June 2012 Ontario Economic Fundamentals
- Thread starter Ally
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2,000 jobs lost as GM to close Oshawa assembly line
General Motors Canada confirmed Friday plans to shut down one of its assembly lines in Oshawa, a move that will affect about 2,000 jobs.
GM will close its consolidated line, effective June 1, 2013, at the end of the life cycle of the current generation Chevy Impala, the automaker said in a statement.
"There are currently approximately 2,000 employees working on the consolidated line," GM said. "It's too early to predict accurately the job impacts to these scheduling actions, which will unfold over the next year as some employees may elect to retire and others will be on indefinite layoff."
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General Motors Canada confirmed Friday plans to shut down one of its assembly lines in Oshawa, a move that will affect about 2,000 jobs.
GM will close its consolidated line, effective June 1, 2013, at the end of the life cycle of the current generation Chevy Impala, the automaker said in a statement.
"There are currently approximately 2,000 employees working on the consolidated line," GM said. "It's too early to predict accurately the job impacts to these scheduling actions, which will unfold over the next year as some employees may elect to retire and others will be on indefinite layoff."
Read the full article here
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Slow deflation, not pop, describes Toronto's condo market
The media is full of warnings that Toronto`s condominium market is a bubble about to burst. There are just too many new condominium projects for the market to digest, it is said, and this over-supply will inevitably cause the market to `pop`. The Conference Board holds a less alarmist view. We expect a milder outcome as the condo market slowly deflates. Condominium starts will ultimately cool and resale prices will likely ease; but a decent economy and solid demographics, the two ingredients ultimately underpinning any healthy housing market, will help contain the damage.
Toronto condominium starts are clearly on an unsustainable pace at present. The annualized first quarter volume above 32,000 units far surpasses the 2008 record of 24,158 starts. The ratio of condominium starts to the change in the population is well above its long-term average, although this is a relatively recent phenomenon since the ratio was below average through much of 2009 and 2010.
Read the full article here.
The media is full of warnings that Toronto`s condominium market is a bubble about to burst. There are just too many new condominium projects for the market to digest, it is said, and this over-supply will inevitably cause the market to `pop`. The Conference Board holds a less alarmist view. We expect a milder outcome as the condo market slowly deflates. Condominium starts will ultimately cool and resale prices will likely ease; but a decent economy and solid demographics, the two ingredients ultimately underpinning any healthy housing market, will help contain the damage.
Toronto condominium starts are clearly on an unsustainable pace at present. The annualized first quarter volume above 32,000 units far surpasses the 2008 record of 24,158 starts. The ratio of condominium starts to the change in the population is well above its long-term average, although this is a relatively recent phenomenon since the ratio was below average through much of 2009 and 2010.
Read the full article here.
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Torontonians flee city to escape land transfer tax
The Toronto Real Estate Board say people in the city are moving to the suburbs to avoid the land transfer tax and it points to its latest statistics as evidence.
Sales in the area continue to go up at a double digit pace but TREB says it is being driven by the 905 region.
There 10,850 total transactions in May for the region, an 11% increase from the 9,766 deals for the same period a year earlier. Prices also continue to rise with the average home in the area selling for $516,787, a 6.5% jump from a year earlier.
Read the full article here.
The Toronto Real Estate Board say people in the city are moving to the suburbs to avoid the land transfer tax and it points to its latest statistics as evidence.
Sales in the area continue to go up at a double digit pace but TREB says it is being driven by the 905 region.
There 10,850 total transactions in May for the region, an 11% increase from the 9,766 deals for the same period a year earlier. Prices also continue to rise with the average home in the area selling for $516,787, a 6.5% jump from a year earlier.
Read the full article here.
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Toronto real estate: Surge in homes for sale
After three years of house hunting, three lost bidding wars and hundreds of hours trying to figure out a market that defies logic, Melissa Hart and her husband called off their search for a Toronto home this week.
