November 2011 Ontario Economic Fundamentals
- Thread starter Ally
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Strong condo sales growth in Q3 in Toronto
October 24, 2011 -- Greater Toronto REALTORSÂ reported 5,770 condominium apartment transactions through the TorontoMLSÂ system in the third quarter of 2011, representing a 24 per cent increase over the same period in 2010. The average selling price increased by almost nine per cent to $333,352.
"Condominium apartments have accounted for about one-quarter of total existing home sales in the GTA this year. This share is expected to increase moving forward, as new home sales and construction has become increasingly driven by high-rise construction," said Toronto Real Estate Board President Richard Silver.
In line with new home sales and construction trends over the last few years, condominium apartment completions have been high so far in 2011. When condo projects reach the completion stage, investors and end users whose housing needs have changed often list their units for sale or rent.
Read the full article here.
October 24, 2011 -- Greater Toronto REALTORSÂ reported 5,770 condominium apartment transactions through the TorontoMLSÂ system in the third quarter of 2011, representing a 24 per cent increase over the same period in 2010. The average selling price increased by almost nine per cent to $333,352.
"Condominium apartments have accounted for about one-quarter of total existing home sales in the GTA this year. This share is expected to increase moving forward, as new home sales and construction has become increasingly driven by high-rise construction," said Toronto Real Estate Board President Richard Silver.
In line with new home sales and construction trends over the last few years, condominium apartment completions have been high so far in 2011. When condo projects reach the completion stage, investors and end users whose housing needs have changed often list their units for sale or rent.
Read the full article here.
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Looking to buy a condo? Get to the back of the line
For three years now, Efrem Rone has been keeping a close eye on an Adelaide St. E. parking lot, watching for a condo sales centre to rise from the asphalt.
`I know how things work,` says Rone, 45. `If you don`t get on the list (to get into the sales centre early), the best units are gone, prices start going up and you`re stuck with the leftovers.`
His agent was getting nowhere, despite registering early to view floor plans for the 22-storey Ivory on Adelaide project. So Rone was surprised last weekend to walk past an Ivory on Adelaide sales centre bustling with activity.
Read the full article here.
For three years now, Efrem Rone has been keeping a close eye on an Adelaide St. E. parking lot, watching for a condo sales centre to rise from the asphalt.
`I know how things work,` says Rone, 45. `If you don`t get on the list (to get into the sales centre early), the best units are gone, prices start going up and you`re stuck with the leftovers.`
His agent was getting nowhere, despite registering early to view floor plans for the 22-storey Ivory on Adelaide project. So Rone was surprised last weekend to walk past an Ivory on Adelaide sales centre bustling with activity.
Read the full article here.
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Is the GTA market pushing the limits?
There is no shortage of chatter about the GTA new home market. And why not ` it`s an important market that generated approximately $16.4 billion in sales in the first three quarters of 2011. Most of that is having a direct impact on the local economy and all of it will have a major impact on the size and shape of our community going forward.
But is the GTA new home and condominium market pushing the limits?
Read the full article here.
There is no shortage of chatter about the GTA new home market. And why not ` it`s an important market that generated approximately $16.4 billion in sales in the first three quarters of 2011. Most of that is having a direct impact on the local economy and all of it will have a major impact on the size and shape of our community going forward.
But is the GTA new home and condominium market pushing the limits?
Read the full article here.
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As condos get smaller, downsizing boomers fret
With new Toronto condo units averaging just 749 square feet, baby boomers are finding the word downsizing is taking on new meaning
Baby boomers Jack and Leona Anderson made their first big step towards retirement last summer when they flew to Toronto from their home in Regina looking for a condo.
Read the full article here.
With new Toronto condo units averaging just 749 square feet, baby boomers are finding the word downsizing is taking on new meaning
Baby boomers Jack and Leona Anderson made their first big step towards retirement last summer when they flew to Toronto from their home in Regina looking for a condo.
