September 2010 Ontario Economic Fundamentals
- Thread starter Ally
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Orillia renters warned of scams
Comfort Williams is a 22-year-old student in Newcastle, England looking for a place to rent in Orillia while she is attending Lakehead University in the fall. Or so she says.
After conversing for over a month by email, local landlord Valerie Powell discovered the person imitating a potential tenant was attempting to scam her.
Red flags began popping up in the form of Williams` terrible grammar and her bizarre tale.
"I thought if this is a foreign student, you want to give them the benefit of the doubt, but the more I started communicating with them, I thought `Oh my God,`" Powell said.
Although Powell stopped emailing the individual, the would-be tenant was persistent. She sent Powell a money order for about $3,000. The name on the order was not Comfort Williams and the postage was from Bahrain.
"It just gets more and more convoluted," Powell said.
The money order has not been cashed, but Powell suspects it`s fraudulent.
Read the full article here.
Comfort Williams is a 22-year-old student in Newcastle, England looking for a place to rent in Orillia while she is attending Lakehead University in the fall. Or so she says.
After conversing for over a month by email, local landlord Valerie Powell discovered the person imitating a potential tenant was attempting to scam her.
Red flags began popping up in the form of Williams` terrible grammar and her bizarre tale.
"I thought if this is a foreign student, you want to give them the benefit of the doubt, but the more I started communicating with them, I thought `Oh my God,`" Powell said.
Although Powell stopped emailing the individual, the would-be tenant was persistent. She sent Powell a money order for about $3,000. The name on the order was not Comfort Williams and the postage was from Bahrain.
"It just gets more and more convoluted," Powell said.
The money order has not been cashed, but Powell suspects it`s fraudulent.
Read the full article here.
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Capital Dilemma
ORILLIA - Lakehead University is engaged in "a gentle courtship" with the province to secure dollars crucial for the growth of its satellite campus in Orillia, capital campaign chair Paul Weber says.
"We built, we paid for, we funded this (first phase of the campus) ourselves," he said. "A future expansion will depend upon them being our partner."
The province covers operating costs but has yet to commit capital funds to the campus, which is being built in phases.
Ottawa contributed $13 million to the project and the city gave $10 million in land and cash.
The County of Simcoe committed $1 million.
"The province has a real challenge in front of it, providing capacity to meet the needs of post-secondary students coming forward," said Dr. Kim Fedderson, dean of the Orillia campus. "It has to do that at a time when revenue is falling as we are (still) coming out of a recession."
How future capital needs are funded remains to be seen.
Read the full article here.
ORILLIA - Lakehead University is engaged in "a gentle courtship" with the province to secure dollars crucial for the growth of its satellite campus in Orillia, capital campaign chair Paul Weber says.
"We built, we paid for, we funded this (first phase of the campus) ourselves," he said. "A future expansion will depend upon them being our partner."
The province covers operating costs but has yet to commit capital funds to the campus, which is being built in phases.
Ottawa contributed $13 million to the project and the city gave $10 million in land and cash.
The County of Simcoe committed $1 million.
"The province has a real challenge in front of it, providing capacity to meet the needs of post-secondary students coming forward," said Dr. Kim Fedderson, dean of the Orillia campus. "It has to do that at a time when revenue is falling as we are (still) coming out of a recession."
How future capital needs are funded remains to be seen.
Read the full article here.
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Toronto City Bylaw leaves permits up to home renovators
In many parts of the City of Toronto, houses were built so close together that when one owner wanted to repair or improve one side of his or her house, it was often necessary to access a neighbour`s property.
That was the concern of my client Stan who asked me for advice when the house next door to his was sold and the new owners began to excavate in the narrow space between the two houses. In the process of working on their own foundation walls, they dug a huge hole from house to house. They removed the waterproofing and weeping tiles from Stan`s foundation walls and ripped out the concrete walkway between the houses.
Stan was concerned that the excavation would be back-filled without repairs being made to his foundations.
