October 2010 Ontario Economic Fundamentals
- Thread starter Ally
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Best bang for real estate buck is in Windsor
Executives looking to relocate in Canada will likely get the best bang for their buck in Windsor, Ont.
At $158,242, economically hard-hit Windsor scores as the cheapest place nationally to buy a four- bedroom, two-bathroom home, according to Coldwell Banker Canada in a report released Wednesday.
The four-bedroom detached home is considered a baseline property preferred by most executives with families. The report is used by corporations to get a gauge of living costs in cities globally.
"Windsor has been working to diversify their industries, but the market value of the homes reflect the economic conditions," said John Geha, president of Coldwell Banker Canada.
Windsor is across the border from Detroit, which has also been hit hard by jobs lost in the auto industry. Detroit is the cheapest place in the U.S. for a four-bedroom home at a mere $68,007 (U.S.)
Read the full article here.
Executives looking to relocate in Canada will likely get the best bang for their buck in Windsor, Ont.
At $158,242, economically hard-hit Windsor scores as the cheapest place nationally to buy a four- bedroom, two-bathroom home, according to Coldwell Banker Canada in a report released Wednesday.
The four-bedroom detached home is considered a baseline property preferred by most executives with families. The report is used by corporations to get a gauge of living costs in cities globally.
"Windsor has been working to diversify their industries, but the market value of the homes reflect the economic conditions," said John Geha, president of Coldwell Banker Canada.
Windsor is across the border from Detroit, which has also been hit hard by jobs lost in the auto industry. Detroit is the cheapest place in the U.S. for a four-bedroom home at a mere $68,007 (U.S.)
Read the full article here.
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Doors open for business, province says
Over the course of my career in the home building industry I`ve seen many Ministers of Municipal Affairs and Housing come and go as the government has cycled from the Liberals to the NDP to the Conservatives and back to the Liberals.
This week, I had the honour of meeting the new minister, the Honourable Rick Bartolucci, who had travelled to Windsor to address the annual Conference of the Ontario Home Builders` Association.
Bartolucci has only been on the job for a little over a month so this was our first chance to size him up. Frankly, although the minister never actually got to his prepared text, he left a great impression with the several hundred OHBA members present for his address.
I was already impressed with Bartolucci for reaching out to our industry leaders on his very first day on the job, calling from his cellphone because he didn`t have an office yet. Now that I know that the he paid some dues as a bricklayer, I understand why he seems so delighted in his new portfolio.
It turns out that the Minister`s father was a hard-working immigrant bricklayer. Bartolucci himself worked first as a general construction labourer and then as an apprentice bricklayer. He wistfully recounted the olden days when bricks were carried by hand and the challenge was to see how many could be carried at once.
Read the full article here.
Over the course of my career in the home building industry I`ve seen many Ministers of Municipal Affairs and Housing come and go as the government has cycled from the Liberals to the NDP to the Conservatives and back to the Liberals.
This week, I had the honour of meeting the new minister, the Honourable Rick Bartolucci, who had travelled to Windsor to address the annual Conference of the Ontario Home Builders` Association.
Bartolucci has only been on the job for a little over a month so this was our first chance to size him up. Frankly, although the minister never actually got to his prepared text, he left a great impression with the several hundred OHBA members present for his address.
I was already impressed with Bartolucci for reaching out to our industry leaders on his very first day on the job, calling from his cellphone because he didn`t have an office yet. Now that I know that the he paid some dues as a bricklayer, I understand why he seems so delighted in his new portfolio.
It turns out that the Minister`s father was a hard-working immigrant bricklayer. Bartolucci himself worked first as a general construction labourer and then as an apprentice bricklayer. He wistfully recounted the olden days when bricks were carried by hand and the challenge was to see how many could be carried at once.
Read the full article here.
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Housing less affordable in Ontario, study finds
Gillian Remos has been looking for a condo in downtown Toronto since the beginning of the year.
But a cooling market has meant she has been adopting a wait-and-see attitude.
"I`ve already been in one bidding war, and I didn`t want to get into another," says Remos, a banker. "I`m not sure if the prices are sustainable."
