May 2014 Ontario Economic Fundamentals
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Canada's Ring of Fire may get up to $1 billion in infrastructure funding
TORONTO (Reuters) - The government of the Canadian province of Ontario said on Monday it was prepared to spend up to C$1 billion ($900 million)to develop transportation infrastructure in the Ring of Fire, a nascent mining district in the north of the province.
Government support for badly needed infrastructure could revive the fortunes of projects in the remote region, like Cliffs Natural Resources' <CLF.N> Black Thor chromite project, and those of smaller companies like Noront Resources Ltd <NOT.V> that are focused on the area.
Read the full article here.
TORONTO (Reuters) - The government of the Canadian province of Ontario said on Monday it was prepared to spend up to C$1 billion ($900 million)to develop transportation infrastructure in the Ring of Fire, a nascent mining district in the north of the province.
Government support for badly needed infrastructure could revive the fortunes of projects in the remote region, like Cliffs Natural Resources' <CLF.N> Black Thor chromite project, and those of smaller companies like Noront Resources Ltd <NOT.V> that are focused on the area.
Read the full article here.
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North Toronto fixer upper gets 72 offers
As bidding wars go, it was the ultimate battle and a warning for frantic buyers bracing for spring market: A five-bedroom detached house in the Yonge and Lawrence area has sold for almost double its $699,000 list price, with 72 offers.
`We expected in the $1.1 million range, but the market pushed it,` said listing agent Bradley Hutton, who sold the Glencairn Ave. house for $1.366 million, about 195 per cent of list price.
Read the full article here.
As bidding wars go, it was the ultimate battle and a warning for frantic buyers bracing for spring market: A five-bedroom detached house in the Yonge and Lawrence area has sold for almost double its $699,000 list price, with 72 offers.
`We expected in the $1.1 million range, but the market pushed it,` said listing agent Bradley Hutton, who sold the Glencairn Ave. house for $1.366 million, about 195 per cent of list price.
Read the full article here.
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Land transfer tax carries huge cost for Toronto
Toronto could see a $2-billion economic boost ` and the creation of 12,000 new jobs over the next five years ` if it repeals the municipal land transfer tax, says a new report.
`It`s bad for our economy and bad for homebuyers,` says Costa Poulopoulos, president of the Ontario Real Estate Association, which commissioned the report, released Tuesday.
Read the full article here.
Toronto could see a $2-billion economic boost ` and the creation of 12,000 new jobs over the next five years ` if it repeals the municipal land transfer tax, says a new report.
`It`s bad for our economy and bad for homebuyers,` says Costa Poulopoulos, president of the Ontario Real Estate Association, which commissioned the report, released Tuesday.
Read the full article here.
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Real estate outlook lifts consumer confidence
OTTAWA ` Canadian consumer confidence surged to the highest in more than three years amid rising optimism over the outlook for real estate and the economy.
The Bloomberg Nanos Confidence Index climbed to 60.0 in the week ended April 18 from 59.0 the previous period, the highest level since March 2011. Declines in measures of job security and personal finances tempered the gain.
Read the full article here.
OTTAWA ` Canadian consumer confidence surged to the highest in more than three years amid rising optimism over the outlook for real estate and the economy.
The Bloomberg Nanos Confidence Index climbed to 60.0 in the week ended April 18 from 59.0 the previous period, the highest level since March 2011. Declines in measures of job security and personal finances tempered the gain.
Read the full article here.
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Waterloo's plan for future intensification recognized with an award
WATERLOO REGION ` The region's plan to foster intensification and build alternatives to car-snarled roadways has won an award from Canada's top architecture body.
The region's Central Transit Corridor Community Building Strategy secured a certificate of merit in the 2014 National Urban Design Awards from the Royal Architectural Institute of Canada, the Canadian Institute of Planners and the Canadian Society of Landscape Architects on Wednesday.
Read the full article here.
WATERLOO REGION ` The region's plan to foster intensification and build alternatives to car-snarled roadways has won an award from Canada's top architecture body.
