October 2011 Ontario Economic Fundamentals
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Chinese delegates visit Orillia
ORILLIA - The city on two lakes is building a bridge to the Pearl of the River and Sea.
Orillia is working to forge a formal relationship with Nantong, China with the long-term view of becoming its sister city.
"It's awesome," Mayor Angelo Orsi remarked after signing a memorandum of understanding in a third-floor boardroom at city hall.
A delegation from Nantong, a coastal city of more than seven million, arrived in Orillia Friday, meeting with local politicians and business people before touring the city.
Read the full article here.
ORILLIA - The city on two lakes is building a bridge to the Pearl of the River and Sea.
Orillia is working to forge a formal relationship with Nantong, China with the long-term view of becoming its sister city.
"It's awesome," Mayor Angelo Orsi remarked after signing a memorandum of understanding in a third-floor boardroom at city hall.
A delegation from Nantong, a coastal city of more than seven million, arrived in Orillia Friday, meeting with local politicians and business people before touring the city.
Read the full article here.
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Bidding wars erupt for prime condo rentals
The market for rental condos is becoming almost as hot as Toronto`s resale housing market with bidding wars breaking out among tenants trying to snag prime units.
While some 21,000 units are now under construction in Toronto ` 5,707 of them in the downtown core ` demand for rental condominiums continues to far outstrip supply, housing experts say.
Read the full article here.
The market for rental condos is becoming almost as hot as Toronto`s resale housing market with bidding wars breaking out among tenants trying to snag prime units.
While some 21,000 units are now under construction in Toronto ` 5,707 of them in the downtown core ` demand for rental condominiums continues to far outstrip supply, housing experts say.
Read the full article here.
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A downtown pulled back from the brink
From Highway 401, this southwestern Ontario city looks like any suburban node along Canada`s busiest freeway ` a mishmash of big-box retail stores, low-rise hotels and giant hydro pylons.
But what could shape this community`s future lies six kilometres to the south, in Galt, one of four municipalities amalgamated as Cambridge in 1973.
Read the full article here.
From Highway 401, this southwestern Ontario city looks like any suburban node along Canada`s busiest freeway ` a mishmash of big-box retail stores, low-rise hotels and giant hydro pylons.
But what could shape this community`s future lies six kilometres to the south, in Galt, one of four municipalities amalgamated as Cambridge in 1973.
Read the full article here.
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Highway 12 changes in Orillia criticized
With provincial government plans to put traffic lights on the Highway 12 bypass in the location of Orillia's new OPP central region detachment, traffic congestion in that area is going to worsen, warns Coun. Don Jenkins.
Police intend to direct OPP General Headquarters traffic down Hurtubise Drive, a municipal road yet to be constructed, which will meet the Highway 12 bypass near the central region headquarters.
Read the full article here.
With provincial government plans to put traffic lights on the Highway 12 bypass in the location of Orillia's new OPP central region detachment, traffic congestion in that area is going to worsen, warns Coun. Don Jenkins.
Police intend to direct OPP General Headquarters traffic down Hurtubise Drive, a municipal road yet to be constructed, which will meet the Highway 12 bypass near the central region headquarters.
Read the full article here.
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Ford dealership expanding in Orillia
Thor Motors of Orillia is poised to begin a rebuilding of its Front Street dealership.
The expansion will result in a brand new 25,000 square-foot showroom with more service bays and a much larger paved area for vehicle display.
"We are going to make a giant step into the 21st century," co-owner Kris Thor said Tuesday. The building will include energy efficient light emitting diode (LED) lighting, he added.
Read the full article here.
Thor Motors of Orillia is poised to begin a rebuilding of its Front Street dealership.
The expansion will result in a brand new 25,000 square-foot showroom with more service bays and a much larger paved area for vehicle display.
"We are going to make a giant step into the 21st century," co-owner Kris Thor said Tuesday. The building will include energy efficient light emitting diode (LED) lighting, he added.
Read the full article here.
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A new view of Lakefront in Orillia
ORILLIA - The city is embarking on a plan to snap up several downtown properties to clear a path for those all-important lakefront views.
Taking possession of privately owned lands at the foot of four streets would give sorely-needed exposure to one of the city's most cherished assets, says Mayor Angelo Orsi.
