects for jobs are up in 14 of 26 metropolitan areas.
Read the full article here.
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Massive renewal project underway downtown
A much anticipated multimillion-dollar development project in Hamilton`s core is under way.
The first of four new buildings that will bring as many as 600 condo units, two hotels and 20,000 square feet of retail space to the core has been rising on George Street near Caroline since the summer, bringing a swell of hope for the core with each new floor.
Read the full article here.
A much anticipated multimillion-dollar development project in Hamilton`s core is under way.
The first of four new buildings that will bring as many as 600 condo units, two hotels and 20,000 square feet of retail space to the core has been rising on George Street near Caroline since the summer, bringing a swell of hope for the core with each new floor.
Read the full article here.
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Condo projects showing promise in the core
Hamilton`s core is on the cusp of a condo boom.
Two developers are working on new projects that are expected to add more than 20 storeys of condominiums to the downtown and Stinson neighbourhoods.
One is a proposal for a $20-million condo development at the site of the Hamilton Cab headquarters on Charlton Avenue East, at the foot of the escarpment. Ron Van Kleef, the president of Hamilton Cab, aims to create 160 units in three, six-storey buildings.
Read the full article here.
Hamilton`s core is on the cusp of a condo boom.
Two developers are working on new projects that are expected to add more than 20 storeys of condominiums to the downtown and Stinson neighbourhoods.
One is a proposal for a $20-million condo development at the site of the Hamilton Cab headquarters on Charlton Avenue East, at the foot of the escarpment. Ron Van Kleef, the president of Hamilton Cab, aims to create 160 units in three, six-storey buildings.
Read the full article here.
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TD predicts trouble for B.C. real estate, Toronto condos
British Columbia and Ontario could both face some real estate troubles over the next two years, though economists don't foresee a bust in Canada's housing market.
British Columbia is forecast to have it worse, said senior economist Jacques Marcil, and will likely see "a signifcant correction" this year. Indeed, he said in a report today, the Vancouver market likely peaked last year.
The report, which examined the country's provincial economies, projects home resales in British Columbia will sink 3.7 per cent this year, while prices decline 3.5 per cent.
Read the full article here.
British Columbia and Ontario could both face some real estate troubles over the next two years, though economists don't foresee a bust in Canada's housing market.
British Columbia is forecast to have it worse, said senior economist Jacques Marcil, and will likely see "a signifcant correction" this year. Indeed, he said in a report today, the Vancouver market likely peaked last year.
The report, which examined the country's provincial economies, projects home resales in British Columbia will sink 3.7 per cent this year, while prices decline 3.5 per cent.
Read the full article here.
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Ottawa should use grants for rent supplements, not new buildings
City staff are wrong for recommending that council use government housing grants for more bricks and mortar, a councillor says.
`Stop building and get a better handle on the units that we have,` Kanata South Coun. Allan Hubley said in an interview.
In a report to the city`s planning committee, staff suggest using more than 80% of the $25.8 million in housing funding from the provincial and federal governments to build or acquire about 200 new units.
Read the full article here.
City staff are wrong for recommending that council use government housing grants for more bricks and mortar, a councillor says.
`Stop building and get a better handle on the units that we have,` Kanata South Coun. Allan Hubley said in an interview.
In a report to the city`s planning committee, staff suggest using more than 80% of the $25.8 million in housing funding from the provincial and federal governments to build or acquire about 200 new units.
Read the full article here.
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Barrie rental housing squeeze is on
Paul Forget is grateful to have what most people take for granted.
The 50-year-old feels fortunate being able to call a single room in a Mary Street rooming house his home.
"I've lived on the street more than once," he says, sitting on a former church pew in the David Busby Street Centre.
"This place (his single room) is clean and the landlord is good. I'd rather be in a place of my own. I'd like to do that but it's unaffordable right now," he says.
Read the full article here.
Paul Forget is grateful to have what most people take for granted.
The 50-year-old feels fortunate being able to call a single room in a Mary Street rooming house his home.
"I've lived on the street more than once," he says, sitting on a former church pew in the David Busby Street Centre.
"This place (his single room) is clean and the landlord is good. I'd rather be in a place of my own. I'd like to do that but it's unaffordable right now," he says.
Read the full article here.
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Toronto real estate market 'the hottest': BMO
Toronto `is starting to stand out as the hottest real estate market right now,` following the release of December sales figures, BMO Nesbitt Burns economist Robert Kavcic says.
However, that may be somewhat of a booby prize, as the Canadian market, following a 13-year boom, is cooling overall ` and Toronto is expected to follow suit, he added.
