Welcome!

By registering with us, you'll be able to discuss, share and private message with other members of our community.

SignUp Now!

July 2009

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Scratch those new Ontario Reactor Plans

Bruce Power has abandoned its grand vision of building new reactors in Nanticoke and at its existing site near Kincardine, another sign that the nuclear "renaissance" is not emerging as planned.

The nuclear operator, which supplies more than 20 per cent of Ontario`s electricity, said yesterday that a fall in power demand in the province persuaded it to contact federal regulators and withdraw its site applications, as well as drop its environmental assessments.

"These are business decisions unique to Ontario and reflect the current realities of the market," said Bruce chief executive Duncan Hawthorne in a statement.

He said the focus now will be to investigate how feasible it is to refurbish reactor units 3 and 4 at its Bruce A facility and units 5 to 8 at its Bruce B plant.

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Tower`s Future up in the air as Yonge-Bloor Site being Sold

Kazakhstan-backed developer Michael Gold is selling his prime property at Yonge and Bloor Sts., signalling that his planned glass tower condo and hotel project may be dead.

Gold made the decision as part of his court-approved plan to keep the property out of receivership, where his main creditor tried to send him earlier this week.

Documents filed in court yesterday show Gold and his company, Bazis International of Kazakhstan, will sell the land on the southeast corner of Yonge and Bloor to an unnamed buyer. The buyer must make a "good faith deposit" as part of the land sale by next Wednesday, and the deal must close by Sept. 16. Several other conditions are attached, including a "due diligence" period for the unknown buyer to analyze the deal.

"I have to wonder if the new buyer will want to build the same thing (Gold) did," said Ray Tabrizi, a purchaser of a unit in the 80-storey tower that Gold planned. "Maybe the new guy will go half the size, one-third, who knows?"

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Transit Friendly Projects in the 905

The principals of Liberty Developments believe living outside the downtown core – or even in the 905 – doesn`t mean you have to own a car.

That`s why the company has been on the forefront of transit-friendly residential development in places not too long ago considered suburban fringes, such as Markham and Thornhill.

Two of its current projects – Metro Place across from the Downsview subway station north of Highway 401, and Centre Park Condos in the Thornhill City Centre – are poised to capitalize on current and future transit expansions; its Liberty Square/eko mixed-use project takes advantage of Markham and York Region`s public transportation.

Building transit-friendly sites have been an integral part of Liberty`s vision.

The principals in Liberty have 30 years experience; Liberty itself is about 10 years old. "In terms of site selection, access to transit is a key criteria," says Marco Filice, senior vice-president and counsel for Liberty Developments. Historically, he says, it`s been demonstrated that projects with transit access have better resale value.

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
GTA New Home Prices slip in May

The price of a new home in Toronto and Oshawa declined by 0.3 per cent in May over April, according to a Statistics Canada report released today.

New home prices have declined by 0.8 per cent year to date according to the federal agency.

The Hamilton area, which has been struck by a loss of manufacturing jobs, saw prices decline the most in the Golden Horseshoe Area by 1.1 per cent

"Builders offered free upgrades, incentives and cash bonuses in order to increase sales during a period of less favourable market conditions," said Statistics Canada.

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Average House Prices rise

John Cocomile can`t seem to walk a few steps before his BlackBerry starts to buzz. It`s another client trying to close on a home purchase.

"It has been like this for the last couple months," says Cocomile, a mortgage broker and owner of popular website greedymortgage.com. "Real estate agents are normally on holiday in the summer, so everyone expected things to slow down. But, good gosh, stuff is really selling out there."

He`s right. Canadian existing homes sales soared in June, up 17.9 per cent year over year to 54,416 units, according to the Canadian Real Estate Association in a report released yesterday

The national average sale price also reached new heights on a monthly basis, climbing 3.6 per cent year over year to $326,613.

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Real Estate Deep Freeze now Hot Thaw

Remember last winter when Toronto`s housing market pulse could barely be detected?

The patient is not only recovering, but appears to be returning to robust health, according to five of the GTA`s top real estate brokers and marketing consultants.

