March 2012 Ontario Economic Fundamentals
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Ontario urged to speak up for oil sands
Supporters of Alberta`s oil sands say Ontario needs to do more to publicly defend the resource, including standing up for the controversial Keystone XL pipeline, since its economy is the country`s second-largest beneficiary from the production of the gooey bitumen.
According to Alberta Premier Alison Redford, in Chicago for a few days talking up her province`s oil and gas industry, Quebec also needs to do its part to tell Alberta`s story. This is particularly important, she said, on the issue of the $7-billion pipeline that would link Canada to Texas, a project delayed by the White House.
Read the full article here.
Supporters of Alberta`s oil sands say Ontario needs to do more to publicly defend the resource, including standing up for the controversial Keystone XL pipeline, since its economy is the country`s second-largest beneficiary from the production of the gooey bitumen.
According to Alberta Premier Alison Redford, in Chicago for a few days talking up her province`s oil and gas industry, Quebec also needs to do its part to tell Alberta`s story. This is particularly important, she said, on the issue of the $7-billion pipeline that would link Canada to Texas, a project delayed by the White House.
Read the full article here.
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Toronto's moving on up...and up
The risk of strain in Canada`s real estate market and concern of a housing bubble in Toronto and Vancouver receives much attention. But the extent to which Toronto leads its North American peers in terms of buildings under construction is staggering.
With 148 skyscrapers and high-rises being built, according to data compiled by Hamburg-based Emporis, no North American city comes even close.
Read the full article here.
The risk of strain in Canada`s real estate market and concern of a housing bubble in Toronto and Vancouver receives much attention. But the extent to which Toronto leads its North American peers in terms of buildings under construction is staggering.
With 148 skyscrapers and high-rises being built, according to data compiled by Hamburg-based Emporis, no North American city comes even close.
Read the full article here.
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Economic growth will not save Ontairo: Drummond report
Don Drummond`s report on the state of Ontario`s public services is clear: The province can no longer count on a booming economy to rescue its finances.
Balancing the provincial government`s books will require deep and long-lasting spending restraints, an effort that is `pretty much unprecedented in Canadian post-war history,` said Mr. Drummond, an economist and chair of the commission that oversaw the report.
Read the full article here.
Don Drummond`s report on the state of Ontario`s public services is clear: The province can no longer count on a booming economy to rescue its finances.
Balancing the provincial government`s books will require deep and long-lasting spending restraints, an effort that is `pretty much unprecedented in Canadian post-war history,` said Mr. Drummond, an economist and chair of the commission that oversaw the report.
Read the full article here.
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McGuinty's ungracious response to Premier of Alberta's appeal for support on the Keystone XL pipeline
Dalton McGuinty, the Premier of Ontario, should not have responded ungraciously to an appeal by Premier Alison Redford of Alberta for solidarity from Ontario and Quebec, in the course of her speech on Friday to the Small Explorers and Producers Association on Friday. In particular, she wants the Premiers of the two Central Canadian provinces to help articulate the importance of the Keystone XL pipeline to the country as a whole.
Read the full article here.
Dalton McGuinty, the Premier of Ontario, should not have responded ungraciously to an appeal by Premier Alison Redford of Alberta for solidarity from Ontario and Quebec, in the course of her speech on Friday to the Small Explorers and Producers Association on Friday. In particular, she wants the Premiers of the two Central Canadian provinces to help articulate the importance of the Keystone XL pipeline to the country as a whole.
Read the full article here.
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Ontario bashes Alberta oil sands to make play for federal cash
Ontario Premier Dalton McGuinty, his province in hock up to a looming $400-billion and his political future looking grim, has decided to do what demagogues often do best: take on an extraterritorial foe. If you can`t win at home, maybe you can pretend to destroy some mythical foe thousands of kilometres away. These days, what could be safer for a broke lefty premier who has squandered billions on dead-end green energy projects than to direct attention to Alberta`s oil sands and Alberta Premier Alison Redford.