"It is fundamental," he told Orillia Today.
"That's been holding back our waterfront for years, those key pieces."
Read the full article here.
ORILLIA - The city is embarking on a plan to snap up several downtown properties to clear a path for those all-important lakefront views.
Taking possession of privately owned lands at the foot of four streets would give sorely-needed exposure to one of the city's most cherished assets, says Mayor Angelo Orsi.
"It is fundamental," he told Orillia Today.
"That's been holding back our waterfront for years, those key pieces."
Read the full article here.
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Video: Condo investors making us a town of renters
Toronto Councillor Adam Vaughan can tell the minute he looks at a condo building in his downtown ward if it`s full of renters or home to owners.
`The bigger the building, the higher the rate of renters,` says Vaughan.
The optics can be even more obvious when he steps inside. Even newer buildings can have the feel of university dormitories with shabby lobbies and cheap carpeting meant to keep down maintenance costs for investors who own a unit or two but may live half a world away.
Read the full article here.
Toronto Councillor Adam Vaughan can tell the minute he looks at a condo building in his downtown ward if it`s full of renters or home to owners.
`The bigger the building, the higher the rate of renters,` says Vaughan.
The optics can be even more obvious when he steps inside. Even newer buildings can have the feel of university dormitories with shabby lobbies and cheap carpeting meant to keep down maintenance costs for investors who own a unit or two but may live half a world away.
Read the full article here.
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Landlords face no punishment for discrimination in online ads
There`s a two bedroom basement apartment for rent in Toronto`s northwest end `one bathroom, newly painted and renovated with a side entrance. The ad, posted on popular classified site Kijiji.ca, comes with the typical caveats `no pets allowed, no smokers. And then, a less common request: Only Muslims need apply.
It`s the exact kind of specifications the Ontario Human Rights Commission recently warned landlords against putting in their online classified ads `any denial of a prospective tenant due to race, ethnic origin, religion, sex, sexual orientation, age and disability, among other things, is grounds for discrimination according to the Ontario Human Rights Commission`s housing policy and the Ontario Human Rights Code.
But for all its condemnation of the practice, the commission this week said they can`t police these online ads, that it`s out of their hands.
Read the full article here.
There`s a two bedroom basement apartment for rent in Toronto`s northwest end `one bathroom, newly painted and renovated with a side entrance. The ad, posted on popular classified site Kijiji.ca, comes with the typical caveats `no pets allowed, no smokers. And then, a less common request: Only Muslims need apply.
It`s the exact kind of specifications the Ontario Human Rights Commission recently warned landlords against putting in their online classified ads `any denial of a prospective tenant due to race, ethnic origin, religion, sex, sexual orientation, age and disability, among other things, is grounds for discrimination according to the Ontario Human Rights Commission`s housing policy and the Ontario Human Rights Code.
But for all its condemnation of the practice, the commission this week said they can`t police these online ads, that it`s out of their hands.
Read the full article here.
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Highrises? We're tops on the continent
Toronto`s condo boom is not slowing down anytime soon as the latest statistics show the city is building more high rises than anywhere else in North America.
The September 2011 data from German research company Emporis ` the world`s largest source of information on multi-storey buildings ` is included in a presentation to be discussed by the city`s economic development committee on Friday.
There are currently 132 highrise buildings under construction in Toronto, according to the figures. Mexico City ranks a distant second with 88 and New York City is in third with 86. The field drops off dramatically after that: fourth-ranking Chicago is building 17 highrises, while Miami rounds out the top five with 16.
Read the full article here.
Toronto`s condo boom is not slowing down anytime soon as the latest statistics show the city is building more high rises than anywhere else in North America.
The September 2011 data from German research company Emporis ` the world`s largest source of information on multi-storey buildings ` is included in a presentation to be discussed by the city`s economic development committee on Friday.
There are currently 132 highrise buildings under construction in Toronto, according to the figures. Mexico City ranks a distant second with 88 and New York City is in third with 86. The field drops off dramatically after that: fourth-ranking Chicago is building 17 highrises, while Miami rounds out the top five with 16.
Read the full article here.
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Ottawa housing market pulls ahead
The Ottawa real estate market is very much alive.