Housing affordability in Toronto eroded in the second quarter of the year for the fourth consecutive time, pricing out buyers and contributing to a slowing in resale activity, the Royal Bank of Canada said in a report on Monday.
"It was no surprise to anyone that the steep price increases over the last year combined with mortgage rate increases in the second quarter boosted the costs of carrying a home," said Robert Hogue, senior economist at RBC Economics
Read the full article here.
Gillian Remos has been looking for a condo in downtown Toronto since the beginning of the year.
But a cooling market has meant she has been adopting a wait-and-see attitude.
"I`ve already been in one bidding war, and I didn`t want to get into another," says Remos, a banker. "I`m not sure if the prices are sustainable."
Housing affordability in Toronto eroded in the second quarter of the year for the fourth consecutive time, pricing out buyers and contributing to a slowing in resale activity, the Royal Bank of Canada said in a report on Monday.
"It was no surprise to anyone that the steep price increases over the last year combined with mortgage rate increases in the second quarter boosted the costs of carrying a home," said Robert Hogue, senior economist at RBC Economics
Read the full article here.
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Study praises Toronto as `lowest risk city` in the world for business
Toronto`s drive to shore up its reputation as leading international business hub was bolstered Monday after a new study hailed it as the most desirable city in the world for companies to recruit, hire and transfer employees.
Aon Consulting`s People Risk Index compared 90 global cities on demographics, education, employment practices and government regulations.
Toronto was ranked the "lowest risk city" in the world for employers, ahead of rivals New York, Singapore, London and Montreal. Even so, the study suggested Toronto still has much "room for improvement" on the talent front.
Both Toronto and Montreal fared well because of Canada`s low level of corruption, its focus on equal opportunity legislation along with health and retirement benefits, the study said.
The highest-risk cities for companies, meanwhile, include as Dhaka, Bangladesh; Phnom Penh, Cambodia; Lagos, Nigeria; Karachi, Pakistan; and Tehran, Iran.
"Cities with low risk typically have a government that is transparent, non-confrontational, and deal with employment issues fairly," said Rick Payne, chief research officer of Aon Consulting`s Global Research Centre in a release.
Read the full article here.
Toronto`s drive to shore up its reputation as leading international business hub was bolstered Monday after a new study hailed it as the most desirable city in the world for companies to recruit, hire and transfer employees.
Aon Consulting`s People Risk Index compared 90 global cities on demographics, education, employment practices and government regulations.
Toronto was ranked the "lowest risk city" in the world for employers, ahead of rivals New York, Singapore, London and Montreal. Even so, the study suggested Toronto still has much "room for improvement" on the talent front.
Both Toronto and Montreal fared well because of Canada`s low level of corruption, its focus on equal opportunity legislation along with health and retirement benefits, the study said.
The highest-risk cities for companies, meanwhile, include as Dhaka, Bangladesh; Phnom Penh, Cambodia; Lagos, Nigeria; Karachi, Pakistan; and Tehran, Iran.
"Cities with low risk typically have a government that is transparent, non-confrontational, and deal with employment issues fairly," said Rick Payne, chief research officer of Aon Consulting`s Global Research Centre in a release.
Read the full article here.
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Seven words to describe Toronto: Your ideas are taking shape
Dear MAB, wherever you are.
May I just say that I find your seven words to define Toronto both mysterious and captivating?
Toronto: Terrific Ornament Reserved On Northern Treasured Orion.
I especially like the word Orion, for this city is a constellation, is it not?
We have now broken through the 300 responses barrier from readers eager to play the game of defining Toronto in seven words or less, which is our way of injecting some visionary energy into a wizened and cantankerous civic election.
The seven words exercise, led by Ian Chamandy and Ken Aber, aims to define Toronto at its core, a process that the business partners, through their company Blueprint, have applied many, many times to big name corporations.
Read the full article here.
Dear MAB, wherever you are.
May I just say that I find your seven words to define Toronto both mysterious and captivating?
Toronto: Terrific Ornament Reserved On Northern Treasured Orion.
I especially like the word Orion, for this city is a constellation, is it not?