There was plenty of optimism at a recent round table discussion the Star held with these experts, who shared their views during a candid and wide-ranging discussion on the current state of the market.

The participants included moderator Barry Lyon, senior partner and president, N. Barry Lyon Consultants Ltd., and panellists Barbara Lawlor, president of Baker Real Estate Inc.; Debbie Cosic, partner in In2ition Realty; Michael Wilson, principal of International Home Marketing Group Ltd.; and Andy Brethour, president of PMA Brethour.

All agreed that December, January and February were "a deep freeze" for sales as Lawlor described it, but since then, sales have picked up. In fact, she pointed out, sales in May and early June have outdone May and June of 2008, according to Toronto Real Estate Board figures. And the average price for an MLS resale home was $407,716 according to TREB, up by 2 per cent compared to last year.

"Let`s put in it perspective," said Lyon. "Sales are down year over year by about 15 per cent and new homes sales down about 60 per cent for the same period – why are resales so hot and why are new sales lingering somewhat?"

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Families will look Elsewhere, says Builder

The Town of Oakville will claim the dubious honour of having the highest development fees in Canada, if proposed municipal and regional increases are approved this month.

Halton Region proposes to add a $7,888 "infrastructure financing fee" on top of its current development fees of $29,075; combine that with a proposed 65 per cent increase in Oakville`s development fees and the final amount paid per house would be about $63,813 for singles and semis. That`s far steeper than cities like Calgary, for instance, where the fees are a mere $7,294.

If that happens, Oakville`s development charges will become the highest in the country, confirms David Crenna, director of urban affairs for the Canadian Home Builders` Association.

The fees fund infrastructure like roads, waste water, water treatment and recreation centres.

Peter Gilgan, the chief executive officer of Mattamy Homes, the GTA`s largest home building company, has reached the "tipping point" over the proposed fee hikes.

"Development charges (in Halton) have increased about 600 per cent faster than the rate of inflation in the last 10 years," said Gilgan.

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Immigrants drive GTA Home Sales, bank finds

New immigrants are an increasingly important driver of the housing industry, particularly in large cities such as Toronto, helping to steer the currently rocky market onto steadier ground, a study by Scotiabank says.

"As recent immigrants to Canada make the transition from renter to owner, they will increasingly drive housing demand," Adrienne Warren, Scotia Economics senior economist, said yesterday.

Scotiabank forecasts that Canada`s aging population and low fertility rates mean that a decade from now, 75 per cent of the country`s population growth will come from immigration. That compares with 60 to 65 per cent now.

The most recent census data from 2006 show that 72 per cent of immigrants lived in dwellings owned by household members, up from 68 per cent in 2001. The biggest increase was among those living in Canada for less than 10 years, suggesting that immigrants are buying homes more quickly than before.

Accountant Seela Gupta, 35, lived with an uncle for four years in Brampton before buying her first home last year.

"I think it`s important to have some roots, and property is important when you first arrive," Gupta said. "It is part of the dream."

Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Condo Residents fear impact on new Tax Fees

The Ballantrae Golf and Country Club is a wonderful upscale gated community in Stouffville, Ont., the kind of place where many people would want to retire if they had the money. Its charming bungalows are nestled in acres of land surrounding a golf course.

It was one of the province`s first land condominiums. Residents own their home and the land immediately surrounding it outright, but are members of a condominium corporation, which owns the acres that tie all the houses together.

You might think residents would have enough money socked away to be able to easily absorb the impact on condo fees, of the new harmonized sales tax (HST) due to take effect in Ontario on July 1, 2010.

You would be dead wrong, says Patrick Wittingham, who stepped down as president of the condo board earlier this year.

"We have people living on fixed incomes," he says. "There are some of them who believe the increase in condo fees the HST will bring will mean great hardship in making their monthly payments. Some are already telling us they will have to move."

The proposed tax will merge the 8 per cent provincial sales tax and the 5 per cent federal goods and services tax into one 13 per cent tax. In the past, the provincial sales tax component did not apply to services. The provincial government also announced a plan for future income-tax cuts and rebates that it says will offset some of the impact of the HST. But that doesn`t go far enough, say critics.

