March 2013 Ontario Economic Fundamentals
- Thread starter Ally
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InterRent REIT buying Ottawa, St. Catharines property for $21.64 million
InterRent REIT said the properties are located at 1901-1917 Ogilvie Rd. and 1910-1922 Elmridge Dr. The purchase price reflects a capitalization rate - a commonly used real estate metric used to gauge an investor`s return - of 5.7 per cent.
Also on Friday, InterRent said it is buying a 64-suite building in St. Catherines, Ont., for $5.99 million with a going in capitalization rate of six per cent.
Read the full article here.
InterRent REIT said the properties are located at 1901-1917 Ogilvie Rd. and 1910-1922 Elmridge Dr. The purchase price reflects a capitalization rate - a commonly used real estate metric used to gauge an investor`s return - of 5.7 per cent.
Also on Friday, InterRent said it is buying a 64-suite building in St. Catherines, Ont., for $5.99 million with a going in capitalization rate of six per cent.
Read the full article here.
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In a lacklustre market, popularity of the urban townhouse stands out
Paul Johnston is sorting the last of his stuff this week as he prepares to occupy a modern townhouse with an interior as white and spare as a Queen West art gallery.
A real estate agent, Mr. Johnston says all this packing is reminding him of the tribulations his clients have to go through every time they move properties.
Read the full article here.
Paul Johnston is sorting the last of his stuff this week as he prepares to occupy a modern townhouse with an interior as white and spare as a Queen West art gallery.
A real estate agent, Mr. Johnston says all this packing is reminding him of the tribulations his clients have to go through every time they move properties.
Read the full article here.
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Kitchener-Waterloo boasts favourable housing affordability
KITCHENER, ONTARIO`(Marketwire ` March 1, 2013) - The housing market in Kitchener-Waterloo-Cambridge appears firmly balanced with reasonable affordability, according to a new commentary released today by BMO Capital Markets Economics.
The commentary forms part of a larger report on the region, the first in a series of economic, housing and business overviews for various cities and regions across Canada that will be published by BMO throughout the year.
Read the full article here.
KITCHENER, ONTARIO`(Marketwire ` March 1, 2013) - The housing market in Kitchener-Waterloo-Cambridge appears firmly balanced with reasonable affordability, according to a new commentary released today by BMO Capital Markets Economics.
The commentary forms part of a larger report on the region, the first in a series of economic, housing and business overviews for various cities and regions across Canada that will be published by BMO throughout the year.
Read the full article here.
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GTA realtors release monthly resale housing figures
TORONTO, ONTARIO--(Marketwire - March 5, 2013) - Greater Toronto Area (GTA) REALTORSÂ reported 5,759 sales through the TorontoMLS system in February 2013 - a decline of 15 per cent in comparison to February 2012. It should be noted that 2012 was a leap year with one extra day in February. A 28 day year-over-year sales comparison resulted in a lesser decline of 10.5 per cent.
The average selling price for February 2013 was $510,580 - up two per cent in comparison to February 2012.
Read the full article here.
TORONTO, ONTARIO--(Marketwire - March 5, 2013) - Greater Toronto Area (GTA) REALTORSÂ reported 5,759 sales through the TorontoMLS system in February 2013 - a decline of 15 per cent in comparison to February 2012. It should be noted that 2012 was a leap year with one extra day in February. A 28 day year-over-year sales comparison resulted in a lesser decline of 10.5 per cent.
The average selling price for February 2013 was $510,580 - up two per cent in comparison to February 2012.
Read the full article here.
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Toronto scoops up benefits from FedDev Ontario fund
Canada`s newest have-not region, southern Ontario, got its own billion-dollar bailout fund from Ottawa in 2009, after recession devastated the province`s manufacturing sector.
Four years later, the first report card on how the money was spent shows that bustling Toronto scooped up the lion`s share of benefits.
Read the full article here.
Canada`s newest have-not region, southern Ontario, got its own billion-dollar bailout fund from Ottawa in 2009, after recession devastated the province`s manufacturing sector.
