May 2015 Ontario Economic Fundamentals

Ally

Research Assistant
Registered
Hamilton Housing Market - The Strombo Effect?


One of the best attributes of having a proven research system that identifies LONG-TERM trends is that it continues to work, through good markets and bad… through the bumps in the road and the high points of the market. It jsut works (even when the odd Black Swan comes wandering in)

With a multi-decade system like this in our back-pocket we can assist investors, REITs, and governments forecast the direction of the housing markets in cities and towns across the country many, many years in advance. Thus allowing our clients, both private and institutional, the vision to make adjustments and to see opportunity that others can’t see because they are too focused on the short term blips, bumps and increases.

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Ally

Research Assistant
Registered
Hamilton's home prices rise the most among urban markets

Hamilton home prices registered the largest gain over the past year among 11 urban markets measured in a national index released Wednesday.

The index showed Hamilton prices were up 7.59 per cent in April compared to the same month a year ago, the Teranet-National Bank House Price Index found.

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Ally

Research Assistant
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Immigration will keep Toronto real estate vibrant

As long as population growth—particularly from immigration—continues in Toronto, the real estate market in Canada’s largest city will remain vibrant, industry stakeholders predict.

“Prices will continue to increase only if immigration continues,” Sam Mizrahi, president of Mizrahi Developments and himself an immigrant, said on Thursday, speaking at a Toronto event organized by Bloomberg.

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Ally

Research Assistant
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April home sales up 2.3% compared with March led by Toronto and Montreal

OTTAWA - Buyers in Toronto and Montreal pushed home sales higher last month as Canadians continued to take advantage of low interest rates.

The Canadian Real Estate Association said Friday home sales in April through its MLS system were up 2.3 per cent compared with the previous month.

The increase was the third consecutive month-over-month climb, but the gain was down from the 4.1 per cent increase in March.

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Ally

Research Assistant
Registered
Brantford single-detached home starts will grow faster than multi-unit housing starts

TORONTO, ONTARIO--(Marketwired - May 25, 2015) - According to Canada Mortgage and Housing Corporation's (CMHC) Spring Housing Market Outlook report for the Brantford Census Metropolitan Areas (CMAs), total housing starts will increase to 440 units in 2015 from 416 units in 2014, mostly due to a high number of single-detached housing starts. Total housing starts will decline to 400 units in 2016. Existing home sales will increase to 2,100 units in 2015 from 2,075 in 2014. Sales will drop to 2,000 units in 2016.

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Ally

Research Assistant
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Barrie landlords want council to take another look at secondary suites

A second look at Barrie's proposed second suites policy is being requested by some residential landlords.

City councillors gave initial approval recently to change Barrie's Official Plan (OP) and zoning bylaw to allow second suites, or add apartments to existing homes.

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Ally

Research Assistant
Registered
Apartment starts slip after record 2014 in Waterloo region

WATERLOO REGION — Housing starts in Waterloo Region will drop this year as construction of apartments slows from last year's record levels, the Canada Mortgage and Housing Corp. said Monday.

The federal agency's spring housing market outlook calls for 2,925 housing starts in the Kitchener-Cambridge-Waterloo census metropolitan area this year, down from 4,450 in 2014. It says starts will remain relatively stable at 2,875 units in 2016.

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Ally

Research Assistant
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Steady Ottawa housing market for 2015-16: CMHC

Renters in Ottawa will have more options, housing starts will drop and the resale market will remain relatively flat over the next several months, the Canada Mortgage and Housing Corporation said Monday.

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Ally

Research Assistant
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Canada's safe reputation driving Toronto's condo boom

Canada’s reputation as a safe country to live and bank is luring buyers from abroad and driving the housing boom in Toronto.

The city of 2.8 million attracts about a quarter of the 250,000 immigrants who arrive in the nation each year. That’s helping drive demand for new housing, including condos and rental properties, property Developer Sam Mizrahi, said at the Bloomberg Economic Series Canada summit in Toronto, “Immigration keeps the market buoyant,” said Mizrahi, president of Mizrahi Developments. “Canada’s seen as the new Switzerland.”

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Ally

Research Assistant
Registered
Ontario to update condo Act to lower cost of dispute resolution

The 1.3 million Ontario residents who live in condominiums will get a new, less expensive way to resolve disputes under proposed legislation to be introduced Wednesday.

The province will create a Condominium Authority to provide a range of services including dispute resolution, so condo owners won't have to go to court to clear up a disagreement with a neighbour or their condo board.

