November 2013 Ontario Economic Fundamentals
- Thread starter Ally
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Living in retirement: Trading a suburban house for a city condo
Two years ago, I was living in a 3,000 square foot house in Oakville. As a single parent, my daughter and I had shared our home for ten years after my marriage ended. We were content in our Toronto suburb. The Recreation Centre with a pool, library and fitness centre was across the road. Parking was free at the mall, traffic manageable and work only ten minutes away.
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Two years ago, I was living in a 3,000 square foot house in Oakville. As a single parent, my daughter and I had shared our home for ten years after my marriage ended. We were content in our Toronto suburb. The Recreation Centre with a pool, library and fitness centre was across the road. Parking was free at the mall, traffic manageable and work only ten minutes away.
Read the full article here.
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Brampton divided on how to legalize basement suites
A proposal to legalize basement suites in Brampton has left residents on both sides of the controversial issue with misgivings.
`There has to be a rule in place ` you don`t get three families or 11 people in a two-bedroom place,` says longtime Brampton resident Larry Taylor.
Read the full article here.
A proposal to legalize basement suites in Brampton has left residents on both sides of the controversial issue with misgivings.
`There has to be a rule in place ` you don`t get three families or 11 people in a two-bedroom place,` says longtime Brampton resident Larry Taylor.
Read the full article here.
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Guelph housing demand stable: CMHC
GUELPH ` Existing home markets in Guelph and the Kitchener-Waterloo-Cambridge areas will remain "fairly tight" until the first half of next year, the national housing agency reports.
New home construction in Guelph will remain relatively unchanged, though it'll grow in the Kitchener area, the Canada Mortgage and Housing Corporation reported Thursday.
Read the full article here.
GUELPH ` Existing home markets in Guelph and the Kitchener-Waterloo-Cambridge areas will remain "fairly tight" until the first half of next year, the national housing agency reports.
New home construction in Guelph will remain relatively unchanged, though it'll grow in the Kitchener area, the Canada Mortgage and Housing Corporation reported Thursday.
Read the full article here.
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Soaring tower proposed for 80 Bloor Street West at Bay
The City of Toronto has received an application for another soaring tower in Toronto's Bloor-Yorkville neighbourhood. 80 Bloor Street West, currently an 18-storey office building just west of Bay Street, is owned by the Krugarand Corporation. The building contains 204,000 square feet of office space on approximately 11,000 square foot floor plates, and currently has a vacancy rate of approximately 20%.
Read the full article here.
The City of Toronto has received an application for another soaring tower in Toronto's Bloor-Yorkville neighbourhood. 80 Bloor Street West, currently an 18-storey office building just west of Bay Street, is owned by the Krugarand Corporation. The building contains 204,000 square feet of office space on approximately 11,000 square foot floor plates, and currently has a vacancy rate of approximately 20%.
Read the full article here.
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Transit advisory panel says 'Big Move' could still be modified
A report from an advisory panel convened by the premier to examine transit-focused taxes and fees says Metrolinx`s Big Move plan could be further modified.
The Transit We need, the new report from the Transit Investment Strategy Advisory Panel, suggests elements of The Big Move ` which aims to build over 100-kilometres of new transit connections across the Greater Toronto and Hamilton Area over 25 years ` may require `strategic modifications` due to the financial constraints of the provincial Liberals.
Read the full article here.
A report from an advisory panel convened by the premier to examine transit-focused taxes and fees says Metrolinx`s Big Move plan could be further modified.
The Transit We need, the new report from the Transit Investment Strategy Advisory Panel, suggests elements of The Big Move ` which aims to build over 100-kilometres of new transit connections across the Greater Toronto and Hamilton Area over 25 years ` may require `strategic modifications` due to the financial constraints of the provincial Liberals.
Read the full article here.
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GTA housing buoyed by parents helping young buyers
Toronto mortgage broker Jake Abramowicz sees so many first-time homebuyers armed with major money from Mom and Dad, he actually has a little pep talk for those going it on their own.
`I tell them: You guys are really doing something special. It`s really hard to pay rent in Toronto, pay off student loans and save money for a down payment for a home. You should be very proud of yourself.`
Read the full article here.
Toronto mortgage broker Jake Abramowicz sees so many first-time homebuyers armed with major money from Mom and Dad, he actually has a little pep talk for those going it on their own.
`I tell them: You guys are really doing something special. It`s really hard to pay rent in Toronto, pay off student loans and save money for a down payment for a home. You should be very proud of yourself.`
Read the full article here.