We have now broken through the 300 responses barrier from readers eager to play the game of defining Toronto in seven words or less, which is our way of injecting some visionary energy into a wizened and cantankerous civic election.
The seven words exercise, led by Ian Chamandy and Ken Aber, aims to define Toronto at its core, a process that the business partners, through their company Blueprint, have applied many, many times to big name corporations.
Read the full article here.
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McGuinty sinking: Poll shows 76% want a new party in power
Three out of four Ontarians believe it`s "time for a change" at Queen`s Park because of the unpopular 13 per cent harmonized sales tax and lingering economic fears, a new poll suggests.
The Toronto Star-Angus Reid survey indicates Premier Dalton McGuinty`s Liberals, who mark their seventh anniversary in power on Saturday, face major challenges as they head toward the Oct. 6, 2011 election.
With 76 per cent of respondents saying they would like to see another party in power and 71 per cent warning the province "is on the wrong track," the poll signals change may be on the horizon.
The global recession might officially be over, but the new HST and rising hydro bills have left 86 per cent of Ontarians claiming "it is harder now than it was two years ago to make ends meet."
Among decided voters, 41 per cent back Progressive Conservative Leader Tim Hudak with 29 per cent for McGuinty`s Liberals, 22 per cent for NDP Leader Andrea Horwath, and 8 per cent for Green Party Leader Mike Schreiner.
Read the full article here.
Three out of four Ontarians believe it`s "time for a change" at Queen`s Park because of the unpopular 13 per cent harmonized sales tax and lingering economic fears, a new poll suggests.
The Toronto Star-Angus Reid survey indicates Premier Dalton McGuinty`s Liberals, who mark their seventh anniversary in power on Saturday, face major challenges as they head toward the Oct. 6, 2011 election.
With 76 per cent of respondents saying they would like to see another party in power and 71 per cent warning the province "is on the wrong track," the poll signals change may be on the horizon.
The global recession might officially be over, but the new HST and rising hydro bills have left 86 per cent of Ontarians claiming "it is harder now than it was two years ago to make ends meet."
Among decided voters, 41 per cent back Progressive Conservative Leader Tim Hudak with 29 per cent for McGuinty`s Liberals, 22 per cent for NDP Leader Andrea Horwath, and 8 per cent for Green Party Leader Mike Schreiner.
Read the full article here.
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Ford Canada records best September in 30 years
Ford Motor Co. of Canada, Ltd., continued its positive momentum last month saying it had its best September sales in more than 30 years.
The Detroit automaker said its sales increased 64% during the month compared to a year ago, driven by sizable gains in both its trucks and CUVs, which jumped 81% and 124% respectively. In total, Ford of Canada sold 26,453 cars and truck in the country last month, compared with 16,159 in September 2009.
Most analysts are now expecting Ford to overtake GM in the sales race in Canada for the first time in history in 2010. Year-to-date, Ford of Canada`s sales are up 22%.
"We`re coming out of an unprecedented time in the auto industry and our employees, dealers, and customers are confident in our future," said David Mondragon, Ford of Canada chief executive, in a statement. "While were not out of the woods yet, we are in a very good place and it`s a great feeling."
Chrysler Canada said it saw more modest gains in September, up 2% compared to a year ago, or roughly 16,135 units compared to 15,857 during the month in 2009.
Read the full article here.
Ford Motor Co. of Canada, Ltd., continued its positive momentum last month saying it had its best September sales in more than 30 years.
The Detroit automaker said its sales increased 64% during the month compared to a year ago, driven by sizable gains in both its trucks and CUVs, which jumped 81% and 124% respectively. In total, Ford of Canada sold 26,453 cars and truck in the country last month, compared with 16,159 in September 2009.
Most analysts are now expecting Ford to overtake GM in the sales race in Canada for the first time in history in 2010. Year-to-date, Ford of Canada`s sales are up 22%.
"We`re coming out of an unprecedented time in the auto industry and our employees, dealers, and customers are confident in our future," said David Mondragon, Ford of Canada chief executive, in a statement. "While were not out of the woods yet, we are in a very good place and it`s a great feeling."
