July 2011 Ontario Economic Fundamentals
- Thread starter Ally
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How does your neighbourhood rank? New site lets you compare
Toronto has launched a unique website that could change how residents decide where to live, how charities decide where to operate, and how politicians decide where to spend taxpayers` money.
The Wellbeing Toronto website provides easy access to a treasure trove of neighbourhood-by-neighbourhood data that is currently inaccessible or accessible only with difficulty. It includes an unprecedented gizmo that allows users to rank the city`s 140 official neighbourhoods by dozens of criteria related to crime, safety, the economy, health, education, housing, the environment, demographics and civic participation.
Users can compare, for example, the number of welfare recipients in Davenport and Mimico, the number of car crashes in Morningside and Victoria Village, the amount of tree cover in Parkdale and West Hill, the high school dropout rates in Mount Dennis and Agincourt, and the number of Italians in Downsview and Wexford.
They can also assign different levels of importance to several criteria at once ` say, most important to the dropout rate, moderately important to the number of Italians, and least important to the number of crashes. The website will then spit out a custom neighbourhood rankings list.
Read the full article here.
Toronto has launched a unique website that could change how residents decide where to live, how charities decide where to operate, and how politicians decide where to spend taxpayers` money.
The Wellbeing Toronto website provides easy access to a treasure trove of neighbourhood-by-neighbourhood data that is currently inaccessible or accessible only with difficulty. It includes an unprecedented gizmo that allows users to rank the city`s 140 official neighbourhoods by dozens of criteria related to crime, safety, the economy, health, education, housing, the environment, demographics and civic participation.
Users can compare, for example, the number of welfare recipients in Davenport and Mimico, the number of car crashes in Morningside and Victoria Village, the amount of tree cover in Parkdale and West Hill, the high school dropout rates in Mount Dennis and Agincourt, and the number of Italians in Downsview and Wexford.
They can also assign different levels of importance to several criteria at once ` say, most important to the dropout rate, moderately important to the number of Italians, and least important to the number of crashes. The website will then spit out a custom neighbourhood rankings list.
Read the full article here.
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Greater Toronto sales and price increase in May
Greater Toronto REALTORSÂ
% reported 10,046 sales in May 2011 ` up six per cent compared to May 2010. This result was the second best on record for May under the current Toronto Real Estate Board service area. The number of new listings in May, at 16,076, was down 15 per cent compared to last year.
`Positive economic news and low borrowing costs led to strong sales through the first five months of the year, including the increase in May,` said Toronto Real Estate Board President Bill Johnston. `At the same time, the market has become much tighter compared to last year, due to a substantial dip in new listings.`
Read the full article here.
Greater Toronto REALTORSÂ
% reported 10,046 sales in May 2011 ` up six per cent compared to May 2010. This result was the second best on record for May under the current Toronto Real Estate Board service area. The number of new listings in May, at 16,076, was down 15 per cent compared to last year.
`Positive economic news and low borrowing costs led to strong sales through the first five months of the year, including the increase in May,` said Toronto Real Estate Board President Bill Johnston. `At the same time, the market has become much tighter compared to last year, due to a substantial dip in new listings.`
Read the full article here.
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Barrie Economic Action Plan
City Council and staff have identified a number of initiatives in 2011 and beyond to help us direct and manage economic development. The projects listed below represent a series of short, medium and long term projects we will be embarking on to achieve the desired outcomes of this goal. Initiatives identified for 2011 have been finalized and are included in the City`s current business plan. Projects contemplated for 2012, 2013 and 2014 are not approved yet, and will require Council endorsement through the City`s annual business planning process
Read the full report here.
City Council and staff have identified a number of initiatives in 2011 and beyond to help us direct and manage economic development. The projects listed below represent a series of short, medium and long term projects we will be embarking on to achieve the desired outcomes of this goal. Initiatives identified for 2011 have been finalized and are included in the City`s current business plan. Projects contemplated for 2012, 2013 and 2014 are not approved yet, and will require Council endorsement through the City`s annual business planning process
Read the full report here.