What Mr. McGuinty is really after here, however, is not the humiliation of Alberta but the transfer of federal cash to Ontario. The oil sands comments are a pretext, another McGuinty McGuffin that is the front for other real motives.
Read the full article here.
Ontario Premier Dalton McGuinty, his province in hock up to a looming $400-billion and his political future looking grim, has decided to do what demagogues often do best: take on an extraterritorial foe. If you can`t win at home, maybe you can pretend to destroy some mythical foe thousands of kilometres away. These days, what could be safer for a broke lefty premier who has squandered billions on dead-end green energy projects than to direct attention to Alberta`s oil sands and Alberta Premier Alison Redford.
What Mr. McGuinty is really after here, however, is not the humiliation of Alberta but the transfer of federal cash to Ontario. The oil sands comments are a pretext, another McGuinty McGuffin that is the front for other real motives.
Read the full article here.
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Ontario needs to promote jobs more aggressively
Western Canada has done a great job by promoting themselves to aspiring and attracting new immigrants settle in those provinces, says a Toronto-based marketing and partnership expert.
The PNP (provincial nominee program) also helped them a lot in terms of encouraging newcomers ` but on the other hand Ontario also doesn`t lack employment opportunities and award-winning employers, said Munira Ravji, a marketing and partnership specialist at the Maytree Foundation.
Read the full article here.
Western Canada has done a great job by promoting themselves to aspiring and attracting new immigrants settle in those provinces, says a Toronto-based marketing and partnership expert.
The PNP (provincial nominee program) also helped them a lot in terms of encouraging newcomers ` but on the other hand Ontario also doesn`t lack employment opportunities and award-winning employers, said Munira Ravji, a marketing and partnership specialist at the Maytree Foundation.
Read the full article here.
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GTA real estate: Average price nudges $500,000
House sales have softened across the country ` Toronto included ` although the average price of a home in the GTA continued to edge closer to $500,000 in January.
Sales activity was down in over half of Canada`s housing markets, led by an almost 3 per cent decline in sales across the GTA when adjusted for seasonal fluctuations, according to January housing statistics released Wednesday by the Canadian Real Estate Board (CREA.)
Read the full article here.
House sales have softened across the country ` Toronto included ` although the average price of a home in the GTA continued to edge closer to $500,000 in January.
Sales activity was down in over half of Canada`s housing markets, led by an almost 3 per cent decline in sales across the GTA when adjusted for seasonal fluctuations, according to January housing statistics released Wednesday by the Canadian Real Estate Board (CREA.)
Read the full article here.
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GTA Realtors release resale monthly market figures
TORONTO, March 5, 2012 -- Greater Toronto REALTORSÂ reported 7,032 sales in February 2012 ` up 16 per cent compared to February 2011. New listings were also up over the same period, but by a lesser 11 per cent to 12,684. It is important to note that 2012 is a leap year, with one more day in February. Over the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively.
`With slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied,` said Toronto Real Estate Board President Richard Silver.
Read the full article here.
TORONTO, March 5, 2012 -- Greater Toronto REALTORSÂ reported 7,032 sales in February 2012 ` up 16 per cent compared to February 2011. New listings were also up over the same period, but by a lesser 11 per cent to 12,684. It is important to note that 2012 is a leap year, with one more day in February. Over the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively.
`With slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied,` said Toronto Real Estate Board President Richard Silver.
Read the full article here.
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Canadian manufacturers must 'step up their game,' economist warns
OTTAWA ` Canada's manufacturing industry will continue to rebound in 2012, but with the same problems plaguing it now as before the economic downturn, it is destined to remain a shadow of its former self, says TD Economics.
While machinery and auto-parts production will lead gains this year, overall growth will be "limited," said economist Dina Cover, who forecasts output will rise by three to four per cent.
"The sector's share of total output is not likely to exceed the pre-recession rate of 14 per cent in the foreseeable future, let alone return to the 18 per cent seen a decade ago. This doesn't bode well for employment in the sector, as it will not likely rebound to the levels seen prior to the recession," Cover said in the report.
Read the full article here.
