July 2012 Ontario Economic Fundamentals
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Bright auto sales outlook a sign industry recovery 'in full swing': Conference Board
Despite the uncertainty in the broader economy, Canadian auto sales are expected to return to their pre-recession levels this year driven by dealer incentives, accessible auto loans, high fuel prices and aging vehicles that need replacement, according to a report from the Conference Board of Canada.
Canadian motor vehicle manufacturers are expected to swing to a collective profit of $1.5-billion this year, their highest level since 2002 and a complete reversal of the $1.5-billion they lost as recently as 2009, the board reports.
Read the full article here.
Despite the uncertainty in the broader economy, Canadian auto sales are expected to return to their pre-recession levels this year driven by dealer incentives, accessible auto loans, high fuel prices and aging vehicles that need replacement, according to a report from the Conference Board of Canada.
Canadian motor vehicle manufacturers are expected to swing to a collective profit of $1.5-billion this year, their highest level since 2002 and a complete reversal of the $1.5-billion they lost as recently as 2009, the board reports.
Read the full article here.
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Everyone in Toronto agrees new transit plan is a good idea
A poll was produced on Saturday that shows everyone in Toronto is in favour of higher taxes on themselves if it means building a $30 billion transit project that was whipped out of thin air barely a week before.
Eighty percent ` 80%! ` of Torontonians are in favour of the plan, which would take 30 years and would produce subways, streetcars and LRTs* galore, zooming and looping all over town, so you`d never again have to spend a snowy evening standing in the street cursing three generations of elected officials for mucking up the system so badly.
Read the full article here.
A poll was produced on Saturday that shows everyone in Toronto is in favour of higher taxes on themselves if it means building a $30 billion transit project that was whipped out of thin air barely a week before.
Eighty percent ` 80%! ` of Torontonians are in favour of the plan, which would take 30 years and would produce subways, streetcars and LRTs* galore, zooming and looping all over town, so you`d never again have to spend a snowy evening standing in the street cursing three generations of elected officials for mucking up the system so badly.
Read the full article here.
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Toronto councillors pick sides in OneCity transit battle
The city of Toronto was hunkering down Wednesday for another bitter transit battle, as councillors lined up on opposing sides of a $30-billion plan heralded by TTC chairwoman Karen Stintz as a chance to `bring the city together` and derided by the mayor`s allies as an unrealistic tax grab.
The announcement by Ms. Stintz and TTC vice-chairman Glenn De Baeremaeker of the OneCity transit expansion plan ` which calls for a tax increase to fund 170 kilometres of new subway, streetcar, light-rail and bus lines ` underscored the shifting power dynamics at City Hall, with Mayor Rob Ford losing control of key files as his council colleagues jockey for position in the run-up to the 2014 election.
Read the full article here.
The city of Toronto was hunkering down Wednesday for another bitter transit battle, as councillors lined up on opposing sides of a $30-billion plan heralded by TTC chairwoman Karen Stintz as a chance to `bring the city together` and derided by the mayor`s allies as an unrealistic tax grab.
The announcement by Ms. Stintz and TTC vice-chairman Glenn De Baeremaeker of the OneCity transit expansion plan ` which calls for a tax increase to fund 170 kilometres of new subway, streetcar, light-rail and bus lines ` underscored the shifting power dynamics at City Hall, with Mayor Rob Ford losing control of key files as his council colleagues jockey for position in the run-up to the 2014 election.
Read the full article here.
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Toronto ranked 8th best city in the world
Toronto fell several spots on a best-cities list but still managed to remain in the top 10 ` the only North American city to do so.
Hong Kong topped a new list put out by The Economist magazine this year, followed by Amsterdam and Osaka. Toronto ranked eighth out of 70 cities around the world.
New methodology used to rank cities this year took green space, pollution, urban sprawl, cultural assets, access to nature and other indicators into account. Toronto scored low when it came to dealing with urban sprawl and access to natural assets. It also received a low ranking for access to cultural assets ` that grade was based on proximity to United Nations Educational, Scientific and Cultural Organization (UNESCO)`s World Heritage sites.
Read the full article here.
Toronto fell several spots on a best-cities list but still managed to remain in the top 10 ` the only North American city to do so.
Hong Kong topped a new list put out by The Economist magazine this year, followed by Amsterdam and Osaka. Toronto ranked eighth out of 70 cities around the world.
