Ontario June 2011 Economic Fundamentals
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Auto dealers suffer worst may since 1997
The North American auto recovery skidded to a stop in May, as the crisis in Japan caused a shortage of vehicles and a slowing economy hurt sales at auto dealers.
The weak performance in one of the most important months of the year for auto companies, along with a number of signals that the U.S. and other key economies are beginning to sputter, is stoking fears that car sales will stay in a low gear for a while.
Read the full article here.
The North American auto recovery skidded to a stop in May, as the crisis in Japan caused a shortage of vehicles and a slowing economy hurt sales at auto dealers.
The weak performance in one of the most important months of the year for auto companies, along with a number of signals that the U.S. and other key economies are beginning to sputter, is stoking fears that car sales will stay in a low gear for a while.
Read the full article here.
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Toronto real estate market continues to surge
When you`re hot, you`re hot.
It was the second best May for Toronto real estate sales since the Toronto Real Estate Board began compiling data, according to statistics released Friday.
Sales increased six per cent from May 2010, while prices gained 9 per cent to an average $485,520. The number of listings to hit the market decreased by 15 per cent from last year, meaning more competition through the summer as buyers compete for fewer houses.
Read the full article here.
When you`re hot, you`re hot.
It was the second best May for Toronto real estate sales since the Toronto Real Estate Board began compiling data, according to statistics released Friday.
Sales increased six per cent from May 2010, while prices gained 9 per cent to an average $485,520. The number of listings to hit the market decreased by 15 per cent from last year, meaning more competition through the summer as buyers compete for fewer houses.
Read the full article here.
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Toronto rental transactions up 18%
For the January to April 2011 period, TREB Members reported 5,079 lease transactions for condominium apartments and townhomes. This result was up 18 per cent from 4,319 lease transactions reported during the same time-period in 2010. The number of rental units listed on the TorontoMLSÂ rose 10 per cent to 9,374 units. The increase in listings reflects the high level of condominium apartment completions over the past year. Some investors chose to lease their units upon completion.
Read the full article here.
For the January to April 2011 period, TREB Members reported 5,079 lease transactions for condominium apartments and townhomes. This result was up 18 per cent from 4,319 lease transactions reported during the same time-period in 2010. The number of rental units listed on the TorontoMLSÂ rose 10 per cent to 9,374 units. The increase in listings reflects the high level of condominium apartment completions over the past year. Some investors chose to lease their units upon completion.
Read the full article here.
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Greater Toronto REALTORS report May resale housing market figures
TORONTO, June 3, 2011 ` Greater Toronto REALTORSÂ reported 10,046 sales in May 2011 ` up six per cent compared to May 2010. This result was the second best on record for May under the current Toronto Real Estate Board service area. The number of new listings in May, at 16,076, was down 15 per cent compared to last year.
`Positive economic news and low borrowing costs led to strong sales through the first five months of the year, including the increase in May,` said Toronto Real Estate Board President Bill Johnston. `At the same time, the market has become much tighter compared to last year, due to a substantial dip in new listings.`
Read the full article here.
TORONTO, June 3, 2011 ` Greater Toronto REALTORSÂ reported 10,046 sales in May 2011 ` up six per cent compared to May 2010. This result was the second best on record for May under the current Toronto Real Estate Board service area. The number of new listings in May, at 16,076, was down 15 per cent compared to last year.
`Positive economic news and low borrowing costs led to strong sales through the first five months of the year, including the increase in May,` said Toronto Real Estate Board President Bill Johnston. `At the same time, the market has become much tighter compared to last year, due to a substantial dip in new listings.`
Read the full article here.
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Ottawa condo market increasing in popularity
The perks, peace of mind and convenience of condos are making them more popular than ever in Ottawa, according to one real estate expert.
Marnie Bennett said Friday that condominiums are driving Ottawa's real estate market.
"people prefer condos now because of the lock and leave (aspect), and the opportunity to have more amenities than they would normally afford," she said. "I also think safety is a feature too because a lot of single women like that opportunity."
The average price for a home last year was just under $380,000, while a condo was almost $262,000 ` an increase of about six per cent since last May.
Read the full article here.
The perks, peace of mind and convenience of condos are making them more popular than ever in Ottawa, according to one real estate expert.
Marnie Bennett said Friday that condominiums are driving Ottawa's real estate market.
"people prefer condos now because of the lock and leave (aspect), and the opportunity to have more amenities than they would normally afford," she said. "I also think safety is a feature too because a lot of single women like that opportunity."
The average price for a home last year was just under $380,000, while a condo was almost $262,000 ` an increase of about six per cent since last May.
Read the full article here.
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A new GTA condo purchased every 13 minutes in April
The best April ever. The third-best month of condo sales on record. Double the average levels for the past year.
