June 2012 Ontario Economic Fundamentals

[Ally]

Liberal on-again, off again support from NDP confuses at Queen's Park



Ontario Premier Dalton McGuinty is questioning the integrity of his one-time ally Andrea Horwath, in what critics says is a blatant attempt to `damage` her New Democratic Party`s brand just as voters face the spectre of a snap election.





Mr. McGuinty said Ms. Horwath is `disingenuous` for pledging to help prop up his minority Liberal government, only to have her party strike down entire sections of the budget bill. The showdown is forcing the New Democrats to spend the weekend reviewing how to execute their plan to help pass the budget bill while opposing key portions of it.





At a news conference Saturday morning, Ms. Horwath invited Mr. McGuinty and Progressive Conservative Leader Tim Hudak to meet with her this weekend and resolve the impasse over the budget, which is set to go to a vote on Wednesday.





Read the full article here.

 

[Ally]

Foreign investment cuts both ways in Toronto condo market





Talking about Toronto`s condo craze has become something of a sport for residents of Canada`s largest city, where soaring real estate prices and a forest of construction cranes have fed speculation of a real estate bubble.






Read the full article here.

 

[Ally]

Deal reached to build new bridge in Detroit





WINDSOR ` A historic agreement was unveiled Friday by Prime Minister Stephen Harper and Michigan Governor Rick Snyder to build the long-awaited $1-billion government-backed bridge after 10 years of controversy and unfulfilled promises to fix the gridlock at the Windsor-Detroit border.




Calling it a necessary step to better facilitate and expand the current $120 billion in annual Canada-U.S. trade across the Detroit River, the prime minister said there is no other project more urgently needed across the country than the Detroit River International Crossing bridge.






Read the full article here.

 

[Ally]

Introducing the Game of Hoods!




Toronto is a city of neighbourhoods, but which one is the best? This is the question we will answer over the next two weeks. Sixteen areas from across the city have been nominated by our newsroom, but it`s you, readers, who will decide which emerges victorious.




The first round of competition will run June 18-21, with two friendly (fierce?) battles open for votes each day. The second round runs June 25-28





Read the full article here.

 

[Ally]

RIM job cuts underway




Research in Motion Ltd. has confirmed it is again cutting jobs as it looks to trim costs, although it is not yet saying how many employees will go, nor where the axe will fall.




The beleaguered BlackBerry maker said Wednesday the `headcount reductions` are part of its efforts to save at least $1-billion by the end of its current fiscal year.




`RIM has reduced some positions as part of this program and may continue to do so as the company methodically works through a review of the business,` Nick Manning, a spokesman for RIM, said in an emailed statement Wednesday.





Read the full article here.

 

[Ally]

Expect the number of new listings to increase in Toronto





June 22, 2012 -- May was another active month for resale housing transactions throughout the Greater Toronto Area. But, even more importantly, May will likely turn out to be the turning point for the listings situation (i.e. lack of thereof) that has been such a big story in the GTA housing market over the past year.



With 10,850 homes changing hands in May, sales were up 11 per cent over May 2011. Sales growth was stronger in the `905` regions compared to the `416` ` 14 per cent versus 11 per cent respectively. The fact that sales have been growing at a quicker pace outside of the `416` area code is not surprising in light of a recent Ipsos Reid poll suggesting the City of Toronto`s land transfer tax has prompted many buyers to search for their next home outside of the city.




Tight market conditions continued to result in strong average price growth in May. The average selling price in the `905` regions grew by over seven per cent year-over-year to $484,840. In the City of Toronto, the average selling price was up by six per cent to $568,768.





Read the full article here.

 

[Ally]

Serial bad Toronto contractor sentenced to 90 day in jail






Six years ago, Ann Alves hired a contractor to renovate the kitchen and bathroom in her Ajax home. She gave Charlesworth K. Carter nearly $6,000, about half the total, as a deposit.




For that she received a partially finished bathroom and an uninstalled shelf and vanity dropped off in the garage. Now the bathroom remains unfinished, save for the tiling that another contractor completed, and the shelf and vanity remain in the garage, turned into makeshift storage units.





Read the full article here.

 

[Ally]

2013 rent increase guideline




The annual Rent Increase Guideline is a calculation based on the Ontario Consumer Price Index as compiled by Statistics Canada.




The Rent Increase Guideline applies to most private residential rental accommodation covered by the Residential Tenancies Act, 2006 (RTA).




The guideline does not apply to:

• Vacant residential units
• Residential units first occupied on or after November 1, 1991
• Social housing units
  Nursing homes
  Commercial property

Timing of Rent Increases



In most cases, the rent for a unit can be increased if at least 12 months have passed since a tenant first moved in, or if at least 12 months have passed since the last rent increase.




A tenant must be given proper written notice of a rent increase (at least 90 days before the rent increase takes effect).





Read the full article here.

 

[Ally]

Oil companies approach Ontario manufacturing sector as patrons



Faced with an impending labour shortage and a desperate need for equipment, Alberta`s oil and gas industry is hoping to breathe new life into Ontario`s struggling manufacturing industry.





That was the message a delegation from the Calgary-based In Situ Oil Sands Alliance brought to southwestern Ontario earlier this week during a tour that brought industry executives to Windsor, Sarnia and London.





`Alberta is expecting to triple development in the next 20 years, but is also facing a heavy demand for equipment and services,` Patricia Nelson, vice-chair of the IOSA and leader of the delegation told Today. `It has been suggested to us for some time that we explore that region`s industries and see how that region would be able to help us with our long-term needs and our long-term growth.`





Read the full article here.