I pointed out to Stan the provisions of Toronto bylaw 1154-2008, which states that an owner or occupant of land may enter adjoining land at any reasonable time for the purpose of making repairs to any building, fence or structure on his or her own land, but only to the extent necessary to carry out the repairs or alterations.
This right of entry may be exercised if the adjoining owner consents, or if the executive director of the city`s Municipal Licensing and Standards department issues a permit for the entry
Read the full article here.
In many parts of the City of Toronto, houses were built so close together that when one owner wanted to repair or improve one side of his or her house, it was often necessary to access a neighbour`s property.
That was the concern of my client Stan who asked me for advice when the house next door to his was sold and the new owners began to excavate in the narrow space between the two houses. In the process of working on their own foundation walls, they dug a huge hole from house to house. They removed the waterproofing and weeping tiles from Stan`s foundation walls and ripped out the concrete walkway between the houses.
Stan was concerned that the excavation would be back-filled without repairs being made to his foundations.
I pointed out to Stan the provisions of Toronto bylaw 1154-2008, which states that an owner or occupant of land may enter adjoining land at any reasonable time for the purpose of making repairs to any building, fence or structure on his or her own land, but only to the extent necessary to carry out the repairs or alterations.
This right of entry may be exercised if the adjoining owner consents, or if the executive director of the city`s Municipal Licensing and Standards department issues a permit for the entry
Read the full article here.
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Toronto home sales plunge after rush to buy
Sales of existing homes in the Toronto area fell by 23 per cent in August compared with last year, according to figures released today.
There were 6,222 sales through the Multiple Listing Service last month, down from the 8,035 sales recorded in 2009. Realtors blamed the drop on more buyers purchasing homes in the first half of the year.
"The prospect of interest rate hikes and new mortgage lending rules prompted some households to purchase a home sooner than they otherwise would have this year," said TREB president Bill Johnston. "The result has been a larger than normal dip over the summer months."
The average price for August was $411,012 up 6 per cent compared with $387,921 last year, but down from the double digit increases in the first half of the year
Read the full article here.
Sales of existing homes in the Toronto area fell by 23 per cent in August compared with last year, according to figures released today.
There were 6,222 sales through the Multiple Listing Service last month, down from the 8,035 sales recorded in 2009. Realtors blamed the drop on more buyers purchasing homes in the first half of the year.
"The prospect of interest rate hikes and new mortgage lending rules prompted some households to purchase a home sooner than they otherwise would have this year," said TREB president Bill Johnston. "The result has been a larger than normal dip over the summer months."
The average price for August was $411,012 up 6 per cent compared with $387,921 last year, but down from the double digit increases in the first half of the year
Read the full article here.
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Ottawa seeks takers for development rights at Landsdowne
OTTAWA — The City of Ottawa is getting ready to open up some of the development opportunities at Lansdowne Park.
Under the plans for redeveloping the site, the city holds the "air rights" above retail and parking structures that will be built by its partner in the venture, the Ottawa Sports and Entertainment Group (OSEG). The city and OSEG will share the revenues from the retail and parking buildings, but the city can use the space above them however it wants, including allowing more construction on top and keeping the proceeds all to itself.
(In fact, the project`s budget includes using those proceeds to defray the cost of fixing up Frank Clair Stadium and building a city-run parking garage.)
City staff project getting $10.2 million from leasing or selling those air rights, which involve an estimated 392,000 square feet of proposed residential and office space along Bank Street and Holmwood Avenue.
On Tuesday, city council`s corporate services and economic development committee approved a two-phase competitive-bid approach recommended by staff that includes placing public notice for expressions of interest before issuing a formal request for offer.
Read the full article here.
OTTAWA — The City of Ottawa is getting ready to open up some of the development opportunities at Lansdowne Park.
