November 2012 Ontario Economic Fundamentals
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Calloway REIT announces major mixed-used development
TORONTO, ONTARIO--(Marketwire - Oct. 31, 2012) - Calloway Real Estate Investment Trust (Calloway) (TSX:CWT.UN) today announced a 50/50 joint venture with SmartCentres to develop a vast tract of land (53 acres) within the Vaughan Metropolitan Centre (VMC). The Calloway VMC lands are strategically located adjacent to the terminus of the Spadina-York subway station in Vaughan and will be home to almost 6 million square feet of commercial, residential and retail development. Construction of the first building will begin in 2013.
"The Calloway lands will be the heart of the VMC," said Al Mawani, President & CEO of Calloway. "The VMC is the most exciting urban development in all of Canada. The Vaughan subway station together with the new regional bus terminal will connect the 905 to downtown Toronto and downtown Toronto to the 905. Also, the close proximity to the major roads and highway infrastructure, namely Highways 400, 407 and 7, makes our property a uniquely attractive location for corporate offices, retail and new residential development."
Calloway's VMC lands are currently "virtually undeveloped". To put this in context, upon completion, the Calloway JV lands will be similar in uses, densities, public transit and size to an area bounded by Bloor Street to Charles Street and Avenue Road to Jarvis Street in Toronto.
Read the full article here.
TORONTO, ONTARIO--(Marketwire - Oct. 31, 2012) - Calloway Real Estate Investment Trust (Calloway) (TSX:CWT.UN) today announced a 50/50 joint venture with SmartCentres to develop a vast tract of land (53 acres) within the Vaughan Metropolitan Centre (VMC). The Calloway VMC lands are strategically located adjacent to the terminus of the Spadina-York subway station in Vaughan and will be home to almost 6 million square feet of commercial, residential and retail development. Construction of the first building will begin in 2013.
"The Calloway lands will be the heart of the VMC," said Al Mawani, President & CEO of Calloway. "The VMC is the most exciting urban development in all of Canada. The Vaughan subway station together with the new regional bus terminal will connect the 905 to downtown Toronto and downtown Toronto to the 905. Also, the close proximity to the major roads and highway infrastructure, namely Highways 400, 407 and 7, makes our property a uniquely attractive location for corporate offices, retail and new residential development."
Calloway's VMC lands are currently "virtually undeveloped". To put this in context, upon completion, the Calloway JV lands will be similar in uses, densities, public transit and size to an area bounded by Bloor Street to Charles Street and Avenue Road to Jarvis Street in Toronto.
Read the full article here.
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McGuinty's dark secrets on cancelled power plant revealed
As Premier Dalton McGuinty prorogued the Ontario legislature and announced his retirement last month, he would have known that some of the darker secrets of his government`s handling of energy policy would soon come to light. Today, those secrets ` until now buried in 56,000 pages of released but unreadable documents ` are appearing in the open.
In sordid and alarming detail, the documents show that the McGuinty government`s cancellation of gas plants in Oakville and Mississauga are likely to cost as much as $1.3-billion, possibly more. Killing the Oakville plant and moving it to Bath will alone burden Ontario ratepayers and taxpayers with costs that exceed $1-billion.
Read the full article here.
As Premier Dalton McGuinty prorogued the Ontario legislature and announced his retirement last month, he would have known that some of the darker secrets of his government`s handling of energy policy would soon come to light. Today, those secrets ` until now buried in 56,000 pages of released but unreadable documents ` are appearing in the open.
In sordid and alarming detail, the documents show that the McGuinty government`s cancellation of gas plants in Oakville and Mississauga are likely to cost as much as $1.3-billion, possibly more. Killing the Oakville plant and moving it to Bath will alone burden Ontario ratepayers and taxpayers with costs that exceed $1-billion.
Read the full article here.
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Ford Canada top selling auto-maker in October
Ford Motor Co. of Canada remained Canada`s top-selling automaker in October with total sales increasing 7% largely on the back of a nearly 17% jump in passenger car sales, the company said on Thursday.
Ford of Canada, a wholly-owned unit of Ford Motor Co, said total vehicle sales increased to 20,565 last month from 19,190 in October 2011.
`The auto industry is a key engine driving the Canadian economy and it is showing strong, sustainable growth,` said Dianne Craig, president and chief executive of Ford of Canada.
Read the full article here.