Read the full article here.
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The economic impact of the Great Lakes
From the earliest days of European settlement, the Great Lakes and St. Lawrence River have been utilized as a means of transportation. Great Lakes cities were founded as trading posts along a vast marine highway that facilitated commerce in an era pre-dating railroads and highways. This relationship to the water has enabled the region to thrive and today, the Great Lakes-St. Lawrence region is the industrial and agricultural heartland of both the United States and Canada.
Over the last 200 years, navigation improvements in both the United States and Canada have enhanced the waterway. The Welland Canal has connected Lake Ontario and Lake Erie, enabling vessels to bypass Niagara Falls. The Soo Locks have made the St. Mary`s River navigable, connecting Lake Superior with Lake Huron. The St. Lawrence Seaway has tamed the St. Lawrence River, enabling ships to sail from Lake Ontario to the Atlantic Ocean.
Read the full article here.
From the earliest days of European settlement, the Great Lakes and St. Lawrence River have been utilized as a means of transportation. Great Lakes cities were founded as trading posts along a vast marine highway that facilitated commerce in an era pre-dating railroads and highways. This relationship to the water has enabled the region to thrive and today, the Great Lakes-St. Lawrence region is the industrial and agricultural heartland of both the United States and Canada.
Over the last 200 years, navigation improvements in both the United States and Canada have enhanced the waterway. The Welland Canal has connected Lake Ontario and Lake Erie, enabling vessels to bypass Niagara Falls. The Soo Locks have made the St. Mary`s River navigable, connecting Lake Superior with Lake Huron. The St. Lawrence Seaway has tamed the St. Lawrence River, enabling ships to sail from Lake Ontario to the Atlantic Ocean.
Read the full article here.
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Chrysler leads sales parade as truck market rebounds
The truck market is returning to health, helping Chrysler Group LLC post the strongest performance among the major auto makers in Canada and the United States in October.
Chrysler`s sales surged 27 per cent in the U.S. market and 12 per cent in Canada as overall sales rose in both markets despite worries about the economy and the potential impact of the European debt crisis.
Read the full article here.
The truck market is returning to health, helping Chrysler Group LLC post the strongest performance among the major auto makers in Canada and the United States in October.
Chrysler`s sales surged 27 per cent in the U.S. market and 12 per cent in Canada as overall sales rose in both markets despite worries about the economy and the potential impact of the European debt crisis.
Read the full article here.
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Carney supports Greek referendum
OTTAWA ` Bank of Canada governor Mark Carney supports Greek Prime Minster George Papandreou`s decision to hold a referendum on a proposed bailout package from its European partners meant to help that country maintain financial stability.
Mr. Carney made the comments during testimony Tuesday to the House of Commons standing committee on finance, while stock markets around the globe plunged largely on the uncertainty Papandreou`s announcement brings on whether a recent deal reached by European leaders can adequately deal with out-of-control debt among some members of the European Monetary Union.
Greece is committed to deep government spending cuts as a condition of the assistance being offered.
Read the full article here.
OTTAWA ` Bank of Canada governor Mark Carney supports Greek Prime Minster George Papandreou`s decision to hold a referendum on a proposed bailout package from its European partners meant to help that country maintain financial stability.
Mr. Carney made the comments during testimony Tuesday to the House of Commons standing committee on finance, while stock markets around the globe plunged largely on the uncertainty Papandreou`s announcement brings on whether a recent deal reached by European leaders can adequately deal with out-of-control debt among some members of the European Monetary Union.
Greece is committed to deep government spending cuts as a condition of the assistance being offered.
Read the full article here.
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Ottawa can plant the seed for Canada to feed the world
More so than any other country, say agricultural economist Larry Martin and researcher Kate Stiefelmeyer, Canada is equipped ` by history, by geography, by aptitude and by infrastructure ` `to feed the world.` Agriculture was our founding industry. We have vast tracts of arable land. We have abundant fresh water. We have know-how. We have everything we need to be a global food superpower.
