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March 2011 Ontario Economic Fundamentals

Ally

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Go Transit in $125-million deal with Bombardier





GO Transit is spending $125-million to purchase 50 bi-level railway coaches from Bombardier (BBD.B-T6.400.121.91%) for its inter-regional commuter service into Toronto.




The 162-passenger coaches will expand the system's capacity by 8,000 commuters a day.




Production of the coaches is scheduled to begin in June at Bombardier's facility in Thunder Bay, Ont., with deliveries beginning in the fall.





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Court fines Barrie landlord





A landlord of a boarding lodging and rooming house in Barrie pled guilty in Provincial Offences court in Barrie for failing to maintain the fire alarm system in operating condition, failing to have the fire alarm system inspected and tested and failing to maintain an exit free of obstructions.





The $4702.50 judgment including fine amounts and victim surcharge stems from an investigation of a complaint in March of 2010. The investigation found that there was damage to multiple pull stations, a smoke detector and that all power sources had been removed from the fire alarm panel. Additionally, a wooden dresser had been left completely obstructing the corridor leading to the basement exit door.





`Failing to maintain the fire alarm system in working condition and failing to maintain exits free of obstructions are serious life safety issues on their own. In combination they increase the risk to life safety exponentially` says Barrie Fire Prevention Officer Deborah Grant.




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Buying a home? Get the facts on HST






TORONTO, March 21 /CNW/ - Revenue Minister Sophia Aggelonitis and Ontario Real Estate Association Immediate Past President, Dorothy Mason, today released a video explaining to prospective buyers the facts about the HST and the housing market.




The video highlights the fact that there is no HST on the purchase price of resale homes. Sales tax did not apply to the purchase price of resale homes under the previous PST, and it does not apply under the HST.




For new housing, additional tax only applies to the portion of the price above $400,000.




The Ontario Enhanced New Housing Rebate means that buyers of new homes receive a rebate of up to $24,000 regardless of the price of the new home. Buyers of new homes priced up to $400,000 (about three-quarters of new homes built in Ontario) on average pay no more - and possibly even less - tax than under the previous PST, where sales tax was hidden in the price.





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Has the GTA condo market peaked?




Alfredo Romano steps up to a computer screen that looks like a giant iPad and starts tapping away.




`Look at this` says the developer with a wide grin. The computer is showing a floor plan of a condominium. Another tap. A simulated walk through of the unit. He taps again. The actual view from the unit pops up. `This is really cool.`




The downtown Toronto sales centre for Romano`s Backstage condo project at Yonge St. and the Esplanade is the stuff of science fiction. The futuristic, modular design references the Museum of Modern Art with a nod to Battlestar Galactica.





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For Toronto renters, there's never been a better time




Would you be more inclined to rent an apartment if the landlord threw in a flat-screen TV? What about a month of Tim Hortons coffee or a free tour of shops and amenities in the neighbourhood?




The vacancy rate in Toronto is expected to remain steady at about 2 per cent ` but the pool of tenants has changed. As more and more people ditch their rented digs in favour of home or condo ownership, landlords are on the hunt for the cream of what`s left.




That means you`re in the drivers seat if you`re a renter with a good credit rating and steady income. Incentives like free TVs, coffee, TTC passes, cable, utilities and rent are making signing a lease as attractive as possible. But how much of a deal are you really getting?





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What will $300,000 buy me in Canada?




BNN continues with its real estate series, "What will "300,000 buy me?" as SqueezePlay takes a look at a $300,000 real estate investment in Hamilton, ON. BNN speaks to Don Campbell, President, Real Estate. Investment Network.





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Ally

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Consumers lose confidence, most notably in Ontario




Consumer confidence slumped in March, though for some reason people are happier in Quebec, The Conference Board of Canada said today.




The group's consumer confidence index tumbled to 83.7 from 89.3 3, with consumers most troubled by the state of, and outlook for, their finances.




"Attitudes toward current finances remain worrisome," the group said in a statement. "Despite the ongoing economic recovery, just 17.8 per cent of respondents said their family's finances had improved over the past six months - up 0.7 percentage points from February. At the same time, 23.5 per cent of respondents answered that their finances had worsened, up 2.4 points."



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No more than four renters allowed per house in Orillia



Are your living arrangements legal?





If they're not, chances are you don't even know it.





The city's building and planning departments have teamed up with the Orillia Fire Department to spread the message to students and the post-secondary community in town: No more than four.





A dwelling unit cannot have more than four renters.





"I don't think parents and students necessarily know the rules, but landowners and homeowners should know the rules," said Jill Lewis, the city's affordable housing co-ordinator.





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Downtown Barrie attracting new investment



BARRIE - An experienced sports-gear salesman and a BeaverTails franchisee have one thing in common: they both believe so much in downtown Barrie they`re opening stores there this spring.



Tim Viktil grew up on Donald Street, and downtown is where he walked, ran and cycled. He worked for Garner Sports ` until it was sold and moved out of the city core. Now, he`s preparing to open Pro-Star Sports Excellence in the location he loved to shop as a boy and where he worked for years.




`I was born and raised in Barrie and grew up just outside of downtown, over by the Wellington plaza. I used to go into Garner`s as a young kid and dream of this and that,` he said.




Now with a young son, he and his wife still enjoy walking through downtown Barrie, despite its rough reputation. After Christmas, a series of stores closed ` including the long-time Grand & Toy, Swoon, and Tropical North locations.





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Ontario budget 2011



As had been widely flagged in the press prior to the official release of today`s budget, the Ontario government has managed to lower the profile of deficit reduction through FY 2012/13. The FY 2010/11 deficit has been revised down to $16.7 billion (from $18.7 billion projected in the 2010 Fiscal Review), while the figures for FY 2011/12 and FY 2012/13 have been lowered to $16.3 billion and $15.2 billion (from $17.3 and $15.9 billion, respectively.) However, beyond that point, the deficit projection returns to the schedule indicated in last year`s budget, with the return to surplus still not expected until FY 2017/18. Thus Ontario remains a laggard in terms of eliminating this fiscal imbalance compared to other jurisdictions such as the federal government, which is projecting to do so by FY 2015/16, and the province of Quebec, by FY 2013/14. It is the case that the deficit in Quebec, as a per cent of GDP, did not deteriorate to the same extent as in Ontario (a peak of 1.3% in Quebec versus 3.3% for Ontario) though the federal deficit ballooned to an even greater 3.6% at the height of the recession.



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