Ford Motor Co. of Canada remained Canada`s top-selling automaker in October with total sales increasing 7% largely on the back of a nearly 17% jump in passenger car sales, the company said on Thursday.
Ford of Canada, a wholly-owned unit of Ford Motor Co, said total vehicle sales increased to 20,565 last month from 19,190 in October 2011.
`The auto industry is a key engine driving the Canadian economy and it is showing strong, sustainable growth,` said Dianne Craig, president and chief executive of Ford of Canada.
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Toronto condo projects on hold as sales plunge
Even Toronto condo king Brad Lamb, long a strong advocate of the high-rise sector, sees the writing on the wall.
He doesn`t think any sort of catastrophe is in the making but concedes builders have woken up to a new reality in the city when it comes to constructing new towers.
Read the full article here.
Even Toronto condo king Brad Lamb, long a strong advocate of the high-rise sector, sees the writing on the wall.
He doesn`t think any sort of catastrophe is in the making but concedes builders have woken up to a new reality in the city when it comes to constructing new towers.
Read the full article here.
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Council considers tax hike to cover welfare benefits cuts
Councillors are considering adding an extra 1 per cent onto tax rates next year to help cover provincial cuts to anti-poverty programs.
Stoney Creek Councillor Brad Clark says the city should cover the cost of two provincial programs that support people receiving social assistance. The first initiative ` discretionary benefits ` provides funerals, glasses, dental care, prosthetics, cribs and baby supplies. The second program is the Community Start Up and Maintenance Benefit, a program that helps people avoid homelessness.
Read the full article here.
Councillors are considering adding an extra 1 per cent onto tax rates next year to help cover provincial cuts to anti-poverty programs.
Stoney Creek Councillor Brad Clark says the city should cover the cost of two provincial programs that support people receiving social assistance. The first initiative ` discretionary benefits ` provides funerals, glasses, dental care, prosthetics, cribs and baby supplies. The second program is the Community Start Up and Maintenance Benefit, a program that helps people avoid homelessness.
Read the full article here.
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Dundurn Street eyesore to be reborn as rental apartments
The owners of a derelict building on Dundurn Street South are poised to develop the longtime eyesore into apartments, says Councillor Brian McHattie.
McHattie says Denis Vranich, the owner of 220 Dundurn, plans to transform the building into luxury rental suites.
Though Vranich has yet to file his site plan application with the city, his preliminary plans include adding two additional storeys to the building but keeping the original facade. A demolition permit has been issued for the roof and some auxiliary buildings at the back of the property.
Read the full article here.
The owners of a derelict building on Dundurn Street South are poised to develop the longtime eyesore into apartments, says Councillor Brian McHattie.
McHattie says Denis Vranich, the owner of 220 Dundurn, plans to transform the building into luxury rental suites.
Though Vranich has yet to file his site plan application with the city, his preliminary plans include adding two additional storeys to the building but keeping the original facade. A demolition permit has been issued for the roof and some auxiliary buildings at the back of the property.
Read the full article here.
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Competition for Light Rail transit contract in Waterloo heating up
The competition to win the light rail transit bid is heating up. Regional council chambers was packed last week as more than 100 people turned up for a pre-submission meeting for the project.
`For staff, it was definitely exciting to see this next step,` said Thomas Schmidt, commissioner of transportation and environmental services for the Region of Waterloo. Schmidt said about eight or nine teams, or consortiums, attended the meeting. A typical team is made up of engineers, financial advisers, transit operators and others.
There`s a lot at stake. The ultimate winner of the bid is expected to walk away with an estimated $550-million contract.
`We had a Spanish consortium there. I think some of the other operators do operations worldwide, so it was a wide range,` Schmidt said.
Read the full article here.
The competition to win the light rail transit bid is heating up. Regional council chambers was packed last week as more than 100 people turned up for a pre-submission meeting for the project.
`For staff, it was definitely exciting to see this next step,` said Thomas Schmidt, commissioner of transportation and environmental services for the Region of Waterloo. Schmidt said about eight or nine teams, or consortiums, attended the meeting. A typical team is made up of engineers, financial advisers, transit operators and others.
There`s a lot at stake. The ultimate winner of the bid is expected to walk away with an estimated $550-million contract.
`We had a Spanish consortium there. I think some of the other operators do operations worldwide, so it was a wide range,` Schmidt said.
Read the full article here.