`We have our down payment in the bank and we`re just going to keep renting,` says Hart, 30. `I`ve had lots of realtors email me to say that the bidding wars are gone and it`s a good time to buy, but we`re not seeing that at all. It`s just too insane out there right now for us.`
Read the full article here.
After three years of house hunting, three lost bidding wars and hundreds of hours trying to figure out a market that defies logic, Melissa Hart and her husband called off their search for a Toronto home this week.
`We have our down payment in the bank and we`re just going to keep renting,` says Hart, 30. `I`ve had lots of realtors email me to say that the bidding wars are gone and it`s a good time to buy, but we`re not seeing that at all. It`s just too insane out there right now for us.`
Read the full article here.
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Why the bidding war frenzy may be ending
There are signs that the silly winter season of bidding wars has slowed down and maybe on its way out. Anecdotal evidence from GTA real estate agents suggests the number of homes drawing multiple bids is down and in cases where there are more than one offer, there are many fewer offers than before.
That`s a far cry from the frenzy this winter. Some examples: In January, a home on Wells Hill Ave. in the Casa Loma neighbourhood of Toronto, listed at $950,000, drew 15 offers and sold or $1,375,000 after seven days on the market.
Read the full article here.
There are signs that the silly winter season of bidding wars has slowed down and maybe on its way out. Anecdotal evidence from GTA real estate agents suggests the number of homes drawing multiple bids is down and in cases where there are more than one offer, there are many fewer offers than before.
That`s a far cry from the frenzy this winter. Some examples: In January, a home on Wells Hill Ave. in the Casa Loma neighbourhood of Toronto, listed at $950,000, drew 15 offers and sold or $1,375,000 after seven days on the market.
Read the full article here.
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Selling a house: Can you evict a tenant?
One common question asked by landlords are the rules that surround the sale of their property and tenants. The main question is `Can I evict the tenant before I sell, so that I can fix it up?` The short answer is no.
If you want to sell a rental property, the first issue is does the tenant have a lease? Let`s say there is a lease and the tenant has eight months remaining. They cannot be evicted before the end of their lease, just because you want to sell. You can sell, but the buyer must agree to let the tenant stay. In addition, if the tenant has the right to renew their lease, then you and any buyer will have to honour that as well.
Read the full article here.
One common question asked by landlords are the rules that surround the sale of their property and tenants. The main question is `Can I evict the tenant before I sell, so that I can fix it up?` The short answer is no.
If you want to sell a rental property, the first issue is does the tenant have a lease? Let`s say there is a lease and the tenant has eight months remaining. They cannot be evicted before the end of their lease, just because you want to sell. You can sell, but the buyer must agree to let the tenant stay. In addition, if the tenant has the right to renew their lease, then you and any buyer will have to honour that as well.
Read the full article here.
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General Motors shutdown in Oshawa shows Canadian 'labour costs must fall'
The Detroit Three's automotive footprint in Canada took a major hit Friday as General Motors confirmed plans to shut down a three-shift assembly line in Oshawa ` a move expected to wipe out 2,000 well-paying assembly jobs and put even more pressure on the CAW to cut labour costs as it heads into bargaining talks in the fall.
GM will phase in the closure over the next 12 months of Oshawa's consolidated line, which will cease operations sometime next June, said Adria MacKenzie, spokeswoman for GM Canada.
"We've been really fortunate that the line continued operation because we announced this back in 2005, that it would be closing in 2008," MacKenzie said. "Unfortunately, there's no new product going into Oshawa on the consolidated line."
Read the full article here.
The Detroit Three's automotive footprint in Canada took a major hit Friday as General Motors confirmed plans to shut down a three-shift assembly line in Oshawa ` a move expected to wipe out 2,000 well-paying assembly jobs and put even more pressure on the CAW to cut labour costs as it heads into bargaining talks in the fall.
GM will phase in the closure over the next 12 months of Oshawa's consolidated line, which will cease operations sometime next June, said Adria MacKenzie, spokeswoman for GM Canada.