The region's Central Transit Corridor Community Building Strategy secured a certificate of merit in the 2014 National Urban Design Awards from the Royal Architectural Institute of Canada, the Canadian Institute of Planners and the Canadian Society of Landscape Architects on Wednesday.
Read the full article here.
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Outlet shopping coming to Niagara
Hamilton bargain hunters and visitors to Niagara will soon have a new reason to shop in Canada, beyond the drop in value of the dollar.
The Outlet Collection at Niagara, located beside the QEW, less than 20 kilometres from the U.S. border, is slated to open May 15, featuring 102 retailers, including some Canadian firsts.
Read the full article here.
Hamilton bargain hunters and visitors to Niagara will soon have a new reason to shop in Canada, beyond the drop in value of the dollar.
The Outlet Collection at Niagara, located beside the QEW, less than 20 kilometres from the U.S. border, is slated to open May 15, featuring 102 retailers, including some Canadian firsts.
Read the full article here.
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More businesses looking to be downtown
Location is trumping space as more businesses look to move to the downtown core and downsize their offices at the same time, says a new report from leasing brokerage Colliers International.
The downtown commercial vacancy rate dropped slightly to 3.8 per cent in the first quarter of 2014 from 4.1 per cent a year earlier, it says. But vacancies have started creeping up in suburban markets as more `non-traditional tenants` ` beyond the usual financial services and legal firms ` migrate downtown.
Read the full article here.
Location is trumping space as more businesses look to move to the downtown core and downsize their offices at the same time, says a new report from leasing brokerage Colliers International.
The downtown commercial vacancy rate dropped slightly to 3.8 per cent in the first quarter of 2014 from 4.1 per cent a year earlier, it says. But vacancies have started creeping up in suburban markets as more `non-traditional tenants` ` beyond the usual financial services and legal firms ` migrate downtown.
Read the full article here.
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Condo sales, prices up - but rents starting to ease
It could be the year of shrinking condo rents but surging condo `for sale` listings if the first quarter of 2014 is any indication.
Condo sales were up nine per cent in the first three months of this year over last, with 70 per cent of the 4,454 transactions taking place in the City of Toronto, according to figures released by the Toronto Real Estate Board Tuesday.
Read the full article here.
It could be the year of shrinking condo rents but surging condo `for sale` listings if the first quarter of 2014 is any indication.
Condo sales were up nine per cent in the first three months of this year over last, with 70 per cent of the 4,454 transactions taking place in the City of Toronto, according to figures released by the Toronto Real Estate Board Tuesday.
Read the full article here.
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In Toronto, crazy deals mask saner underlying market
Toronto`s spring real estate market is not for the faint of heart in the best of years but perhaps never has it been so hair-raising as in the spring of 2014.
Part of the reason it`s all so stressful is that parties in nearly every camp seem to be deeply frustrated.
Read the full article here.
Toronto`s spring real estate market is not for the faint of heart in the best of years but perhaps never has it been so hair-raising as in the spring of 2014.
Part of the reason it`s all so stressful is that parties in nearly every camp seem to be deeply frustrated.
Read the full article here.
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Greater Toronto Realtors report resale housing market figures
TORONTO, ONTARIO--(Marketwired - May 6, 2014) - Toronto Real Estate Board President Dianne Usher announced that during April - the first full month of spring - Greater Toronto REALTORSÂ reported a 1.8 per cent year-over-year increase in sales through the TorontoMLS system. Total April 2014 sales amounted to 9,706, compared to 9,535 transactions in April 2013.
Read the full article here.
TORONTO, ONTARIO--(Marketwired - May 6, 2014) - Toronto Real Estate Board President Dianne Usher announced that during April - the first full month of spring - Greater Toronto REALTORSÂ reported a 1.8 per cent year-over-year increase in sales through the TorontoMLS system. Total April 2014 sales amounted to 9,706, compared to 9,535 transactions in April 2013.
Read the full article here.
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BlackBerry selling real estate to shore up cash
BlackBerry (BBRY) on Monday announced that it will sell the majority of its real estate holdings in Canada to U.S. real estate investment company Spear Street Capital for approximately $278 million.
