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June 2013 Ontario Economic Fundamentals

REIN

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Pickering airport plan finally scheduled for takeoff






CLAREMONT - After four decades, the long-standing controversial plan to build an airport on the Pickering Lands is scheduled for takeoff.




But that doesn`t mean residents are on board.




At a press conference held on the lands Tuesday, Finance Minister Jim Flaherty announced the 7,500 hectares of land in Pickering, Markham and Uxbridge will be transformed into a new airport and a 2,000-hectare Rouge National Urban Park.





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Toronto can handle a market rebalance if condo construction slows





Another one of the Big Five banks has published their two cents about the Canadian real estate market. In their report on Global Real Estate Trends, much of Scotiabank`s analysis of Canada`s housing market focused squarely on the situation in Toronto. And they`re much more cautious about the city`s real estate scene than the Bank of Montreal.



Overall, the report forecasts further downside risk to both sales and prices.





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Mississauga home prices rise in May




Residential property sales recorded through the MLSÂ System of the Mississauga Real Estate Board remained below year ago levels in May 2013, but they were up from earlier this year.




Home sales numbered 1,197 units in May, down five per cent from May 2012.





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Overbuilt condo market puts Canadian economy at risk: BoC




OTTAWA ` An overbuilt and overpriced condominium market is posing a risk to Canadian households, banks and the economy in general, the Bank of Canada warned Thursday in its latest review of the health of the country`s financial system.





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St. Catharines-Niagara home starts ease to sustainable level





NIAGARA ` Housing starts in the St. Catharines-Niagara census metropolitan area were trending at 1,428 units in May compared to 1,481 in April, 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.





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Hamilton struggling with lack of industrial lands


STONEY CREEK Neil Everson is a little like a car salesman standing in a near empty showroom. He has the skill to make the sale, but no products to sell. Hamilton's director of economic development told the Stoney Creek Chamber of Commerce Wednesday his efforts to attract new employers to the city, and to keep existing firms here, are being hampered by a shortage of available employment land. "Companies that are looking for new locations or to expand are calling, but we don't have any product to show them," he said. One answer to that problem, he said, is the controversial Airport Employment Growth District, a plan to open up large areas of land around Hamilton airport. The plan has faced heavy opposition from groups saying the city should fill in empty factories and other sites before opening new land. Planning approvals for the plan were argued before the Ontario Municipal Board recently.







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Stoney Creek sees price of economic success





Stoney Creek is in the midst of a building boom, following its former municipal cousins across the city, as they contribute to a low industrial vacancy rate that has officials worried, says the city`s economic development director.



As residential and commercial growth booms on Stoney Creek mountain, and hopefully next year the new Walmart and Costco commercial and retail plaza at Fifty Road and South Service Road will begin construction, Hamilton is facing an industrial crisis of sorts, said Everson.





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90,000 new jobs in Montreal by 2016



The next three years will bring 90,000 new jobs to Montreal, according to a new report released today by BMO Economics.





The report notes Montreal`s employment rate is already near a record high, with the jobless rate at 8.2%. `Over the medium term, we expect the city to add about 90,000 jobs by the end of 2016, pulling the unemployment rate down to close to pre-recession levels at just above 7%,` said Robert Kavcic, senior economist, BMO Capital Markets.





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Poll shows strong support for eliminating land transfer tax





TORONTO, ONTARIO`(Marketwired ` June 14, 2013) ` With the City of Toronto`s Executive Committee expected to review a City staff report on options for phasing out the Toronto Land Transfer Tax in coming weeks, a new poll is showing strong public support for eliminating this tax.




`The public continues to feel strongly that the Land Transfer Tax should be scrapped. Torontonians know that the land transfer tax is bad for our City, and they want City Council to follow through on commitments to phase it out,` said Ann Hannah, President of the Toronto Real Estate Board (TREB).





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Pipeline projects benefitting Ontario economy



In today's world, the success and sustainability of a national or local economy depends largely on its ability to adapt to changing circumstances. For Canadians, the main challenge we face is a decline in manufacturing, hastened by the financial crisis and recession of 2008-2009.





