January 2014 Ontario Economic Fundamentals

[Ally]

Tenants add to wrinkle-free purchase of home





For many homeowners, renting out their basement or other portion of their home is an attractive way to cover some of the costs of home ownership. While it can be a helpful arrangement when monthly bills come due, it does add a few wrinkles to the process of buying and selling the property.





Read the full article here.

 

[Ally]

GTA new home prices show no signs of easing in 2014





Is a new detached home on your holiday shopping list? If so, here`s a look at the supply and price situation you`ll be facing.








GTA builder sales centres these days are not unlike any other stores with in-demand items that sell out fast: the shelves are pretty bare. Heading into the holiday season, there were only 4,505 new detached home options available to consumers across the region.






Read the full article here.

 

[Ally]

Olympic bid back on Toronto council agenda





Toronto`s city council has to decide yet again whether to pursue a bid for the Summer Olympics.






A report to the city`s economic development committee lays out the pros and cons of a bid for the 2024 Games. The committee must decide whether to even begin the bid process by recommending a more detailed study, which would cost about $1 million. Council will make the final decision.





Read the full article here.

 

[Ally]

Housing starts up in St. Catharines-Niagara in December





NIAGARA ` Housing starts in the St. Catharines-Niagara Census Metropolitan Area (CMA) were trending slightly higher at 1,293 units in December compared to 1,288 in November, according to Canada Mortgage and Housing Corporation.





Read the full article here.

 

[Ally]

Oshawa unemployment creeping up at the end of 2013





The Oshawa-area joined the rest of Canada in seeing its number of unemployed people rise at the end of 2013.








Oshawa`s unemployment rate crept up to 6.9 per cent in December, from 6.6 per cent in November. Still, at 6.9 per cent it is 2.7 per cent lower than it was in December 2012.





Read the full article here.

 

[Ally]

Toronto's job growth among the highest in Canada, but so is its unemployment. What gives?





It`s a bit of a head-scratcher.






Despite the Toronto area`s relatively high unemployment rate, more residents found work, and at a higher than average pace, in 2013, according to Statistics Canada data.





Read the full article here.

 

[Ally]

Kingston's steady housing market continues





KINGSTON - Kingston`s housing market just keeps chugging along.





The average home price in Kingston in December 2013 was 3.4% higher than for the same month in 2012.





`We`re pretty consistent,` said Liza Tallen, a sales representative for Royal LePage ProAlliance Realty and president of the Kingston Area Real Estate Association (KAREA).





Read the full article here.

 

[Ally]

Timmins anticipating new development in 2014





After developing its Timmins 2020 strategic plan in 2012 during city`s centenary, the City of Timmins is now starting to put plans into action, and housing, development and infrastructure are among the priorities for city council in 2014.





Read the full article here.

 

[Ally]

Scarborough light rail plan





We`ve got our first contender for a major election issue this year: the future of Scarborough transit. David Soknacki, a former Scarborough councillor who served as David Miller`s cross-the-aisle pick for a conservative budget chief, is now running for mayor, and in his first major policy announcement, he said that he wants to bring back the Scarborough LRT plan.





Read the full article here.

 

[Ally]

Home trends: What to watch for in Ottawa in 2014





OTTAWA ` What`s hot ` and not ` in housing for 2014? We look at some of the trends, from market conditions to what colours and accessories the best homes will be sporting this year.





The market





New home starts in Ottawa should remain stable through the first part of 2014 before softening, according to Canada Mortgage and Housing Corp. Sales will initially move a bit higher before scaling back as interest rates start inching up by mid-2014, says the agency.





Read the full article here.

 

[Ally]

Ontario rental industry adds $18.3 billion GDP





A new report from the Federation of Rental-Housing Providers of Ontario (FRPO), compiled by KPMG, reports that the rental housing industry contributed more than $18.3 billion to Ontario`s gross domestic product in 2012.








Released on Jan. 8, the Bringing it Home report says That the industry has created 147,000 full time jobs and is generating $7 billion in tax revenues.