"We've been really fortunate that the line continued operation because we announced this back in 2005, that it would be closing in 2008," MacKenzie said. "Unfortunately, there's no new product going into Oshawa on the consolidated line."
Read the full article here.
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Toronto: City of mass construction
Brad Lamb believes Toronto's downtown condominium market is out of this world.
"There's no other place on the planet where all this [activity] is happening," says the president of Brad J. Lamb Realty, who specializes in downtown condo sales. "We have a large immigration of people coming to Toronto every year. We have a diverse economy that can support a reasonably affluent lifestyle. And we have a very stable Canadian economy. Everyone is recognizing how great Canada is, and Toronto is the centre of Canada."
Mr. Lamb's enthusiasm is echoed by those who analyze the downtown condo market and those who build it up. According to Urbanation, numbers cruncher to the development industry, 16,000 new condo units are expected to come to the Toronto CMA area this year (5,500 will be in the downtown core), down slightly from last year but still a healthy level. RealNet Canada reports that in the first 11 months of 2010, 36% of new condo units sold in the Greater Toronto Area were situated in the downtown core between Bloor Street and the waterfront. Twenty-two per cent of GTA's new condo sales took place in what RealNet calls Downtown West, between University Avenue and Dufferin Street, which RealNet president George Carras says totalled more than all of Calgary's new condo sales in the same time period. With interest rates low and close to 100,000 new immigrants arriving on Toronto's doorstep every year, 2011 is expected to continue drawing in the masses.
Read the full article here.
Brad Lamb believes Toronto's downtown condominium market is out of this world.
"There's no other place on the planet where all this [activity] is happening," says the president of Brad J. Lamb Realty, who specializes in downtown condo sales. "We have a large immigration of people coming to Toronto every year. We have a diverse economy that can support a reasonably affluent lifestyle. And we have a very stable Canadian economy. Everyone is recognizing how great Canada is, and Toronto is the centre of Canada."
Mr. Lamb's enthusiasm is echoed by those who analyze the downtown condo market and those who build it up. According to Urbanation, numbers cruncher to the development industry, 16,000 new condo units are expected to come to the Toronto CMA area this year (5,500 will be in the downtown core), down slightly from last year but still a healthy level. RealNet Canada reports that in the first 11 months of 2010, 36% of new condo units sold in the Greater Toronto Area were situated in the downtown core between Bloor Street and the waterfront. Twenty-two per cent of GTA's new condo sales took place in what RealNet calls Downtown West, between University Avenue and Dufferin Street, which RealNet president George Carras says totalled more than all of Calgary's new condo sales in the same time period. With interest rates low and close to 100,000 new immigrants arriving on Toronto's doorstep every year, 2011 is expected to continue drawing in the masses.
Read the full article here.
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Toronto real estate still hot
Vancouver's housing bubble has burst, but Toronto's remains "as hot as the weather," says Gluskin Sheff chief economist David Rosenberg.
In a note Wednesday entitled Tale of two cities, Rosenberg said Vancouver real estate has cooled significantly and is now showing signs of turning into a buyer's market.
Sales of existing homes in Vancouver sank 15.5 per cent from a year ago May, with the sales for the month coming in the lowest for any May since 2001.
Read the full article here.
Vancouver's housing bubble has burst, but Toronto's remains "as hot as the weather," says Gluskin Sheff chief economist David Rosenberg.
In a note Wednesday entitled Tale of two cities, Rosenberg said Vancouver real estate has cooled significantly and is now showing signs of turning into a buyer's market.
Sales of existing homes in Vancouver sank 15.5 per cent from a year ago May, with the sales for the month coming in the lowest for any May since 2001.
Read the full article here.
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New rental apartments proposed for Yonge-Davisville area as competition for condos
It`s a sight that hasn`t been seen in North Toronto for decades, perhaps since Greenwin Inc.`s towering white brick apartment buildings sprouted up near Yonge and Davisville, earning the area the moniker `Young and Eligible.`
Toronto housing developer Shiplake Management Co. is proposing a 500-unit, two-tower apartment complex on Davisville Avenue and Balliol Street. That`s the biggest rental project constructed in the city in decades.