Workers in Ontario's Golden Horseshoe ` and Hamiltonians in particular ` understand this challenge all too well. Once an industrial leader, Hamilton's employment has been hard hit by the steady erosion of the steel and equipment sectors and manufacturing in general over the past 20 years. As reported recently in this paper, Hamilton lost more than 15,000 full-time jobs in the last year.





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London industrial areas not designed for transit-friendly options





As councillors busy themselves looking for every job they can find, the mayor is asking London Transit if enough is being done to bring potential employees to the city`s industrial areas.




During the Civic Works Committee meeting on Monday (June 17), the members were given a report from Larry Ducharme, London Transit general manager, which says there are options to examine. However, besides examining those options, Ducharme said the city should take a closer look at how the city`s industrial areas are created.





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Oshawa airport business plan delayed





Grandiose announcements about a new Pickering airport haven`t caused too much stress among Oshawa airport aficionados.




Canada`s Finance Minister and Whitby-Oshawa MP Jim Flaherty, alongside Environment Minister Peter Kent, recently announced the federal government`s plans for the land it owns in north Pickering. The new strategy sets aside nearly 5,000 acres for the Rouge National Urban Park and outlines the lands that could be used for a future airport and other `job-creating` developments.





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Ontario housing starts climb in May according to CMHC





EMC Business -Housing starts in the Ontario region were trending at 57,773 units in May, compared to 56,073 in April, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.







"As expected, residential construction bounced back from historically low levels in April. Even though housing starts were running above trend, May starts were still better in line with demographic demand in the province of Ontario. More modestly priced housing led the gains as a backlog of apartment structures that sold in recent years broke ground as did row structures in May," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist.





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Vaughan sets out stringent terms on casino




Meeting a long list of terms and conditions is key to any possible deal reached between Vaughan and the casino operator chosen by the Ontario Lottery Gaming Corporation (OLG).




And while Mayor Maurizio Bevilacqua called the terms `very firm`, he also said they are `part and parcel` of the negotiation process.





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GTA new home prices hit record





New home sales across the GTA hit their lowest level on record for May as average prices were pushed to new highs of $644,427, according to RealNet Canada.




The 26 per cent decline in house sales year over year, but a six per cent rise in new house prices, is being blamed on a dwindling supply of enough serviced land to meet demand for new low-rise housing, as well as government fees and charges which, a recent study showed, account for more than 20 per cent of the cost of a new home.






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One of Toronto restaurant hotspots could soon be forced to cool down



A community council by-law could cap the number of bars and restaurants in Parkdale at 25 per cent of all business, if approved by the rest of council next month.




The influx of bars in the area is driving up rents and pushing out other businesses local councillor Gord Perks said.






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More towers, fewer tenants could cloud office demand outlook



CBRE Ltd. is warning developers that, with a plethora of new office towers going up across the country, the demand for office space is starting to wane.





The result could be the end of a period during which rents have been high and vacancies extremely low.







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Ottawa rental vacancy rate highest of urban centres in Ontario




OTTAWA ` Ottawa apartments on both sides of the provincial border are sitting empty, according to rental vacancy rates released Thursday by the Canada Mortgage and Housing Corporation (CMHC).




On the Ontario side, 3.7 per cent of apartments are without occupants, and four per cent in Gatineau. That represents a 1.6-percentage point increase for Ottawa and a nearly doubled rate for Gatineau, when comparing April of this and last year.





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Montreal condo builder aims for competitive edge with novel price scheme





Montreal condo developer Sam Scalia thinks he has devised a sales plan that is pretty unique: If prices in the city fall before construction is completed, he`ll eat the difference. Up to a point.




Devmont, founded by Mr. Scalia and his brother Joseph 14 years ago, is building a six-phase, 660-unit project called The Rouge, the third and fourth phases of which are expected to be finished by early next year.





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Bidding wars, soaring house prices hit Hamilton





HAMILTON`Cathy Thomson always imagined that when she and her husband retired, they would sell their house in Oshawa and move to the big city.






They did. The City of Hamilton.






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