Growth in government employment outpacing private sector, especially in Ontario
TORONTO— The public sector in Canada (including federal, provincial and local government employees) is growing and reaching proportions not seen since the early 1990s—an era marked by large government deficits and high debt—finds a new study released today by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank.
The study, An Analysis of Public and Private Sector Employment Trends in Canada, notes that, from 2003 to 2013, employment in Canada’s public sector increased by 22.6 per cent, more than double the rate of increase in the private sector (10.7 per cent).
The Rental Market Report has arrived from the CMHC (Canadian Mortgage and Housing Corporation), and Ontario provincial highlights show that despite there being less options to do so, more people are choosing to stay in a rental situation for longer periods. With sky-high prices, ongoing employment instability, and plain confusion over the real estate market, it seems that for many, renting is generally a safer and more feasible option than buying a home in 2015.
Toronto condo market faces adjustment as rental market moderates
Moderating demand for rental units in Toronto and an uptick in condo supply will likely lead to an adjustment in the city’s high-rise market in near future, according to CIBC economists.
In “The Many Faces of the Canadian Housing Market,” a report released by the bank Thursday, Benjamin Tal and Andrew Grantham tackle the topic of oversupply in both the condo market and the potential increase of purpose-built rental units.
Kitchener-Waterloo still an affordable place to buy a home
In fact, according to numbers from the Canadian Real Estate Association, the average price of a residential dwelling in Kitchener-Waterloo was around $350,000 in May 2015, compared to $650,000 in the GTA. That means more value from buying the K-W area, and more money left over to enjoy your current lifestyle!
Electronic signatures now legal in Ontario real estate deals
Next week marks a sea change in Ontario real property law when it becomes legal to electronically sign agreements of purchase and sale, as well as deeds and mortgages creating or transferring ownership in land.
Contracts for the sale or lease of land have had to be in writing and signed for more than 300 years. This requirement under Ontario’s Statute of Frauds dates back to a 1677 English law.
TORONTO, ONTARIO -- (Marketwired) -- 07/07/15 -- Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 11,992 sales through TREB's MLS® System in June 2015. This result represented a new record for the month of June and an 18.4 per cent increase over the June 2014 result of 10,132.
"As I begin my term as TREB President, I think it is important to point out that our region continues to grow in response to our diverse economic, ethnic and cultural bases. The GTA consistently receives international accolades as one of the best places in the world to live and do business. As the number of households grow, many of them will take advantage of the diversity of affordable home ownership opportunities that exist in Toronto and the surrounding areas," said Mr. McLean.
Hamilton real estate sales smash records for a third month
Hamilton and area real estate sales have smashed a record for the third month running.
New figures from the Realtors Association of Hamilton-Burlington report 2,062 properties sold in June. That's a 31.2 per cent increase from the same month last year and follows record sales of 1,810 in May and 1,699 in April.
The stereotypical image of student housing is a half-dozen kids crammed into a small house, getting into trouble because the atmosphere is more conducive to beer than learning.
Those times are changing in the Forest City, where not only has the rather posh Luxe London recently opened its doors just blocks away from the Western University gates, but a new residence, Ross Park, could be open as soon as 2017.
TORONTO, ONTARIO--(Marketwired - July 9, 2015) - Housing starts in the Ontario region were trending at 60,285 units in June and in line with 60,234 units in May, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)(1) of housing starts.
"The trend in Ontario residential construction activity reached a 17 month high in June. Strength in singles and rows was offset by a mild pullback in semi detached and apartment construction. Lower rental apartment vacancy rates, strong resale markets and more resources released to commence construction on a backlog of sold apartment units will continue to support starts activity across the province," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist.
TORONTO, ONTARIO--(Marketwired - July 9, 2015) - Housing starts in the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) were trending down at 2,865 units in June compared to 3,206 units in May, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) (1) of housing starts.
"Total housing starts trended down due to fewer apartment starts. Apartment starts in the past few years have been boosted by the growth in construction of units geared to students. Apartment starts are adjusting to meet current demand. The trends for other housing types increased. Housing demand due to population and employment growth has added to the tightness in the resale market and has meant more spill-over demand to the new home ownership market," said Erica McLerie, Senior Market Analyst at CMHC.
Office vacancy rates are rising in Ottawa as slow growth in the high-tech sector trails the federal government’s downsizing and relocation program.
“That high-tech market has struggled as of late, but we’re starting to see some really interesting growth signs,” said Colliers Ottawa managing director Kelvin Holmes, whose company issued second-quarter reports on the city’s office and industrial real estate markets.
Ontario added 14,000 jobs in June, but the national economy lost 6,400 jobs, according to numbers released Friday by Statistics Canada.
While the countrywide numbers did not budge the 6.8 per cent unemployment rate, the month marked the biggest decline in part-time jobs in more than four years. Gains of 65,000 jobs in full-time work were offset by losses of 71,000 in part time. The unemployment rate held steady for the fifth consecutive month.
The federal government is giving the province a helping hand in twinning Highway 11/17 from Thunder Bay to Nipigon.
FedNor Minister Greg Rickford made the announcement on Monday that the federal government would provide funding for two projects to help twin the Northern highway. The first project, which will receive about $26 million for five-kilometres of road, will be for the stretch of highway between the Black Sturgeon River Bridge and Red Rock No. 9.
The value of an average two-storey home was up a modest 2.3 per cent from the second quarter of 2014, to $411,350. Detached bungalows were up 1.9 per cent to $409,167, and standard condominiums were relatively unchanged, at $257,467.
"We had a good start to the year with strong activity including a record number of sales in May," John Rogan, broker of record, Royal LePage Performance Realty, said in a statement. "However, high inventory levels and very selective buyers have restrained price appreciation and kept average prices relatively consistent with this time last year."