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Ally

Research Assistant
Registered
Most Toronto condos owners in it for the long haul

Condo investors in Canada’s two biggest condo markets – Toronto and Vancouver – appear to be in it for the long haul, with plans to keep their units at least five years and rent them out, rather than flip them for a quick profit, according to a new survey by the Canada Mortgage and Housing Corporation.

The federal housing corporation surveyed 42,191 domestic condo owners in those two cities last August and September and found 83.8 per cent actually live in their unit.


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Ally

Research Assistant
Registered
Barrie council makes changes to secondary suite policy

Second suites could become second nature in Barrie.

City council gave unanimous approval Monday to a new policy to change Barrie's Official Plan (OP) and zoning bylaw to expand permission of second suites, or adding apartments, to existing homes. The units would be restricted to one second suite per lot, and not in the Georgian College area – which has a traditional problem with student housing.

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Ally

Research Assistant
Registered
Hamilton to get a new LRT and GO train station

HAMILTON—The city of Hamilton will get up to $1 billion from the Ontario government for a Light Rail Transit line from McMaster University to Queenston Circle in the city’s east end.

Premier Kathleen Wynne says construction on the new LRT will begin in 2019, and it will connect directly to the new West Harbour GO train station that will open this summer.


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Ally

Research Assistant
Registered
Single-detached homes in dramatic decline in GTA, says CMHC

The single-detached home is increasingly marching to extinction, unless you can afford $2 million in the core of the GTA or are willing to drive to the last remaining bastions of affordable low-rise housing – the easterly 905 regions, Hamilton, Barrie and Kitchener-Waterloo.

The condo will remain king across the GTA and drive total housing starts up 12 per cent this year alone, according to a spring outlook report from the Canada Mortgage and Housing Corporation.

Read the full article here.
 

Ally

Research Assistant
Registered
It's high times in a hot Toronto real estate market

The late start to Toronto’s spring real estate market appears to have pushed the selling season further toward the summer.

This week, 31 Summerhill Gardens sold for $1.845-million. The house, which was featured in this column last week, belongs to Matthew Teitelbaum and Susan Cohen. Mr. Teitelbaum is the departing director of the Art Gallery of Ontario and the couple put their family home on the market after Mr. Teitelbaum announced he’s moving to a new post at Boston’s Museum of Fine Arts.

Read the full article here.
 

Ally

Research Assistant
Registered
Scarborough subway routes narrowed to three choices

In a presentation sent to councillors Wednesday and obtained by the Star, city staff say the original nine route options for the Scarborough subway have been short-listed to just three: a Midland Ave., McCowan Rd. or Bellamy Rd. corridor.

Among them, Tory’s best choice to avoid duplicating SmartTrack’s route is picking the one farthest east, along Bellamy Rd. — a decision that could cost taxpayers at least $600 million more.


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Ally

Research Assistant
Registered
Ottawa secondary dwelling units

The excitement level of the investors I was with grew as we pulled into the driveway. The bungalow was located ten minutes on foot from College Square and Algonquin College. It had a front door and a back door that lead directly to the unfinished basement with high ceilings. I understood the investor’s enthusiasm because the basement was a prime candidate for conversion to a basement apartment - which is something that roughly half of my investor clients want to find and buy. It’s important to understand that adding an apartment to an existing home is complex and costly so why would investors use this strategy? Technically known as secondary dwelling units, these apartments offer investors and homeowners the opportunity to create income and increase their property’s value.

Read the full article here.
 

Ally

Research Assistant
Registered
It's high time in a hot Toronto real estate market

The late start to Toronto’s spring real estate market appears to have pushed the selling season further toward the summer.

This week, 31 Summerhill Gardens sold for $1.845-million. The house, which was featured in this column last week, belongs to Matthew Teitelbaum and Susan Cohen. Mr. Teitelbaum is the departing director of the Art Gallery of Ontario and the couple put their family home on the market after Mr. Teitelbaum announced he’s moving to a new post at Boston’s Museum of Fine Arts.

Read the full article here.
 

Ally

Research Assistant
Registered
Three Ottawa downtown LRT stations to be integrated into buildings

As previously reported by OBJ, the Confederation Line’s Parliament station will be built with a direct entrance to the Sun Life Financial Centre at Bank and Queen streets. The station’s east entrance will be integrated into a building owned by Morguard at 155 Queen St.

The west entrance to the Lyon station will be directly connected to an upcoming Claridge Homes project at Queen and Lyon streets, while the east entrance will be integrated into the Place de Ville complex.

Read the full article here.
 
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