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Sandy Hill residents mount opposition to 9-storey student residence
OTTAWA ` Proponents behind a large student housing proposal in Sandy Hill met fierce opposition Wednesday night with residents in one of Ottawa`s oldest neighbourhoods criticizing the off-campus project.
Viner Assets presented its plans for a nine-storey apartment block at the corner of Laurier Avenue East and Friel Street during a public consultation meeting at the Sandy Hill Community Centre. The proposal, which requires changes to the city`s official plan and current zoning, looks to replace several low-rise buildings with a 180-unit complex to house an estimated 630 students in a mix of units ranging from bachelors to four bedrooms.
Read the full article here.
OTTAWA ` Proponents behind a large student housing proposal in Sandy Hill met fierce opposition Wednesday night with residents in one of Ottawa`s oldest neighbourhoods criticizing the off-campus project.
Viner Assets presented its plans for a nine-storey apartment block at the corner of Laurier Avenue East and Friel Street during a public consultation meeting at the Sandy Hill Community Centre. The proposal, which requires changes to the city`s official plan and current zoning, looks to replace several low-rise buildings with a 180-unit complex to house an estimated 630 students in a mix of units ranging from bachelors to four bedrooms.
Read the full article here.
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It's all happening in Hamilton
2012 was another record year for Hamilton's economy. The final total building permit values were approximately $1.5 billion (including over $200 million in industrial permits)- smashing the old record of nearly $1.1 billion set in 2010. This total included record numbers in every permit category- residential, commercial, industrial, and institutional.
Aside from the numbers, there was major recognition for the city last year. To start, Site Selection Magazine out of Atlanta, Ga. ranked Hamilton as the top investment metro in Canada. They reviewed construction and jobs data and found that Hamilton had 20 new or expansion projects with at least $1 million invested, at least 50 new jobs created or at least 20,000 new square feet between June 2011 and May 2012.That total beat Quebec City, which had 16 projects and Toronto with 15.
Read the full article here.
2012 was another record year for Hamilton's economy. The final total building permit values were approximately $1.5 billion (including over $200 million in industrial permits)- smashing the old record of nearly $1.1 billion set in 2010. This total included record numbers in every permit category- residential, commercial, industrial, and institutional.
Aside from the numbers, there was major recognition for the city last year. To start, Site Selection Magazine out of Atlanta, Ga. ranked Hamilton as the top investment metro in Canada. They reviewed construction and jobs data and found that Hamilton had 20 new or expansion projects with at least $1 million invested, at least 50 new jobs created or at least 20,000 new square feet between June 2011 and May 2012.That total beat Quebec City, which had 16 projects and Toronto with 15.
Read the full article here.
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University of Waterloo: Silicon Valley's Canadian feeder school
Recent engineering graduate Mike McCauley is living the dream. During his senior year, he and two classmates launched BufferBox, a delivery service that lets consumers send packages and online purchases to secure locations for pickup. After college, the startup was accepted into the Silicon Valley incubator Y Combinator, then Google (GOOG) acquired BufferBox for north of $25 million, according to TechCrunch (AOL). `I remember waking up one day and just thinking to myself, things really couldn`t get any crazier,` McCauley says. `All this is happening, and I`m not even 25.`
It`s a familiar story in the Valley, except that McCauley isn`t the product of Stanford University or the Massachusetts Institute of Technology. His alma mater is the University of Waterloo`as in Waterloo, Ont., home to BlackBerry (BBRY), one of the biggest flameouts in tech history.
Read the full article here.
Recent engineering graduate Mike McCauley is living the dream. During his senior year, he and two classmates launched BufferBox, a delivery service that lets consumers send packages and online purchases to secure locations for pickup. After college, the startup was accepted into the Silicon Valley incubator Y Combinator, then Google (GOOG) acquired BufferBox for north of $25 million, according to TechCrunch (AOL). `I remember waking up one day and just thinking to myself, things really couldn`t get any crazier,` McCauley says. `All this is happening, and I`m not even 25.`
It`s a familiar story in the Valley, except that McCauley isn`t the product of Stanford University or the Massachusetts Institute of Technology. His alma mater is the University of Waterloo`as in Waterloo, Ont., home to BlackBerry (BBRY), one of the biggest flameouts in tech history.
Read the full article here.
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Local jobless rate drops again
Windsor`s unemployment rate dropped to nine per cent in October but was still the second highest in Canada, according to figures released Friday.