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Ontario regional outlook
The Kitchener-Waterloo-Barrie (KWB) region includes the census metropolitan areas (CMA) of Kitchener-Waterloo-Cambridge and Guelph, as well as the Dufferin and Simcoe regions. The combined area represents about 9.5 per cent of the provincial population with economic drivers that include a large high-tech sector, auto manufacturing and agriculture among other industries.
Following a robust 2011 led by manufacturing, professional and technical services along with education and health sectors, the economy softened in 2012 marked by weaker employment trends and downshift in construction. A growth slowdown in the broader economy, weakness in the information and communications technology (ICT) sector, and uncertainty related to the future of Research in Motion (RIM) and its related job cuts were likely contributors to the regional slowdown.
Read the full article here.
The Kitchener-Waterloo-Barrie (KWB) region includes the census metropolitan areas (CMA) of Kitchener-Waterloo-Cambridge and Guelph, as well as the Dufferin and Simcoe regions. The combined area represents about 9.5 per cent of the provincial population with economic drivers that include a large high-tech sector, auto manufacturing and agriculture among other industries.
Following a robust 2011 led by manufacturing, professional and technical services along with education and health sectors, the economy softened in 2012 marked by weaker employment trends and downshift in construction. A growth slowdown in the broader economy, weakness in the information and communications technology (ICT) sector, and uncertainty related to the future of Research in Motion (RIM) and its related job cuts were likely contributors to the regional slowdown.
Read the full article here.
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Ontario regional outlook - Hamiton-Niagara region
The Hamilton-Niagara Peninsula (HNP) region spans the three census metropolitan areas (CMA) of Hamilton, St. Catharines-Niagara and Brantford and also covers Haldimand-Norfolk. The combined region represents about 11 per cent of the provincial population, about 1.44 million people.
The HNP`s economic base is diverse, but relatively high industry concentrations are observed in the manufacturing, agriculture, tourism and health-sectors.
Regional economic growth in the HNP decelerated this year, after relatively robust gains in 2011. Following gains in the utilities, transportation and government services sectors, last year, broad industry-level growth held steady this year, with some contraction likely observed in government services.
Read the full article here.
The Hamilton-Niagara Peninsula (HNP) region spans the three census metropolitan areas (CMA) of Hamilton, St. Catharines-Niagara and Brantford and also covers Haldimand-Norfolk. The combined region represents about 11 per cent of the provincial population, about 1.44 million people.
The HNP`s economic base is diverse, but relatively high industry concentrations are observed in the manufacturing, agriculture, tourism and health-sectors.
Regional economic growth in the HNP decelerated this year, after relatively robust gains in 2011. Following gains in the utilities, transportation and government services sectors, last year, broad industry-level growth held steady this year, with some contraction likely observed in government services.
Read the full article here.
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Ontario regional outlook - Ottawa
Economic activity and population in the Ottawa Economic Region (ER) are largely centred on the Ottawa-Gatineau Census Metropolitan Area (CMA), but geographically spans east to the Prescott and Russell region and south/southwest through Stormont, Dundas and Glengarry, Leeds and Grenville and Lanark.
The combined area represents about 9.5 per cent of the provincial population with economic drivers that are oriented largely towards the public-sector and professional, scientific and technical services, and health-services. Regional economic conditions improved from 2011 despite the backdrop of budgetary tightening by federal and provincial governments.
Read the full article here.
Economic activity and population in the Ottawa Economic Region (ER) are largely centred on the Ottawa-Gatineau Census Metropolitan Area (CMA), but geographically spans east to the Prescott and Russell region and south/southwest through Stormont, Dundas and Glengarry, Leeds and Grenville and Lanark.
The combined area represents about 9.5 per cent of the provincial population with economic drivers that are oriented largely towards the public-sector and professional, scientific and technical services, and health-services. Regional economic conditions improved from 2011 despite the backdrop of budgetary tightening by federal and provincial governments.
Read the full article here.
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Condo boom backfiring on renters
Toronto renters have become unwitting victims of the condo boom.
There may be a record number of new condo projects on the books, but rental demand is so high and projects are taking so long to build, the number of new investor-owned rental units ready for occupancy isn`t enough to fill the gap, according to condo market research firm Urbanation.
Read the full article here.
Toronto renters have become unwitting victims of the condo boom.
There may be a record number of new condo projects on the books, but rental demand is so high and projects are taking so long to build, the number of new investor-owned rental units ready for occupancy isn`t enough to fill the gap, according to condo market research firm Urbanation.
Read the full article here.