Read the full article here.
Toronto `is starting to stand out as the hottest real estate market right now,` following the release of December sales figures, BMO Nesbitt Burns economist Robert Kavcic says.
However, that may be somewhat of a booby prize, as the Canadian market, following a 13-year boom, is cooling overall ` and Toronto is expected to follow suit, he added.
Read the full article here.
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Orillia: Slow and steady
Slow growth is better than no growth.
That's the message behind Orillia's latest housing numbers, the Orillia and District Real Estate Board says.
The sale price of the average home in the city increased 2% in 2011, earning the average Orillian $4,410 on their home, according to the board.
"Most of the small cities and small towns in Ontario are experiencing pretty much the same thing," Mike Stahls, vice-president of the board, said, referring to the relatively slow growth rate. "Since the economy went bad in 2008, we aren't going backwards. We are still going forward, just in smaller increments than we have seen in the past. A 2% increase on your home is better than nothing at the bank."
Read the full article here.
Slow growth is better than no growth.
That's the message behind Orillia's latest housing numbers, the Orillia and District Real Estate Board says.
The sale price of the average home in the city increased 2% in 2011, earning the average Orillian $4,410 on their home, according to the board.
"Most of the small cities and small towns in Ontario are experiencing pretty much the same thing," Mike Stahls, vice-president of the board, said, referring to the relatively slow growth rate. "Since the economy went bad in 2008, we aren't going backwards. We are still going forward, just in smaller increments than we have seen in the past. A 2% increase on your home is better than nothing at the bank."
Read the full article here.
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Near record setting home sales in Cambridge
Residential sales activity recorded through the MLSÂ System of the Cambridge Association of REALTORSÂ Inc. recorded another strong performance in December 2011.
According to the Association`s statistics, home sales numbered 159 units in December. This was up three per cent from levels reported in the same month a year earlier. It was also the strongest month of December since 2001, and the third best ever.
Some 2,890 homes traded hands in 2011. This stands eight per cent above 2010 levels.
Read the full article here.
Residential sales activity recorded through the MLSÂ System of the Cambridge Association of REALTORSÂ Inc. recorded another strong performance in December 2011.
According to the Association`s statistics, home sales numbered 159 units in December. This was up three per cent from levels reported in the same month a year earlier. It was also the strongest month of December since 2001, and the third best ever.
Some 2,890 homes traded hands in 2011. This stands eight per cent above 2010 levels.
Read the full article here.
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Oshawa starts hold study in 2011
TORONTO, ONTARIO--(Marketwire - Jan. 10, 2012) - Canada Mortgage and Housing Corporation (CMHC) released year-end new home construction figures for the Oshawa CMA (Census Metropolitan Area) today.
According to the release, a total of 1,859 homes were started in the Oshawa Census Metropolitan Area (CMA) in 2011, including 1,384 single-detached and 475 multiple-family homes (semi-detached, townhouses and apartments). While total numbers in Oshawa were virtually unchanged from a year earlier, there was some strengthening in multiple-family construction.
Read the full article here.
TORONTO, ONTARIO--(Marketwire - Jan. 10, 2012) - Canada Mortgage and Housing Corporation (CMHC) released year-end new home construction figures for the Oshawa CMA (Census Metropolitan Area) today.
According to the release, a total of 1,859 homes were started in the Oshawa Census Metropolitan Area (CMA) in 2011, including 1,384 single-detached and 475 multiple-family homes (semi-detached, townhouses and apartments). While total numbers in Oshawa were virtually unchanged from a year earlier, there was some strengthening in multiple-family construction.
Read the full article here.
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Unemployment rate in Sault lowest in 3 years
A fourth consecutive dip in Sault Ste. Marie's unemployment rate has the percentage of city unemployed at its lowest in more than three years.
According to the Statistics Canada Labour Force Survey, a monthly survey of about 50,000 Canadian households, the city unemployment rate for December was 5.6% ` a more than 2% improvement from December 2010.
The number, a non-seasonally adjusted three-month moving average, according to the survey, translates into 2,100 of the city's 37,500-member labour force being out of work last month.
Read the full article here.
A fourth consecutive dip in Sault Ste. Marie's unemployment rate has the percentage of city unemployed at its lowest in more than three years.
According to the Statistics Canada Labour Force Survey, a monthly survey of about 50,000 Canadian households, the city unemployment rate for December was 5.6% ` a more than 2% improvement from December 2010.
The number, a non-seasonally adjusted three-month moving average, according to the survey, translates into 2,100 of the city's 37,500-member labour force being out of work last month.
Read the full article here.