OTTAWA ` Canada's manufacturing industry will continue to rebound in 2012, but with the same problems plaguing it now as before the economic downturn, it is destined to remain a shadow of its former self, says TD Economics.
While machinery and auto-parts production will lead gains this year, overall growth will be "limited," said economist Dina Cover, who forecasts output will rise by three to four per cent.
"The sector's share of total output is not likely to exceed the pre-recession rate of 14 per cent in the foreseeable future, let alone return to the 18 per cent seen a decade ago. This doesn't bode well for employment in the sector, as it will not likely rebound to the levels seen prior to the recession," Cover said in the report.
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Rural easten Ontario faces bleak economic future: Report
TORONTO ` The financial prospects of municipalities in rural eastern Ontario are bleak, according to a report released Monday that says low population growth and dramatically higher debt will plague the region`s future.
According to the report, rural portions of eastern Ontario have higher unemployment, a higher percentage of population over 65 and lower median income than the provincial average.
`The combination of those things is a disaster,` says Mel Campbell, chair of the Eastern Ontario Wardens` Caucus, which commissioned the study.
Read the full article here.
TORONTO ` The financial prospects of municipalities in rural eastern Ontario are bleak, according to a report released Monday that says low population growth and dramatically higher debt will plague the region`s future.
According to the report, rural portions of eastern Ontario have higher unemployment, a higher percentage of population over 65 and lower median income than the provincial average.
`The combination of those things is a disaster,` says Mel Campbell, chair of the Eastern Ontario Wardens` Caucus, which commissioned the study.
Read the full article here.
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Housing affordability improves in ON: RBC
TORONTO, March 7, 2012 /CNW/ - Housing affordability improved marginally in Ontario in the fourth quarter of 2011. Still, provincial homebuyers faced slightly higher than average share of their income to cover the costs of owning a home at market price, according to the latest Housing Trends and Affordability Report issued today by RBC Economics Research. The report also noted that momentum in home resales advanced at a steady clip late last year and overall housing supply remained tight in the province.
"The modest improvement in affordability was a welcome reprieve for Ontario homebuyers, as it helped reverse some of the notable deterioration that gripped the province in the first half of last year," commented Robert Hogue, senior economist, RBC. "Yet, there continues to be virtually no sign of strain in the Ontario market due to lack of affordability, and with supply remaining tight, sellers are still firmly in the driver's seat."
Read the full article here.
TORONTO, March 7, 2012 /CNW/ - Housing affordability improved marginally in Ontario in the fourth quarter of 2011. Still, provincial homebuyers faced slightly higher than average share of their income to cover the costs of owning a home at market price, according to the latest Housing Trends and Affordability Report issued today by RBC Economics Research. The report also noted that momentum in home resales advanced at a steady clip late last year and overall housing supply remained tight in the province.
"The modest improvement in affordability was a welcome reprieve for Ontario homebuyers, as it helped reverse some of the notable deterioration that gripped the province in the first half of last year," commented Robert Hogue, senior economist, RBC. "Yet, there continues to be virtually no sign of strain in the Ontario market due to lack of affordability, and with supply remaining tight, sellers are still firmly in the driver's seat."
Read the full article here.
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Housing demand in Ontario will moderate in 2012
EMC Business - Ontario housing activity is set to moderate before growing into 2013 according to the 2012 First Quarter CMHC Housing Market Outlook - Canada Edition released today. Housing starts are expected to moderate to 63,450 units for 2012 before growing to 64,500 units in 2013. Ontario housing starts will range between 54,600 and 72,900 units this year and next.
"Ontario housing activity is entering 2012 with momentum. but will likely succumb to the slowing profile for economic growth and job creation in Ontario," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist. "Housing activity however should remain steady thanks to record low interest rates," added Tsiakopoulos.
MLS sales are expected to range between 171,250 to 217,550 transactions this year and in 2013, Ontario home prices will grow closer to inflation in 2012 as markets move to a more balanced state.
REad the full article here.