Windsor`s unemployment rate was 9.2 per cent in September. It has fallen by 0.6 per cent in the past 12 months.
Saint John held onto the top spot in Canada for unemployment in October with a rate of 9.4 per cent.
Read the full article here.
Windsor`s unemployment rate dropped to nine per cent in October but was still the second highest in Canada, according to figures released Friday.
Windsor`s unemployment rate was 9.2 per cent in September. It has fallen by 0.6 per cent in the past 12 months.
Saint John held onto the top spot in Canada for unemployment in October with a rate of 9.4 per cent.
Read the full article here.
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GTA realtors release monthly resale housing figures
TORONTO, ONTARIO -- (Marketwired) -- 11/06/13 -- Greater Toronto Area REALTORSÂ reported 8,000 home sales through the TorontoMLS system in October 2013 - up from 6,713 transactions reported in October 2012. Over the same period, new listings on the TorontoMLS system were down.
"The GTA home ownership market has been broadly characterized by a rebound in sales since the summer. Market conditions have been tighter in some market segments more so than others. Ground-oriented homes listed for below one million dollars in some areas of the GTA have been especially popular with buyers, while listings for these home types have been constrained," said Toronto Real Estate Board President Dianne Usher.
Read the full article here.
TORONTO, ONTARIO -- (Marketwired) -- 11/06/13 -- Greater Toronto Area REALTORSÂ reported 8,000 home sales through the TorontoMLS system in October 2013 - up from 6,713 transactions reported in October 2012. Over the same period, new listings on the TorontoMLS system were down.
"The GTA home ownership market has been broadly characterized by a rebound in sales since the summer. Market conditions have been tighter in some market segments more so than others. Ground-oriented homes listed for below one million dollars in some areas of the GTA have been especially popular with buyers, while listings for these home types have been constrained," said Toronto Real Estate Board President Dianne Usher.
Read the full article here.
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As Canadian unemployment rises, Durham jobs grow
DURHAM -- As Canada`s jobless rate rose to 7.2 per cent in July, Durham continued to defy the larger trend, posting job gains and an unemployment rate below the national average.
The Statistics Canada announcement on Aug. 9, which pegged the unemployment rate across the country at 7.2 per cent after the economy lost 39,400 net jobs in July, offered little hope to those looking for employment, but Durham seems to be bucking the trend, with unemployment rates decreasing locally.
Read the full article here.
DURHAM -- As Canada`s jobless rate rose to 7.2 per cent in July, Durham continued to defy the larger trend, posting job gains and an unemployment rate below the national average.
The Statistics Canada announcement on Aug. 9, which pegged the unemployment rate across the country at 7.2 per cent after the economy lost 39,400 net jobs in July, offered little hope to those looking for employment, but Durham seems to be bucking the trend, with unemployment rates decreasing locally.
Read the full article here.
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Barrie unemployment rate among the lowest in Ontario
Barrie's jobless rate is heading down, even faster than the national average.
The city's October unemployment rate, announced Friday morning, was 5.5% - which is among the lowest of any Ontario city. It was 7.2% in September.
Read the full article here.
Barrie's jobless rate is heading down, even faster than the national average.
The city's October unemployment rate, announced Friday morning, was 5.5% - which is among the lowest of any Ontario city. It was 7.2% in September.
Read the full article here.
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Business hubs willing to pay to be near rapid transit
New research from Jones Lang LaSalle (JLL) reveals that office tenants in Toronto`s emerging business hubs are willing to pay a substantial premium for the convenience of rapid transit access.
In the firm`s inaugural Transit Report, that examines the impact of transit access on the commercial real estate market, 88 per cent of residents in the GTA indicate that it`s important to reduce congestion and increase the frequency of transit to get commuters to their destination more quickly. While this number might seem overwhelming initially, a quick look at the facts can explain this sentiment: the GTA loses approximately $6 billion each year in productivity and 26,000 jobs due to congestion; the average GTA commuter spends 82 minutes trying to get to and from work every day. That number will grow to 109 minutes if the status quo is maintained; more than two million automobile trips are made during the peak hours each morning in the GTA. That number is forecasted to reach three million by 2031, with an average vehicle holding 1.2 people; and the GTA is currently home to just over six million people. By 2031 that number is projected to be 8.7 million.
Read the full article here.
New research from Jones Lang LaSalle (JLL) reveals that office tenants in Toronto`s emerging business hubs are willing to pay a substantial premium for the convenience of rapid transit access.