Chrysler Canada said it saw more modest gains in September, up 2% compared to a year ago, or roughly 16,135 units compared to 15,857 during the month in 2009.
Read the full article here.
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How the end of cheap oil could finally bring the NHL to Hamilton
Jeff Rubin says oil will soon return to triple-digit prices per barrel, a Canadian dollar at $1.20 US will give Alberta revenge for the National Energy Program, and National Hockey League teams will return to Winnipeg, Quebec and Hamilton.
Of course, it won`t all be fun and games -- Canadians will no longer eat chicken wings imported from China, Ontario autoworkers will need retraining to manufacture buses, and eventually movie director James Cameron may have to ride a bike.
Rubin left his job as chief economist with CIBC World Markets last year to write a book, Why Your World Is About To Get A Whole Lot Smaller. In it he postulated that oil hitting $147 a barrel, not the sub-prime mortgage debacle in the United States, caused the recent global recession, and that a return to high oil prices will curtail travel and reverse globalization.
He has just updated his thesis, adding a chapter on recent events like Greece`s debt and the oil-rig explosion in the Gulf of Mexico. He also muses that a lofty Canadian dollar could make NHL franchises in this country more profitable and return a team to Hamilton, whose Tigers were sold to an American bootlegger in 1925.
Rubin`s message, delivered during the Canadian conference of the Risk and Insurance Management Society Inc. in Edmonton, essentially predicts a last hurrah for oil, as cheap conventional supplies run out and the world turns to more expensive synthetics from oilsands. That will cause people to depend on food from local farms, albeit more expensive ones, and it will be decades before scarcity necessitates full-steam-ahead development of alternative energy.
Read the full article here.
Jeff Rubin says oil will soon return to triple-digit prices per barrel, a Canadian dollar at $1.20 US will give Alberta revenge for the National Energy Program, and National Hockey League teams will return to Winnipeg, Quebec and Hamilton.
Of course, it won`t all be fun and games -- Canadians will no longer eat chicken wings imported from China, Ontario autoworkers will need retraining to manufacture buses, and eventually movie director James Cameron may have to ride a bike.
Rubin left his job as chief economist with CIBC World Markets last year to write a book, Why Your World Is About To Get A Whole Lot Smaller. In it he postulated that oil hitting $147 a barrel, not the sub-prime mortgage debacle in the United States, caused the recent global recession, and that a return to high oil prices will curtail travel and reverse globalization.
He has just updated his thesis, adding a chapter on recent events like Greece`s debt and the oil-rig explosion in the Gulf of Mexico. He also muses that a lofty Canadian dollar could make NHL franchises in this country more profitable and return a team to Hamilton, whose Tigers were sold to an American bootlegger in 1925.
Rubin`s message, delivered during the Canadian conference of the Risk and Insurance Management Society Inc. in Edmonton, essentially predicts a last hurrah for oil, as cheap conventional supplies run out and the world turns to more expensive synthetics from oilsands. That will cause people to depend on food from local farms, albeit more expensive ones, and it will be decades before scarcity necessitates full-steam-ahead development of alternative energy.
Read the full article here.
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Don`t listen to the doomsayers on housing
Should we brace for a collapse in home prices in Canada? Does housing even qualify as an "investment," as it has been regarded almost forever?
That`s the debate taking shape in recent weeks as dire news of a worsening U.S. housing crisis seeps across our porous border, and our own market has shown signs of weakness.
The epic implosion in U.S. housing prices, now of long duration and the first of this magnitude since the Dirty Thirties, has made a hash of "safe as houses" among our language`s stoutest truisms.
The projected 10 per cent of Americans at risk of losing their homes to foreclosure has prompted a growing number of economists and urbanologists to argue against houses as an investment.
Read the full article here.
Should we brace for a collapse in home prices in Canada? Does housing even qualify as an "investment," as it has been regarded almost forever?
That`s the debate taking shape in recent weeks as dire news of a worsening U.S. housing crisis seeps across our porous border, and our own market has shown signs of weakness.
The epic implosion in U.S. housing prices, now of long duration and the first of this magnitude since the Dirty Thirties, has made a hash of "safe as houses" among our language`s stoutest truisms.