The 12- and 29-storey towers will be bookended by two 29-storey former Greenwin buildings and, in a nod to that history, likely be covered in the same white-glazed brick.
Read the full article here.
It`s a sight that hasn`t been seen in North Toronto for decades, perhaps since Greenwin Inc.`s towering white brick apartment buildings sprouted up near Yonge and Davisville, earning the area the moniker `Young and Eligible.`
Toronto housing developer Shiplake Management Co. is proposing a 500-unit, two-tower apartment complex on Davisville Avenue and Balliol Street. That`s the biggest rental project constructed in the city in decades.
The 12- and 29-storey towers will be bookended by two 29-storey former Greenwin buildings and, in a nod to that history, likely be covered in the same white-glazed brick.
Read the full article here.
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Toronto braces for deflating condo bubble
Each panelist at a recent Toronto real estate conference had a reason why the city`s condo market is not a bubble. But the developers, the lender, the receiver, the marketer and the real estate agent each talked about the things that worry them.
`Everyone is uncertain about what is going to happen in the condo market in the next few years,` said Steve Gagro, a senior manager at Laurentian Bank of Canada who specializes in lending to real estate developers.
With 325 condominium projects on the market and another 173 towers under construction, Toronto`s skyline is spiking with condo units and cranes, with more new buildings underway than in any other city in North America.
Read the full article here.
Each panelist at a recent Toronto real estate conference had a reason why the city`s condo market is not a bubble. But the developers, the lender, the receiver, the marketer and the real estate agent each talked about the things that worry them.
`Everyone is uncertain about what is going to happen in the condo market in the next few years,` said Steve Gagro, a senior manager at Laurentian Bank of Canada who specializes in lending to real estate developers.
With 325 condominium projects on the market and another 173 towers under construction, Toronto`s skyline is spiking with condo units and cranes, with more new buildings underway than in any other city in North America.
Read the full article here.
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Toronto housing starts moderate in May
The number of housing starts for the Toronto Census Metropolitan Area was trending at 48,000 units in May, 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)[sup]1[/sup] total starts data. The standalone monthly SAAR was 41,500 units, down from 69,600 units in April.
`New home construction in Toronto returned to a more normal pace following a couple of exceptional months for condominium apartment starts,` said Shaun Hildebrand, CMHC`s Senior Market Analyst for the GTA. `Housing starts have been elevated this year due to a large number of condo sales centre openings in 2011 and strong demand for new homes amidst relatively low resale listings` added Hildebrand.
Read the full article here.
The number of housing starts for the Toronto Census Metropolitan Area was trending at 48,000 units in May, 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)[sup]1[/sup] total starts data. The standalone monthly SAAR was 41,500 units, down from 69,600 units in April.
`New home construction in Toronto returned to a more normal pace following a couple of exceptional months for condominium apartment starts,` said Shaun Hildebrand, CMHC`s Senior Market Analyst for the GTA. `Housing starts have been elevated this year due to a large number of condo sales centre openings in 2011 and strong demand for new homes amidst relatively low resale listings` added Hildebrand.
Read the full article here.
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Job gains fade, but not Quebec's
MONTREAL - Canada`s job-market roller-coaster seemed to take a downward lurch in May, with employment growth fading to a near-halt after two months of stunning growth.
With a very modest 7,700 new jobs, nearly all of them part-time, and the unemployment rate stuck at 7.3 per cent, the implication could be that the economy is close to stalling.
But few analysts believe this, any more than they believed that the exceptional gain of 140,500 in March and April meant our economy was taking off like a rocket.
Read the full article here.
MONTREAL - Canada`s job-market roller-coaster seemed to take a downward lurch in May, with employment growth fading to a near-halt after two months of stunning growth.
With a very modest 7,700 new jobs, nearly all of them part-time, and the unemployment rate stuck at 7.3 per cent, the implication could be that the economy is close to stalling.