Under the plans for redeveloping the site, the city holds the "air rights" above retail and parking structures that will be built by its partner in the venture, the Ottawa Sports and Entertainment Group (OSEG). The city and OSEG will share the revenues from the retail and parking buildings, but the city can use the space above them however it wants, including allowing more construction on top and keeping the proceeds all to itself.
(In fact, the project`s budget includes using those proceeds to defray the cost of fixing up Frank Clair Stadium and building a city-run parking garage.)
City staff project getting $10.2 million from leasing or selling those air rights, which involve an estimated 392,000 square feet of proposed residential and office space along Bank Street and Holmwood Avenue.
On Tuesday, city council`s corporate services and economic development committee approved a two-phase competitive-bid approach recommended by staff that includes placing public notice for expressions of interest before issuing a formal request for offer.
Read the full article here.
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Georgian College Enrollment booming
Setting enrolment records at Georgian College is nothing new.
The college will have 5,000 first-year students when classes start next week, a 6% increase over 2009. That`s also three times more than provincewide growth rates among first-year students, making it one of the fastest-growing colleges in Ontario.
Overall growth at Georgian College and the University Partnership Centre is in the neighbourhood of 9%.
"We think there are a number of factors," said spokesperson Sharon Burkhart. "Part of it is trying to keep up with programs that are relevant, working closely with our employers and being one of the leading colleges for co-op. Some of those things are what makes Georgian stand out."
Some programs that are seeing the most growth this year include paramedic and pre-health sciences, all to be included in the new Centre for Health and Wellness building, which is slated to open next fall and remains on schedule, Burkhart said.
She credits the new health and wellness centre for the growth spurt in those programs in particular.
"It makes sense that the growth in those areas is coming ahead of the new building," Burkhart said. "We`re trying to keep up with that demand."
Although those programs are high-growth areas across Ontario, Burkhart said it`s fair to say Georgian is the go-to destination for those careers.
Read the full article here.
Setting enrolment records at Georgian College is nothing new.
The college will have 5,000 first-year students when classes start next week, a 6% increase over 2009. That`s also three times more than provincewide growth rates among first-year students, making it one of the fastest-growing colleges in Ontario.
Overall growth at Georgian College and the University Partnership Centre is in the neighbourhood of 9%.
"We think there are a number of factors," said spokesperson Sharon Burkhart. "Part of it is trying to keep up with programs that are relevant, working closely with our employers and being one of the leading colleges for co-op. Some of those things are what makes Georgian stand out."
Some programs that are seeing the most growth this year include paramedic and pre-health sciences, all to be included in the new Centre for Health and Wellness building, which is slated to open next fall and remains on schedule, Burkhart said.
She credits the new health and wellness centre for the growth spurt in those programs in particular.
"It makes sense that the growth in those areas is coming ahead of the new building," Burkhart said. "We`re trying to keep up with that demand."
Although those programs are high-growth areas across Ontario, Burkhart said it`s fair to say Georgian is the go-to destination for those careers.
Read the full article here.
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Barrie: Park Place gets permit
BARRIE - Steel beams will soon be towering over the Park Place site now that a building permit has been signed.
"It`s been a long and twisty road," said Terry Coughlin, managing partner of North American Development Group, the construction company behind the project.
"I feel the company has paid its dues and I`ve earned my stripes. It`s been a long process to get everything in order."
Park Place has been in the works since 2002, with the initial vision for it to be a mix of upscale retail stores, a hotel, recreation facilities and professional offices.
But residents fought the proposal, taking the project to the Ontario Municipal Board for review.
Read the full article here.
BARRIE - Steel beams will soon be towering over the Park Place site now that a building permit has been signed.
"It`s been a long and twisty road," said Terry Coughlin, managing partner of North American Development Group, the construction company behind the project.
"I feel the company has paid its dues and I`ve earned my stripes. It`s been a long process to get everything in order."
Park Place has been in the works since 2002, with the initial vision for it to be a mix of upscale retail stores, a hotel, recreation facilities and professional offices.