The projected 10 per cent of Americans at risk of losing their homes to foreclosure has prompted a growing number of economists and urbanologists to argue against houses as an investment.
Read the full article here.
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Slip-Sliding Oshawa needs help gaining traction
Joe Conte sits on his porch with the pretty flower garden in front and frets about the city he`s called home for 52 years.
"I`m just a little upset with this city and the political people who run it that are self-serving and grand-standing," the retired General Motors worker complains. "Oshawa is at a turning point. We need (a mayor) who`ll bring us together and work with us."
Battered by the economic downtown and sagging auto industry, the city that GM built is in transition. With its biggest employer regrouping after cutting several thousand jobs, a downtown in the midst of revitalization and a waterfront poised for redevelopment, Oshawa presents some serious challenges for its next leader.
Conte has his own wish list: more jobs, a cleaned-up urban core, repaired streets and sidewalks, and lower taxes once new businesses and more people move in. He`s looking for someone who can turn Oshawa into a vibrant, healthy and safe metropolis.
That person, he believes, is John Henry, a businessman and councillor of four years who`s taking on two-term Mayor John Gray with promises to unify a newly respectful council and the community.
Read the full article here.
Joe Conte sits on his porch with the pretty flower garden in front and frets about the city he`s called home for 52 years.
"I`m just a little upset with this city and the political people who run it that are self-serving and grand-standing," the retired General Motors worker complains. "Oshawa is at a turning point. We need (a mayor) who`ll bring us together and work with us."
Battered by the economic downtown and sagging auto industry, the city that GM built is in transition. With its biggest employer regrouping after cutting several thousand jobs, a downtown in the midst of revitalization and a waterfront poised for redevelopment, Oshawa presents some serious challenges for its next leader.
Conte has his own wish list: more jobs, a cleaned-up urban core, repaired streets and sidewalks, and lower taxes once new businesses and more people move in. He`s looking for someone who can turn Oshawa into a vibrant, healthy and safe metropolis.
That person, he believes, is John Henry, a businessman and councillor of four years who`s taking on two-term Mayor John Gray with promises to unify a newly respectful council and the community.
Read the full article here.
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Looking beyond Ontario
It was black tie and evening gowns when the Ontario Home Builders` Association met in Windsor this week for its annual convention and builders awards,
But hard hats and construction boots will be the principal attire for next year`s convention, said outgoing president James Bazely. He wants 250 home builders to build a school, church or a community centre in Puerto Plata when the OHBA meets in the Dominican Republic in November 2011, the first time its has met out of Ontario in its 48 year history.
Bazely, president of Gregor Homes in Barrie, said his campaign to move the convention to the Dominican Republic and get the home builders involved in a humanitarian build project was inspired by his 22-year-old daughter Melissa, who has been involved in humanitarian work in Haiti and the Dominican Republic through Hero Holidays, a student program run by Absolute Leadership Development
Read the full article here.
It was black tie and evening gowns when the Ontario Home Builders` Association met in Windsor this week for its annual convention and builders awards,
But hard hats and construction boots will be the principal attire for next year`s convention, said outgoing president James Bazely. He wants 250 home builders to build a school, church or a community centre in Puerto Plata when the OHBA meets in the Dominican Republic in November 2011, the first time its has met out of Ontario in its 48 year history.
Bazely, president of Gregor Homes in Barrie, said his campaign to move the convention to the Dominican Republic and get the home builders involved in a humanitarian build project was inspired by his 22-year-old daughter Melissa, who has been involved in humanitarian work in Haiti and the Dominican Republic through Hero Holidays, a student program run by Absolute Leadership Development
Read the full article here.
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Developers, brokers court real estate hungry South Asian market
Back in 2002, when Canderel Stoneridge launched DNA, the first phase of its condo cluster at King and Shaw, Riz Dhanji made a concerted effort to reach out to the South Asian market.
Dhanji, the firm`s vice president of sales and marketing, saw great opportunity in targeting South Asians. They`re the largest ethnic population in the GTA and happen to have an affinity for real estate.