BlackBerry will sell more than 3 million square feet of office space and vacant land, but will lease back a portion of the space as part of the company's commitment to retain a strong presence and keep its global headquarters in Canada.
Read the full article here.
BlackBerry (BBRY) on Monday announced that it will sell the majority of its real estate holdings in Canada to U.S. real estate investment company Spear Street Capital for approximately $278 million.
BlackBerry will sell more than 3 million square feet of office space and vacant land, but will lease back a portion of the space as part of the company's commitment to retain a strong presence and keep its global headquarters in Canada.
Read the full article here.
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Timmins developing housing plan to address shortage
When the preliminary results of a housing study for the City of Timmins were released earlier this year, Mayor Tom Laughren admits there weren`t any big revelations, but they still made him sit up and take notice.
`I don`t want to say there are any real surprises,` Laughren said, `but the first draft tells me we have a huge challenge.`
Read the full article here.
When the preliminary results of a housing study for the City of Timmins were released earlier this year, Mayor Tom Laughren admits there weren`t any big revelations, but they still made him sit up and take notice.
`I don`t want to say there are any real surprises,` Laughren said, `but the first draft tells me we have a huge challenge.`
Read the full article here.
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Average price of a single family home in Toronto shoots up 13% to $965,000
The average price of a detached home in the City of Toronto hit close to $1 million in April as the GTA continues to be plagued by a shortage of new listings.
That shortage of homes for sale helped pushed prices up an average of more than 10 per cent from April of 2013. The average sale price of a home across the GTA hit $577,898 last month, according to figures released Tuesday by the Toronto Real Estate Board.
Read the full article here.
The average price of a detached home in the City of Toronto hit close to $1 million in April as the GTA continues to be plagued by a shortage of new listings.
That shortage of homes for sale helped pushed prices up an average of more than 10 per cent from April of 2013. The average sale price of a home across the GTA hit $577,898 last month, according to figures released Tuesday by the Toronto Real Estate Board.
Read the full article here.
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Toronto condo land prices take a breather
If that keeps up, it would be good news for those economists and market watchers who believe that too many condos are going up in the country`s most populous city (in the last year the central bank has highlighted the potential risks that the rising supply of condos poses to Canada`s housing market and broader economy).
The price that developers paid for land to build condos on softened by 4 per cent in the first three months of this year, to $55 per square foot, according to RealNet Canada Inc. (the price was closer to $30 per square foot in 2005 and 2006).
Read the full article here.
If that keeps up, it would be good news for those economists and market watchers who believe that too many condos are going up in the country`s most populous city (in the last year the central bank has highlighted the potential risks that the rising supply of condos poses to Canada`s housing market and broader economy).
The price that developers paid for land to build condos on softened by 4 per cent in the first three months of this year, to $55 per square foot, according to RealNet Canada Inc. (the price was closer to $30 per square foot in 2005 and 2006).
Read the full article here.
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Ontario program helps commercial property owners
Things are looking good for Canada`s commercial real estate market. CBRE Canada is calling for a `steady and stable` 2014 while PricewaterhouseCoopers (PwC) assigned an average overall rating of `modestly good` to Canada`s nine largest commercial real estate markets. Forecasts vary depending on the asset class ` office, retail, industrial, investment and multi-housing ` and market, but as a whole Canada remains `on the radar for new capital investment` thanks to `a lack of volatility in the Canadian economy coupled with steady job growth` according to CBRE.
Retail and office space in particular are predicted to do very well in 2014, keeping in line with the growing trend of `urbanization.` In Toronto, for example, we`re seeing a renewed interest in the urban core from residents who want to eliminate commuting costs and take part in a live/work/play environment.
Read the full article here.
Things are looking good for Canada`s commercial real estate market. CBRE Canada is calling for a `steady and stable` 2014 while PricewaterhouseCoopers (PwC) assigned an average overall rating of `modestly good` to Canada`s nine largest commercial real estate markets. Forecasts vary depending on the asset class ` office, retail, industrial, investment and multi-housing ` and market, but as a whole Canada remains `on the radar for new capital investment` thanks to `a lack of volatility in the Canadian economy coupled with steady job growth` according to CBRE.