New methodology used to rank cities this year took green space, pollution, urban sprawl, cultural assets, access to nature and other indicators into account. Toronto scored low when it came to dealing with urban sprawl and access to natural assets. It also received a low ranking for access to cultural assets ` that grade was based on proximity to United Nations Educational, Scientific and Cultural Organization (UNESCO)`s World Heritage sites.
Read the full article here.
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New TTC transit plan includes property tax hike
TTC chair Karen Stintz has unveiled a $30-billion plan over 30 years to completely revamp Toronto transit, including 175 kilometres of linked transit lines.
`In my experience in council over the last nine-years, we have not had a council-endorsed transit plan. This is our attempt to bring that plan to council,` Stintz said Wednesday at Toronto City Hall.
The bulk of the OneCity plan would be funded by the provincial and federal governments, but Toronto homeowners would also see a property tax hike of about two per cent every year over four years. They would pay about an extra $45 in the first year and $180 in the final year, she said.
Read the full article here.
TTC chair Karen Stintz has unveiled a $30-billion plan over 30 years to completely revamp Toronto transit, including 175 kilometres of linked transit lines.
`In my experience in council over the last nine-years, we have not had a council-endorsed transit plan. This is our attempt to bring that plan to council,` Stintz said Wednesday at Toronto City Hall.
The bulk of the OneCity plan would be funded by the provincial and federal governments, but Toronto homeowners would also see a property tax hike of about two per cent every year over four years. They would pay about an extra $45 in the first year and $180 in the final year, she said.
Read the full article here.
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Ottawa has 'severe shortage' of vacant rental properties
If it feels like a decent apartment in Ottawa is rarer than a courteous session of Question Period, there's a reason for that. According to a new report released today by the Federation of Canadian Municipalities, there's a "severe shortage" of rental space in the nation's capital.
The 16-page report No Vacancy: Trends in Rental Housing in Canada calls a healthy housing market "the cornerstone of a strong economy," pointing out that not only does Ottawa have a rental vacancy rate of less than two percent, but also that the median monthly rent of $999 for a two-bedroom apartment is well above the Canadian average.
Read the full article here.
If it feels like a decent apartment in Ottawa is rarer than a courteous session of Question Period, there's a reason for that. According to a new report released today by the Federation of Canadian Municipalities, there's a "severe shortage" of rental space in the nation's capital.
The 16-page report No Vacancy: Trends in Rental Housing in Canada calls a healthy housing market "the cornerstone of a strong economy," pointing out that not only does Ottawa have a rental vacancy rate of less than two percent, but also that the median monthly rent of $999 for a two-bedroom apartment is well above the Canadian average.
Read the full article here.
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Toronto home sales dive 13% in June
Property sales in Canada`s largest city dropped 13% last month, the Toronto Real Estate Board reported Thursday, a day after Vancouver reported a 27.6% plunge.
Sales in the city of Toronto were down 13% from a year ago with 9,422 transactions in June. For the entire Greater Toronto Area sales were off 5.4% from a year earlier.
Read the full article here.
Property sales in Canada`s largest city dropped 13% last month, the Toronto Real Estate Board reported Thursday, a day after Vancouver reported a 27.6% plunge.
Sales in the city of Toronto were down 13% from a year ago with 9,422 transactions in June. For the entire Greater Toronto Area sales were off 5.4% from a year earlier.
Read the full article here.
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Downtown Ottawa could gain new hotel-condo tower
In recent years, condominium and office towers have begun to change the landscape of downtown Ottawa. With the many projects that have been proposed or approved recently, the trend will no doubt continue for years to come.
Last month, the city removed signage at 199 Slater Street that had informed the public of a proposed 16-storey office tower that had been planned for years. The project website was also taken down. That prompted some to speculate the project was dead.
That project is, in fact, dead`but a new one has taken its place.
Read the full article here.
In recent years, condominium and office towers have begun to change the landscape of downtown Ottawa. With the many projects that have been proposed or approved recently, the trend will no doubt continue for years to come.
Last month, the city removed signage at 199 Slater Street that had informed the public of a proposed 16-storey office tower that had been planned for years. The project website was also taken down. That prompted some to speculate the project was dead.
That project is, in fact, dead`but a new one has taken its place.
Read the full article here.
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OneCity now looking like half a plan
After a rough week, OneCity continues to limp forward. NOW Magazine reports that TTC Chair Karen Stintz' onetime allies on council's left aren't showing her transit plan much love:
But several left-wing and centrist council members who lined up behind the TTC chair in the LRT fight suggest they will not support OneCity, citing concerns about its funding model and the lack of consultation that the small group of councillors who crafted the plan gave their colleagues before releasing it to the public.