"South Asians have always understood the value of owning land, the hard asset of real estate," he says. "It`s been passed down for generations: Buy land, something with a home on it, and keep that asset."
Only problem was, South Asian buyers have traditionally preferred detached homes to highrises. So Dhanji, using DNA as his vehicle, set out to sell the community on condos.
Read the full article here.
Back in 2002, when Canderel Stoneridge launched DNA, the first phase of its condo cluster at King and Shaw, Riz Dhanji made a concerted effort to reach out to the South Asian market.
Dhanji, the firm`s vice president of sales and marketing, saw great opportunity in targeting South Asians. They`re the largest ethnic population in the GTA and happen to have an affinity for real estate.
"South Asians have always understood the value of owning land, the hard asset of real estate," he says. "It`s been passed down for generations: Buy land, something with a home on it, and keep that asset."
Only problem was, South Asian buyers have traditionally preferred detached homes to highrises. So Dhanji, using DNA as his vehicle, set out to sell the community on condos.
Read the full article here.
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Four more Ontario coal-fired generating units shut down
Under attack for soaring hydro bills, the Ontario government struck back Friday by announcing the shutdown of four more coal-fired energy generating units.
Speaking from the Ontario Lung Association headquarters in Toronto, Energy Minister Brad Duguid said two of eight coal-fired units at the Nanticoke station and two of four at the Lambton plant have closed. Shutting them down is the pollution-clearing equivalent of removing up to 2 million cars from the road.
The Ontario government hopes to phase out all coal-fired plants by 2014, replacing that capacity with wind power and other clean energy sources.
"By closing these units down four years ahead of schedule, we`ll actually save about $200 million between now and 2014," Duguid said. About 200 jobs will be lost.
The Liberals have been criticized for allowing energy costs to soar due to time-of-use rates, an 8 percentage point addition to hydro bills with the new HST and its spending of billions of dollars on green energy pursuits.
"Closing down these four units is a symbol to all Ontarians we are serious about doing this," Duguid said.
Read the full article here.
Under attack for soaring hydro bills, the Ontario government struck back Friday by announcing the shutdown of four more coal-fired energy generating units.
Speaking from the Ontario Lung Association headquarters in Toronto, Energy Minister Brad Duguid said two of eight coal-fired units at the Nanticoke station and two of four at the Lambton plant have closed. Shutting them down is the pollution-clearing equivalent of removing up to 2 million cars from the road.
The Ontario government hopes to phase out all coal-fired plants by 2014, replacing that capacity with wind power and other clean energy sources.
"By closing these units down four years ahead of schedule, we`ll actually save about $200 million between now and 2014," Duguid said. About 200 jobs will be lost.
The Liberals have been criticized for allowing energy costs to soar due to time-of-use rates, an 8 percentage point addition to hydro bills with the new HST and its spending of billions of dollars on green energy pursuits.
"Closing down these four units is a symbol to all Ontarians we are serious about doing this," Duguid said.
Read the full article here.
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GTA resale home prices up in September
The number of existing homes sold in September in Greater Toronto dipped 23 per cent in September, compared with September a year ago, says the Toronto Real Estate Board.
Board members recorded 6,310 sales in September, down from 8,196 a year ago.
But prices rose despite the softer sales, with the median price of a home rising to $360,325 from $347,000 a year ago. The median price marks the point where half the homes sold for more, half for less.
The average price also climbed, to $427,329 from $406,877 a year ago.
Softer sales volume isn`t surprising after the record sales chalked up by the market in the second half of 2009 and early 2010, said Bill Johnston, president of the real estate board.
Read the full article here.
The number of existing homes sold in September in Greater Toronto dipped 23 per cent in September, compared with September a year ago, says the Toronto Real Estate Board.
Board members recorded 6,310 sales in September, down from 8,196 a year ago.
But prices rose despite the softer sales, with the median price of a home rising to $360,325 from $347,000 a year ago. The median price marks the point where half the homes sold for more, half for less.
The average price also climbed, to $427,329 from $406,877 a year ago.