But few analysts believe this, any more than they believed that the exceptional gain of 140,500 in March and April meant our economy was taking off like a rocket.
Read the full article here.
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Scarborough - GTA's hidden gem
Scarborough in Toronto's east end hasn't had the best reputation, hence its nicknames, Scarberia, Scarlem and Scareborough.
Toronto residents often poke fun of the borough as a crime-ridden, unsafe area. However, Scarborough is getting the last laugh. Throughout the years it has evolved into a desirable location for major employers, such as Telus Mobility, Scarborough General Hospital, Centennial College, University of Toronto - Scarborough Campus, as well as Torontonians looking for a short commute downtown and reasonably priced housing.
Located approximately 17 km east of downtown Toronto, Scarborough is bound by Lake Ontario to the south, Steeles Ave. to the north, the Rouge River to the east and Victoria Park Avenue to the west. The modern City of Scarborough, Ontario, was officially incorporated as a township on Jan, 1, 1850, as a borough on Jan.1st, 1967, as a city in June of 1983 and was officially amalgamated into the City of Toronto on Jan.1, 1998.
Read the full article here.
Scarborough in Toronto's east end hasn't had the best reputation, hence its nicknames, Scarberia, Scarlem and Scareborough.
Toronto residents often poke fun of the borough as a crime-ridden, unsafe area. However, Scarborough is getting the last laugh. Throughout the years it has evolved into a desirable location for major employers, such as Telus Mobility, Scarborough General Hospital, Centennial College, University of Toronto - Scarborough Campus, as well as Torontonians looking for a short commute downtown and reasonably priced housing.
Located approximately 17 km east of downtown Toronto, Scarborough is bound by Lake Ontario to the south, Steeles Ave. to the north, the Rouge River to the east and Victoria Park Avenue to the west. The modern City of Scarborough, Ontario, was officially incorporated as a township on Jan, 1, 1850, as a borough on Jan.1st, 1967, as a city in June of 1983 and was officially amalgamated into the City of Toronto on Jan.1, 1998.
Read the full article here.
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Orillia home sales retreat in May
Residential sales activity recorded through the MLSÂ System of the Orillia and District Real Estate Board softened in May 2012 compared to levels in recent months, although it did come in above a weak month of May last year.
Home sales numbered 98 units in May 2012, up four per cent from the same month in 2011. Sales of all property types numbered 107 units in May, up seven per cent from May 2011.
On a year-to-date basis, sales activity was running 17 per cent ahead of levels at the same time last year.
`Housing demand cooled off in May compared to the very healthy levels we saw over the first four months of the year,` said Debbie Gilbert, President of the Orillia and District Real Estate Board. `It`s been suggested that perhaps warmer weather earlier in the year gave buyers a head start on the spring buying season, which would have in theory boosted sales in March at the expense of sales later in the spring, and that`s certainly the pattern we`re seeing play out right now.`
Read the full article here.
Residential sales activity recorded through the MLSÂ System of the Orillia and District Real Estate Board softened in May 2012 compared to levels in recent months, although it did come in above a weak month of May last year.
Home sales numbered 98 units in May 2012, up four per cent from the same month in 2011. Sales of all property types numbered 107 units in May, up seven per cent from May 2011.
On a year-to-date basis, sales activity was running 17 per cent ahead of levels at the same time last year.
`Housing demand cooled off in May compared to the very healthy levels we saw over the first four months of the year,` said Debbie Gilbert, President of the Orillia and District Real Estate Board. `It`s been suggested that perhaps warmer weather earlier in the year gave buyers a head start on the spring buying season, which would have in theory boosted sales in March at the expense of sales later in the spring, and that`s certainly the pattern we`re seeing play out right now.`
Read the full article here.
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Serial bad tenant
A serial bad tenant who failed to meet a recent deadline to pay her rent set by a Superior Court judge has been granted two more weeks to produce what she owes.