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Condo market driven by easy credit and faulty math
Economists will tell you that one of their biggest challenges is figuring out why Canadians still gather in long lines for a chance to buy a condo in a major city even as the economy deteriorates and the housing market looks more and more wobbly.
To the development industry, the answer is simple: The population is expected to continue to grow and as long as it does, demand for living space, such as condos, will move up as well. On top of that you`ve got the foreign investors, especially from Asia, arriving in significant numbers in search of a safe place to stash their money.
Admittedly, there`s a degree of logic to that ` prices are going up because demand is going up. But those in search of more detail have been left scratching their heads. How many Toronto condos were bought by foreigners in the last year? What proportion of units are purchased as investment properties? How big a role in the market does CMHC insurance play? Nobody seems to know.
Read the full article here.
Economists will tell you that one of their biggest challenges is figuring out why Canadians still gather in long lines for a chance to buy a condo in a major city even as the economy deteriorates and the housing market looks more and more wobbly.
To the development industry, the answer is simple: The population is expected to continue to grow and as long as it does, demand for living space, such as condos, will move up as well. On top of that you`ve got the foreign investors, especially from Asia, arriving in significant numbers in search of a safe place to stash their money.
Admittedly, there`s a degree of logic to that ` prices are going up because demand is going up. But those in search of more detail have been left scratching their heads. How many Toronto condos were bought by foreigners in the last year? What proportion of units are purchased as investment properties? How big a role in the market does CMHC insurance play? Nobody seems to know.
Read the full article here.
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Mr. Christie bakery in Toronto to close next year, 550 jobs hit
The smell of fresh-baked cookies will fade from the area of Lakeshore and Parklawn in Etobicoke next year when the Mr. Christie plant closes next year, putting 550 employees out of work.
Mondelez Canada blamed the changing nature of the surrounding neighbourhood for the decision to close its Lakeshore Bakery in late 2013.
The 625,000 square-foot facility has been in operation since 1948, producing a variety of cookies and crackers.
Read the full article here.
The smell of fresh-baked cookies will fade from the area of Lakeshore and Parklawn in Etobicoke next year when the Mr. Christie plant closes next year, putting 550 employees out of work.
Mondelez Canada blamed the changing nature of the surrounding neighbourhood for the decision to close its Lakeshore Bakery in late 2013.
The 625,000 square-foot facility has been in operation since 1948, producing a variety of cookies and crackers.
Read the full article here.
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Canadian auto sales up nearly 7%
Automakers in Canada had their best October ever, pushing industry sales up nearly seven per cent from a year ago and putting sales on track for what could be a record year.
Overall vehicle sales in Canada rose 7.8 per cent year-over-year last month to 135,476, compared with 125,680 in October 2011, according to DesRosiers Automotive Consultants.
"Indeed, this is the best October ever, beating the previous record from 2002 when sales climbed to 134,694 units," Dennis DesRosiers said in a commentary.
Read the full article here.
Automakers in Canada had their best October ever, pushing industry sales up nearly seven per cent from a year ago and putting sales on track for what could be a record year.
Overall vehicle sales in Canada rose 7.8 per cent year-over-year last month to 135,476, compared with 125,680 in October 2011, according to DesRosiers Automotive Consultants.
"Indeed, this is the best October ever, beating the previous record from 2002 when sales climbed to 134,694 units," Dennis DesRosiers said in a commentary.
Read the full article here.
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Guelph unemployment rate climbs, but still best among Ontario cities
GUELPH ` The city`s jobless rate continues to creep up but remains the lowest among Ontario cities.
The latest Statistics Canada jobs report has Guelph`s unemployment rate at 5.8 per cent. That`s up from 5.2 per cent at the end of September, which was slightly up from August.
However, Guelph`s job situation continues to be the best among cities of at least 100,000 residents in Ontario. Nationally, among such cities, it was eighth behind Regina (3.9 per cent); Edmonton (4.3 per cent); Saskatoon (5.1 per cent); Quebec and Halifax (5.4 per cent); Winnipeg (5.5 per cent) and, Victoria (5.6 per cent.)
Read the full article here.
GUELPH ` The city`s jobless rate continues to creep up but remains the lowest among Ontario cities.
The latest Statistics Canada jobs report has Guelph`s unemployment rate at 5.8 per cent. That`s up from 5.2 per cent at the end of September, which was slightly up from August.