 

[Ally]

Toronto property tax hike will fund massive $30-billion TTC expansion



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.





Ms. Stintz was quick to brush aside questions on whether she may be prepping her own mayoral platform, noting simply: `This is about a transit plan, and we have a mayor.`



Read the full article here.

 

[Ally]

Toronto ponders a bold new transit vision




Late on Tuesday night, Twitter lit up with excitement about OneCity, a quietly developed plan that would transform Toronto`s transportation future. It sure looks good on paper. OneCity, which would cost about $30-billion over 30 years, would see six new subway lines, 10 LRT corridors and several additional rapid bus routes or expansion of existing street car lines, as well as various and sundry improvements to the transit infrastructure already in place.




City hall observers were quick to notice several flaws with the plan, which is being promoted by Councillor Karen Stintz, chair of the Toronto Transit Commission and one-time ally of the administration. It would include a lot of above-ground rail ` something Mayor Rob Ford regards with about as much affection as he would a depleted uranium munitions testing range in every elementary school yard. Even worse than irradiating kids, though, is the fact that the plan calls for a moderate property tax hike, and Ford hates taxes even more than he hates choo-choos at street level. The plan would also require regulatory changes at the provincial level.





Read the full article here.

 

[Ally]

Toronto Waterfront revitalization construction update





The revitalization of Queens Quay is now underway. Construction along the 1.5 kilometre stretch from just west of Lower Spadina Avenue to Bay Street will completely rebuild and revitalize the area both above and below ground. In early June, Bell began building new conduit between York Street and Lower Simcoe Street to relocate its existing fibre and copper network. The initial utility work is being coordinated by Waterfront Toronto as part of the overall transformation of the street. In July, Hydro crews are expected to begin their work which will replace aging electrical infrastructure and make system enhancements for current and future demand.





The first stage of construction, which includes the utility upgrades, is expected to be complete by summer of 2013. During stage one, crews will also build new storm and sanitary sewers and demolish and rebuild the TTC right-of-way and tracks. Stage two construction, which begins in the summer of 2013, will build the new roadway and granite sidewalks on the north side of the street. By early 2014, stage three construction will move to the south side where the granite pedestrian promenade and new Martin Goodman Trail will be built.







Read the full article here.

 

[Ally]

Ontario's Tories take on the unions - and it's about time




Recently the Toronto Star has been entertaining its readers with a series of stories on how work gets done at the Toronto District School Board: $143 to install a pencil sharpener, $2,900 to install an electrical outlet, that kind of thing.




The work is performed by members of the Maintenance and Construction Skilled Trades Council, with whom the TDSB is required to contract for virtually all such projects. But even outside contractors, where they are permitted, must kick in a portion of their wages in `dues` to the Trades Council, much as the TDSB`s in-house construction workers must.







The Trades Council`s president, Jimmy Hazel, is unapologetic. Asked by the Star about the electrical outlet, which took four hours but for which the board was billed 76, Hazel replied, `we don`t need to f`ing prove anything to anybody about costs.`





Read the full article here.

 

[Ally]

Toronto shocks itself with a bright idea




Think of it as David Miller`s final triumph. A victory from the grave, a belated gift to the people of Toronto, more than two years after he left the mayor`s office.




The former mayor always insisted his war on the car was a myth. That he didn`t deliberately set out to make life as miserable as possible for anyone who preferred their car over mass transit. He just didn`t do anything to alleviate the constant traffic troubles, and supported any initiative that happened to have the side effect of complicating the already-difficult task of getting from Point A to Point B be while behind the wheel.




While deliberate or not, the effect was the same: a traffic nightmare that parallels the working day, and often extends into weekends. Now, as Mr. Miller looks on in retirement, it appears the city may finally have had enough, and is throwing in the towel. All right, already, we give up. The car is dead. We`ll build the freaking transit network. Anything to end the pain.





Read the full article here.

 

[Ally]

Renovation gone wrong leaves Toronto home slouching towards demolition






Demolition is expected to begin today on a Junction home that tilted to one side while contractors were working on the foundation.




The two-storey brick house is considered so unstable that the owner has not been allowed inside to collect belongings.




The incident happened Wednesday around 5 p.m. at 63 Maria St., just north of Dundas St. W. near Runnymede Rd., when contractors were digging out the basement with their hands, according to Mark Sraga, deputy chief building official and director of Toronto Building.





Read the full article here.

 

[Ally]

Ontario Liberals approve Toronto transit plan for Finch, Eglinton LRT lines




Ontario`s governing Liberals say they`ve approved an expanded Toronto transit plan that was passed by city council in March.




The light rail lines planned for Eglinton and Finch are expected to be completed by 2020, along with the replacement and extension of the Scarborough rail line.




The Sheppard East light rail line is expected to be finished a year later.





Read the full article here.

 

[Ally]

Transportation minister says province won't back OneCity transit plan



Ontario Transportation Minister Bob Chiarelli told reporters Friday that the ambitious OneCity transit plan proposed by a group of Toronto councillors cannot be allowed to derail any ongoing transportation projects in the region.










`Too much time has been wasted and we need shovels in the ground and improvements to public transit starting now,` said Mr. Chiarelli. `There is no time left to waste.`




Mr. Chiarelli said work is already underway on key light rail transit (LRT) projects around Toronto and warned that it`s too late to change the plans.




Read the full article here.