Four years later, the first report card on how the money was spent shows that bustling Toronto scooped up the lion`s share of benefits.
Read the full article here.
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Toronto home resales sink in Februray
Sales of existing homes in the greater Toronto area were 15-per-cent lower in February than a year ago, the local real estate board said Tuesday.
There were 5,759 sales during the month, down from 6,809 in the same month during 2012. However, the Toronto Real Estate Board, which represents the city`s realtors, noted that 2012 was a leap year and had one extra day in February. Adjusting to compare a 28-day-period last year to a 28-day-period this year results in a sales decline of 10.5 per cent, it said.
Read the full article here.
Sales of existing homes in the greater Toronto area were 15-per-cent lower in February than a year ago, the local real estate board said Tuesday.
There were 5,759 sales during the month, down from 6,809 in the same month during 2012. However, the Toronto Real Estate Board, which represents the city`s realtors, noted that 2012 was a leap year and had one extra day in February. Adjusting to compare a 28-day-period last year to a 28-day-period this year results in a sales decline of 10.5 per cent, it said.
Read the full article here.
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Central transit hub in Kitchener set to become 'signature landmark'
KITCHENER ` A grand entrance to the downtown and a public plaza at King and Victoria streets will be the high-profile face of a new central transit station scheduled to open in 2017, says an official plan amendment city councillors are scheduled to approve Monday.
The changes clear the way for a massive redevelopment of the 1.6-hectare site that includes the lands from King to Duke streets and from Victoria Street North to the railway tracks.
Read the full article here.
KITCHENER ` A grand entrance to the downtown and a public plaza at King and Victoria streets will be the high-profile face of a new central transit station scheduled to open in 2017, says an official plan amendment city councillors are scheduled to approve Monday.
The changes clear the way for a massive redevelopment of the 1.6-hectare site that includes the lands from King to Duke streets and from Victoria Street North to the railway tracks.
Read the full article here.
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Highway 7 gets its own sign of urbanity: A transit fight
`Stop me if I talk too fast,` says Gila Martow, interrupting herself to shoot me this warning as I climb into her enormous beige SUV.
We`re in the parking lot of a Thornhill shopping plaza and Martow is about to take me on a tour of the planned dedicated bus lane route she believes will destroy her neighbourhood.
Read the full article here.
`Stop me if I talk too fast,` says Gila Martow, interrupting herself to shoot me this warning as I climb into her enormous beige SUV.
We`re in the parking lot of a Thornhill shopping plaza and Martow is about to take me on a tour of the planned dedicated bus lane route she believes will destroy her neighbourhood.
Read the full article here.
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Rethink for Ottawa's post-LRT downtown streets draws criticism from suburban councillors
OTTAWA ` Ottawa`s downtown streets need a makeover to make them friendlier to pedestrians after an underground rail system takes most of OC Transpo`s buses off those roads, city council`s transportation committee agreed Monday.
Unless it turns out to be expensive or makes driving less convenient.
Read the full article here.
OTTAWA ` Ottawa`s downtown streets need a makeover to make them friendlier to pedestrians after an underground rail system takes most of OC Transpo`s buses off those roads, city council`s transportation committee agreed Monday.
Unless it turns out to be expensive or makes driving less convenient.
Read the full article here.
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GTA house sales down 15% as high-end homes take a huge hit
Toronto luxury homes lost their lustre in February, which contributed to a 15 per cent decline in house sales across the GTA year over year, according to new figures from the Toronto Real Estate Board.
Sales of homes over $2 million plummeted by 32.5 per cent and dollar volumes slipped by 35.5 per cent last month compared with February 2012.
Read the full article here.
Toronto luxury homes lost their lustre in February, which contributed to a 15 per cent decline in house sales across the GTA year over year, according to new figures from the Toronto Real Estate Board.
Sales of homes over $2 million plummeted by 32.5 per cent and dollar volumes slipped by 35.5 per cent last month compared with February 2012.
