November 2013 Ontario Economic Fundamentals

[Ally]

Heinz to close Leamington plant, 740 employees affected





In Leamington, Ont., a town synonymous with tomatoes and ketchup, Heinz Canada announced Thursday it is closing its century-old plant, throwing 740 people out of work.






Company officials called employees to a meeting Thursday afternoon, where they were told that the last production run of giant plant, which makes everything from ketchup to condiments and baby food to tomato juice, would be in mid-year 2014.






Read the full article here.

 

[Ally]

Hamilton housing market to remain stable in 2014




HAMILTON, ONTARIO--(Marketwired - Nov. 19, 2013) - Hamilton's housing market will remain healthy next year with average prices increasing slightly above inflation, according to Abdul Kargbo, Canada Mortgage and Housing Corporation's (CMHC) Senior Market Analyst for Hamilton and Brantford. CMHC presented its latest forecast for the Hamilton Census Metropolitan Area (CMA) today at the annual CMHC Housing Outlook Seminar.




At this year's seminar, entitled 'Profiling Hamilton's Echo Boomer', CMHC market analysts explained how the Echo Boomer demographic will influence homebuying trends in Hamilton and provided an in-depth housing market forecast for 2014.





Read the full article here.

 

[Ally]

Toronto jobless rate jumps back up





Little more than two months after Mayor Rob Ford took credit for slashing unemployment in Toronto, the jobless rate has popped back up.






Now, city officials are trying to figure out what`s going on.






Read the full article here.

 

[Ally]

2014 office vacancies could climb in Toronto



There could be more empty office spaces in downtown Toronto in 2014, according to a recent report titled New Cycle New Story, presented by Cushman & Wakefield.





The report finds that increased development and slowing demand will cause the vacancy rate to rise from 4.7 per cent in Q3 2013 to seven per cent by the end of next year.





Read the full article here.

 

[Ally]

Orillia's Paterson Pontiac property purchased



The former Paterson Pontiac property in downtown Orillia has been sold.





`It was on and off for sale for more than five years,` said Daniel Stoutt, broker/owner with ReMax Orillia Realty (1996) Ltd., who sold the 21 and 22 Matchedash St. properties.





There had been offers in the past, but they did not result in successful sales, he added.





Read the full article here.

 

[Ally]

New poll shows increasing public support for phasing-out of Toronto Land Transfer Tax



TORONTO, ONTARIO--(Marketwired - Nov 25, 2013) - In light of the launch of the City of Toronto's 2014 budget-setting process, the Toronto Real Estate Board (TREB) has released the results of new public opinion research that shows a strong majority of Torontonians, 69 percent, support a phase-out of the Toronto Land Transfer Tax, up four points from May 2013.





Read the full article here.

 

[Ally]

Toronto most youthful city in the world, global index says



TORONTO ` Toronto is the most youthful city in the world, topping New York City, Paris and London, a new report suggests.





The Youthful Cities Index`s inaugural report is a new global comparison stacking the world`s countries side-by-side looking at where youth see the most potential for work and play. It named Toronto as the `Youthful City of the Year` in 2014.





Read the full article here.

 

[Ally]

Thunder Bay teeters between boom and bust



When Cliffs Natural Resources suspended the Ring of Fire project that had promised to bring jobs and prosperity to the city of Thunder Bay, it proved what local authorities already know: Economic growth in the mining industry is hard to predict and even harder to plan for.





Once a bustling grain port, then an important forestry centre, the biggest city in northwestern Ontario knows how quickly jobs can disappear in the resource industry.





Read the full article here.

 

[Ally]

Toronto housing market expected to remain stable in 2014



The housing market in Toronto is expected to remain stable, according to the latest forecast for the Toronto Census Metropolitan Are (CMA) by the Canada Mortgage and Corporation (CMHC).





According to the report, which was presented the annual CMHC Housing Outlook Conference, the Echo Boomer demographic will have a significant part in determining homebuying trends in Toronto.





Read the full article here.

 

[Ally]

New condo development moves forward



A long-delayed bay front condo project is finally getting under way.





Hamilton-based White Star Group has started pre-sales of 166 condo units to be built on the site of a former auto scrap yard on Bay Street North. The development is to be called





Read the full article here.

 

[Ally]

Toronto's hot market



TORONTO ` `Right now folks, we have 184 cranes around the city building developments,` Doug Ford boasted last month at the Toronto Real Estate Board`s annual meeting.





`That`s more than New York, Chicago, Dallas,` the councillor added. `Combined.`





Read the full article here.