May 2013 Ontario Economic Fundamentals
- Thread starter Ally
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Ontario budget could pack a punch for London youth
Nearly one in five young Londoners didn`t have a job in March, according to Statistics Canada.
The city`s unemployment rate for people 15- to 24-years-old clocked in at 19.7 per cent ` 5.5 per cent above the national average.
Fortunately, that ugly number could drop sooner than later, some say.
Read the full article here.
Nearly one in five young Londoners didn`t have a job in March, according to Statistics Canada.
The city`s unemployment rate for people 15- to 24-years-old clocked in at 19.7 per cent ` 5.5 per cent above the national average.
Fortunately, that ugly number could drop sooner than later, some say.
Read the full article here.
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First-time condo buyers squeezed by new mortgage rules
Shalini Devid was excited about the prospect of buying her first condo. Then mortgage lending rules were tightened, choking her hopes of home ownership. At least for now.
Devid, a financial analyst who works in downtown Toronto and rents in Etobicoke, has been caught by the federal government`s move to reduce the maximum amortization period from 30 years to 25 years on CMHC-insured mortgages. (Buyers with a down-payment of less than 20 per cent of the purchase price are required to buy mortgage insurance through Canada Mortgage and Housing Corporation.)
Read the full article here.
Shalini Devid was excited about the prospect of buying her first condo. Then mortgage lending rules were tightened, choking her hopes of home ownership. At least for now.
Devid, a financial analyst who works in downtown Toronto and rents in Etobicoke, has been caught by the federal government`s move to reduce the maximum amortization period from 30 years to 25 years on CMHC-insured mortgages. (Buyers with a down-payment of less than 20 per cent of the purchase price are required to buy mortgage insurance through Canada Mortgage and Housing Corporation.)
Read the full article here.
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Buyer's market in Montreal? Maybe, but condo prices aren't falling
Looking to buy an affordable condo in a trendy, upscale part of Canada, for a relative bargain?
Sure, markets have sagged in Vancouver and Toronto. But now, for the first time in 15 years, Montreal is technically a buyers` market, according to one measure tracked by the Quebec Federation of Real Estate Boards.
Read the full article here.
Looking to buy an affordable condo in a trendy, upscale part of Canada, for a relative bargain?
Sure, markets have sagged in Vancouver and Toronto. But now, for the first time in 15 years, Montreal is technically a buyers` market, according to one measure tracked by the Quebec Federation of Real Estate Boards.
Read the full article here.
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Rent control loophole blamed for rising condo rents
The Ontario government needs to close a loophole that has created a `two-tiered system of renters` ` an increasing number of them in new downtown condos where some landlords are jacking up rents as a form of economic eviction, says the head of the Federation of Metro Tenants` Associations.
The federation has had numerous calls from condo tenants, surprised to discover that apartment or condominium buildings occupied after November 1, 1991 are exempt from rent controls.
Read the full article here.
The Ontario government needs to close a loophole that has created a `two-tiered system of renters` ` an increasing number of them in new downtown condos where some landlords are jacking up rents as a form of economic eviction, says the head of the Federation of Metro Tenants` Associations.
The federation has had numerous calls from condo tenants, surprised to discover that apartment or condominium buildings occupied after November 1, 1991 are exempt from rent controls.
Read the full article here.
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GTA realtors release commercial market figures
TORONTO, ONTARIO--(Marketwired - May 3, 2013) - Toronto Real Estate Board (TREB) Commercial Division Members reported 628,624 square feet of leased space in April 2013 - a 7.3 per cent year-over-year decline in comparison to 678,004 square feet leased in April 2012.
Industrial properties accounted for approximately three-quarters of all square footage leased in April. Industrial transactions represented 466,494 square feet - down by almost 24 per cent compared to the same period last year. The decline in leased industrial space was partially offset by increases in commercial/retail and office leasing activity.
Read the full article here.
TORONTO, ONTARIO--(Marketwired - May 3, 2013) - Toronto Real Estate Board (TREB) Commercial Division Members reported 628,624 square feet of leased space in April 2013 - a 7.3 per cent year-over-year decline in comparison to 678,004 square feet leased in April 2012.