In the firm`s inaugural Transit Report, that examines the impact of transit access on the commercial real estate market, 88 per cent of residents in the GTA indicate that it`s important to reduce congestion and increase the frequency of transit to get commuters to their destination more quickly. While this number might seem overwhelming initially, a quick look at the facts can explain this sentiment: the GTA loses approximately $6 billion each year in productivity and 26,000 jobs due to congestion; the average GTA commuter spends 82 minutes trying to get to and from work every day. That number will grow to 109 minutes if the status quo is maintained; more than two million automobile trips are made during the peak hours each morning in the GTA. That number is forecasted to reach three million by 2031, with an average vehicle holding 1.2 people; and the GTA is currently home to just over six million people. By 2031 that number is projected to be 8.7 million.
Read the full article here.
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Ontario hoping to boost business by opening trade office in Calgary
CALGARY - Ontario intends to open a new trade office in Calgary in the coming months.
Eric Hoskins, Ontario's minister of economic development, made the announcement to delegates on the opening day of the National Supply Chain Forum in Calgary.
Read the full article here.
CALGARY - Ontario intends to open a new trade office in Calgary in the coming months.
Eric Hoskins, Ontario's minister of economic development, made the announcement to delegates on the opening day of the National Supply Chain Forum in Calgary.
Read the full article here.
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Echo boomers set to hit housing market in 2016
It`s likely to be 2016 before the bulk of echo boomers ` who outnumber their baby boomer parents ` start packing up their rented downtown condos and moving into the new and resale house market, says the Canada Mortgage and Housing Corporation.
Their impact is expected to be just as profound, if uncertain, as it`s been on the rental market where the desire among millenials to live close to work has driven up rents, driven down the vacancy rate and fuelled bidding wars for pricey new investor-owned condos clad in granite and stainless steel.
Read the full article here.
It`s likely to be 2016 before the bulk of echo boomers ` who outnumber their baby boomer parents ` start packing up their rented downtown condos and moving into the new and resale house market, says the Canada Mortgage and Housing Corporation.
Their impact is expected to be just as profound, if uncertain, as it`s been on the rental market where the desire among millenials to live close to work has driven up rents, driven down the vacancy rate and fuelled bidding wars for pricey new investor-owned condos clad in granite and stainless steel.
Read the full article here.
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With Toronto buyers tight-fisted, condo builders pick their targets
Toronto-based condo developer Alan Vihant was recently recounting how he visited Shanghai for a presentation to real estate investors.
One investor wanted to know about the prospective view from a building planned for the area near Yonge and Wellesley. If he purchased on the eighth floor, would he be high enough to see beyond a hulking building to the south?
Read the full article here.
Toronto-based condo developer Alan Vihant was recently recounting how he visited Shanghai for a presentation to real estate investors.
One investor wanted to know about the prospective view from a building planned for the area near Yonge and Wellesley. If he purchased on the eighth floor, would he be high enough to see beyond a hulking building to the south?
Read the full article here.
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Tech jobs up, government down in capital
OTTAWA ` The National Capital Region`s jobless rate tumbled to 6.2 per cent in October from 6.5 per cent in September, Statistics Canada reported Friday.
The decline came despite the fact the region lost 2,200 jobs.
However, the region`s labour force ` which includes workers as well as those seeking jobs ` shrank an even faster 4,700. These numbers have been adjusted for seasonal influences.
Read the full article here.
OTTAWA ` The National Capital Region`s jobless rate tumbled to 6.2 per cent in October from 6.5 per cent in September, Statistics Canada reported Friday.
The decline came despite the fact the region lost 2,200 jobs.
However, the region`s labour force ` which includes workers as well as those seeking jobs ` shrank an even faster 4,700. These numbers have been adjusted for seasonal influences.
Read the full article here.
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Condo rents hit new high amid 'seemingly insatiable' demand
The `seemingly insatiable` demand to live close to downtown has driven condo rents to a new high of $1,875 per month and shows no signs of letting up despite a surge of new units coming on the market.
A record 6,541 GTA condos were rented via the MLS system in the third quarter of 2013, up an unprecedented 39 per cent from the same time last year, says condo market research firm Urbanation in a new report released Friday.
Read the full article here.
The `seemingly insatiable` demand to live close to downtown has driven condo rents to a new high of $1,875 per month and shows no signs of letting up despite a surge of new units coming on the market.
A record 6,541 GTA condos were rented via the MLS system in the third quarter of 2013, up an unprecedented 39 per cent from the same time last year, says condo market research firm Urbanation in a new report released Friday.
Read the full article here.