May 2014 Ontario Economic Fundamentals

[Ally]

Mayor has ideas to add rental units to Stouffville





In order to entice developers to construct rental units, their development charges may get deferred.





The suggestion came from Mayor Wayne Emmerson during a council meeting, during which the region`s report on how to increase purpose-built rental housing in York was discussed.





Read the full article here.

 

[Ally]

Dr. Oetker's new pizza plant gives Ontario manufacturing boost





The opening of a frozen-pizza plant in London, Ont., offers hope for the province`s food manufacturing sector, which has endured a rash of factory shutdowns and layoffs.





German food giant Dr. Oetker chose the location because of its skilled work force, proximity to key Ontario and American consumers, and government aid of $19-million, said company chairman August Oetker, a member of the fourth generation to run the family business that has factories in 40 countries across Europe, Asia and South America.





Read the full article here.

 

[Ally]

Ontario's financial woes a national problem





Lost in the flurry of Ontario's election campaign is the one key issue facing the province and, indeed, all of Canada: Ontario's laggard economic performance is dragging down the national economy.





Due to the sheer size of Ontario's economy and population, as well as the fact that its output and employment are integrated with the Canadian economy, what happens in Ontario affects all of Canada.





Read the full article here.

 

[Ally]

GTA housing market remains 'resilient': CMHC






The GTA real estate market remains `resilient` with sales of existing homes likely to increase over the next two years but price growth ease, says a new outlook report for 2014 from the Canada Mortgage and Housing Corporation.







Even the much-watched condo market is holding up well, with signs that buyers who were concerned about a correction `are feeling more comfortable with a purchase.`





Read the full article here.

 

[Ally]

Steady housing market forecasted for Waterloo region





KITCHENER ` Despite doom and gloom predictions about the potential for a downturn in the Canada's housing market, the outlook is clear and steady in Waterloo Region and Guelph.





Anthony Passarelli, the Canada Mortgage and Housing Corp.'s market analyst for this region, said all the key factors ` employment, migration and mortgage rates ` appear to be relatively stable. He's forecasting that local home prices will rise this year and in 2015, albeit at a slower pace than in some of the past years.





Read the full article here.

 

[Ally]

CMHC probes how much Bank of Mom and Dad may be skewing real estate market






Ontario`s housing market remains `modestly` overvalued, and that may be, at least in part, because of `gifting` ` baby boomer parents who are helping finance down payments on pricey homes their grown children couldn`t otherwise afford, according to the Canada Mortgage and Housing Corporation.







That`s why the federal housing agency has launched a study, trying to determine how frequently young buyers are making purchases backed by the Bank of Mom and Dad.





Read the full article here.

 

[Ally]

Optimistic outlook for Windsor housing, rental market





Things are looking good for Windsor`s housing market in general and the rental market in particular, according to a spring outlook report released by the Canada Mortgage and Housing Corporation.





Erica McLerie, a senior market analyst with the CMHC and the author of the report, said the area is gaining jobs and starting to recover from the population loss it suffered during the recession. Meanwhile, housing prices remain the lowest of any urban area in Ontario, attracting retirees and other people from out of town.





Read the full article here.

 

[Ally]

Ottawa condo market heating up





Even though housing starts are down dramatically and existing home sales slow, the capital is in for a "soft landing," the Canada Mortgage and Housing Corporation predicted Thursday.


And there's a silver lining for buyers -- the cost of a condo has dropped as supply outstrips demand and while pay checks are growing slowly, it's finally faster than home prices.





Read the full article here.

 

[Ally]

GO trains dominate Kitchener-Waterloo election race





WATERLOO`Voters in one of Ontario`s most competitive races can decide which candidate they trust to deliver the elusive dream of `two-way, all-day` GO train service to Toronto.





Commuting complaints are a bee-like buzz in Kitchener-Waterloo, won by NDP MPP Catherine Fife in a byelection 19 months ago after Conservative veteran Elizabeth Witmer resigned.





Read the full article here.

 

[Ally]

For houses priced in the 'sweet spot,' bully bids proliferate





When a semi-detached house in the central Toronto neighbourhood of Davisville hit the market last week, the bullies immediately began to circle.





`We didn`t even make it to offer day,` says Patrick Rocca of Bosley Real Estate Ltd., who listed the house with an asking price of $699,000.





Read the full article here.

 

[Ally]

GTA Realtors release mid-month housing figures





Greater Toronto Area REALTORSÂ reported 4,620 sales through the TorontoMLS system during the first two weeks of June 2013. This result was up by 4.7 per cent compared to the first two weeks of June 2012. Year-over-year sales growth was driven by the regions/counties surrounding the City of Toronto. Home sales in the City were basically flat in comparison to last year.






"The expectation was for an improvement in home sales in the second half of 2013. Early June results are in line with this outlook. Many households have adapted to stricter lending guidelines and have renewed their search for ownership housing," said Toronto Real Estate Board President Ann Hannah.





Read the full article here.

 

[Ally]

Halifax housing sales at lowest level in almost two decades





Existing home sales in Halifax were at their lowest level in 19 years during the first three months of the year, a new RBC housing market report says.





The national study, released Tuesday by RBC Economic Research, said tough winter weather compounded a soft market in the municipality.





Read the full article here.

 

[Ally]

New student residence under construction for U of O





A nursing home in downtown Ottawa will be renovated into a student residence for the University of Ottawa (U of O), according to Michel Guilbeault, U of O`s housing director.





The residence will be ready for the fall 2014 semester and will accommodate 400 first-year students, Guilbeault said.





Read the full article here.

 

[Ally]

Kitchener cuts development fees with hopes of job creation





The Record reports council has approved a recommendation to halve industrial development charges, for the next five years.





Kitchener`s Manager of Business Development, Brian Bennett says at least one local firm has been talking to the city about expanding.





Read the full article here.

 

[Ally]

Waterloo has no plans to review controversial rental bylaw





City staff have no intention of reviewing the city`s contentious rental licensing bylaw as part of an update to the city`s business licenses that received council approval Monday.





When asked by Coun. Mark Whaley why the rental license was being excluded, Shamir Mehta, manager of municipal enforcement services at the city, said keeping the two items separate is the best course of action.





Read the full article here.

 

[Ally]

Barrie's Essa Road skyline set to change





It`s approving an eight-storey condo on the east corner of Mapleton Avenue, across from Food Basics ` an area the city has designated for intensification.





To do that, the city rezoned a two-acre site from single-family residential to allow a mid-rise apartment building a short walk from schools and the Holly Community Centre.





Read the full article here.

 

[Ally]

Waterloo take two on rental housing licensing





The controversial issue of whether the city should license rental housing is going right back to the committee that balked at a city staff report that recommended against licensing.





The planning & building, engineering and environment committee recommended to council that the issue go back to staff because the report was `incomplete.` The committee wanted another, more comprehensive report on the issue from staff.





Read the full article here.

 

[Ally]

Queen's to add 2,000 students





Queen's University plans to add more than 2,000 full-time students to its direct and second-entry undergraduate programs will have a major impact on local housing, officials say.





Increased undergraduate enrolment at Queen's University would bring the total headcount from 16,526 in fall 2013 to 18,368 in fall 2016.





Read the full article here.