Industrial properties accounted for approximately three-quarters of all square footage leased in April. Industrial transactions represented 466,494 square feet - down by almost 24 per cent compared to the same period last year. The decline in leased industrial space was partially offset by increases in commercial/retail and office leasing activity.
Read the full article here.
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GTA realtors release monthly resale housing figures
TORONTO, ONTARIO--(Marketwired - May 3, 2013) - Greater Toronto Area REALTORSÂ reported 9,811 sales through the TorontoMLS system in April 2013, representing a dip of two per cent in comparison to 10,021 transactions in April 2012. Both new listings during the month and active listings at the end of April were up on a year-over-year basis.
"Despite the headwinds we have experienced in the housing market this year, April sales came in quite strong in comparison to last year. As we move through the spring and into the second half of 2013, the demand for home ownership should continue to firm-up relative to last year," said Toronto Real Estate Board President Ann Hannah.
Read the full article here.
TORONTO, ONTARIO--(Marketwired - May 3, 2013) - Greater Toronto Area REALTORSÂ reported 9,811 sales through the TorontoMLS system in April 2013, representing a dip of two per cent in comparison to 10,021 transactions in April 2012. Both new listings during the month and active listings at the end of April were up on a year-over-year basis.
"Despite the headwinds we have experienced in the housing market this year, April sales came in quite strong in comparison to last year. As we move through the spring and into the second half of 2013, the demand for home ownership should continue to firm-up relative to last year," said Toronto Real Estate Board President Ann Hannah.
Read the full article here.
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Ontario budget 2013
TORONTO, May 2, 2013 /CNW/ - Later today Ontario Finance Minister Charles Sousa will announce details of the Wynne government's first provincial budget, and residents of Ontario will learn how the province plans to encourage economic growth. Of key importance will be measures taken to support Ontario's digital economy, and the commercialization of digital media defined as information and communications technology (ICT) and mobile innovations. According to data from the Canadian Digital Media Network, the digital economy creates high-paying jobs that would help Ontario reduce its stubbornly high unemployment rate.
Read the full article here.
TORONTO, May 2, 2013 /CNW/ - Later today Ontario Finance Minister Charles Sousa will announce details of the Wynne government's first provincial budget, and residents of Ontario will learn how the province plans to encourage economic growth. Of key importance will be measures taken to support Ontario's digital economy, and the commercialization of digital media defined as information and communications technology (ICT) and mobile innovations. According to data from the Canadian Digital Media Network, the digital economy creates high-paying jobs that would help Ontario reduce its stubbornly high unemployment rate.
Read the full article here.
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Let's add to this view that Ontario's electricity rates are among the highest in North-America, and the debt per capita, too !
Excessive government spending never ends well. Taxes will rise, and/or jobs disappears.
Hence I would be very careful in my real estate investment in BC and Ontario. Only very few select pockets make sense, as unemployment will rise and taxes too - thus threatening entire industries that rely on cheap electricity rates, such as car manufacturers or steel producers.
In Ontario KWC is a good bet and cash-flowing homes in the GTA in the green belt due to lack of land (thus likely increase in value, as opposed to condos)
In BC Northern BC with huge LNG expansion makes sense (Kitimat, Prince Rupert, Fort Saint John, Dawson Creek) but with an incoming NDP it, too, will get hosed like Ontario with huge tax increases, higher unemployment and huge debt.
Some articles on that here:
Ontario's deficit is like Greece's: http://news.nationalpost.com/2013/01/31/greece-offers-a-cautionary-tale-fraser-institute-likens-ontario-to-economic-basket-cases-as-provinces-debt-continues-to-climb/
Ontario's green disaster: http://opinion.financialpost.com/2013/05/01/ontarios-green-disaster/
Spending restraint post-poned: http://opinion.financialpost.com/2013/05/02/ontario-liberals-postpone-spending-restraint/
NDP + Liberals = Spending galore: http://opinion.financialpost.com/2013/05/01/terence-corcoran-ontario-liberals-last-power-trip/
I expect a huge investment increase in Ontario (like in BC in 2001 or in SK in 2005) if and when they elect a right-of-centre government, followed by a real estate boom.