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Ontario renters could face 3.1% hike
Tenants can expect a 3.1% hike in their rent next year, according to calculations by the Federation of Rental-housing Providers of Ontario.
The increase, coming after a 0.7% increase this year, won`t be enough to help landlords struggling with the impact of the Harmonized Sales Tax, FRPO president Vince Brescia said Wednesday.
`Never mind inflation, the HST impact added about 5% to our costs. You add inflation, we were experiencing cost increases in the neighbourhood of 7% and we had a guideline of 0.7%,` Brescia said. `It was horrible for a lot of the landlords. It really was not enough to allow them to look after their buildings properly.`
Brescia said the HST hit the rental industry particularly hard because it does not qualify for the same input tax credits that most businesses enjoy under the reformed tax regime.
Read the full article here.
Tenants can expect a 3.1% hike in their rent next year, according to calculations by the Federation of Rental-housing Providers of Ontario.
The increase, coming after a 0.7% increase this year, won`t be enough to help landlords struggling with the impact of the Harmonized Sales Tax, FRPO president Vince Brescia said Wednesday.
`Never mind inflation, the HST impact added about 5% to our costs. You add inflation, we were experiencing cost increases in the neighbourhood of 7% and we had a guideline of 0.7%,` Brescia said. `It was horrible for a lot of the landlords. It really was not enough to allow them to look after their buildings properly.`
Brescia said the HST hit the rental industry particularly hard because it does not qualify for the same input tax credits that most businesses enjoy under the reformed tax regime.
Read the full article here.
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Investors shown Durham's potential
DURHAM -- If you're looking to make money in real estate, Durham Region has income property opportunities, heard hundreds of real estate investors.
As Durham's population projections head upward over the next 10 years, so will the demand for rentals, with two-unit properties with basement suites becoming the main source of affordable housing, according to Don Campbell, president of the Real Estate Investment Network.
The network, which does not sell property, recently brought a tour of more than 250 investors through Whitby, Ajax and Pickering to show and explain some of the reasons Durham is worth considering.
"Eye opener, real eye opener in the Durham Region," Mr. Campbell said during a stop at Whitby's Garden Cafe for lunch.
Read the full article here.
DURHAM -- If you're looking to make money in real estate, Durham Region has income property opportunities, heard hundreds of real estate investors.
As Durham's population projections head upward over the next 10 years, so will the demand for rentals, with two-unit properties with basement suites becoming the main source of affordable housing, according to Don Campbell, president of the Real Estate Investment Network.
The network, which does not sell property, recently brought a tour of more than 250 investors through Whitby, Ajax and Pickering to show and explain some of the reasons Durham is worth considering.
"Eye opener, real eye opener in the Durham Region," Mr. Campbell said during a stop at Whitby's Garden Cafe for lunch.
Read the full article here.
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Toronto high-rises outpaces houses
`It`s pushing the limits,` George Carras says of the Greater Toronto Area`s housing market. The high-rise market is pushing new highs, adds the president of real estate research firm RealNet Canada. But the low-rise market is pushing new lows.
May set records in the new high-rise market with 2,433 new condo sales throughout the GTA (all statistics are from RealNet). That`s up approximately 50% from 1,627 high-rise unit sales in May 2010. In fact, it`s the best May for condo sales ever, says Stephen Dupuis, president and CEO of the Building Industry and Land Development Association (BILD).
While new low-rise home sales throughout the GTA were up as well this May ` 24% over last year ` the trend is showing fewer low-rise purchases altogether (when comparing the year to date, from January to May, low-rise was down 6%, while high-rise was up 29%).
Read the full article here.
`It`s pushing the limits,` George Carras says of the Greater Toronto Area`s housing market. The high-rise market is pushing new highs, adds the president of real estate research firm RealNet Canada. But the low-rise market is pushing new lows.
May set records in the new high-rise market with 2,433 new condo sales throughout the GTA (all statistics are from RealNet). That`s up approximately 50% from 1,627 high-rise unit sales in May 2010. In fact, it`s the best May for condo sales ever, says Stephen Dupuis, president and CEO of the Building Industry and Land Development Association (BILD).