Nina Willis appeared at Osgoode Hall court Thursday. She is appealing a Landlord and Tenant Board decision to evict her from a Don Mills home for failing to pay rent.
Willis alleges in court documents she was ordered out because of a `factual error` at the hearing and because she didn`t have an `opportunity to participate.` Her landlord, Darius Vakili, is trying to have the appeal quashed.
Read the full article here.
A serial bad tenant who failed to meet a recent deadline to pay her rent set by a Superior Court judge has been granted two more weeks to produce what she owes.
Nina Willis appeared at Osgoode Hall court Thursday. She is appealing a Landlord and Tenant Board decision to evict her from a Don Mills home for failing to pay rent.
Willis alleges in court documents she was ordered out because of a `factual error` at the hearing and because she didn`t have an `opportunity to participate.` Her landlord, Darius Vakili, is trying to have the appeal quashed.
Read the full article here.
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Toronto house prices to fall slowly, TD bank says
The Toronto-Dominion banking group says Vancouver and Toronto home prices will probably experience a relatively mild downturn in two to three years ` but not the dramatic drop that hit the United States a few years ago.
TD says a 15 per cent decline in Canada`s two most expensive cities is likely in a few years but it will be gradual, rather than the sudden drop of 30 per cent seen in the U.S. real estate market.
Read the full article here.
The Toronto-Dominion banking group says Vancouver and Toronto home prices will probably experience a relatively mild downturn in two to three years ` but not the dramatic drop that hit the United States a few years ago.
TD says a 15 per cent decline in Canada`s two most expensive cities is likely in a few years but it will be gradual, rather than the sudden drop of 30 per cent seen in the U.S. real estate market.
Read the full article here.
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Barrie home sales climb higher in May
Residential property sales recorded through the MLSÂ System of the Barrie & District Association of REALTORSÂ Inc. numbered 544 units in May, rising 21 per cent from year-ago levels.
Within the city of Barrie, sales activity was up by slightly less than the overall trend for the region. The city of Barrie saw 320 residential sales in May, 18 per cent above levels from May 2011.
`Resale housing demand last month recorded the best May sales figure in five years,` said Walter Doret, President of the Barrie and District Association of REALTORSÂ. `That`s in line with activity for the year-to-date, which is also running at the highest level since 2007.`
A total of 2,039 homes have traded hands so far this year. That`s up 18 per cent from the first five months of 2011.
Read the full article here.
Residential property sales recorded through the MLSÂ System of the Barrie & District Association of REALTORSÂ Inc. numbered 544 units in May, rising 21 per cent from year-ago levels.
Within the city of Barrie, sales activity was up by slightly less than the overall trend for the region. The city of Barrie saw 320 residential sales in May, 18 per cent above levels from May 2011.
`Resale housing demand last month recorded the best May sales figure in five years,` said Walter Doret, President of the Barrie and District Association of REALTORSÂ. `That`s in line with activity for the year-to-date, which is also running at the highest level since 2007.`
A total of 2,039 homes have traded hands so far this year. That`s up 18 per cent from the first five months of 2011.
Read the full article here.
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Toronto's condo market not so ghostly?
This morning, media outlets, including the Financial Post, picked up and ran with a research note from Scotia Capital citing statistics that said up to 25% of condos in Toronto remain empty after being sold. The note referred to the phenomenon as creating a `ghost city.`
The Scotia note cites the Canada Mortgage and Housing Corporation as providing the 25% estimate. But as CMHC explains, it does not track data on how many condominiums in Canada remain unoccupied after being sold.
Read the full article here.
This morning, media outlets, including the Financial Post, picked up and ran with a research note from Scotia Capital citing statistics that said up to 25% of condos in Toronto remain empty after being sold. The note referred to the phenomenon as creating a `ghost city.`
The Scotia note cites the Canada Mortgage and Housing Corporation as providing the 25% estimate. But as CMHC explains, it does not track data on how many condominiums in Canada remain unoccupied after being sold.
Read the full article here.