In fact, I would argue as a coarse filter than any region of the world with a left-of-center government should be avoided for real estate investment due to excessive spending, rising debt and increase in taxes, leaving less money for rent or house purchases.
Excessive government spending never ends well. Taxes will rise, and/or jobs disappears.
Hence I would be very careful in my real estate investment in BC and Ontario. Only very few select pockets make sense, as unemployment will rise and taxes too - thus threatening entire industries that rely on cheap electricity rates, such as car manufacturers or steel producers.
In Ontario KWC is a good bet and cash-flowing homes in the GTA in the green belt due to lack of land (thus likely increase in value, as opposed to condos)
In BC Northern BC with huge LNG expansion makes sense (Kitimat, Prince Rupert, Fort Saint John, Dawson Creek) but with an incoming NDP it, too, will get hosed like Ontario with huge tax increases, higher unemployment and huge debt.
Some articles on that here:
Ontario's deficit is like Greece's: http://news.nationalpost.com/2013/01/31/greece-offers-a-cautionary-tale-fraser-institute-likens-ontario-to-economic-basket-cases-as-provinces-debt-continues-to-climb/
Ontario's green disaster: http://opinion.financialpost.com/2013/05/01/ontarios-green-disaster/
Spending restraint post-poned: http://opinion.financialpost.com/2013/05/02/ontario-liberals-postpone-spending-restraint/
NDP + Liberals = Spending galore: http://opinion.financialpost.com/2013/05/01/terence-corcoran-ontario-liberals-last-power-trip/
I expect a huge investment increase in Ontario (like in BC in 2001 or in SK in 2005) if and when they elect a right-of-centre government, followed by a real estate boom.
In fact, I would argue as a coarse filter than any region of the world with a left-of-center government should be avoided for real estate investment due to excessive spending, rising debt and increase in taxes, leaving less money for rent or house purchases.
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GO reinstates rush-hour bus route
Recently, constituents raised concerns about the GO Transit service changes in Richmond Hill, and action followed. To accommodate the growing number of rush-hour travelers on the Richmond Hill line, GO reinstated the bus departing at 8:30 a.m. after it shut down several bus routes and replaced them with a single train.
Transportation remains one of the most important issues to residents and the extended service on the Richmond Hill corridor will help tremendously. Environment assessments have already been approved on the Richmond Hill rail corridor ` south of Major Mackenzie Drive to north of Aurora Road in Whitchurch-Stouffville.
Read the full article here.
Recently, constituents raised concerns about the GO Transit service changes in Richmond Hill, and action followed. To accommodate the growing number of rush-hour travelers on the Richmond Hill line, GO reinstated the bus departing at 8:30 a.m. after it shut down several bus routes and replaced them with a single train.
Transportation remains one of the most important issues to residents and the extended service on the Richmond Hill corridor will help tremendously. Environment assessments have already been approved on the Richmond Hill rail corridor ` south of Major Mackenzie Drive to north of Aurora Road in Whitchurch-Stouffville.
Read the full article here.
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Ontario city can teach Calgary a lesson in taxes
On April 22 Calgary city council had a simple choice to make: `Do we impose a 13 per cent property tax increase or do we respect taxpayers by living within our proposed budget?`
The sad news for the taxpayers of Calgary is that of the Mayor and 14 aldermen only four were thinking about the taxpayer. This is a recurring nightmare that we in Calgary try to wake up from year after year. Going back 10 years the city has averaged a 4.8 per cent tax increase every year. What happened last week is nothing new for Calgarians, there is a general belief among council that they know how to spend our money better than we do.
Read the full article here.
On April 22 Calgary city council had a simple choice to make: `Do we impose a 13 per cent property tax increase or do we respect taxpayers by living within our proposed budget?`
The sad news for the taxpayers of Calgary is that of the Mayor and 14 aldermen only four were thinking about the taxpayer. This is a recurring nightmare that we in Calgary try to wake up from year after year. Going back 10 years the city has averaged a 4.8 per cent tax increase every year. What happened last week is nothing new for Calgarians, there is a general belief among council that they know how to spend our money better than we do.