Read the full article here.
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Homeowners poised to cash in on decade-long housing boom
More homeowners are poised to cash out and move up this year backed by gains averaging some 93 per cent during a 10-year housing boom that, in losing some of its steam, has opened new doors for would-be buyers, according to a new report from realty company ReMax.
Move-up buyers took advantage of the softening market last year as a chance to buy a bigger home in 14 of 16 major markets surveyed by ReMax, the exceptions being Victoria and Vancouver, where sales slumped significantly.
Read the full article here.
More homeowners are poised to cash out and move up this year backed by gains averaging some 93 per cent during a 10-year housing boom that, in losing some of its steam, has opened new doors for would-be buyers, according to a new report from realty company ReMax.
Move-up buyers took advantage of the softening market last year as a chance to buy a bigger home in 14 of 16 major markets surveyed by ReMax, the exceptions being Victoria and Vancouver, where sales slumped significantly.
Read the full article here.
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Toronto home prices tick higher, despite 15% sales drop in February
The average price of a home in Canada`s largest real estate market increased two per cent to $510,580 in February.
In a release, the Toronto Real Estate Board attributed the numbers to a weak showing in the luxury detached homes, where there were fewer homes sold, and cheaper prices for those that did.
Read the full article here.
The average price of a home in Canada`s largest real estate market increased two per cent to $510,580 in February.
In a release, the Toronto Real Estate Board attributed the numbers to a weak showing in the luxury detached homes, where there were fewer homes sold, and cheaper prices for those that did.
Read the full article here.
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Toronto now 4th largest city in North America
With the number of under-construction residential and commercial developments across the city coming in at record highs, it should come as no surprise that Toronto has become one of the most desirable places to live, work and play on the continent. As more residents and businesses move to Canada`s financial capital, census figures are beginning to reflect the dramatic changes in our city`s population, brought on by the ongoing development boom. The City of Toronto's annual population growth rate has increased steadily for the last 10 years and is now growing at an annual rate of about 38,000 people.
Read the full article here.
With the number of under-construction residential and commercial developments across the city coming in at record highs, it should come as no surprise that Toronto has become one of the most desirable places to live, work and play on the continent. As more residents and businesses move to Canada`s financial capital, census figures are beginning to reflect the dramatic changes in our city`s population, brought on by the ongoing development boom. The City of Toronto's annual population growth rate has increased steadily for the last 10 years and is now growing at an annual rate of about 38,000 people.
Read the full article here.
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February 2013 housing starts in Toronto
TORONTO, ONTARIO--(Marketwire - March 8, 2013) - Housing starts in Toronto Census Metropolitan Area (CMA) were trending at 38,500 units in February, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)[sup]1[/sup] of housing starts.
"Housing starts for both singles and multiples recovered from low levels in January to move back in line with the trend in February. While slowing demand for homeownership during the second half of 2012 will restrain housing construction in 2013, starts will remain supported by a sizeable backlog of condo projects that are close to achieving pre-construction sales targets," said Shaun Hildebrand, CMHC's Senior Market Analyst for Toronto.
Read the full article here.
TORONTO, ONTARIO--(Marketwire - March 8, 2013) - Housing starts in Toronto Census Metropolitan Area (CMA) were trending at 38,500 units in February, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)[sup]1[/sup] of housing starts.
"Housing starts for both singles and multiples recovered from low levels in January to move back in line with the trend in February. While slowing demand for homeownership during the second half of 2012 will restrain housing construction in 2013, starts will remain supported by a sizeable backlog of condo projects that are close to achieving pre-construction sales targets," said Shaun Hildebrand, CMHC's Senior Market Analyst for Toronto.
Read the full article here.
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Ontario February 2013 starts
TORONTO, ONTARIO`(Marketwire ` March 8, 2013) - Housing starts in the Ontario region were trending at 61,703 units in February, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)[sup]1[/sup] of housing starts.