Read the full article here.
 

Amber

0
Registered
Joined
Oct 12, 2007
Messages
586
Toronto council uneasy over strike deal

TORONTO — Toronto`s outside workers voted Thursday night to accept a new contract with the city, setting the stage for a quick resumption of such city services as garbage collection and day care.

CUPE Local 416 had delayed the ratification vote for a day while details of the proposed contract were ironed out. CUPE Local 79 which represents inside workers approved the deal Wednesday.

But Toronto`s five-week-long municipal strike might not be over as it became evident Thursday that Mayor David Miller faces the fight of his political life Friday when he`ll have to convince a majority of city councillors to support the agreement over widespread objections from the public. The deals allow union workers to retain the ability to stack unused sick days — up to 18 a year — and cash them in upon retirement.




read full article here
 

Amber

0
Registered
Joined
Oct 12, 2007
Messages
586
Global auto industry on the mend: Report

A report from Scotia Economics says the beleaguered auto industry is starting to recover after months of declines inflicted by the worldwide recession.

The report says second-quarter global auto sales reached 48 million units, up from an eight-year low of 43 million units in the first three months of the year.

Sales in June reached the highest level on record since last July.




read full article here
 

Amber

0
Registered
Joined
Oct 12, 2007
Messages
586
Sun shines brightest on Beach homes

When it came to choosing a Toronto neighbourhood to live in, Johanna Skitt never wavered. It had to be the Beach.

"We really felt this was the perfect blend of suburbia and downtown living," said Skitt, 29.




read full article here
 

Amber

0
Registered
Joined
Oct 12, 2007
Messages
586
Ontario poised for economic rebound
Service sector expected to power recovery, though unemployment may hit 10.2 per cent



Ontario`s economy is poised to rebound next year, boosted by financial services, transportation, and stimulus from Ottawa, according to two forecasts released yesterday.

The Conference Board of Canada said that Ontario`s economy will grow by 3.1 per cent next year, after shrinking by 3 per cent in 2009.

In a forecast issued separately, Scotia Economics expects the province`s gross domestic product, or GDP, to come in at 2.2 per cent in 2010, partly reversing a decline of 2.8 per cent this year. But economists also warn that the province`s jobless rate will keep climbing, and the recovery may be thrown off track if the global recession lasts longer than expected.




read full article here
 

Amber

0
Registered
Joined
Oct 12, 2007
Messages
586
Is this the beginning of the end for Miller?

Mayor David Miller is a weakened politician today, vulnerable to challengers following a strike deal that suggests he caved in to the unions.

Would-be mayors spoiling for a run at his job in November 2010 are no doubt emboldened as details of the deal emerge. They now have an issue on which to launch a run for mayor. They`ll be able to spin an election message of "Throw out the sellout."

The number one issue that sparked the longest municipal strike in Toronto`s modern history was a long-held benefit that gives employees 18 sick days a year, days they can bank over time to a maximum of a year`s worth. Then, on retirement, the worker is guaranteed a maximum payout, a nest egg, of six months` pay at a rate matching his pay at retirement.




read full article here
 

Amber

0
Registered
Joined
Oct 12, 2007
Messages
586
Housing market leads economic recovery

KITCHENER – While the national economy appears to have turned a corner from the sudden and brutal recession of the past nine months, what has amazed economists even more is the rebound in the housing market.

Home sales have recovered much of their decline and house prices, "much to our surprise have pretty well retraced" from the lows of previous months, Sal Guatieri, a senior economist with BMO Capital Markets, told a seminar on the real estate market in Kitchener yesterday.

Unemployment is easing and retail spending is beginning to reawaken, but the main reason is low mortgage rates, he said.

His comments were echoed by Karen Shartun, president of the Kitchener-Waterloo Real Estate Board. House sales have been up in the board`s coverage area for the past few months compared to the same period last year, and average prices have dropped only 2.5 per cent. "This is a pretty darned stable real estate market," she said.

read full article here
 
Top Bottom