Read the full article here.
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Toronto condo market to slow
Toronto condo developers are running out of credit and the $2-billion to $3-billion shortfall could mean serious delays in construction, says a new report from CIBC.
But the bank says the credit induced slowdown could be good news for a market that would be over-saturated with buildings if all the new condos slated for completion were to come online as scheduled.
Read the full article here.
Toronto condo developers are running out of credit and the $2-billion to $3-billion shortfall could mean serious delays in construction, says a new report from CIBC.
But the bank says the credit induced slowdown could be good news for a market that would be over-saturated with buildings if all the new condos slated for completion were to come online as scheduled.
Read the full article here.
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Peter Munk's contrarian bet on Toronto's condo market
Peter Munk says he`s largely out of the real estate game these days, but he is putting his money in one surprising spot ` Toronto condos.
The 85-year-old founder and chairman of Barrick Gold Corp. ` and former head of real estate giant Trizec Properties, which was sold to Brookfield Properties Corp. in 2006 for more than $5-billion ` is now spending some of his personal wealth on financing condo projects in Canada`s most populous city.
Read the full article here.
Peter Munk says he`s largely out of the real estate game these days, but he is putting his money in one surprising spot ` Toronto condos.
The 85-year-old founder and chairman of Barrick Gold Corp. ` and former head of real estate giant Trizec Properties, which was sold to Brookfield Properties Corp. in 2006 for more than $5-billion ` is now spending some of his personal wealth on financing condo projects in Canada`s most populous city.
Read the full article here.
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New housing construction starts in Niagara up slightly in April
NIAGARA ` Housing starts in the St. Catharines-Niagara Census Metropolitan Area were trending at 1,481 units in April compared to 1,429 in March, according to Canada Mortgage and Housing Corporation (CMHC).
The trend is a six-month moving average of the monthly seasonally adjusted annual rates of housing starts.
Read the full article here.
NIAGARA ` Housing starts in the St. Catharines-Niagara Census Metropolitan Area were trending at 1,481 units in April compared to 1,429 in March, according to Canada Mortgage and Housing Corporation (CMHC).
The trend is a six-month moving average of the monthly seasonally adjusted annual rates of housing starts.
Read the full article here.
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Hamilton April housing starts
TORONTO, ONTARIO--(Marketwired - May 8, 2013) - Housing starts in Hamilton Census Metropolitan Area (CMA) were trending at 3,036 units in April compared to 3,046 units in March, 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.
"The trend in Hamilton's total housing starts remained relatively unchanged in April 2013 compared to the previous month. The current pace in Hamilton CMA residential construction activity suggests that the local housing market is stabilizing," said Abdul Kargbo, CMHC's Senior Market Analyst for Hamilton and Brantford CMAs.
Read the full article here.
TORONTO, ONTARIO--(Marketwired - May 8, 2013) - Housing starts in Hamilton Census Metropolitan Area (CMA) were trending at 3,036 units in April compared to 3,046 units in March, 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.
"The trend in Hamilton's total housing starts remained relatively unchanged in April 2013 compared to the previous month. The current pace in Hamilton CMA residential construction activity suggests that the local housing market is stabilizing," said Abdul Kargbo, CMHC's Senior Market Analyst for Hamilton and Brantford CMAs.
Read the full article here.
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Toronto April housing starts
TORONTO, ONTARIO--(Marketwired - May 8, 2013) - Housing starts in the Toronto, Census Metropolitan Area (CMA) were trending at 33,820 units in April compared to 36,788 in March 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 in Toronto continue to edge lower largely due to a decline in apartment starts," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist.
Read the full article here.
TORONTO, ONTARIO--(Marketwired - May 8, 2013) - Housing starts in the Toronto, Census Metropolitan Area (CMA) were trending at 33,820 units in April compared to 36,788 in March 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 in Toronto continue to edge lower largely due to a decline in apartment starts," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist.