Councillor Shelley Carroll believes Stintz is moving too quickly and is urging her not to bring OneCity before council until October. That`s when a previously requested report on the plan`s funding model, known as current value assessment (CVA) uplift, is expected to be submitted by the city`s chief financial officer.
Read the full article here.
After a rough week, OneCity continues to limp forward. NOW Magazine reports that TTC Chair Karen Stintz' onetime allies on council's left aren't showing her transit plan much love:
But several left-wing and centrist council members who lined up behind the TTC chair in the LRT fight suggest they will not support OneCity, citing concerns about its funding model and the lack of consultation that the small group of councillors who crafted the plan gave their colleagues before releasing it to the public.
Councillor Shelley Carroll believes Stintz is moving too quickly and is urging her not to bring OneCity before council until October. That`s when a previously requested report on the plan`s funding model, known as current value assessment (CVA) uplift, is expected to be submitted by the city`s chief financial officer.
Read the full article here.
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Guelph city council votes to oppose developer's plan for two student housing towers
GUELPH ` The city is now officially on side in opposition of two large towers of student housing across from the University of Guelph.
With no discussion at all, councillors voted unanimously to endorse a staff recommendation opposing a bid by Abode Varsity Living.
The Mississauga firm is proposing two apartment buildings ` at 12 and 10 storeys ` on the site of the current Best Western hotel at Gordon Street and Stone Road.
Read the full article here.
GUELPH ` The city is now officially on side in opposition of two large towers of student housing across from the University of Guelph.
With no discussion at all, councillors voted unanimously to endorse a staff recommendation opposing a bid by Abode Varsity Living.
The Mississauga firm is proposing two apartment buildings ` at 12 and 10 storeys ` on the site of the current Best Western hotel at Gordon Street and Stone Road.
Read the full article here.
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Waterloo companies getting a push from the feds
Eight local start-up companies received more than $5.3 million in federal funding last week to help take them to the next level and create 136 new high-tech jobs over the next two years.
Waterloo MP Peter Braid made the announcement last Wednesday at the Accelerator Centre under the Investing in Business Innovation program of the Federal Economic Development Agency of Southern Ontario. He said the repayable funds would allow the businesses to leverage a total of $11,206,667 in additional investments from venture capital and angel investors.
Read the full article here.
Eight local start-up companies received more than $5.3 million in federal funding last week to help take them to the next level and create 136 new high-tech jobs over the next two years.
Waterloo MP Peter Braid made the announcement last Wednesday at the Accelerator Centre under the Investing in Business Innovation program of the Federal Economic Development Agency of Southern Ontario. He said the repayable funds would allow the businesses to leverage a total of $11,206,667 in additional investments from venture capital and angel investors.
Read the full article here.
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Barrie unveils waterfront plan
BARRIE - Barrie's waterfront sparkles ` but it could be even more of a jewel as Barrie plans how to make the most of it over the next two decades, says Barrie's parks planning manager Walter Fischer.
He unveiled a concept plan last week, which suggests relocating the Sea Cadets adjacent to the Barrie Canoe and Rowing Club in the Southshore Centre, and using the freed-up space to expand and upgrade the Barrie Marina.
"We could connect the Sea Cadets into the adjacent Military Heritage Park. It could be a nice facility on the south shore that accommodates water sports in terms of boating and sailing," said Fischer.
Military Heritage Park could tell the story of Barrie's military heritage Â` which is hinted at in the downtown street names of British officers such as Worsley, Clapperton, Owen, Mulcaster and Collier. The park would also highlight the city's relationship with CFB Borden, he added.
Read the full article here.
BARRIE - Barrie's waterfront sparkles ` but it could be even more of a jewel as Barrie plans how to make the most of it over the next two decades, says Barrie's parks planning manager Walter Fischer.
He unveiled a concept plan last week, which suggests relocating the Sea Cadets adjacent to the Barrie Canoe and Rowing Club in the Southshore Centre, and using the freed-up space to expand and upgrade the Barrie Marina.
"We could connect the Sea Cadets into the adjacent Military Heritage Park. It could be a nice facility on the south shore that accommodates water sports in terms of boating and sailing," said Fischer.