While new low-rise home sales throughout the GTA were up as well this May ` 24% over last year ` the trend is showing fewer low-rise purchases altogether (when comparing the year to date, from January to May, low-rise was down 6%, while high-rise was up 29%).
Read the full article here.
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Hamilton downtown McMaster Health Centre receives $10M
Councillors have agreed to contribute up to $20 million towards McMaster University's proposed $105-million downtown health campus.
But a pricey part of the plan to consolidate downtown public health services in the new building remains up in the air after the general issues committee directed staff to continue negotiating the final price tag Monday.
McMaster's pitch was actually made behind closed doors last week, but councillors discussed a staff report on the cash request in public Monday.
The report endorses the $105-million proposal to build a medical campus on the site of the current downtown public school board headquarters at 100 Main St. W.
Read the full article here.
Councillors have agreed to contribute up to $20 million towards McMaster University's proposed $105-million downtown health campus.
But a pricey part of the plan to consolidate downtown public health services in the new building remains up in the air after the general issues committee directed staff to continue negotiating the final price tag Monday.
McMaster's pitch was actually made behind closed doors last week, but councillors discussed a staff report on the cash request in public Monday.
The report endorses the $105-million proposal to build a medical campus on the site of the current downtown public school board headquarters at 100 Main St. W.
Read the full article here.
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Ottawa, Ontario pledge $141.6M for upgrades to Toyota Canada plants
Ottawa and the Ontario government are contributing $141.6-million to a major $545-million capital investment to improve productivity Toyota Motor Manufacturing Canada plants in Ontario.
The federal and provincial government will contribute $70.8-million each to so-called `Project Green Light` at Toyota`s plants in Cambridge and Woodstock, Ontario.
The funds are slated to be invested in productivity upgrades, including new machinery and equipment, a new paint shop, employee training and continuing projects to increase efficiency and waste.
`This investment will help Toyota maintain its competitive edge in the global market,` said John Milloy, Ontario`s Minister of Training, Colleges and Universities.
Read the full article here.
Ottawa and the Ontario government are contributing $141.6-million to a major $545-million capital investment to improve productivity Toyota Motor Manufacturing Canada plants in Ontario.
The federal and provincial government will contribute $70.8-million each to so-called `Project Green Light` at Toyota`s plants in Cambridge and Woodstock, Ontario.
The funds are slated to be invested in productivity upgrades, including new machinery and equipment, a new paint shop, employee training and continuing projects to increase efficiency and waste.
`This investment will help Toyota maintain its competitive edge in the global market,` said John Milloy, Ontario`s Minister of Training, Colleges and Universities.
Read the full article here.
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Landlords warned not to discriminate in rental ads
Jane Schweitzer says writing an ad for an available rental property has become a minefield thanks to the glaring eye of the Ontario Human Rights Commission (OHRC).
Schweitzer, a Hamilton resident who owns several rental properties, says the commission`s recent campaign to address `discriminatory housing advertisements` goes too far.
On June 14, the OHRC announced it was going to ask media outlets and housing websites that run ads seeking tenants to address what they see as a growing trend toward discriminatory housing advertisements.
Ad descriptions that include wording such as `adult building,` `must provide proof of employment` or `No ODSP (Ontario Disability Support Program),` are deemed by the commission as being discriminatory.
Read the full article here.
Jane Schweitzer says writing an ad for an available rental property has become a minefield thanks to the glaring eye of the Ontario Human Rights Commission (OHRC).
Schweitzer, a Hamilton resident who owns several rental properties, says the commission`s recent campaign to address `discriminatory housing advertisements` goes too far.
On June 14, the OHRC announced it was going to ask media outlets and housing websites that run ads seeking tenants to address what they see as a growing trend toward discriminatory housing advertisements.
Ad descriptions that include wording such as `adult building,` `must provide proof of employment` or `No ODSP (Ontario Disability Support Program),` are deemed by the commission as being discriminatory.