Read the full article here.

 

[Ally]

130 highrise building projects in Toronto lead North America





Toronto still has more highrise buildings under construction than any other city in North America, but the gap between Canada's largest city and second-place New York City is getting smaller.








There are 130 highrise projects under construction in Toronto, more than in any other North American city.





Read the full article here.

 

[Ally]

Builders blame low supply for decline in home sales





Sales of new homes and condos in the Greater Toronto Area hit their second-lowest level in a decade last year, but appear to have reached a bottom, according to RealNet Canada Inc.








The 12-per-cent decline in sales of low-rise homes and 13-per-cent decline in condo sales during 2013 stem more from a lack of supply than a lack of demand, argues the real estate research firm, which is releasing annual data for the market on Wednesday in partnership with the Building Industry and Land Development Association (BILD).





Read the full article here.

 

[Ally]

No end in sight for the rising cost of single-family homes





If it seems like high-rise condominium units are keep getting smaller and affordable single family homes are getting harder to find, it`s true.





Data from RealNet Canada Inc. for Toronto, to be released Wednesday, paints a grim picture for buyers hoping to avoid condominium living in favour of a low-rise home. It`s a trend that the chief executive of Sotheby`s says he`s seeing across the country.





Read the full article here.

 

[Ally]

GTA realtors release rental market report





TORONTO, ONTARIO--(Marketwired - Jan. 22, 2014) - Greater Toronto Area REALTORSÂ reported an 18 per cent year-over-year increase in condominium apartment rental transactions in the fourth quarter of 2013, with a total of 4,305 condo apartments leased compared to 3,644 during the last three months of 2012. Over the same period, the number of condominium apartments listed for rent was up by 31 per cent.





"The construction of purpose-built rental properties has been a tough sell over the past decade. This means that investor-owned condominium apartments have increasingly filled the void in terms of meeting the needs of renters. People looking to rent modern apartments in popular neighbourhoods close to work and leisure opportunities have been focused on rental condos. Investor-owners have moved to meet this demand by listing their units for rent in greater numbers," said Toronto Real Estate Board President Dianne Usher.





Read the full article here.

 

[Ally]

Hamilton real estate set to be seller's market in 2014





The housing market in Hamilton was definitely a sellers' market in 2013 ` and 2014 likely won't be any different, according to the Realtors Association of Hamilton-Burlington.








"We were expecting an average price increase of 2.5 per cent last year and we ended up with a 6.7 per cent increase," explained Tim Mattioli, president of the RAHB. "The listings stayed on the low side so it was definitely a sellers' market."





Read the full article here.

 

[Ally]

Who's shopping for BlackBerry's real estate?





BlackBerry is selling 15 office buildings in Waterloo Region, totalling more than 2 million square feet of commercial real estate, and according to one commercial real estate insider in Waterloo, investors are already eyeing what are considered to be some very hot properties.











Read the full article here.

 

[Ally]

Burlington mayor says slow growth is a concern





BURLINGTON Welcome to the slowest-growing municipality in the Greater Toronto Area.





That's not a slogan to paint on highway signs, but Burlington Mayor Rick Goldring warns not meeting the challenges that label poses will mean sharp tax hikes for residents in the future.





Read the full article here.

 

[Ally]

Hamilton's luxury home market is booming





The luxury home market in Hamilton is booming, according to a new report released Tuesday by Remax.





The Remax Upper End Report highlights trends and developments in 16 major Canadian centres. The Hamilton-Burlington region saw a 31 per cent increase in luxury home sales from last year, which is the fourth largest in the country.





Read the full article here.

 

[Ally]

Express train to Pearson Airport prepares for takeoff





No coat? No problem.








Toronto`s new $456 million airport train will be `a sun worshipper`s dream,` says the chief engineer for UP (Union Pearson) Express, scheduled to open in time for the Pan Am Games in summer 2015.






Read the full article here.