But residents fought the proposal, taking the project to the Ontario Municipal Board for review.
Read the full article here.
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City of Orillia willing to negotiate
ORILLIA - The city is willing to meet with local developers to avoid a costly legal challenge at the Ontario Municipal Board (OMB), Mayor Ron Stevens says.
"We would be prepared to do that," Stevens told Orillia Today.
Council approved a motion allowing Hemson Consulting to prepare a new development charges bylaw in light of an OMB challenge launched by local builders.
Doing so helps limit the city`s liability, should the Ontario Municipal Board agree the existing bylaw was passed without adequate consideration - a charge leveled by Angelo Orsi and others in the development community.
"If the OMB rules against the existing (bylaw), because of what I call a technicality, the other one is ready to go in short order," said Stevens.
Read the full article here.
ORILLIA - The city is willing to meet with local developers to avoid a costly legal challenge at the Ontario Municipal Board (OMB), Mayor Ron Stevens says.
"We would be prepared to do that," Stevens told Orillia Today.
Council approved a motion allowing Hemson Consulting to prepare a new development charges bylaw in light of an OMB challenge launched by local builders.
Doing so helps limit the city`s liability, should the Ontario Municipal Board agree the existing bylaw was passed without adequate consideration - a charge leveled by Angelo Orsi and others in the development community.
"If the OMB rules against the existing (bylaw), because of what I call a technicality, the other one is ready to go in short order," said Stevens.
Read the full article here.
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Ottawa City Council approves roadmap for Transitway growth
Ottawa, September 10, 2010 - City Council today (September 8) approved the functional designs of three Transitway projects that will expand transit services across Ottawa in the coming decades. The approved projects are the West Transitway Connection from Terry Fox Drive to Fernbank Road, the Hospital Link and Cumberland Transitway Westerly and the West Transitway Extension from Bayshore Station to west of Moodie Drive.
The West Transitway Connection Planning Study from Terry Fox Drive to Fernbank Road will extend Transitway service through the centre of the communities in the Kanata West area and will promote transit-oriented development and encourage transit use.
For the Hospital Link and Cumberland Transitway Westerly Planning Study, 13 kilometres of roadway options and station alternatives were approved. The recommended corridor includes on-street facilities from Hurdman Station to Blair Road at Innes Road and a segregated Transitway from Navan Road to Blair Station. This will provide an important east-west bus rapid transit link.
Read the full article on the City of Ottawa`s website.
Ottawa, September 10, 2010 - City Council today (September 8) approved the functional designs of three Transitway projects that will expand transit services across Ottawa in the coming decades. The approved projects are the West Transitway Connection from Terry Fox Drive to Fernbank Road, the Hospital Link and Cumberland Transitway Westerly and the West Transitway Extension from Bayshore Station to west of Moodie Drive.
The West Transitway Connection Planning Study from Terry Fox Drive to Fernbank Road will extend Transitway service through the centre of the communities in the Kanata West area and will promote transit-oriented development and encourage transit use.
For the Hospital Link and Cumberland Transitway Westerly Planning Study, 13 kilometres of roadway options and station alternatives were approved. The recommended corridor includes on-street facilities from Hurdman Station to Blair Road at Innes Road and a segregated Transitway from Navan Road to Blair Station. This will provide an important east-west bus rapid transit link.
Read the full article on the City of Ottawa`s website.
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Barrie Home sales recover some ground in August
Residential property sales recorded through the MLSR System of the Barrie & District Association of REALTORSR Inc. remained below year-ago levels in August 2010, but were up compared to the previous month. Meanwhile, new listings continue to ease in response to softer demand, which is helping to keep the market in balance.
Residential sales numbered 330 units in August 2010, down 16 per cent from a year earlier. The decline was just half the size of the drop in July. This was reflected in the seasonally adjusted figure, which rose nine per cent compared to levels reported in the previous month.
New listings were down three per cent from a year earlier to 588 units in August. New listings have been trending lower in recent months, as supply adjusts to softer demand.