Retail and office space in particular are predicted to do very well in 2014, keeping in line with the growing trend of `urbanization.` In Toronto, for example, we`re seeing a renewed interest in the urban core from residents who want to eliminate commuting costs and take part in a live/work/play environment.
Read the full article here.
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Land transfer tax carries huge costs for Toronto
Toronto could see a $2-billion economic boost ` and the creation of 12,000 new jobs over the next five years ` if it repeals the municipal land transfer tax, says a new report.
`It`s bad for our economy and bad for homebuyers,` says Costa Poulopoulos, president of the Ontario Real Estate Association, which commissioned the report, released Tuesday.
Read the full article here.
Toronto could see a $2-billion economic boost ` and the creation of 12,000 new jobs over the next five years ` if it repeals the municipal land transfer tax, says a new report.
`It`s bad for our economy and bad for homebuyers,` says Costa Poulopoulos, president of the Ontario Real Estate Association, which commissioned the report, released Tuesday.
Read the full article here.
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Is Ontario dragging down the rest of Canada
Ontario`s government is facing growing calls to get its fiscal house in order, with a Fraser Institute study pegging the province as an economic ball and chain `dragging down the country as a whole.`
Respected tax policy expert Jack Mintz made a similar claim in a Financial Post opinion piece last week.
Read the full article here.
Ontario`s government is facing growing calls to get its fiscal house in order, with a Fraser Institute study pegging the province as an economic ball and chain `dragging down the country as a whole.`
Respected tax policy expert Jack Mintz made a similar claim in a Financial Post opinion piece last week.
Read the full article here.
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Chrysler to kill Dodge Caravan in 2016
AUBURN HILLS, MICH ` The Windsor Assembly Plant`s 30-year run of building two minivan models will end in 2016 when Chrysler Group discontinues the Dodge Grand Caravan and launches the next generation Chrysler Town and Country as the automaker`s sole minivan, Chrysler brand CEO Al Gardner confirmed Tuesday.
Gardner also confirmed plans for a hybrid version of the all-new Town and Country that is expected to deliver an estimated 75 miles per gallon. Fuel economy estimates for the gasoline version was not announced.
Read the full article here.
AUBURN HILLS, MICH ` The Windsor Assembly Plant`s 30-year run of building two minivan models will end in 2016 when Chrysler Group discontinues the Dodge Grand Caravan and launches the next generation Chrysler Town and Country as the automaker`s sole minivan, Chrysler brand CEO Al Gardner confirmed Tuesday.
Gardner also confirmed plans for a hybrid version of the all-new Town and Country that is expected to deliver an estimated 75 miles per gallon. Fuel economy estimates for the gasoline version was not announced.
Read the full article here.
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Too many condos? BMO says Canada's housing growth 'sustainable'
When it comes to the question of whether we`re building too many homes in Canada, economists at Bank of Montreal are suggesting everyone should just relax, even in Toronto where condos are popping up like dandelions.
They released two slides Friday to make the point. One shows the number of homes on which construction has begun across the country in recent years. `With the exception of a brief spurt in condo starts in early 2012 and a few weak winter months, Canadian housing starts have been tucked neatly in a 175,000-to-205,000 per-year range since late 2009,` BMO`s Robert Kavcic notes. `There are obviously differences by region (there always are), but overall, this steady level of activity is enough to satisfy fundamental demand, but not too strong to concern policy makers.`
Read the full article here.
When it comes to the question of whether we`re building too many homes in Canada, economists at Bank of Montreal are suggesting everyone should just relax, even in Toronto where condos are popping up like dandelions.
They released two slides Friday to make the point. One shows the number of homes on which construction has begun across the country in recent years. `With the exception of a brief spurt in condo starts in early 2012 and a few weak winter months, Canadian housing starts have been tucked neatly in a 175,000-to-205,000 per-year range since late 2009,` BMO`s Robert Kavcic notes. `There are obviously differences by region (there always are), but overall, this steady level of activity is enough to satisfy fundamental demand, but not too strong to concern policy makers.`
Read the full article here.