EMC Business - Ontario housing activity is set to moderate before growing into 2013 according to the 2012 First Quarter CMHC Housing Market Outlook - Canada Edition released today. Housing starts are expected to moderate to 63,450 units for 2012 before growing to 64,500 units in 2013. Ontario housing starts will range between 54,600 and 72,900 units this year and next.
"Ontario housing activity is entering 2012 with momentum. but will likely succumb to the slowing profile for economic growth and job creation in Ontario," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist. "Housing activity however should remain steady thanks to record low interest rates," added Tsiakopoulos.
MLS sales are expected to range between 171,250 to 217,550 transactions this year and in 2013, Ontario home prices will grow closer to inflation in 2012 as markets move to a more balanced state.
REad the full article here.
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Don't delay corporate tax cuts, businesses warn Ontario
Ontario`s business sector is warning that the province`s competitiveness will suffer if Finance Minister Dwight Duncan cancels the corporate tax cuts planned for next year.
Mr. Duncan indicated on Monday that he is considering ditching plans to cut the tax rate to 10 per cent from 11.5 per cent until Ontario balances its books in 2017-18.
Read the full article here.
Ontario`s business sector is warning that the province`s competitiveness will suffer if Finance Minister Dwight Duncan cancels the corporate tax cuts planned for next year.
Mr. Duncan indicated on Monday that he is considering ditching plans to cut the tax rate to 10 per cent from 11.5 per cent until Ontario balances its books in 2017-18.
Read the full article here.
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Building permits jump in Ottawa, fall elsewhere
OTTAWA ` Construction plans by Canadian contractors declined more than expected in January, with the residential sector hurt by a drop in multifamily building permits in Ontario.
Statistics Canada said Wednesday the value of permits overall fell 12.3 per cent to $6 billion during the month, following a 10.5 per cent increase in December.
Permit values moved in the opposite direction in Ottawa, jumping 133 per cent in January to $230 million. Institutional permits drove the increase, but housing permits were up by 19.5 per cent. Compared to January 2011, however, the Ottawa values were up just 0.8 per cent.
Read the full article here.
OTTAWA ` Construction plans by Canadian contractors declined more than expected in January, with the residential sector hurt by a drop in multifamily building permits in Ontario.
Statistics Canada said Wednesday the value of permits overall fell 12.3 per cent to $6 billion during the month, following a 10.5 per cent increase in December.
Permit values moved in the opposite direction in Ottawa, jumping 133 per cent in January to $230 million. Institutional permits drove the increase, but housing permits were up by 19.5 per cent. Compared to January 2011, however, the Ottawa values were up just 0.8 per cent.
Read the full article here.
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Oshawa apartment construction surges in February
TORONTO, ONTARIO--(Marketwire - March 8, 2012) - Canada Mortgage and Housing Corporation (CMHC) released new home construction figures for the Oshawa Census Metropolitan Area (CMA) today. Total February housing starts, at 296 units, more than tripled last year's level. Apartments were responsible for 85 per cent of housing starts last month, equally split between condominium and rental accommodations.
"The slower low-rise construction numbers in February were more than offset by strong apartment starts. While such a high level of apartment starts is not typical for Oshawa, overall housing starts remained in line with the longer-term trend," said Inna Breidburg, Market Analyst with CMHC's Ontario Business Centre.
Read the full article here.
TORONTO, ONTARIO--(Marketwire - March 8, 2012) - Canada Mortgage and Housing Corporation (CMHC) released new home construction figures for the Oshawa Census Metropolitan Area (CMA) today. Total February housing starts, at 296 units, more than tripled last year's level. Apartments were responsible for 85 per cent of housing starts last month, equally split between condominium and rental accommodations.
"The slower low-rise construction numbers in February were more than offset by strong apartment starts. While such a high level of apartment starts is not typical for Oshawa, overall housing starts remained in line with the longer-term trend," said Inna Breidburg, Market Analyst with CMHC's Ontario Business Centre.
Read the full article here.
