March 2015 Ontario Economic Fundamentals

Ally

Research Assistant
Registered
Toronto city and TTC engaging the public on Relief Line assessment

A few weeks ago we talked about how studies are now underway for a new rapid transit line known as the Relief Line (also as the DRL) that would bring some relief to the Bloor-Danforth Subway and especially the over-capacity Bloor-Yonge interchange station, by connecting Line 1 in Downtown Toronto to Line 2 east of the Don River. While four public meetings were held earlier this month to assess route location alignment and station location options, the City of Toronto and the TTC are still looking for feedback from people through an online survey, linked here, until Friday, March 27. Following is a video released by the City of Toronto highlighting the stakes of the Relief Line.

Read the full article here.
 

Ally

Research Assistant
Registered
Condo buyers, in 'enormous shift,' saying no thanks to parking

When Barbara Lawlor first joined Baker Real Estate, a Toronto firm that markets and sells new condo developments, over two decades ago, selling a condo unit without an accompanying parking spot was a Herculean feat.

Today, only about a quarter of Baker’s clients are looking to buy parking spots.

Read the full article here.
 

Ally

Research Assistant
Registered
Ontario's falling unemployment rate no indication of economic health

Recent Statistics Canada unemployment numbers for Ontario suggest an improving provincial economic picture for the province.

The unemployment rate fell from seven per cent in January to 6.9 per cent in February while, across the province's 15 major urban centres, unemployment rates ranged from lows of 4.8 per cent and five per cent in Thunder Bay and Guelph to highs of 9.6 per cent and 7.7 per cent in Windsor and Peterborough.

Read the full article here.
 

Ally

Research Assistant
Registered
Let the deluge begin. Flood of new Toronto home listings expected

House hunters in Toronto despondent about the scant supply of houses on the market will find a sudden surge in listings this week now that March break is over.

“I just listed my neighbour’s house for $1.6-million,” Wilfred Veinot of Sutton City Realty Inc. said between appointments earlier this week.b

Read the full article here.
 

Ally

Research Assistant
Registered
Toronto's record house prices to rise further by 2017

Toronto’s record house prices could soar a further 17 per cent by the end of 2017 as the lack of supply in the face of unrelenting demand continues to drive prices far beyond the rate of inflation, says the chief economist of Central 1 credit union.

Long-time housing watcher Helmut Pastrick says those who caution that Toronto’s market is in bubble territory and about to burst are based on “inadequate models” that ignore some key basics.

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Ally

Research Assistant
Registered
Ottawa's tallest building project clears another hurdle

Planning committee on Tuesday approved a rezoning to allow construction of what will be the tallest building in Ottawa.

Richcraft Homes has a three-tower plan for 845 Carling Ave., with one condo tower reaching 55 storeys. The other two towers would be 45 and 18 storeys. The total number of units would be 1,120.

Richcraft purchased the Dow Honda property in early in 2012 and has been talking with the city and community about its plan since then.

Read the full article here.
 

Ally

Research Assistant
Registered
Hamilton's great leap forward: New condos, transit boost real estate

After hard knocks from a shrinking steel industry, a massive residential shift to the suburbs and the more recent 2009 recession, downtown Hamilton seems finally poised to hit its postindustrial stride.

Four major new condo projects in the city centre are selling into a market hungry for urban living at a relatively reasonable price. Residential units in these developments (including 322 rental apartments) number 2,200. Projects in the planning or discussion stage, as well as some small buildings, will add almost 3,000 new living spaces, according to Glen Norton, manager of urban renewal for the city’s economic development department.

Read the full article here.
 
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