July 2014 Ontario Economic Fundamentals

[Ally]

Ottawa's coolest measures could speed Toronto condo price decline





`If and when there is a correction in the condo market, the severity will have been aggravated by the actions of the federal government, which elected to depress demand at a time when demand was already beginning to weaken organically and a wave of supply has been developing,` Mr. Dunning writes in a new research note.





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[Ally]

Simcoe Region jobs go unfilled





Signs are literally everywhere that at least some vacant jobs are going unfilled.





Along the Queensway in Simcoe mobile signs are out at two car dealerships looking for mechanics while British Baked Goods in downtown has two signs posted in the window, one for a driver, the other for a packer.





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[Ally]

Brant unemployment rate fell to 6.7% in June





Brantford's jobless rate fell in June, bucking the national trend.





June's local seasonally adjusted unemployment rate was 6.7%, down from 7.2% in May, according to Statistics Canada figures released Friday.





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[Ally]

Ontario's job market is beginning to look like a disaster





The foundations of Ontario`s job market are turning into quicksand that threatens to swallow the province`s economic future ` and despite all the heated political rhetoric out there, at least one prominent economist believes the problem may not have a policy solution.





Ontario passed a grim historic milestone last month: According to StatsCan data, the number of manufacturing jobs ` once the backbone of the province`s economy ` hit their lowest level on record.





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[Ally]

More offices leased across GTA





After a poor start to 2014, more people are leasing offices in Toronto, finds Avison Young`s Q2 2014 GTA Office Market Report.





Throughout the second quarter, says the report, more offices became occupied in downtown, midtown and West Toronto. However, the East and North areas of the city remain underused.





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[Ally]

Municipalities vie for post-secondary campuses





Some of Ontario`s fastest-growing municipalities, looking to host their own campuses, have partnered with universities in a bid for provincial funding to create postsecondary spaces in areas of projected enrolment growth.





The town of Milton, which had a 56.5-per-cent surge in population from 2006 to 2011, has teamed up with Wilfrid Laurier University on a campus proposal and `education village` that has been in the works since 2008.





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[Ally]

Oshawa jobless rate melts in the summer sun





Oshawa`s unemployment rate melted a bit in June, according to Statistics Canada.





The three-month moving average for Oshawa`s jobless rate fell to 7.2 per cent in June from 7.3 per cent in May. It was a 0.2 per cent increase over December 2013 and a 0.1 per cent increase from June 2013.





The Oshawa census metropolitan area (CMA), which includes Whitby and Clarington, saw its unemployment rate shrink even as more people looked for work. The CMA`s participation rate jumped up to 68.5 per cent from 68 per cent the previous month. Approximately 1,600 more people found work at the same time.





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[Ally]

Greater Toronto realtors release mid-month resale housing market figures





TORONTO, ONTARIO--(Marketwired - July 16, 2014) - Toronto Real Estate Board President Paul Etherington announced that TorontoMLS home sales through the first 14 days of July 2014 were up by 11.6 per cent year-over-year to 3,891. New listings were also up compared to the same period in 2013, but by a lesser annual rate of 9.7 per cent.





"There are two key takeaways from the July mid-month results. First, given the continuation of strong sales growth, it is clear that buyers are still attracted to affordable home ownership options in the GTA. Second, if new listings growth continues to outpace sales growth, we could start to see an improvement in the overall supply of homes for sale. This would be a relief for some buyers who have been hard pressed to find a home that meets their needs in this tight market," said Mr. Etherington.





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[Ally]

Ontario faces daunting employment challenge





Statistics Canada's most recent Labour Force Survey shows Ontario shed 34,000 jobs in June and the unemployment rate rose to 7.5 per cent from 7.3 per cent ` remaining above the national average.





While those figures indicate the province's economy continues its decade-long poor performance when it comes to employment growth, the employment picture is significantly worse outside the Greater Toronto Area and with respect to private-sector job creation.





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[Ally]

Buoyant mood keeps Toronto housing market brisk










The mood in Toronto`s housing market is remaining buoyant this summer as buyers and sellers both appear to be full of brio.





This week, just as Fitch Ratings was once again warning about lofty prices in Canada`s housing markets, a survey was released showing that Canadians` confidence in real estate has swelled to a high this year. Fitch says Canadian home prices are overvalued when compared with historical charts of the economic fundamentals ` such as employment growth ` that normally drive sales.





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[Ally]

Ontario faces daunting employment challenge





Statistics Canada's most recent Labour Force Survey shows Ontario shed 34,000 jobs in June and the unemployment rate rose to 7.5 per cent from 7.3 per cent ` remaining above the national average.





While those figures indicate the province's economy continues its decade-long poor performance when it comes to employment growth, the employment picture is significantly worse outside the Greater Toronto Area and with respect to private-sector job creation.





Read the full article here.

 

[Ally]

GTA luxury home sales up 34% in 2014






The GTA high-end real estate market is roaring along, with sales of properties over $1 million up 34 per cent in the first half of 2014 over a year earlier, matching gains in the country`s priciest market, Vancouver, according to a new report by Sotheby`s International.







The biggest jump, surprisingly enough, was in the sale of $1 million-plus condos which skyrocketed by 53 per cent to the end of June over the same period of 2013 ` gains beyond those seen in Vancouver, Calgary or Montreal, notes the Top-Tier Real Estate Report released Tuesday.





Read the full article here.

 

[Ally]

Greater Toronto Realtors report Q2 condo market figures





TORONTO, ONTARIO -- (Marketwired) -- 07/18/14 -- Toronto Real Estate Board President Paul Etherington announced robust results for the condominium apartment market in the second quarter of 2014. Q2 sales were up by 10.4 per cent compared to the same period in 2013. New listings were up over the same period, but by a lesser 4.4 per cent.





"Condominium apartments represent an affordable entry point into the market for first time buyers. On top of this, some condo properties cater to households looking to move out of their traditional low-rise home, and we are increasingly seeing households choose condos as the place where they will raise a family. This diversity of buyers explains why sales more than kept up with increased listings in the second quarter," said Toronto Real Estate Board President Paul Etherington.





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[Ally]

Hot housing market shifts landscape for Hamilton buyers





After losing bidding wars on two houses west of Gage Park this spring, the Pyke family had a sense of what it`s like buying a home these days in Canada`s hottest market.





In the end, the Toronto family snapped up an expansive home near Upper Ottawa and Fennell Avenue, with a move-in date set for August. And what a payoff: They`re now preparing to say goodbye to Toronto ` and their mortgage.





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[Ally]

Condo market, especially rentals, continues strong in the second quarter





Condo sales were up 10.4 per cent over this time last year, and listings 4.4 per cent, which is great news if you're in the condo business.






But a quick comparison with single-family, semi-detached and townhouses means this could be good news even for those not yet in the market.





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[Ally]

Are Toronto condo rents poised to climb?





Will rents for Toronto condos resume their upward climb?





Monthly rents for condo-apartments in Canada`s most populous city have softened, according to data from the Toronto Real Estate Board, which represents realtors and tracks the market by way of the Multiple Listing Service.





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