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Hamilton should put some 'swagger' in its step
The global economy these days provides little reason for optimism. Consider what dominates the headlines: the European debt crisis, waning consumer confidence and the International Monetary Fund`s prediction that China`s economic growth rate will decline by 4 per cent in 2012.
But that`s the `macro` view. Close to home, there`s an abundance of economic news that justifies why - to borrow a branding phrase from Buffalo - Hamiltonians should be `talking proud.`
Now, before anyone starts commenting on `blogs, ` let me emphasize there is no denying Hamilton still faces its share of challenges. That said, the following are some good reasons why we should have a little swagger in our step:
Read the full article here.
The global economy these days provides little reason for optimism. Consider what dominates the headlines: the European debt crisis, waning consumer confidence and the International Monetary Fund`s prediction that China`s economic growth rate will decline by 4 per cent in 2012.
But that`s the `macro` view. Close to home, there`s an abundance of economic news that justifies why - to borrow a branding phrase from Buffalo - Hamiltonians should be `talking proud.`
Now, before anyone starts commenting on `blogs, ` let me emphasize there is no denying Hamilton still faces its share of challenges. That said, the following are some good reasons why we should have a little swagger in our step:
Read the full article here.
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McMaster Innovation Park: From research to reality
Zach Douglas is president and CEO of McMaster Innovation Park. The park, located on Longwood Road South, has become a `lightning rod` for important conversations happening across the city, according to Mark Chamberlain of Trivaris.
Andrew Holden of Weaver Apps says his app and web development company would have been a failure without MIP.
From top left: Eric Kivlin, NDE; CLSA`s biobank; ron Neumann, Innovation Factory.
Read the full article here.
Zach Douglas is president and CEO of McMaster Innovation Park. The park, located on Longwood Road South, has become a `lightning rod` for important conversations happening across the city, according to Mark Chamberlain of Trivaris.
Andrew Holden of Weaver Apps says his app and web development company would have been a failure without MIP.
From top left: Eric Kivlin, NDE; CLSA`s biobank; ron Neumann, Innovation Factory.
Read the full article here.
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Last stop Hamilton?
About two years ago, I was at a friend`s house in Toronto for a get-together. We were sitting around the table, wine in hand, talking shop. I was going on and on about my little company-that-could in Steeltown. Halfway through a sentence, one of my friends blurted, `When are you going to pack it up and move to Toronto?`
I love this question. It`s the assumed next step. It`s like being offered a slice of apple pie and declining a scoop of ice cream. If you don`t do it, there`s obviously something wrong with you.
Read the full article here.
About two years ago, I was at a friend`s house in Toronto for a get-together. We were sitting around the table, wine in hand, talking shop. I was going on and on about my little company-that-could in Steeltown. Halfway through a sentence, one of my friends blurted, `When are you going to pack it up and move to Toronto?`
I love this question. It`s the assumed next step. It`s like being offered a slice of apple pie and declining a scoop of ice cream. If you don`t do it, there`s obviously something wrong with you.
Read the full article here.
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Toronto breaks ground on Island airport pedestrian tunnel
Construction started today on a pedestrian tunnel to link the island airport with the downtown core, Prime Minister Stephen Harper announced this morning.
`This is an eminently sensible idea,` Mr. Harper said. `This is a world-class city and world-class cities must provide world-class service.`
Mr. Harper was joined by Jim Flaherty, Minister of Finance; Rob Ford, Mayor of Toronto; and Mark McQueen, chairman of the Toronto Port Authority (TPA).
`The pedestrian tunnel is certainly a huge boost for Toronto,` Mr. Ford said.
Read the full article here.
Construction started today on a pedestrian tunnel to link the island airport with the downtown core, Prime Minister Stephen Harper announced this morning.
`This is an eminently sensible idea,` Mr. Harper said. `This is a world-class city and world-class cities must provide world-class service.`
Mr. Harper was joined by Jim Flaherty, Minister of Finance; Rob Ford, Mayor of Toronto; and Mark McQueen, chairman of the Toronto Port Authority (TPA).
`The pedestrian tunnel is certainly a huge boost for Toronto,` Mr. Ford said.
Read the full article here.