Read the full article here.
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Toyota's plans are good for region
Toyota Motor Manufacturing Canada has made another important investment in its southwestern Ontario plants that demonstrates the company`s confidence in this region and its workforce.
With help from the federal and Ontario governments, Toyota will invest up to $545 million to improve the company`s plants in Cambridge and Woodstock. The federal government will contribute through the Automotive Innovation Fund a repayable loan of as much as $70.84 million, and the provincial government will offer a straight grant of up to $70.8 million. The two governments have not released the full terms of their assistance.
At this point, Toyota has not said exactly how it will spend all of the money, including the contributions from the two governments. What Toyota has said is that the money will help it to make its plants more efficient, implement new technology and improve environmental standards.
Read the full article here.
Toyota Motor Manufacturing Canada has made another important investment in its southwestern Ontario plants that demonstrates the company`s confidence in this region and its workforce.
With help from the federal and Ontario governments, Toyota will invest up to $545 million to improve the company`s plants in Cambridge and Woodstock. The federal government will contribute through the Automotive Innovation Fund a repayable loan of as much as $70.84 million, and the provincial government will offer a straight grant of up to $70.8 million. The two governments have not released the full terms of their assistance.
At this point, Toyota has not said exactly how it will spend all of the money, including the contributions from the two governments. What Toyota has said is that the money will help it to make its plants more efficient, implement new technology and improve environmental standards.
Read the full article here.
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GTA housing demand surging
Those cranes on the Toronto skyline aren`t going to disappear anytime soon.
Building permits in Ontario were up by 15 per cent or a seasonally adjusted $2.17 billion in May, compared with $1.89 billion in April according to figures released Wednesday by Statistics Canada.
Much of that was because of the strong condominium market in the Toronto area, and intentions to build commercial projects. Residential permits rose 22 per cent to $683 million in Toronto, while non-residential projects which include commercial, industrial and institutional building, rose by 24 per cent to $488 million.
Read the full article here.
Those cranes on the Toronto skyline aren`t going to disappear anytime soon.
Building permits in Ontario were up by 15 per cent or a seasonally adjusted $2.17 billion in May, compared with $1.89 billion in April according to figures released Wednesday by Statistics Canada.
Much of that was because of the strong condominium market in the Toronto area, and intentions to build commercial projects. Residential permits rose 22 per cent to $683 million in Toronto, while non-residential projects which include commercial, industrial and institutional building, rose by 24 per cent to $488 million.
Read the full article here.
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How the economic storm battered St. Thomas, ON's factories
In the depths of the recession, John LaCroix stopped at a traffic light in his green Ford Windstar and found himself struck by a wave of anxiety.
He had been working only part-time since being laid off at the Sterling Truck plant in St. Thomas in 2007 and fears about running out of money had been waking him in the middle of the night. Now, they were beginning to dominate his daytime thoughts as well.
Read the full article here.
In the depths of the recession, John LaCroix stopped at a traffic light in his green Ford Windstar and found himself struck by a wave of anxiety.
He had been working only part-time since being laid off at the Sterling Truck plant in St. Thomas in 2007 and fears about running out of money had been waking him in the middle of the night. Now, they were beginning to dominate his daytime thoughts as well.
Read the full article here.
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Blazing a trail for the new manufacturing
Canada`s policy makers are faced with unprecedented challenges as the country's manufacturing sector seeks its place in the global supply chain. Much like the sector itself, policy in this area needs to take on a more specialized, streamlined role that emphasizes adding value. While there is no magic bullet to grease a seamless transition for manufacturing companies or workers, with a majority government Conservatives are in a better position than ever to think creatively about how to help the more nimble companies survive and grow, and how to keep people from being left behind by the sea change. For an economy that exports about half of what it produces, and where manufacturing has long been a crucial source of decent-paying jobs for the bulk of the population that does not go to university, it`s hard to find a bigger challenge.
Read the full article here.