Any way you cut it, April was a good month for new condo sales in the GTA. In fact, if you take the time to figure it out like Stephen Dupuis, president and CEO of BILD, did, a new condo was purchased every 13 minutes in April. For those who are less math-inclined, that`s 3,249 condo suites sold in the Greater Toronto Area.
What made April such a standout month?
`New project openings ` that`s what tends to excite the market these days,` says Mr. Dupuis of BILD (the Building Industry and Land Development Association), which uses statistics from RealNet Canada.
Read the full article here.
The best April ever. The third-best month of condo sales on record. Double the average levels for the past year.
Any way you cut it, April was a good month for new condo sales in the GTA. In fact, if you take the time to figure it out like Stephen Dupuis, president and CEO of BILD, did, a new condo was purchased every 13 minutes in April. For those who are less math-inclined, that`s 3,249 condo suites sold in the Greater Toronto Area.
What made April such a standout month?
`New project openings ` that`s what tends to excite the market these days,` says Mr. Dupuis of BILD (the Building Industry and Land Development Association), which uses statistics from RealNet Canada.
Read the full article here.
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Greater Toronto REALTORS report May commercial figures
TORONTO, JUNE 3, 2011 ` Toronto Real Estate Board (TREB) Commercial Members reported 936,769 square feet of leased space in May 2011, up 98 per cent from the 472,278 leased square feet reported in May 2010.
"Strong growth in the Canadian economy during the first quarter benefitted the commercial real estate market in the Greater Toronto Area. Recent growth in the manufacturing, transportation and warehousing, and wholesaling sectors has been especially beneficial to the industrial segment of the market," noted Toronto Real Estate Board Commercial Division Chair Larry Purchase.
By category, TREB Commercial Members leased 814, 144 square feet of industrial space, up 131% per cent from 352,009 square feet leased in May 2010. There was 42,436 square feet of commercial space leased during the month, a 32% per cent decline from the 62,767 square feet leased in May 2010. Finally, 80,189 square feet of office space was leased, up 39 per cent from the 57,502 square feet leased in May 2010.
Read the full article here.
TORONTO, JUNE 3, 2011 ` Toronto Real Estate Board (TREB) Commercial Members reported 936,769 square feet of leased space in May 2011, up 98 per cent from the 472,278 leased square feet reported in May 2010.
"Strong growth in the Canadian economy during the first quarter benefitted the commercial real estate market in the Greater Toronto Area. Recent growth in the manufacturing, transportation and warehousing, and wholesaling sectors has been especially beneficial to the industrial segment of the market," noted Toronto Real Estate Board Commercial Division Chair Larry Purchase.
By category, TREB Commercial Members leased 814, 144 square feet of industrial space, up 131% per cent from 352,009 square feet leased in May 2010. There was 42,436 square feet of commercial space leased during the month, a 32% per cent decline from the 62,767 square feet leased in May 2010. Finally, 80,189 square feet of office space was leased, up 39 per cent from the 57,502 square feet leased in May 2010.
Read the full article here.
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Decision causes ripples
A recent landmark Ontario Court of Appeal judgment of a Greater Sudbury case is reverberating throughout Canada's real estate industry.
The appeal referenced a 2004 real estate deal in Sudbury gone horribly wrong. Following several years of litigation in Sudbury and Toronto courtrooms incurring more than $100,000 in costs, the appeal court held a Sudbury real estate agent, her firm and the seller equally liable for the latter's negligent misstatement on the controversial seller property information sheet.
The facts of the case are contained in the two court rulings, a lawsuit settled in 2009 and an appeal judgment issued last month.
Read the full article here.
A recent landmark Ontario Court of Appeal judgment of a Greater Sudbury case is reverberating throughout Canada's real estate industry.
The appeal referenced a 2004 real estate deal in Sudbury gone horribly wrong. Following several years of litigation in Sudbury and Toronto courtrooms incurring more than $100,000 in costs, the appeal court held a Sudbury real estate agent, her firm and the seller equally liable for the latter's negligent misstatement on the controversial seller property information sheet.
The facts of the case are contained in the two court rulings, a lawsuit settled in 2009 and an appeal judgment issued last month.
Read the full article here.
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Durham spring market starts to bloom
DURHAM REGION, June 3, 2011 ` Durham REALTORSÂ reported 1,040 sales for the month of May, an increase of 9.6% over last month and represents a small increase of 1.3% over May 2010.
The average selling price in Durham Region for May was $316,057 down slightly from last month when we saw an average selling price of $321,042. However, when looking at the historical data, the average selling price of houses in the Durham Region has been steadily increasing over the last 5 years. This month`s average represents an 8.6% increase over the 5 year average.