Read the full article here.
More so than any other country, say agricultural economist Larry Martin and researcher Kate Stiefelmeyer, Canada is equipped ` by history, by geography, by aptitude and by infrastructure ` `to feed the world.` Agriculture was our founding industry. We have vast tracts of arable land. We have abundant fresh water. We have know-how. We have everything we need to be a global food superpower.
Read the full article here.
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Almost half of China's richest want to emigrate: Survey
Nearly half of China's wealthiest citizens are considering emigrating, with the United States and Canada the most popular destinations, according to a new report from the authors of China's rich list.
The survey by the Bank of China and the Hurun Report, which publishes luxury magazines and runs a research institute, found that 46 percent of Chinese with assets worth more than 10 million yuan ($1.6 million) were considering moving abroad.
Another 14 percent had already begun the process, it said. Many said they were seeking a better education for their children and cited concerns about the security of their assets in China.
Read the full article here.
Nearly half of China's wealthiest citizens are considering emigrating, with the United States and Canada the most popular destinations, according to a new report from the authors of China's rich list.
The survey by the Bank of China and the Hurun Report, which publishes luxury magazines and runs a research institute, found that 46 percent of Chinese with assets worth more than 10 million yuan ($1.6 million) were considering moving abroad.
Another 14 percent had already begun the process, it said. Many said they were seeking a better education for their children and cited concerns about the security of their assets in China.
Read the full article here.
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Single family homes becoming 'precious commodities'
Toronto is rapidly transforming into a `vertical world` because of an unprecedented condo boom and greenbelt policies that are making single-family homes `precious commodities,` a new report says.
Provincial efforts to limit sprawl have helped drive up house ` and land ` prices across the GTA to the point where the dream of raising children in a house with a yard may be dying, warns the annual survey by PricewaterhouseCooper released Tuesday.
Read the full article here.
Toronto is rapidly transforming into a `vertical world` because of an unprecedented condo boom and greenbelt policies that are making single-family homes `precious commodities,` a new report says.
Provincial efforts to limit sprawl have helped drive up house ` and land ` prices across the GTA to the point where the dream of raising children in a house with a yard may be dying, warns the annual survey by PricewaterhouseCooper released Tuesday.
Read the full article here.
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Prepare for a shock with property reassessments in 2012
There's no place like home. There's no place like home. That is, until MPAC comes calling.
You gotta think the premier and his political operatives are looking at their radar screens and worrying about the new property assessments to be done next year by the Municipal Property Assessment Corporation.
That's right. Your home value will be reassessed in 2012, for the first time since McGuinty and his crew froze assessment values at the rates established in 2008.
Read the full article here.
There's no place like home. There's no place like home. That is, until MPAC comes calling.
You gotta think the premier and his political operatives are looking at their radar screens and worrying about the new property assessments to be done next year by the Municipal Property Assessment Corporation.
That's right. Your home value will be reassessed in 2012, for the first time since McGuinty and his crew froze assessment values at the rates established in 2008.
Read the full article here.
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Kitchener 'innovation district' has potential to create 15,000 jobs
KITCHENER ` A former public works yard on Bramm Street will become the centre of an `innovation district` with the potential to create 15,000 jobs and attract 4,000 residents within a five-minute walk of King and Victoria streets.
This is one of the key parts of a new economic development strategy that city councillors will consider on Monday.
Read the full article here.
KITCHENER ` A former public works yard on Bramm Street will become the centre of an `innovation district` with the potential to create 15,000 jobs and attract 4,000 residents within a five-minute walk of King and Victoria streets.
This is one of the key parts of a new economic development strategy that city councillors will consider on Monday.
Read the full article here.