Thanks to higher family incomes, accessibility to government employment, and growth in the hi-tech sector, a growing number of Ottawans are getting into the real estate market, according to John Rogan, broker and manager of Royal LePage Performance Realty.
The House Price Survey released Oct. 5 reveals an increase in the appreciation of prices for two-story homes, detached bungalows, and condominiums in the Ottawa region.
`People are buying investment real estate,` Rogan said.
Read the full article here.
The Ottawa real estate market is very much alive.
Thanks to higher family incomes, accessibility to government employment, and growth in the hi-tech sector, a growing number of Ottawans are getting into the real estate market, according to John Rogan, broker and manager of Royal LePage Performance Realty.
The House Price Survey released Oct. 5 reveals an increase in the appreciation of prices for two-story homes, detached bungalows, and condominiums in the Ottawa region.
`People are buying investment real estate,` Rogan said.
Read the full article here.
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Canada's job market makes gains in September
Canada`s jobs market is still holding up in the face of global turmoil, though there are signs that fading confidence and seesawing markets are making companies cautious.
The economy churned out 60,900 jobs in September, far more than expected, pushing the unemployment rate down to 7.1 per cent, the lowest since December, 2008. But much of the increase in the number of jobs came from a seasonal bounce in the education sector, while private sector employment fell for the second-consecutive month and self-employment rose. Manufacturers and financial firms also shed jobs.
Read the full article here.
Canada`s jobs market is still holding up in the face of global turmoil, though there are signs that fading confidence and seesawing markets are making companies cautious.
The economy churned out 60,900 jobs in September, far more than expected, pushing the unemployment rate down to 7.1 per cent, the lowest since December, 2008. But much of the increase in the number of jobs came from a seasonal bounce in the education sector, while private sector employment fell for the second-consecutive month and self-employment rose. Manufacturers and financial firms also shed jobs.
Read the full article here.
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Condo sales remain strong in Kitchener-Waterloo
Residential sales to the end of the third quarter of 2011 are behind last year by 2.9 percent. A total of 4,975 homes have sold to date this year through the Multiple Listing Service (MLSÂ
of the Kitchener-Waterloo Association of REALTORSÂ, compared with 5,126 during the same period last year.
Overall residential sales brought the dollar volume to $1,493,498,796, an increase of 0.8 percent compared to one year ago.
While sales have been slightly behind last year`s results for most dwelling types, the condominium-class property has been the notable exception. There have been 953 condominium sales year-to-date, a 2.8 percent increase compared to a year ago.
Read the full article here.
Residential sales to the end of the third quarter of 2011 are behind last year by 2.9 percent. A total of 4,975 homes have sold to date this year through the Multiple Listing Service (MLSÂ
of the Kitchener-Waterloo Association of REALTORSÂ, compared with 5,126 during the same period last year. Overall residential sales brought the dollar volume to $1,493,498,796, an increase of 0.8 percent compared to one year ago.
While sales have been slightly behind last year`s results for most dwelling types, the condominium-class property has been the notable exception. There have been 953 condominium sales year-to-date, a 2.8 percent increase compared to a year ago.
Read the full article here.
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Smooth sailing for Ottawa home sales in September
Members of the Ottawa Real Estate Board sold 1,202 residential properties in September through the Board`s Multiple Listing Service system compared with 1,071 in September 2010, an increase of 12.2 per cent. The five-year average for September sales is 1,160.
Of those sales, 280 were in the condominium property class, while 922 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.
Read the full article here.
Members of the Ottawa Real Estate Board sold 1,202 residential properties in September through the Board`s Multiple Listing Service system compared with 1,071 in September 2010, an increase of 12.2 per cent. The five-year average for September sales is 1,160.
Of those sales, 280 were in the condominium property class, while 922 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.
Read the full article here.
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Woodstock area home sales near record levels in September
Home sales recorded through the MLSÂ System of the Woodstock-Ingersoll and District Real Estate Board numbered 113 units in September 2011, an increase of seven per cent from a year earlier.
`Housing demand in the region continues to pick up following a fairly quiet spring,` said Lori Goldhawk, President of the Woodstock-Ingersoll & District Real Estate Board. `Activity was particularly strong in September, coming in just two sales shy of the all-time September record set back in 2008.`
Read the full article here.