`Durham Region is becoming more desirable to consumers because it offers affordable family living,` said President of the Durham Region Association of REALTORSÂ, Dierdre Mullen.
Read the full article here.
DURHAM REGION, June 3, 2011 ` Durham REALTORSÂ reported 1,040 sales for the month of May, an increase of 9.6% over last month and represents a small increase of 1.3% over May 2010.
The average selling price in Durham Region for May was $316,057 down slightly from last month when we saw an average selling price of $321,042. However, when looking at the historical data, the average selling price of houses in the Durham Region has been steadily increasing over the last 5 years. This month`s average represents an 8.6% increase over the 5 year average.
`Durham Region is becoming more desirable to consumers because it offers affordable family living,` said President of the Durham Region Association of REALTORSÂ, Dierdre Mullen.
Read the full article here.
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Hamilton and Burlington condominium market sees highest gains in May
The May real estate market in the Greater Hamilton, Burlington and their outlying areas* experienced an increased number of listings for the month of May and a small decrease in the number of sales overall, according to Multiple Listing Service (MLSÂ
statistics released today by the REALTORSÂ Association of Hamilton-Burlington (RAHB).
The average sale price of all properties rose again in May when compared to last year. The largest gain in average sale price was in the residential condominium market.
`The condominium market in our area is where we saw the most growth in May,` said RAHB President Ann Forbes Arndt. `The average sale price is up almost 11 per cent over May of last year and sales were higher than the 10-year average for the month.`
Read the full article here.
The May real estate market in the Greater Hamilton, Burlington and their outlying areas* experienced an increased number of listings for the month of May and a small decrease in the number of sales overall, according to Multiple Listing Service (MLSÂ
statistics released today by the REALTORSÂ Association of Hamilton-Burlington (RAHB).The average sale price of all properties rose again in May when compared to last year. The largest gain in average sale price was in the residential condominium market.
`The condominium market in our area is where we saw the most growth in May,` said RAHB President Ann Forbes Arndt. `The average sale price is up almost 11 per cent over May of last year and sales were higher than the 10-year average for the month.`
Read the full article here.
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Hamilton-Burlington residential condominium market sees highest gains in May
The May real estate market in the Greater Hamilton, Burlington and their outlying areas*
experienced an increased number of listings for the month of May and a small decrease in the number of sales overall, according to Multiple Listing Service (MLS statistics released today by the REALTORS Association of Hamilton-Burlington (RAHB).
The average sale price of all properties rose again in May when compared to last year. The largest gain in average sale price was in the residential condominium market.
`The condominium market in our area is where we saw the most growth in May,` said RAHB President Ann Forbes Arndt. `The average sale price is up almost 11 per cent over May of last year and sales were higher than the 10-year average for the month.`
Residential sales saw a slight decrease in the number of sales compared to May of last year, while the average sale price rose 3.8 per cent. Year to date residential unit sales were 8.4 per cent lower year than last year.
Read the full article here.
The May real estate market in the Greater Hamilton, Burlington and their outlying areas*
experienced an increased number of listings for the month of May and a small decrease in the number of sales overall, according to Multiple Listing Service (MLSÂ
statistics released today by the REALTORSÂ Association of Hamilton-Burlington (RAHB).The average sale price of all properties rose again in May when compared to last year. The largest gain in average sale price was in the residential condominium market.
`The condominium market in our area is where we saw the most growth in May,` said RAHB President Ann Forbes Arndt. `The average sale price is up almost 11 per cent over May of last year and sales were higher than the 10-year average for the month.`
Residential sales saw a slight decrease in the number of sales compared to May of last year, while the average sale price rose 3.8 per cent. Year to date residential unit sales were 8.4 per cent lower year than last year.
Read the full article here.
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Toronto sales and prices increase in May
Greater Toronto REALTORSÂ reported 10,046 sales in May 2011 ` up six per cent compared to May 2010. This result was the second best on record for May under the current Toronto Real Estate Board service area. The number of new listings in May, at 16,076, was down 15 per cent compared to last year.
"Positive economic news and low borrowing costs led to strong sales through the first five months of the year, including the increase in May," said Toronto Real Estate Board President Bill Johnston. "At the same time, the market has become much tighter compared to last year, due to a substantial dip in new listings."
Homes were on the market for an average of 23 days and sold for an average price of $485,520` up nine per cent compared to $446,593 in May 2010. The strongest rate of price growth was experienced for single-detached homes sold in the City of Toronto.
Read the full article here.
Greater Toronto REALTORSÂ reported 10,046 sales in May 2011 ` up six per cent compared to May 2010. This result was the second best on record for May under the current Toronto Real Estate Board service area. The number of new listings in May, at 16,076, was down 15 per cent compared to last year.
