May 2013 Ontario Economic Fundamentals

[Ally]

McMaster opens new $26 million auto lab





McMaster University celebrated the grand opening of their new automotive resource centre.





The brand new $26 million facility will be home to hundreds of researchers, students, and industry professionals studying the future of transportation. There are also hopes that this investment will move Hamilton into the forefront of green automotive technology development.






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[Ally]

Peterborough jobless rate soars to 11.7%




Peterborough`s unemployment rate soared to 11.7% in April from 10.2% in March and remains the highest of Canada`s 33 census metropolitan areas, Statistics Canada reported Friday.




The census metropolitan area with the next highest jobless rate in Canada was London, Ont. at 9.9%





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[Ally]

Latest Hamilton job numbers look 'pretty ugly'





Hamilton lost more than 15,000 full-time jobs in the last year, but the area's unemployment rate barely moved as frustrated workers continued to drop out of the labour force. Figures from Statistics Canada's Labour Force Survey released Friday paint a depressing picture of the local job market for April compared to the same month in 2012: full-time positions fell by 15,600, total employment fell by 3,800, the available labour force dropped 3,300 and the number officially unemployed jumped by 500. The loss of full-time jobs was partly offset by an increase of 11,900 part-time positions.







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[Ally]

Sarnia endorses trucking corridor




Industrial leaders received city council`s enthusiastic support Monday for a $3.5-million heavy haul corridor they say could literally be the road to Sarnia`s economic recovery.




A permanent route to truck industrial modules through the city to Sarnia Harbour will put local trades people back to work and attract new investment, Paul Healy told council.





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[Ally]

Toronto housing starts slip in April




Housing starts in Toronto were down in April from the previous month, trending at 33,820 units, according to the Canada Mortgage and Housing Corporation (CMHC).




The figure is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts,





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[Ally]

Competition Commissioner appeals Toronto Real Estate Board victory





Ottawa`s competition commissioner has launched an appeal to the federal court in its long-standing case against the Toronto Real Estate Board.






The nine-page notice of appeal, filed Tuesday by the federal competition watchdog, says a competition tribunal erred in law by dismissing allegations of anti-competitive practices by Canada`s largest real estate board on a technicality.






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[Ally]

Would-be homebuyers stay on the sidelines in Toronto





Would-be first-time homebuyers are fuelling such unprecedented demand for rental condos across the GTA that demand far outstrips supply, with average rents surging to a record $1,856 per month, says a new report by condo research firm Urbanation.




Since mortgage lending rules were tightened last July, pushing many first-time buyers to the sidelines, demand for rental condos has skyrocketed, says the report released Tuesday. The number of condos leased via the MLS jumped 31 per cent in the first quarter of 2013 over the same period a year earlier.





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[Ally]

Toronto condo rents rise 10% in 2 years




The rental market in Toronto condominiums is heating up, with increasing numbers of units being leased rather than sold and rents continuing to rise in the first quarter of 2013, an analysis by the market research company Urbanation suggests.




There were 31 per cent more condo units leased in the first quarter than a year ago, Urbanation found, and rents were up 4.4 per cent, a gentler jump from the 5.9 per cent increase that occurred between the first quarters of 2011 and 2012 but still a significant rise, said Pauline Lierman, Urbanation's director of market research.





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[Ally]

Toronto condo rental market strengthens




TORONTO ` May 14, 2013: Urbanation Inc., the leading source of information and analysis on the Toronto condominium market since 1981, released its Q1-2013 rental market results today.






A total of 3,919 condominium apartments were leased in Q1-2013 on the MLS system, up by 31% from a year ago. Growth in rental transactions continued to outpace growth in rental listings, pushing average index rents higher by 4.4% from last year to a record $1,856 per month or $2.33 per square foot.




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[Ally]

Toronto real estate: First time homebuyers heavily influenced by commute





Commute times are becoming key for first-time homebuyers, according to a new BMO survey.






Of course, finding a home in a safe neighbourhood is still the top concern, ranking as the first priority for 62 per cent of first-time buyers surveyed, just below the 63 per cent national average among buyers overall.






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[Ally]

With housing market slowing, some owners turn to renting out condos




MONTREAL ` Karl-Philippe VallÃe bought his Plateau Mont-Royal duplex in 2011, with the intention of fully renovating the property and selling it as two separate condos a year later.