Canada`s policy makers are faced with unprecedented challenges as the country's manufacturing sector seeks its place in the global supply chain. Much like the sector itself, policy in this area needs to take on a more specialized, streamlined role that emphasizes adding value. While there is no magic bullet to grease a seamless transition for manufacturing companies or workers, with a majority government Conservatives are in a better position than ever to think creatively about how to help the more nimble companies survive and grow, and how to keep people from being left behind by the sea change. For an economy that exports about half of what it produces, and where manufacturing has long been a crucial source of decent-paying jobs for the bulk of the population that does not go to university, it`s hard to find a bigger challenge.
Read the full article here.
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20 Hard Facts on Toronto's Condo Market
`Real estate investment is like a three course meal; 1st course is mortgage pay down, 2nd course is cash flow, 3rd course is appreciation of the asset`
In this 35 minute audio interview, Urbanation`s Ben Meyers and REIN`s Russell Westcott cover Toronto and GTA`s condominium market. The following is a summary of the interview. The main interview can be found on HERE.
Record Breaking First Half
Read the full article here.
`Real estate investment is like a three course meal; 1st course is mortgage pay down, 2nd course is cash flow, 3rd course is appreciation of the asset`
In this 35 minute audio interview, Urbanation`s Ben Meyers and REIN`s Russell Westcott cover Toronto and GTA`s condominium market. The following is a summary of the interview. The main interview can be found on HERE.
Record Breaking First Half
- 20,000+ new condos sold in 2010, second highest ever (first happened in 2007)
- Near record sales in Q1 2011, ~300 fewer than the highest Q1 ever which happened last year
Q2 2011 projecting as many as 40 new project launches which is a record. Q2 2008 had 38 project launches
At the end of Q1 2011, of over 75,000 units only 17% were unsold, which is tied for the lowest ever matched only in Q1 2010 and Q1 1986
Read the full article here.
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Oshawa housing starts remain steady in June
TORONTO, ONTARIO--(Marketwire - July 11, 2011) - According to Canada Mortgage and Housing Corporation (CMHC), construction began on a total of 197 homes in June in the Oshawa Census Metropolitan Area (CMA), virtually unchanged from the same period last year. Single-detached homes have accounted for a record share (91 per cent) of total housing starts so far this year.
To view the graph associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc0711oshge.jpg.
"An extended period of tight resale market conditions and record low borrowing costs have resulted in stronger demand for new homes and an improved pace of new home construction in recent months," said Inna Breidburg, Market Analyst with CMHC's Ontario Business Centre.
As Canada's national housing agency, CMHC draws on 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
Read the full article here.
TORONTO, ONTARIO--(Marketwire - July 11, 2011) - According to Canada Mortgage and Housing Corporation (CMHC), construction began on a total of 197 homes in June in the Oshawa Census Metropolitan Area (CMA), virtually unchanged from the same period last year. Single-detached homes have accounted for a record share (91 per cent) of total housing starts so far this year.
To view the graph associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc0711oshge.jpg.
"An extended period of tight resale market conditions and record low borrowing costs have resulted in stronger demand for new homes and an improved pace of new home construction in recent months," said Inna Breidburg, Market Analyst with CMHC's Ontario Business Centre.
As Canada's national housing agency, CMHC draws on 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
Read the full article here.
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Transport Canada pushing for Pickering airport
For 40 years now, Transport Canada has had intention to build another airport in the Greater Toronto Area with one of its main targets being Pickering on lands expropriated in 1972.
Politics has always gotten in the way but Transport Canada is back taking another look. There's a new study which concludes this part of the province will likely need another airport in 16 to 26 years and the best fit would be Pickering.
Under this scenario, Pearson would max out sometime between 2027 and 2037. The spillover would go to Hamilton and Waterloo and while those two now handle a combined 5-hundred-thousand people a year, they would max out with a combined 17-million a year.
Read the full article here.
For 40 years now, Transport Canada has had intention to build another airport in the Greater Toronto Area with one of its main targets being Pickering on lands expropriated in 1972.