Softer sales volume isn`t surprising after the record sales chalked up by the market in the second half of 2009 and early 2010, said Bill Johnston, president of the real estate board.
Read the full article here.
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Toronto home sales cooling off
The weather is cooling, and so are sales in Toronto`s existing home market.
Sales were down by 22 per cent in the first half of September, according to figures released Thursday by the Toronto Real Estate Board.
"Home sales are nursing a bit of a hangover from the real estate party in the first half of the year, " said Doug Porter, deputy chief economist for BMO Capital Markets.
"Looking ahead, sales are expected to remain on the soggy side with consumer confidence dimming, but should find support in still low rates and steady job growth."
The board reported that 2,623 sales were recorded in the first two weeks of the month compared with the 3,361 sales in 2009.
Nationally, the Canadian Real Estate Association reported on Wednesday that sales were actually up for the first time in months by 4.1 per cent in August.
Read the full article here.
The weather is cooling, and so are sales in Toronto`s existing home market.
Sales were down by 22 per cent in the first half of September, according to figures released Thursday by the Toronto Real Estate Board.
"Home sales are nursing a bit of a hangover from the real estate party in the first half of the year, " said Doug Porter, deputy chief economist for BMO Capital Markets.
"Looking ahead, sales are expected to remain on the soggy side with consumer confidence dimming, but should find support in still low rates and steady job growth."
The board reported that 2,623 sales were recorded in the first two weeks of the month compared with the 3,361 sales in 2009.
Nationally, the Canadian Real Estate Association reported on Wednesday that sales were actually up for the first time in months by 4.1 per cent in August.
Read the full article here.
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Ottawa housing sales near average in September
Members of the Ottawa Real Estate Board sold 1,074 residential properties in September through the Board`s Multiple Listing Service® system compared with 1,218 in September 2009, a decrease of 11.8 per cent.
Of those sales, 240 were in the condominium property class, while 834 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"After record-breaking sales in September of 2009, this year`s sales were closer to the five-year average for this time of year. Home prices continued to appreciate but not skyrocket, as they generally do in Ottawa. I would describe the current state of the housing market in our region as balanced, with a good supply of homes available for sale," said Immediate Past President Rick Snell.
The average sale price of residential properties, including condominiums, sold in September in the Ottawa area was $324,745, an increase of 6.6 per cent over September 2009. The average sale price for a condominium-class property was $240,050, a decrease of 0.8 per cent over September 2009. The average sale price of a residential-class property was $349,117, an increase of 8.2 per cent over September 2009. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
Read the full article here.
Members of the Ottawa Real Estate Board sold 1,074 residential properties in September through the Board`s Multiple Listing Service® system compared with 1,218 in September 2009, a decrease of 11.8 per cent.
Of those sales, 240 were in the condominium property class, while 834 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"After record-breaking sales in September of 2009, this year`s sales were closer to the five-year average for this time of year. Home prices continued to appreciate but not skyrocket, as they generally do in Ottawa. I would describe the current state of the housing market in our region as balanced, with a good supply of homes available for sale," said Immediate Past President Rick Snell.
The average sale price of residential properties, including condominiums, sold in September in the Ottawa area was $324,745, an increase of 6.6 per cent over September 2009. The average sale price for a condominium-class property was $240,050, a decrease of 0.8 per cent over September 2009. The average sale price of a residential-class property was $349,117, an increase of 8.2 per cent over September 2009. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
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Air Canada to start Toronto island flights in 2011
Air Canada announced Monday it plans to begin offering flights between Billy Bishop Toronto City Airport on the Toronto Islands and Montreal Trudeau International Airport in February 2011.
"We are very excited to return to Toronto City Airport in the coming months," said the airline`s chief commercial officer, Ben Smith.
"These arrangements mark solid progress as we work to develop a unique product tailored to meet the diverse needs of travellers between Canada`s two largest cities."
The move would end the monopoly that Porter Airlines has at the airport.
The carrier said the arrangement with the Toronto Port Authority to operate out of the island still depends on reaching a deal to lease terminal space.
It plans up to 15 daily non-stop flights using Dash 8 Q400 turboprops operated by Sky Regional Airlines.