Read the full article here.
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Ontario April housing starts
TORONTO, ONTARIO--(Marketwired - May 8, 2013) - Housing starts in the Ontario region were trending at 55,875 units in April, compared to 59,422 in March, 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.
"Ontario residential construction activity slowed further in April due to declining row and apartment starts. Slower job growth, more choice in the resale market and a high volume of units under construction restrained residential starts since the spring of 2012. While below trend readings in starts have persisted, this will be temporary owing to continued stability in the low density segment of the housing market. Furthermore, rising home completions should eventually free up some labour to commence construction on a backlog of apartment structures that sold early last year," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist.
Read the full article here.
TORONTO, ONTARIO--(Marketwired - May 8, 2013) - Housing starts in the Ontario region were trending at 55,875 units in April, compared to 59,422 in March, 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.
"Ontario residential construction activity slowed further in April due to declining row and apartment starts. Slower job growth, more choice in the resale market and a high volume of units under construction restrained residential starts since the spring of 2012. While below trend readings in starts have persisted, this will be temporary owing to continued stability in the low density segment of the housing market. Furthermore, rising home completions should eventually free up some labour to commence construction on a backlog of apartment structures that sold early last year," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist.
Read the full article here.
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Markham is Canada's most diverse community
Real estate agents Jacqueline and Jim Wong have lived in their quiet residential Markham neighbourhood for 14 years.
Over that time they`ve seen the demographics of their community change greatly, particularly in the past five years with the increase of Chinese and South Asian people moving to their city and buying homes.
Jacqueline Wong, who emigrated from Malaysia more than 30 years ago, points to her own street as an example. About 85 per cent of the people who have bought homes in recent months are Chinese. The draw: `They feel very comfortable with Markham.`
Read the full article here.
Real estate agents Jacqueline and Jim Wong have lived in their quiet residential Markham neighbourhood for 14 years.
Over that time they`ve seen the demographics of their community change greatly, particularly in the past five years with the increase of Chinese and South Asian people moving to their city and buying homes.
Jacqueline Wong, who emigrated from Malaysia more than 30 years ago, points to her own street as an example. About 85 per cent of the people who have bought homes in recent months are Chinese. The draw: `They feel very comfortable with Markham.`
Read the full article here.
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Guelph housing starts diminish in April
GUELPH ` The seasonally adjusted annual rate of local housing starts was 529 units in April, down from 745 the month before, the Canada Mortgage and Housing Corporation reports.
Housing starts for the Guelph census metropolitan area, which includes Guelph-Eramosa and Puslinch townships, are influenced by a couple factors in particular.
Read the full article here.
GUELPH ` The seasonally adjusted annual rate of local housing starts was 529 units in April, down from 745 the month before, the Canada Mortgage and Housing Corporation reports.
Housing starts for the Guelph census metropolitan area, which includes Guelph-Eramosa and Puslinch townships, are influenced by a couple factors in particular.
Read the full article here.
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Waterloo Region losing its lustre for immigrants
WATERLOO REGION ` This community is not the immigration magnet it used to be as it has been surpassed as a draw by four western cities, a national survey has found.
`There are jobs out West,` said Lucia Harrison, executive director of the Kitchener-Waterloo Multicultural Centre. `And they`re good-paying jobs.` The survey released Wednesday by Statistics Canada shows 15,245 new immigrants came to Waterloo Region between 2006 and 2011. That`s down 10 per cent from 16,875 immigrants who came here in the previous five years, according to the 2006 census.
Read the full article here.
WATERLOO REGION ` This community is not the immigration magnet it used to be as it has been surpassed as a draw by four western cities, a national survey has found.
`There are jobs out West,` said Lucia Harrison, executive director of the Kitchener-Waterloo Multicultural Centre. `And they`re good-paying jobs.` The survey released Wednesday by Statistics Canada shows 15,245 new immigrants came to Waterloo Region between 2006 and 2011. That`s down 10 per cent from 16,875 immigrants who came here in the previous five years, according to the 2006 census.
Read the full article here.