Home sales recorded through the MLSÂ System of the Woodstock-Ingersoll and District Real Estate Board numbered 113 units in September 2011, an increase of seven per cent from a year earlier.
`Housing demand in the region continues to pick up following a fairly quiet spring,` said Lori Goldhawk, President of the Woodstock-Ingersoll & District Real Estate Board. `Activity was particularly strong in September, coming in just two sales shy of the all-time September record set back in 2008.`
Read the full article here.
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September a strong month for home sales in the Barrie region
Residential property sales recorded through the MLSÂ System of the Barrie & District Association of REALTORSÂ Inc. came in well above year-ago levels for the third consecutive month in September 2011, and stood on par with some of the strongest September sales figures on record.
Home sales numbered 387 units in September 2011, an increase of 17 per cent compared to the same month last year. Within the city of Barrie, gains were in line with the overall trend for the region. The city of Barrie saw 243 residential sales in September, up 19 per cent from one year earlier.
`Demand in September came in only slightly below the record month of September set in 2009, and stood on par with the second best ever September sales figure, so it was a very good month for home sales in the region,` said Catherine Garbe, President of the Barrie and District Association of REALTORSÂ. `As a result of recent sales gains, activity for the year-to-date pulled ahead of last year`s levels for the first time this year, and remained above levels in the first nine months of 2009 as well.`
The year-to-date average price for all homes sold via the Association`s MLSÂ System in the first nine months of 2011 was $289,254, up two per cent from the same period last year.
Read the full article here.
Residential property sales recorded through the MLSÂ System of the Barrie & District Association of REALTORSÂ Inc. came in well above year-ago levels for the third consecutive month in September 2011, and stood on par with some of the strongest September sales figures on record.
Home sales numbered 387 units in September 2011, an increase of 17 per cent compared to the same month last year. Within the city of Barrie, gains were in line with the overall trend for the region. The city of Barrie saw 243 residential sales in September, up 19 per cent from one year earlier.
`Demand in September came in only slightly below the record month of September set in 2009, and stood on par with the second best ever September sales figure, so it was a very good month for home sales in the region,` said Catherine Garbe, President of the Barrie and District Association of REALTORSÂ. `As a result of recent sales gains, activity for the year-to-date pulled ahead of last year`s levels for the first time this year, and remained above levels in the first nine months of 2009 as well.`
The year-to-date average price for all homes sold via the Association`s MLSÂ System in the first nine months of 2011 was $289,254, up two per cent from the same period last year.
Read the full article here.
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How condo rentals affect Toronto's rental market
Looking around Toronto, it`s hard to miss the number of construction cranes and newly completed condominium apartment buildings around the downtown core and even in the suburbs. Already this year 18,055 high-rise units have sold (January to August), according to RealNet Canada Inc.`s August Market Report. But what does this mean for the rental apartment market?
The Canada Mortgage and Housing Corporation (CMHC) estimates that roughly 20 per cent of all existing condominium apartment product in the GTA becomes private rentals. As of October 2010, CMHC`s most recent report, this equates to more than 50,500 condominium apartment rental units across the GTA. Applying this conservative 20 per cent factor to scheduled occupancies of new condominium apartment projects currently selling, more than 16,000 new rental condominium units will be added to the GTA marketplace over the next five years. Looking even further, based on development applications submitted in the GTA planning departments, approximately 209,000 condominium apartment units are being planned. Roughly 55 per cent of these units are proposed in the City of Toronto, followed by the Region of York, with 31 per cent, Peel Region at nine per cent, Region of Halton at three per cent and Region of Durham at two per cent. Overall, these 209,000 condominium apartment units could represent almost 42,000 new rental apartment units. It should be noted that many of these applications are not anticipated to come to market in the near term.
Read the full article here.
Looking around Toronto, it`s hard to miss the number of construction cranes and newly completed condominium apartment buildings around the downtown core and even in the suburbs. Already this year 18,055 high-rise units have sold (January to August), according to RealNet Canada Inc.`s August Market Report. But what does this mean for the rental apartment market?