Read the full article here.
Air Canada announced Monday it plans to begin offering flights between Billy Bishop Toronto City Airport on the Toronto Islands and Montreal Trudeau International Airport in February 2011.
"We are very excited to return to Toronto City Airport in the coming months," said the airline`s chief commercial officer, Ben Smith.
"These arrangements mark solid progress as we work to develop a unique product tailored to meet the diverse needs of travellers between Canada`s two largest cities."
The move would end the monopoly that Porter Airlines has at the airport.
The carrier said the arrangement with the Toronto Port Authority to operate out of the island still depends on reaching a deal to lease terminal space.
It plans up to 15 daily non-stop flights using Dash 8 Q400 turboprops operated by Sky Regional Airlines.
Read the full article here.
- Joined
- Mar 24, 2009
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- 16,743
Ottawa-Gatineau region`s unemployment rate surges to seven-year high
OTTAWA — The unemployment rate in Ottawa-Gatineau surged to a seven-year high of 7.2 per cent in September as weakening consumer confiidence and government spending restraints took a toll.
Statistics Canada said Friday that 3,500 jobs disappeared during the month led by losses of 4,200 jobs on the Ottawa side of the national capitall, partially offset by job gains in Gatineaul. The unemployment rate stood at 6.8 per cent in August.
Since peaking at a record employment high in June, the region has shed 7,500 jobs and the unemployment rate has risen by 0.7 per cent. The slowdown has erased all but 5,200 of the 26,000 jobs gained during a strong recovery from the global recession that started in mid-2009.
The regional job machine, which was growing at a robust 4.6 per cent in June, is sputtering at 0.8 per cent on an annual basis today.
Read the full article here.
OTTAWA — The unemployment rate in Ottawa-Gatineau surged to a seven-year high of 7.2 per cent in September as weakening consumer confiidence and government spending restraints took a toll.
Statistics Canada said Friday that 3,500 jobs disappeared during the month led by losses of 4,200 jobs on the Ottawa side of the national capitall, partially offset by job gains in Gatineaul. The unemployment rate stood at 6.8 per cent in August.
Since peaking at a record employment high in June, the region has shed 7,500 jobs and the unemployment rate has risen by 0.7 per cent. The slowdown has erased all but 5,200 of the 26,000 jobs gained during a strong recovery from the global recession that started in mid-2009.
The regional job machine, which was growing at a robust 4.6 per cent in June, is sputtering at 0.8 per cent on an annual basis today.
Read the full article here.
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- Mar 24, 2009
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Rents, Rental Volume both up in 2010
During the May-to-August 2010 reporting period, TREB Members reported 6,712 leased condominium apartments and townhomes, up 18 per cent from 5,673 transactions recorded during the same time-period last year. Average rents climbed in all apartment categories, with the benchmark two-bedroom apartment rent averaging $1,937 across all TREB districts – up three per cent from the average of $1,873 recorded in 2009.
Some differences emerged, however, when the TREB market area was broken down into four regions (west, central, east and north). Average annual rent growth in the west, east and north districts was above the rate of inflation for most unit types. In the central districts the story was different. The average annual rate of rent growth was below the rate of inflation for onebedroom and two-bedroom unit types. The number of rental listings in the central districts increased strongly year-over-year. With more properties to choose from, rent growth was more subdued.
Read the full article here.
During the May-to-August 2010 reporting period, TREB Members reported 6,712 leased condominium apartments and townhomes, up 18 per cent from 5,673 transactions recorded during the same time-period last year. Average rents climbed in all apartment categories, with the benchmark two-bedroom apartment rent averaging $1,937 across all TREB districts – up three per cent from the average of $1,873 recorded in 2009.
Some differences emerged, however, when the TREB market area was broken down into four regions (west, central, east and north). Average annual rent growth in the west, east and north districts was above the rate of inflation for most unit types. In the central districts the story was different. The average annual rate of rent growth was below the rate of inflation for onebedroom and two-bedroom unit types. The number of rental listings in the central districts increased strongly year-over-year. With more properties to choose from, rent growth was more subdued.
Read the full article here.