May 2012 Ontario Economic Fundamentals

[Ally]

Jobs or no jobs, London's high-end digs are hot sellers




Talk about a head-shaker.




Despite having one of Canada's highest big-city jobless rates, the London market is having no trouble moving luxury homes.




Sales of houses costing $500,000 or more rose a whopping 43% in first-quarter 2012 in London-St. Thomas, says a report released by RE/MAX Wednesday.




Analysts chalk up the action - in a city with 8.4% unemployment, fourth-highest among Canada's big cities - to lifestyle and affordability.





Read the full article here.

 

[Ally]

Legislation to enhance electronic real estate transactions introduced at Queen's Park




The Electronic Commerce Amendment Act, 2012 was introduced in the Ontario Legislature May 17. If passed, the legislation would facilitate the use of electronic agreements of purchase and sale by extending the legal protections afforded by the Electronic Commerce Act, 2000. At present, the Act excludes electronic documents, including agreements of purchase and sale, that create and transfer interests in land. Click on the link to view the bill.





Read the full article here.

 

[Ally]

Downtown Mississauga is the most exciting place in the GTA




The Canadian West begins at Hurontario St., the mighty big multi-laned spine of really big Mississauga.




In Mississauga City Centre, the somewhat-insecure-sounding name of Canada`s sixth largest city`s downtown, there is space, and lots of it. It feels like Las Vegas, where skyscrapers don`t cluster but spread, rising like giant electric pylons in between parking lots.





Read the full article here.

 

[Ally]

GTA new condo openings by unit type




Thought we`d take a look all the new high rise condo project openings since 2000 and see the mix of units coming to market each year. The data is as of March 31, 2012 so 2012 only shows Q1 data.




The first chart looks at the number of units launched each year by unit type and the second chart looks at the same data as a market share percentage by unit type. `Penthouse` and `Other` unit types have been intentionally left out of these calculations.





Read the full article here.

 

[Ally]

With Keystone and Gateway in political limbo, pipeline advocates turn to Canada's east coast




EDMONTON - The movement to ship Alberta bitumen to Canada`s eastern provinces is gathering momentum as plans to build the Gateway and Keystone lines languish in political limbo.




Major industry players, politicians and high-profile advocates are starting to pay serious attention to the idea, which could see bitumen piped from the oilsands through Ontario, Quebec and eventually to ports on the East Coast.




Advocates say shipping Alberta bitumen east could be a nation-building exercise, uniting Canadians around the oilsands by creating jobs across the country.





Read the full article here.

 

[Ally]

Basement apartments must comply with code




When real estate agents prepare offers for a house with a basement apartment, they typically insert a clause stating that `seller does not warrant retrofit status.`




This results in the purchaser taking the risk of getting caught by city inspectors and having to vacate the unit and forfeit rental income.




Agents and sellers seem to think they are sheltered from liability if they do not `warrant` the basement`s so-called retrofit status.




This practice could end in the light of a recent letter to local real estate agents by Toronto Real Estate Board president Richard Silver.




Silver`s letter attempts to end the confusion over what is and what is not a `legal` basement apartment, and what`s missing if there is only partial compliance.



Read the full article here.

 

[Ally]

'Secret sauce' behind Waterloo's success



How do you build a more entrepreneurial culture in a semi-colonial, don`t-rock-the-boat country such as Canada?





That`s the question being tackled by the founders of Startup Canada, an Ottawa-based volunteer movement launched three weeks ago. They`re undertaking a cross-country tour to sound out business owners on how best to unleash Canadians` entrepreneurial potential.





Read the full article here.

 

[Ally]

Stability is the word for the GTA housing market




GREATER TORONTO, May 23, 2012 /CNW/ - The residential construction market in the GTA is on pace for a healthy, stable year, the Building Industry and Land Development Association (BILD) announced today.




According to RealNet Canada Inc., BILD's official source of new home market intelligence, the 4,819 new homes sold in the GTA in April represent moderate and positive growth, despite dipping slightly from the record-breaking sales witnessed in 2011.




"If you compare year-to-date sales statistics since 2007, you will notice that many of them crowd around the 13,500 mark by end of April," explained BILD President and CEO Bryan Tuckey. "The only exceptions here are 2008 and 2009, years affected by global economic hardships, as well as 2011 which was a record-breaking year. This is a sign that the market has moderated back into stability."





Read the full article here.

 

[Ally]

GTA condo sellers give the lowdown on highrises, lowrises






It seems that hot condo sales or brisk sales in popular 905 neighbourhoods have become predictable headlines.




But despite prime sites, excellent architecture, great interior design and slick marketing campaigns, many condo projects or new lowrise developments would not enjoy success with the skill of the sellers who convince purchasers to sign on the dotted line.




Here`s a look at some of the sellers who have helped shape the condo and lowrise markets in the city and GTA and their views on the past and future of real estate sales.





Read the full article here.

 

[Ally]

Drop in Toronto condo sales shows market balancing out, industry group says




Toronto builders call it stability but their latest statistics show condominium sales are down 20.2% this year and now prices are falling.




The Building Industry and Land Development Association says there were 7,047 high-rises purchased over the first four months of the year, down from 8,833 for the same period a year earlier. The average high-rise apartment sold for $431,800 in April, off 3.5% from a year earlier.




The builders say home sales are in line with more typical periods during this boom and comparisons against 2011 are against a record-breaking year.





Read the full article here.

 

[Ally]

Toronto's push to higher home prices leads other cities in April





Toronto and Calgary led the country in rising home prices last month, according to the Canadian Real Estate Association.



The MLS Home Price Index stood at 154.7 in April, up 5.2 percentage points nationally from a year ago and up 1.18 points from March..




Toronto had the biggest year-to-year jump while Calgary led the country on a month-to-month basis.





Read the full article here.

 

[Ally]

Dundas: Well preserved





Grapes aren't the only good thing growing in the lee of the Niagara Escarpment. Nestled in the lush lakeside vegetation is the park-rich community of Dundas, a suburb of the manufacturing hub and university town of Hamilton that benefits from its location in the Golden Horseshoe and a tight supply of development opportunities.







With a population of less than 30,000, the town was originally incorporated in 1847 and has a history to match.







An older stock of buildings gives the main street a charm redolent of rural Ontario, but transit connections to Hamilton make it an ideal home for students and workers in the city of which it is now a part (Dundas became part of Hamilton in 2001).







Read the full article here.