But when the introduction of tougher federal mortgage rules slowed the real estate market in late 2012, VallÃe realized he wouldn`t hit his target of a five-per-cent return on the sale of the units.





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[Ally]

Windsor area home sales defy national trends




Being on the comeback trail, rather than in retreat from an overheated housing market, has its moments. Last month was one for Windsor and Essex County.




The region saw the strongest improvement in year-over-year sales in April of 26 major markets tracked by The Canadian Real Estate Association.





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[Ally]

Cambridge housing sales set April record




CAMBRIDGE ` The Cambridge housing market is defying talk of a residential real estate slowdown.




The Cambridge Association of Realtors recorded 344 home sales last month, the highest ever total for the month of April.




That figure also tied May 2007 as the best monthly sales total ever. Last month also marked the first time that the value of sales processed through the Multiple Listing Service surpassed $100 million.





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[Ally]

Condo rents soar to all-time high






As Toronto's skyline has morphed and soared, so have the rental fees for the buildings. According to a new Urbanation report, rental fees across the GTA have reached an all-time high. The average index rent has hit $1,856 per month, up 4.4 per cent from last year, the report says.




`Demand for renting condos has heated up with less first-time buyers. Rental transactions have exceeded resale volumes in the condo market since mid-2012, when the latest round of mortgage rule changes came into effect," says Shaun Hildebrand, Urbanation's senior vice president.





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[Ally]

Peterborough Airport's latest improvements seen as boost for aviation-related industrial park





If infrastructure is a cornerstone for job creation, Peterborough Airport will have a solid foundation for its role as an aviation-related industrial park.









On Tuesday night, city council approved spending roughly $6 million at the airport to build a secondary runway, to add a new taxiway and to extend an existing taxiway ` just two years after a major $28.6-million reworking of the airport.





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[Ally]

Calling for change to the building code





Earlier this week, I stood with a group of industry leaders and called on the provincial government to make changes to the Ontario Building Code.






We`re asking for amendments that will allow woodframe construction of buildings up to six storeys, resulting in the creation of more safe and affordable homes across the GTA.






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[Ally]

Canada ready to buy land in Michigan for the DRIC bridge




With $25 million and a presidential permit in hand, Canada is going real estate shopping in Michigan.




As part of the long-awaited Detroit River International Crossing, the government is looking to buy property in Delray to be used for the new bridge`s footings, as well as an interchange linking it to the I-75 freeway.





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[Ally]

Herb Gray Parkway on schedule with still more jobs to come




Construction has largely remained on schedule, within budget, while about 4,600 workers have had a hand in working directly on the $1.4-billion Herb Gray Parkway as it nears being about halfway complete, said a top project official.




`Everything has gone extremely well from a construction perspective,` said Cindy Prince, spokeswoman for the parkway`s contractors. `We are pleased with the progress. The performance has exceeded expectations.`





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[Ally]

OHRC calls for Waterloo to remove discriminatory section of rental housing bylaw





TORONTO, May 27, 2013 /CNW/ - The Ontario Human Rights Commission (OHRC) today released a report on its inquiry into rental housing licensing in the City of Waterloo. The report outlines what the OHRC heard, identifies the City's response to some concerns, gives recommendations for advancing human rights, and refers to two parts of the bylaw where human rights issues remain.




The OHRC began the inquiry in January 2012, and in March/April 2012 surveyed tenants, landlords and organizations dealing with rental housing. Over 225 individuals and organizations responded to the survey. The OHRC followed up with some respondents, and reviewed materials disclosed by the City and housing research from other sources. All of this is reflected in the final report.





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[Ally]

Soft landing expected, but Toronto condos 'risky'




While a soft landing is expected to take hold in Canada's real estate sector, the condo market in Toronto is particularly risky, according to the Organization for Economic Cooperation and Development (OECD).




In its twice-yearly Economic Outlook released on Wednesday, the OECD lowered its Canadian economic growth forecast for this year and next. It now expects the Canadian economy to grow 1.4 percent in 2013 and 2.3 percent next year. That's a notch lower than the 1.8-percent and 2.4-percent growth forecasts for 2013 and 2014, respectively, the agency made back in November.





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