The number of active residential listings on the Association`s MLSR System was unchanged on a year-over-year basis, numbering 1,844 units at the end of August 2010. This is well below levels recorded at the same time in 2008.
"The steep downward trend in sales we saw over the spring and summer was the result of accelerated home purchases late last year and earlier this year," said Catherine Garbe, President of the Barrie and District Association of REALTORSR. "The temporary factors responsible for this volatility are now largely in the rear-view mirror, and the uptick in sales last month is a positive sign that demand is coming back into line with economic fundamentals, which are expected to remain supportive for housing demand,"
The average price of homes sold via the Association`s MLSR System in the first eight months of 2010 was $280,391, up seven per cent from the same period last year.
The Barrie & District Association of REALTORSR cautions that over a period of time, the use of average price information can be useful in establishing trends, but it does not indicate actual prices in widely divergent areas or account for price differentials, between geographical areas.
The total dollar value of all home sales amounted to $97.3 million in August 2010, six per cent below year-ago levels.
Total sales activity in the Barrie region numbered 337 units in August, down 16 per cent on a year-over-year basis. The total value of all properties sold in August 2010 was $99 million, a decrease of seven per cent from August 2009.
There were 5.6 months of inventory at the end of August 2010. This is up from 4.7 months one year earlier, but down from 6.3 months in July 2010. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The Barrie and District Association of REALTORSR Inc. covers a geographical area that includes the City of Barrie and part or all of the surrounding townships, including Springwater, Oro-Medonte, Innisfil, Essa, Bradford-West Gwillimbury and Clearview. The Association provides continuing education, Multiple Listing ServiceR (MLSR), statistical information, and many other services to its members.
*Courtesy of the Barrie & District Real Estate Association
Residential property sales recorded through the MLSR System of the Barrie & District Association of REALTORSR Inc. remained below year-ago levels in August 2010, but were up compared to the previous month. Meanwhile, new listings continue to ease in response to softer demand, which is helping to keep the market in balance.
Residential sales numbered 330 units in August 2010, down 16 per cent from a year earlier. The decline was just half the size of the drop in July. This was reflected in the seasonally adjusted figure, which rose nine per cent compared to levels reported in the previous month.
New listings were down three per cent from a year earlier to 588 units in August. New listings have been trending lower in recent months, as supply adjusts to softer demand.
The number of active residential listings on the Association`s MLSR System was unchanged on a year-over-year basis, numbering 1,844 units at the end of August 2010. This is well below levels recorded at the same time in 2008.
"The steep downward trend in sales we saw over the spring and summer was the result of accelerated home purchases late last year and earlier this year," said Catherine Garbe, President of the Barrie and District Association of REALTORSR. "The temporary factors responsible for this volatility are now largely in the rear-view mirror, and the uptick in sales last month is a positive sign that demand is coming back into line with economic fundamentals, which are expected to remain supportive for housing demand,"
The average price of homes sold via the Association`s MLSR System in the first eight months of 2010 was $280,391, up seven per cent from the same period last year.
The Barrie & District Association of REALTORSR cautions that over a period of time, the use of average price information can be useful in establishing trends, but it does not indicate actual prices in widely divergent areas or account for price differentials, between geographical areas.
The total dollar value of all home sales amounted to $97.3 million in August 2010, six per cent below year-ago levels.
Total sales activity in the Barrie region numbered 337 units in August, down 16 per cent on a year-over-year basis. The total value of all properties sold in August 2010 was $99 million, a decrease of seven per cent from August 2009.
There were 5.6 months of inventory at the end of August 2010. This is up from 4.7 months one year earlier, but down from 6.3 months in July 2010. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The Barrie and District Association of REALTORSR Inc. covers a geographical area that includes the City of Barrie and part or all of the surrounding townships, including Springwater, Oro-Medonte, Innisfil, Essa, Bradford-West Gwillimbury and Clearview. The Association provides continuing education, Multiple Listing ServiceR (MLSR), statistical information, and many other services to its members.