Politics has always gotten in the way but Transport Canada is back taking another look. There's a new study which concludes this part of the province will likely need another airport in 16 to 26 years and the best fit would be Pickering.
Under this scenario, Pearson would max out sometime between 2027 and 2037. The spillover would go to Hamilton and Waterloo and while those two now handle a combined 5-hundred-thousand people a year, they would max out with a combined 17-million a year.
Read the full article here.
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Controversial Toronto-area airport plan may soon take flight
The federal government is revisiting a contentious decades-old plan to build a new airport northeast of Toronto under a scenario that could also see explosive growth at airports in Hamilton and Waterloo.
A Transport Canada study released Monday found that the Greater Golden Horseshoe ` a sprawling conurbation centred on Toronto ` will likely require another airport in 16 to 26 years` time and determined a rural site 50 kilometres northeast of Toronto in Pickering, Ont., would be a good fit.
The government expropriated 7,530 hectares of land at the site in 1972 in anticipation of a new airport. However, the facility was never built and the government opted instead to expand and upgrade Lester B. Pearson International, the country's busiest air hub.
Read the full article here.
The federal government is revisiting a contentious decades-old plan to build a new airport northeast of Toronto under a scenario that could also see explosive growth at airports in Hamilton and Waterloo.
A Transport Canada study released Monday found that the Greater Golden Horseshoe ` a sprawling conurbation centred on Toronto ` will likely require another airport in 16 to 26 years` time and determined a rural site 50 kilometres northeast of Toronto in Pickering, Ont., would be a good fit.
The government expropriated 7,530 hectares of land at the site in 1972 in anticipation of a new airport. However, the facility was never built and the government opted instead to expand and upgrade Lester B. Pearson International, the country's busiest air hub.
Read the full article here.
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New warning on house prices
For the second time in less than a week a Canadian bank has issued a warning about the real estate market overheating.
Home values are headed for a correction and could drop by about 12 per cent within the next two years, says the Toronto-Dominion Bank in an economic note Monday.
`Toronto and Vancouver are the two most vulnerable markets` said TD economist Sonya Gulati in an interview Monday. `We can expect to see some decline in the next seven to eight quarters.`
Read the full article here.
For the second time in less than a week a Canadian bank has issued a warning about the real estate market overheating.
Home values are headed for a correction and could drop by about 12 per cent within the next two years, says the Toronto-Dominion Bank in an economic note Monday.
`Toronto and Vancouver are the two most vulnerable markets` said TD economist Sonya Gulati in an interview Monday. `We can expect to see some decline in the next seven to eight quarters.`
Read the full article here.
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Has LRT gone off the rails?
Is light rail derailed in Hamilton?
The idea, just a few short years ago, seemed to be zooming along. Council was on board, unanimously backing LRT for Hamilton's rapid transit future and parking the idea of buses. Polls showed a good chunk of the public was supportive.
The business community was united in support and environmental and transit advocates were celebrating the idea of getting people out of cars and onto electrically powered trains.
Then along came Metrolinxhttp://http://www.metrolinx.com/en/, the regional transit authority, which showed in 2010 that light rail, at a price tag of about $800 million to $830 million, was a much better economic and social choice for Hamilton than buses. Its studies showed an $852-million savings in commuter costs over 30 years and economic benefits of $50 million to $144 million.
Read the full article here.
Is light rail derailed in Hamilton?
The idea, just a few short years ago, seemed to be zooming along. Council was on board, unanimously backing LRT for Hamilton's rapid transit future and parking the idea of buses. Polls showed a good chunk of the public was supportive.
The business community was united in support and environmental and transit advocates were celebrating the idea of getting people out of cars and onto electrically powered trains.
Then along came Metrolinxhttp://http://www.metrolinx.com/en/, the regional transit authority, which showed in 2010 that light rail, at a price tag of about $800 million to $830 million, was a much better economic and social choice for Hamilton than buses. Its studies showed an $852-million savings in commuter costs over 30 years and economic benefits of $50 million to $144 million.
Read the full article here.