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New Flyer chooses Brampton for Eastern Parts Distribution Centre
Local residents and transit riders should be familiar with one of the City`s newest businesses. New Flyer Industries, manufacturer of the Xcelsior busses used by Brampton Transit on the popular Zum lines, has opened a new 32,000 square foot Parts Distribution Centre (PDC) located at 420 Deerhurst Drive.
`We are very excited to improve our level of service to our customers in this region,` said Paul Soubry, New Flyer`s President and CEO. `We have been delivering buses to this area for over 40 years, and have more than 3,000 buses and 40 customers within a 300-kilometer radius of the Greater Toronto/Hamilton Area. This new PDC allows us to continue to deliver on our commitment to provide the best bus value and support for life to our customers.`
This PDC is expected to stock in excess of 5,000 unique parts in inventory, which will allow New Flyer to further improve response time for service parts delivery, enhance parts availability, improve customer fill rates and provide better inventory management support for our newly launched service of Supply Chain Solutions.
Read the full article here.
Local residents and transit riders should be familiar with one of the City`s newest businesses. New Flyer Industries, manufacturer of the Xcelsior busses used by Brampton Transit on the popular Zum lines, has opened a new 32,000 square foot Parts Distribution Centre (PDC) located at 420 Deerhurst Drive.
`We are very excited to improve our level of service to our customers in this region,` said Paul Soubry, New Flyer`s President and CEO. `We have been delivering buses to this area for over 40 years, and have more than 3,000 buses and 40 customers within a 300-kilometer radius of the Greater Toronto/Hamilton Area. This new PDC allows us to continue to deliver on our commitment to provide the best bus value and support for life to our customers.`
This PDC is expected to stock in excess of 5,000 unique parts in inventory, which will allow New Flyer to further improve response time for service parts delivery, enhance parts availability, improve customer fill rates and provide better inventory management support for our newly launched service of Supply Chain Solutions.
Read the full article here.
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York's housing market stays hot
The real estate market was booming in October with GTA-wide sales up 17.5 per cent compared to last year.
More than 1,400 York Region homes changed hands last month, bringing the year-to-date total to just less than 15,000.
The numbers bode well for a strong finish to a year that started with more demand than supply, Toronto Real Estate Board president Richard Silver said.
`Homebuyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefitted from increased supply in the fall,` he said.
Average sales prices across the GTA were also up 8 per cent.
Read the full article here.
The real estate market was booming in October with GTA-wide sales up 17.5 per cent compared to last year.
More than 1,400 York Region homes changed hands last month, bringing the year-to-date total to just less than 15,000.
The numbers bode well for a strong finish to a year that started with more demand than supply, Toronto Real Estate Board president Richard Silver said.
`Homebuyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefitted from increased supply in the fall,` he said.
Average sales prices across the GTA were also up 8 per cent.
Read the full article here.
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New international trade crossing
Gov. Synder: 'we will get a bridge built'
Michigan Gov. Rick Snyder is digging in his heels against opponents of the proposed downriver bridge, and that`s welcome news for the project`s myriad supporters, including nearly every important business and labour organization and key government officials on both sides of the border.
After approval to move the project forward was narrowly defeated in a state committee by a 3-2 vote two weeks ago, Snyder had called for a `cooling off period.` But it`s now clear that the governor has no intention of turning down the heat for too long.
Read the full article here.
Gov. Synder: 'we will get a bridge built'
Michigan Gov. Rick Snyder is digging in his heels against opponents of the proposed downriver bridge, and that`s welcome news for the project`s myriad supporters, including nearly every important business and labour organization and key government officials on both sides of the border.
After approval to move the project forward was narrowly defeated in a state committee by a 3-2 vote two weeks ago, Snyder had called for a `cooling off period.` But it`s now clear that the governor has no intention of turning down the heat for too long.
Read the full article here.
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Etobicoke York Community Council approves latest proposal
The latest in a series of revisions that now proposes to build 250 townhouses in the Islington Avenue-Norseman Street area is evidence the planning "process does work," says an Etobicoke councillor.