*Courtesy of the Barrie & District Real Estate Association
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Vaughan City Council approves new Official Plan
Vaughan Council has approved the City`s new Official Plan, a 300-page document which will guide growth and sustainable city-building to the year 2031.
"The new Official Plan represents almost four years of effort to create a solid foundation for the future of our City," said Councillor Peter Meffe, Chair of the Official Plan Review Committee. "We now have a planning framework for development which will have a very positive impact in terms of accommodating growth and fostering employment opportunities."
The new Vaughan Official Plan consists of two volumes. Volume 1 includes City-wide policies and Volume 2 contains the five secondary plans resulting from the focused area reviews (the North Kleinburg-Nashville, the Woodbridge Centre, the Yonge Steeles Corridor, the Vaughan Metropolitan Centre, and the West Vaughan Employment Area Secondary Plans). In addition, several approved area and site-specific policies and secondary plans have been carried forward with the new Official Plan.
The document conforms to Provincial policies and the Region of York`s Official Plan, which was recently approved by the Province. Vaughan`s Official Plan meets Regional targets for residential and employment growth. It will now be forwarded to the Region of York for its consideration and final approval.
The new Official Plan emphasizes a balanced approach to sustainable growth. To protect Vaughan`s natural areas and countryside, the City`s urban boundary will expand by only 3 per cent – the smallest urban expansion in the City`s history. Approximately 40 per cent of Vaughan will remain protected as natural areas and countryside.
Additionally, a minimum of 45 per cent of new development will be in the form of intensification in a limited number of areas.
Read the full article here.
Vaughan Council has approved the City`s new Official Plan, a 300-page document which will guide growth and sustainable city-building to the year 2031.
"The new Official Plan represents almost four years of effort to create a solid foundation for the future of our City," said Councillor Peter Meffe, Chair of the Official Plan Review Committee. "We now have a planning framework for development which will have a very positive impact in terms of accommodating growth and fostering employment opportunities."
The new Vaughan Official Plan consists of two volumes. Volume 1 includes City-wide policies and Volume 2 contains the five secondary plans resulting from the focused area reviews (the North Kleinburg-Nashville, the Woodbridge Centre, the Yonge Steeles Corridor, the Vaughan Metropolitan Centre, and the West Vaughan Employment Area Secondary Plans). In addition, several approved area and site-specific policies and secondary plans have been carried forward with the new Official Plan.
The document conforms to Provincial policies and the Region of York`s Official Plan, which was recently approved by the Province. Vaughan`s Official Plan meets Regional targets for residential and employment growth. It will now be forwarded to the Region of York for its consideration and final approval.
The new Official Plan emphasizes a balanced approach to sustainable growth. To protect Vaughan`s natural areas and countryside, the City`s urban boundary will expand by only 3 per cent – the smallest urban expansion in the City`s history. Approximately 40 per cent of Vaughan will remain protected as natural areas and countryside.
Additionally, a minimum of 45 per cent of new development will be in the form of intensification in a limited number of areas.
Read the full article here.
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Governments celebrate the completion of North Bay Road Projects
North Bay, Ontario, September 7, 2010 – Significant infrastructure projects that were made possible in part from over $8.2 million of the Government of Canada`s Gas Tax Fund were recognized in a plaque unveiling at North Bay City Hall.
"The Government of Canada is proud to commemorate such important improvements to the City of North Bay`s roads and bridges, made possible through the federal Gas Tax Fund," said the Honourable Tony Clement, Minister of Industry and Member of Parliament for Parry Sound-Muskoka. "The federal Gas Tax Fund is part of the Government of Canada`s commitment to stimulate the economy and create jobs through investments in public infrastructure."
"North Bay is grateful to receive the Federal Gas Tax. This sustainable funding has allowed us to plan for improvements for our infrastructure, knowing the funding is in place each year," said Victor Fedeli, Mayor of North Bay. "It allows us to plan the `big picture` for the community and it is delivering big results."