However, Guelph`s job situation continues to be the best among cities of at least 100,000 residents in Ontario. Nationally, among such cities, it was eighth behind Regina (3.9 per cent); Edmonton (4.3 per cent); Saskatoon (5.1 per cent); Quebec and Halifax (5.4 per cent); Winnipeg (5.5 per cent) and, Victoria (5.6 per cent.)
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Brantford's unemployment rate inches up
Brantford-Brant's unemployment rate bounced upward in October, continuing a year-long trend of fluctuations.
October's local unemployment rate was 8.7%, up from 8.4% in September, according to Statistics Canada numbers released Friday by BrantJobs.
Over the last year, Brantford-Brant's jobless rate has bounced around, ranging from a low of 7.4% to a high of 8.8% - the rate of October 2011.
Read the full article here.
Brantford-Brant's unemployment rate bounced upward in October, continuing a year-long trend of fluctuations.
October's local unemployment rate was 8.7%, up from 8.4% in September, according to Statistics Canada numbers released Friday by BrantJobs.
Over the last year, Brantford-Brant's jobless rate has bounced around, ranging from a low of 7.4% to a high of 8.8% - the rate of October 2011.
Read the full article here.
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Condo boom backfiring on renters
Toronto renters have become unwitting victims of the condo boom.
There may be a record number of new condo projects on the books, but rental demand is so high and projects are taking so long to build, the number of new investor-owned rental units ready for occupancy isn`t enough to fill the gap, according to condo market research firm Urbanation.
Read the full article here.
Toronto renters have become unwitting victims of the condo boom.
There may be a record number of new condo projects on the books, but rental demand is so high and projects are taking so long to build, the number of new investor-owned rental units ready for occupancy isn`t enough to fill the gap, according to condo market research firm Urbanation.
Read the full article here.
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GTA realtors release monthly housing figures
Greater Toronto Area REALTORS(R) reported 6,896 transactions through the TorontoMLS system in October 2012 - a decrease of 7.1 per cent compared to October 2011. There were two more business days in October 2012 versus October 2011. On a per business day basis, transactions were down by 15.6 per cent.(i)
"Sales have decreased in the second half of this year compared to 2011, especially since the onset of stricter mortgage lending guidelines at the beginning of July. The prospect of higher monthly mortgage payments due to the reduced maximum amortization period has prompted some households to delay their home purchase," said Toronto Real Estate Board (TREB) President Ann Hannah.
Read the full article here.
Greater Toronto Area REALTORS(R) reported 6,896 transactions through the TorontoMLS system in October 2012 - a decrease of 7.1 per cent compared to October 2011. There were two more business days in October 2012 versus October 2011. On a per business day basis, transactions were down by 15.6 per cent.(i)
"Sales have decreased in the second half of this year compared to 2011, especially since the onset of stricter mortgage lending guidelines at the beginning of July. The prospect of higher monthly mortgage payments due to the reduced maximum amortization period has prompted some households to delay their home purchase," said Toronto Real Estate Board (TREB) President Ann Hannah.
Read the full article here.
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Is Quebec a job-creation machine?
MONTREAL - Even as the U.S. job market is finally perking up, Canada's appears to have run out of gas. The only big exception last month was Quebec, which gained a stunning 20,100 jobs while the whole country eked out a negligible gain of 1,800, leaving national unemployment stuck at 7.4 per cent. Unfortunately, even Quebec's outperformance, which yanked the provincial jobless rate down to 7.7 per cent from 8.0, comes with deep doubts about how real it is.
On paper, Quebec has done very well, not only over the past month but the entire past year. Employment has grown by 1.7 per cent since this time last year, more than the national average of 1.3 per cent and considerably more than the modest one per cent totted up by Ontario, the province most similar in size and economic diversity.
Read the full article here.
MONTREAL - Even as the U.S. job market is finally perking up, Canada's appears to have run out of gas. The only big exception last month was Quebec, which gained a stunning 20,100 jobs while the whole country eked out a negligible gain of 1,800, leaving national unemployment stuck at 7.4 per cent. Unfortunately, even Quebec's outperformance, which yanked the provincial jobless rate down to 7.7 per cent from 8.0, comes with deep doubts about how real it is.
On paper, Quebec has done very well, not only over the past month but the entire past year. Employment has grown by 1.7 per cent since this time last year, more than the national average of 1.3 per cent and considerably more than the modest one per cent totted up by Ontario, the province most similar in size and economic diversity.
Read the full article here.