"The developer was asking for 1,400 condo units in up to 14-storey buildings. The community said 'this is not acceptable.' I said 'this is not acceptable,'" said Etobicoke-Lakeshore Councillor Peter Milczyn.
"Now we have 250, three-storey townhouses so the process does work."
Developer Mantella Corporation proposes to build 250 townhouses and stacked townhouses, as well as a 5,240-square-metre industrial building it will retain, on the southwest corner of Islington and Norseman.
Read the full article here.
The latest in a series of revisions that now proposes to build 250 townhouses in the Islington Avenue-Norseman Street area is evidence the planning "process does work," says an Etobicoke councillor.
"The developer was asking for 1,400 condo units in up to 14-storey buildings. The community said 'this is not acceptable.' I said 'this is not acceptable,'" said Etobicoke-Lakeshore Councillor Peter Milczyn.
"Now we have 250, three-storey townhouses so the process does work."
Developer Mantella Corporation proposes to build 250 townhouses and stacked townhouses, as well as a 5,240-square-metre industrial building it will retain, on the southwest corner of Islington and Norseman.
Read the full article here.
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Ford's subway to crawl stop by stop
The Sheppard subway plan will envision expansion out to Scarborough Town Centre but start by focusing on financing construction of a first stop, says the man tasked by Mayor Rob Ford to find billions in private investment.
Gordon Chong told the Star in an interview he will release his hotly anticipated report next month, `certainly before Christmas,` and expects construction underway well before the next civic election in October 2014.
`Our project and plan is to go to Scarborough Town Centre, but we do it in phases, opening each new station as we`re ready,` Chong said. `The most important thing is that we get started in this council`s term.
Read the full article here.
The Sheppard subway plan will envision expansion out to Scarborough Town Centre but start by focusing on financing construction of a first stop, says the man tasked by Mayor Rob Ford to find billions in private investment.
Gordon Chong told the Star in an interview he will release his hotly anticipated report next month, `certainly before Christmas,` and expects construction underway well before the next civic election in October 2014.
`Our project and plan is to go to Scarborough Town Centre, but we do it in phases, opening each new station as we`re ready,` Chong said. `The most important thing is that we get started in this council`s term.
Read the full article here.
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TREB: Q3 was very strong for condo sales in the GTA
Here is Toronto Real Estate Board`s Jason Mercer, Senior Manager of Market Analysis, discussing the GTA`s Condo Market for Q3, 2011.
Some highlights:
- There was a 5,800 transactions across the Greater Toronto Area in the Quarter which is 24 percent increase over last year
- 72% of the transactions took place the city of Toronto
Read the full article here.
Here is Toronto Real Estate Board`s Jason Mercer, Senior Manager of Market Analysis, discussing the GTA`s Condo Market for Q3, 2011.
Some highlights:
- There was a 5,800 transactions across the Greater Toronto Area in the Quarter which is 24 percent increase over last year
- 72% of the transactions took place the city of Toronto
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
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What are the apartment vacancy rates in Ontario?
The vacancy rate is the percentage of rental apartments that are available in a community.
The vacancy rates for rental apartments are very different across Ontario. Generally, communities with lower vacancy rates (that means fewer places available to rent) have higher rent prices.
As you can see in the table, vacancy rates can change year to year. It is important to keep this in mind when you are thinking about where you want to live and making plans for your future. For example, a city with many vacancies now might have fewer vacancies by the time you are ready to move there.
Read the full article here.
The vacancy rate is the percentage of rental apartments that are available in a community.
The vacancy rates for rental apartments are very different across Ontario. Generally, communities with lower vacancy rates (that means fewer places available to rent) have higher rent prices.
As you can see in the table, vacancy rates can change year to year. It is important to keep this in mind when you are thinking about where you want to live and making plans for your future. For example, a city with many vacancies now might have fewer vacancies by the time you are ready to move there.
Read the full article here.