Military Heritage Park could tell the story of Barrie's military heritage Â` which is hinted at in the downtown street names of British officers such as Worsley, Clapperton, Owen, Mulcaster and Collier. The park would also highlight the city's relationship with CFB Borden, he added.
Read the full article here.
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Ontario sole bright spot in dour June jobs report
OTTAWA`Canada`s unemployment rate inched down to 7.2 per cent last month as employers added 7,300 net new jobs, with Ontario the only province showing any significant gains, Statistics Canada reported Friday.
That number of new jobs usually isn`t enough to reduce the national unemployment rate`it had been 7.3 per cent in May`but June also saw a 16,600 drop in the number of active workers which reduced the overall size of the labour force, Statistics Canada explained.
It was the second month in a row that Canada saw minimal job gains after two stunning months`March and April`when the economy added 140,000 jobs.
Read the full artilce here.
OTTAWA`Canada`s unemployment rate inched down to 7.2 per cent last month as employers added 7,300 net new jobs, with Ontario the only province showing any significant gains, Statistics Canada reported Friday.
That number of new jobs usually isn`t enough to reduce the national unemployment rate`it had been 7.3 per cent in May`but June also saw a 16,600 drop in the number of active workers which reduced the overall size of the labour force, Statistics Canada explained.
It was the second month in a row that Canada saw minimal job gains after two stunning months`March and April`when the economy added 140,000 jobs.
Read the full artilce here.
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Windsor still home of Canada's highest unemployment rate
Windsor`s unemployment rate dipped slightly in June, but it still the highest in the country.
Fewer people looking for work led to a decrease in unemployment, to 9.5 percent from 9.9.
Despite the decline, Windsor has earned the title of the city ` with a population greater than 100,000 ` with the highest unemployment rate in the country.
Read the full article here.
Windsor`s unemployment rate dipped slightly in June, but it still the highest in the country.
Fewer people looking for work led to a decrease in unemployment, to 9.5 percent from 9.9.
Despite the decline, Windsor has earned the title of the city ` with a population greater than 100,000 ` with the highest unemployment rate in the country.
Read the full article here.
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Toronto housing starts stabilize in June
TORONTO, ONTARIO--(Marketwire - July 10, 2012) - The number of housing starts for the Toronto Census Metropolitan Area was trending at 48,000 units in June, according to preliminary housing starts data released today by the Canada Mortgage and Housing Corporation (CMHC). The trend is a moving average of the monthly seasonally adjusted annual rates (SAAR)(1) total starts data. The standalone monthly SAAR was 42,000 units, up marginally from 41,400 units in May.
"Steadying levels of new home construction in Toronto is consistent with the pattern seen for housing demand in recent months. While housing activity is still elevated, it is expected to moderate in the months ahead," said Shaun Hildebrand, CMHC's Senior Market Analyst for the GTA.
Read the full article here.
TORONTO, ONTARIO--(Marketwire - July 10, 2012) - The number of housing starts for the Toronto Census Metropolitan Area was trending at 48,000 units in June, according to preliminary housing starts data released today by the Canada Mortgage and Housing Corporation (CMHC). The trend is a moving average of the monthly seasonally adjusted annual rates (SAAR)(1) total starts data. The standalone monthly SAAR was 42,000 units, up marginally from 41,400 units in May.
"Steadying levels of new home construction in Toronto is consistent with the pattern seen for housing demand in recent months. While housing activity is still elevated, it is expected to moderate in the months ahead," said Shaun Hildebrand, CMHC's Senior Market Analyst for the GTA.
Read the full article here.
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Ontario home starts slow in June
TORONTO, ONTARIO--(Marketwire - July 10, 2012) - The number of Ontario urban* housing starts stabilized at 78,500 units in June, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). The trend is a moving average of the monthly seasonally adjusted annual rates (SAAR) ** of housing starts. The standalone monthly SAAR was 70,700 units in June, down from 77,700 SAAR units in May.
"Ontario residential construction activity moved lower to levels more in line with demographic trends," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist. "In the short term, starts may diverge from demographic demand because of pent-up consumer demand, above average job growth or rising construction of denser housing types which take longer to start after a sale. Fundamentally, modest job growth across the province, more balanced resale markets and a declining backlog of apartment sales not yet constructed should help temper activity ahead."
Read the full article here.
TORONTO, ONTARIO--(Marketwire - July 10, 2012) - The number of Ontario urban* housing starts stabilized at 78,500 units in June, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). The trend is a moving average of the monthly seasonally adjusted annual rates (SAAR) ** of housing starts. The standalone monthly SAAR was 70,700 units in June, down from 77,700 SAAR units in May.