The Canada Mortgage and Housing Corporation (CMHC) estimates that roughly 20 per cent of all existing condominium apartment product in the GTA becomes private rentals. As of October 2010, CMHC`s most recent report, this equates to more than 50,500 condominium apartment rental units across the GTA. Applying this conservative 20 per cent factor to scheduled occupancies of new condominium apartment projects currently selling, more than 16,000 new rental condominium units will be added to the GTA marketplace over the next five years. Looking even further, based on development applications submitted in the GTA planning departments, approximately 209,000 condominium apartment units are being planned. Roughly 55 per cent of these units are proposed in the City of Toronto, followed by the Region of York, with 31 per cent, Peel Region at nine per cent, Region of Halton at three per cent and Region of Durham at two per cent. Overall, these 209,000 condominium apartment units could represent almost 42,000 new rental apartment units. It should be noted that many of these applications are not anticipated to come to market in the near term.
Read the full article here.
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Ontario appeal court overturns Port Colborne Inco ruling
The Ontario Court of Appeal has overturned a lower-court decision that would have forced mining giant Vale SA (VALE-N24.390.160.66%) to pay $36-million in compensation to residents of Port Colborne, Ont., for decades of pollution from an Inco nickel refiner.
In a ruling released Friday, a three-judge appeal court panel tossed out a Ontario Superior Court decision in a class action filed by residents of the town demanding compensation for the alleged effect of the pollution on their property values.
Read the full article here.
The Ontario Court of Appeal has overturned a lower-court decision that would have forced mining giant Vale SA (VALE-N24.390.160.66%) to pay $36-million in compensation to residents of Port Colborne, Ont., for decades of pollution from an Inco nickel refiner.
In a ruling released Friday, a three-judge appeal court panel tossed out a Ontario Superior Court decision in a class action filed by residents of the town demanding compensation for the alleged effect of the pollution on their property values.
Read the full article here.
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Ontario's grim future gets grimmer
Ontario faced a near-term future of fiscal austerity, no matter who won the election. The ballot question in 2011 was: How was this austerity to be achieved? The McGuinty record was clear: The McGuinty version of fiscal austerity included continuing pay increases for public-sector workers.
The McGuinty version of fiscal austerity includes green-jobs boondoggles. Ontarians must overpay twice for energy: Once in the form of huge overpayments to uncompetitive solar and wind producers, and then again in the form of subsidies to companies that manufacture the components for solar and wind.
Read the full article here.
Ontario faced a near-term future of fiscal austerity, no matter who won the election. The ballot question in 2011 was: How was this austerity to be achieved? The McGuinty record was clear: The McGuinty version of fiscal austerity included continuing pay increases for public-sector workers.
The McGuinty version of fiscal austerity includes green-jobs boondoggles. Ontarians must overpay twice for energy: Once in the form of huge overpayments to uncompetitive solar and wind producers, and then again in the form of subsidies to companies that manufacture the components for solar and wind.
Read the full article here.
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September rounds out third strong quarter in Toronto CMA
Toronto, October 5, 2011
` Greater Toronto REALTORSÂ reported 7,658 transactions through the TorontoMLSÂ system in September ` a 25 per cent increase over September 2010. Sales during the first three quarters of 2011 amounted to 70,588, representing a 2.6 per cent increase compared to the first nine months of 2010.
"We have experienced strong growth in sales so far this year, with a much more active summer compared to 2010. However, while sales have been strong, we have continued to experience a shortage of listings, resulting in more competition between home buyers," said Toronto Real Estate Board President Richard Silver. "Over the past few months, the listing situation has started to improve, so we expect home buyers will have more homes to choose from in the months ahead."
Read the full article here.
Toronto, October 5, 2011
` Greater Toronto REALTORSÂ reported 7,658 transactions through the TorontoMLSÂ system in September ` a 25 per cent increase over September 2010. Sales during the first three quarters of 2011 amounted to 70,588, representing a 2.6 per cent increase compared to the first nine months of 2010.
"We have experienced strong growth in sales so far this year, with a much more active summer compared to 2010. However, while sales have been strong, we have continued to experience a shortage of listings, resulting in more competition between home buyers," said Toronto Real Estate Board President Richard Silver. "Over the past few months, the listing situation has started to improve, so we expect home buyers will have more homes to choose from in the months ahead."
Read the full article here.