`As expected, Ontario residential construction activity strengthened in February on the back of fairly muted activity in the previous month. Also, while the backlog of condo projects not having reached construction continues to shrink, February starts were still supported by apartment demand in early 2012 particularly in the Toronto area. Residential construction activity this year will likely mirror annualized activity registered in February,` said Ted Tsiakopoulos, CMHC`s Ontario Regional Economist.
Read the full article here.
TORONTO, ONTARIO`(Marketwire ` March 8, 2013) - Housing starts in the Ontario region were trending at 61,703 units in February, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)[sup]1[/sup] of housing starts.
`As expected, Ontario residential construction activity strengthened in February on the back of fairly muted activity in the previous month. Also, while the backlog of condo projects not having reached construction continues to shrink, February starts were still supported by apartment demand in early 2012 particularly in the Toronto area. Residential construction activity this year will likely mirror annualized activity registered in February,` said Ted Tsiakopoulos, CMHC`s Ontario Regional Economist.
Read the full article here.
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Fewer good jobs for fewer workers
Hamilton's unemployment rate has sunk to a new low, but that's not good news.
Figures released by Statistics Canada Friday show the Hamilton-Burlington-Grimsby area has a jobless rate of 5.7 per cent ` the lowest in the last year and lower than before the recession of 2008-09.
Read the full article here.
Hamilton's unemployment rate has sunk to a new low, but that's not good news.
Figures released by Statistics Canada Friday show the Hamilton-Burlington-Grimsby area has a jobless rate of 5.7 per cent ` the lowest in the last year and lower than before the recession of 2008-09.
Read the full article here.
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Northern Ontario job numbers stall
Sudbury and much of Northern Ontario is treading water when it comes to job growth, a Laurentian University economist said Friday.
Prof. David Robinson said the city lost 200 jobs in February, although that's "too small a number to be seen as significant statistically."
Read the full article here.
Sudbury and much of Northern Ontario is treading water when it comes to job growth, a Laurentian University economist said Friday.
Prof. David Robinson said the city lost 200 jobs in February, although that's "too small a number to be seen as significant statistically."
Read the full article here.
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Relying on rentals in Toronto
Prospective Toronto first-time buyers Tyler Padley and Jamie McGovern are coming to terms with the fact that the house they want probably isn't the house they can afford.
"A semi-detached would be ideal, but for our price range it's going to have to be a townhome and it's going to have to be outside of the area that we want to live in," says Mr. Padley, 31.
Mr. Padley works in software development and his wife in pension administration, and the couple has managed to save up a 20 per cent down payment. They want to spend no more than $350,000 to $400,000, but their bank preapproved them for a mortgage of about $900,000. "It's ridiculous."
Read the full article here.
Prospective Toronto first-time buyers Tyler Padley and Jamie McGovern are coming to terms with the fact that the house they want probably isn't the house they can afford.
"A semi-detached would be ideal, but for our price range it's going to have to be a townhome and it's going to have to be outside of the area that we want to live in," says Mr. Padley, 31.
Mr. Padley works in software development and his wife in pension administration, and the couple has managed to save up a 20 per cent down payment. They want to spend no more than $350,000 to $400,000, but their bank preapproved them for a mortgage of about $900,000. "It's ridiculous."
Read the full article here.
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Open house in Barrie on Wednesday night to look at annexed Innisfil land
Barrie`s future will unfold Wednesday night.
A three-hour open house will take place on the former Innisfil land secondary plans and city-wide infrastructure master plans, at Liberty North.
``This is not only the planning document that will generate the plans for the next 20 years,`` Mayor Jeff Lehman said, ``but the intensification plans for the entire city.``
Read the full article here.
Barrie`s future will unfold Wednesday night.
A three-hour open house will take place on the former Innisfil land secondary plans and city-wide infrastructure master plans, at Liberty North.
``This is not only the planning document that will generate the plans for the next 20 years,`` Mayor Jeff Lehman said, ``but the intensification plans for the entire city.``
Read the full article here.