Between 2006 and 2009, the city of North Bay received over $8.2 million through the federal Gas Tax Fund, which has been used to widen lanes, install new traffic signals, replace sidewalks and provide safer parking on some of North Bay`s most widely used roads.
Read the full article here.
North Bay, Ontario, September 7, 2010 – Significant infrastructure projects that were made possible in part from over $8.2 million of the Government of Canada`s Gas Tax Fund were recognized in a plaque unveiling at North Bay City Hall.
"The Government of Canada is proud to commemorate such important improvements to the City of North Bay`s roads and bridges, made possible through the federal Gas Tax Fund," said the Honourable Tony Clement, Minister of Industry and Member of Parliament for Parry Sound-Muskoka. "The federal Gas Tax Fund is part of the Government of Canada`s commitment to stimulate the economy and create jobs through investments in public infrastructure."
"North Bay is grateful to receive the Federal Gas Tax. This sustainable funding has allowed us to plan for improvements for our infrastructure, knowing the funding is in place each year," said Victor Fedeli, Mayor of North Bay. "It allows us to plan the `big picture` for the community and it is delivering big results."
Between 2006 and 2009, the city of North Bay received over $8.2 million through the federal Gas Tax Fund, which has been used to widen lanes, install new traffic signals, replace sidewalks and provide safer parking on some of North Bay`s most widely used roads.
Read the full article here.
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Toronto`s economy on the rebound
Toronto is bouncing back from the recession.
The Conference Board of Canada is predicting the city will see a 4.7% increase in real GDP this year as housing starts rebound, the manufacturing sector perks up, people start shopping and major construction projects get underway.
"This is very positive news for Toronto," Mayor David Miller said Wednesday.
"Through business-friendly city policies like our official plan, low development charges and cuts to commercial taxes, Toronto is undergoing an unprecedented building boom." The recession and the high loonie combined to batter Toronto`s economy over the last couple of years.
Toronto`s manufacturing sector saw its largest decline in 2009, contracting nearly 14%, after several negative years, says the conference board`s Metropolitan Outlook for Autumn 2010.
Rising gasoline and oil prices side swiped the automotive industry, a key wealth generator for the area.
"But a turnaround in now under way," the report says. "By the third quarter of 2009, with economic conditions improving, manufacturing output began to rise and it has continued to do so in each quarter since." Housing starts are now predicted to rise by 17% in 2011 and 2012.
Government stimulus funding, which includes upgrades to the TTC, is expected to boost the local economy.
Private construction like Trump Tower and Maple Leaf Square are also doing their part to improve the economic outlook, the report says.
Read the full article here.
Toronto is bouncing back from the recession.
The Conference Board of Canada is predicting the city will see a 4.7% increase in real GDP this year as housing starts rebound, the manufacturing sector perks up, people start shopping and major construction projects get underway.
"This is very positive news for Toronto," Mayor David Miller said Wednesday.
"Through business-friendly city policies like our official plan, low development charges and cuts to commercial taxes, Toronto is undergoing an unprecedented building boom." The recession and the high loonie combined to batter Toronto`s economy over the last couple of years.
Toronto`s manufacturing sector saw its largest decline in 2009, contracting nearly 14%, after several negative years, says the conference board`s Metropolitan Outlook for Autumn 2010.
Rising gasoline and oil prices side swiped the automotive industry, a key wealth generator for the area.
"But a turnaround in now under way," the report says. "By the third quarter of 2009, with economic conditions improving, manufacturing output began to rise and it has continued to do so in each quarter since." Housing starts are now predicted to rise by 17% in 2011 and 2012.
Government stimulus funding, which includes upgrades to the TTC, is expected to boost the local economy.
Private construction like Trump Tower and Maple Leaf Square are also doing their part to improve the economic outlook, the report says.
Read the full article here.