"Ontario residential construction activity moved lower to levels more in line with demographic trends," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist. "In the short term, starts may diverge from demographic demand because of pent-up consumer demand, above average job growth or rising construction of denser housing types which take longer to start after a sale. Fundamentally, modest job growth across the province, more balanced resale markets and a declining backlog of apartment sales not yet constructed should help temper activity ahead."
Read the full article here.
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Maintain Burlington By-Law on rentals
The article tells us about Affordable Housing Halton`s maudlin plea for Burlington homeowners to open up their properties and their hearts to provide (low) rental properties to accommodate folk apparently waiting for rental units, according to Halton Access to Community Housing figures. The plea from Affordable Housing Halton is silly.
Councillor Marianne Meed Ward is quoted as saying, `It is not in Burlington`s culture to have strangers living in the same home` and she points out the standing bylaw needs to be promoted. She clearly supports the bylaw. The councillor need only tour Hamilton`s Westdale neighbourhood to get a pretty good indication of the rationale for that existing so-called culture, never mind other neighbourhoods in the lower city.
Read the full article here.
The article tells us about Affordable Housing Halton`s maudlin plea for Burlington homeowners to open up their properties and their hearts to provide (low) rental properties to accommodate folk apparently waiting for rental units, according to Halton Access to Community Housing figures. The plea from Affordable Housing Halton is silly.
Councillor Marianne Meed Ward is quoted as saying, `It is not in Burlington`s culture to have strangers living in the same home` and she points out the standing bylaw needs to be promoted. She clearly supports the bylaw. The councillor need only tour Hamilton`s Westdale neighbourhood to get a pretty good indication of the rationale for that existing so-called culture, never mind other neighbourhoods in the lower city.
Read the full article here.
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Calgary region new home prices on the rise
CALGARY ` New home prices in the Calgary region continued to rise in May, according to Statistics Canada.
The federal agency reported Thursday, in its New Housing Price Index, that prices in the Calgary census metropolitan area were up 0.3 per cent from April. Prices were also up 0.8 per cent on a year-over-year basis.
Nationally, the NHPI rose by 0.3 per cent and prices were up 2.4 per cent from May 2011.
Read the full article here.
CALGARY ` New home prices in the Calgary region continued to rise in May, according to Statistics Canada.
The federal agency reported Thursday, in its New Housing Price Index, that prices in the Calgary census metropolitan area were up 0.3 per cent from April. Prices were also up 0.8 per cent on a year-over-year basis.
Nationally, the NHPI rose by 0.3 per cent and prices were up 2.4 per cent from May 2011.
Read the full article here.
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A Mid-year review of the Toronto real estate market
The Toronto Real Estate Board published their monthly sales statistics last week and the slow down we`ve been seeing in the real estate market continued in June.
Sales were down 5.4% across the GTA in June but the City of Toronto accounted for virtually all of the decline showing a 13% drop in sales. Sales in the 905 were comparable to last year.
In TREB`s press release they unfortunately attempted to explain this decline in sales by arguing that home buyers may be opting to buy homes in the 905 vs the 416 to avoid paying the City of Toronto`s land transfer tax. TREB has recently stepped up their PR efforts to get the City of Toronto to repeal the land transfer tax which explains how it suddenly crept into their press release. As I told the CBC last week, it`s silly to suggest that home buyers suddenly woke up in June 2012 (four years after the tax was introduced) and decided they want to buy a house in the suburbs rather than in Toronto because of the land transfer tax.
Read the full article here.
The Toronto Real Estate Board published their monthly sales statistics last week and the slow down we`ve been seeing in the real estate market continued in June.
Sales were down 5.4% across the GTA in June but the City of Toronto accounted for virtually all of the decline showing a 13% drop in sales. Sales in the 905 were comparable to last year.
In TREB`s press release they unfortunately attempted to explain this decline in sales by arguing that home buyers may be opting to buy homes in the 905 vs the 416 to avoid paying the City of Toronto`s land transfer tax. TREB has recently stepped up their PR efforts to get the City of Toronto to repeal the land transfer tax which explains how it suddenly crept into their press release. As I told the CBC last week, it`s silly to suggest that home buyers suddenly woke up in June 2012 (four years after the tax was introduced) and decided they want to buy a house in the suburbs rather than in Toronto because of the land transfer tax.
Read the full article here.