"Positive economic news and low borrowing costs led to strong sales through the first five months of the year, including the increase in May," said Toronto Real Estate Board President Bill Johnston. "At the same time, the market has become much tighter compared to last year, due to a substantial dip in new listings."
Homes were on the market for an average of 23 days and sold for an average price of $485,520` up nine per cent compared to $446,593 in May 2010. The strongest rate of price growth was experienced for single-detached homes sold in the City of Toronto.
Read the full article here.
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Bucking the bounceback
The national and Ontario economic recovery is threatening to leave the London area behind, with two key economic housing indicators painting a bleak picture of the local economy.
London`s apartment vacancy rates are climbing, and new home prices in the city fell in May for a second straight month.
In contrast, national and provincial figures show Ontario and Canada rebounding in those areas.
One reason cited for the London area`s sluggish performance is its reliance on the still-struggling automotive industry.
`It`s not good for that part of Ontario ` there is no other way to spin it, and it`s not going away any time soon,` Robert Kavcic, an economist with BMO Capital Markets, said Thursday of the London region.
Read the full article here.
The national and Ontario economic recovery is threatening to leave the London area behind, with two key economic housing indicators painting a bleak picture of the local economy.
London`s apartment vacancy rates are climbing, and new home prices in the city fell in May for a second straight month.
In contrast, national and provincial figures show Ontario and Canada rebounding in those areas.
One reason cited for the London area`s sluggish performance is its reliance on the still-struggling automotive industry.
`It`s not good for that part of Ontario ` there is no other way to spin it, and it`s not going away any time soon,` Robert Kavcic, an economist with BMO Capital Markets, said Thursday of the London region.
Read the full article here.
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Pull together for GTA growth
There has to be a better way. Municipalities across the Greater Toronto Area employ no fewer than 160 people in 20 different organizations to attract jobs and investment to the region. But too often they work at cross-purposes, with each city competing against its neighbour. This isn`t marketing. It`s a dogfight.
It`s a wasteful, fragmented approach that doesn`t serve the GTA well. Many of our international competitors have adopted a wiser strategy, coordinating economic promotion on a regionwide basis.
To thrive, Toronto and the surrounding municipalities must adopt the same approach. The Star has repeatedly called for more coordination, as have a wide variety of economic authorities. Yet the various existing agencies continue to spend about $25 million a year on their multiple and conflicting marketing efforts.
Read the full article here.
There has to be a better way. Municipalities across the Greater Toronto Area employ no fewer than 160 people in 20 different organizations to attract jobs and investment to the region. But too often they work at cross-purposes, with each city competing against its neighbour. This isn`t marketing. It`s a dogfight.
It`s a wasteful, fragmented approach that doesn`t serve the GTA well. Many of our international competitors have adopted a wiser strategy, coordinating economic promotion on a regionwide basis.
To thrive, Toronto and the surrounding municipalities must adopt the same approach. The Star has repeatedly called for more coordination, as have a wide variety of economic authorities. Yet the various existing agencies continue to spend about $25 million a year on their multiple and conflicting marketing efforts.
Read the full article here.
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GTA and Ottawa lead rise in new home prices
OTTAWA`The New Housing Price Index rose 0.3 per cent in April after no change in March.
Statistics Canada reports Toronto and Oshawa, up 0.6 per cent from March, and Ottawa`Gatineau (1.3) were the top contributors to the increase.
The agency said the price increases in Ottawa`Gatineau were primarily attributable to higher material and labour costs, while in Toronto and Oshawa, they were mainly due to competitive market conditions.
Read the full article here.
OTTAWA`The New Housing Price Index rose 0.3 per cent in April after no change in March.
Statistics Canada reports Toronto and Oshawa, up 0.6 per cent from March, and Ottawa`Gatineau (1.3) were the top contributors to the increase.
The agency said the price increases in Ottawa`Gatineau were primarily attributable to higher material and labour costs, while in Toronto and Oshawa, they were mainly due to competitive market conditions.
Read the full article here.
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McGuinty's green energy 'explosion' more an implosion
Dalton McGuinty had a dream.
The Ontario Premier imagined a vibrant green-energy industry that would help ease the transition to a post-auto-manufacturing economy.
He would do it by offering power producers premium rates for wind and solar power as long as they committed to using Ontario-made equipment and labour. By the end of next year, there would be billions of dollars worth of investment and 50,000 new jobs.
Read the full article here.
Dalton McGuinty had a dream.
The Ontario Premier imagined a vibrant green-energy industry that would help ease the transition to a post-auto-manufacturing economy.
He would do it by offering power producers premium rates for wind and solar power as long as they committed to using Ontario-made equipment and labour. By the end of next year, there would be billions of dollars worth of investment and 50,000 new jobs.
Read the full article here.