September 2012 Ontario Economic Fundamentals

[Ally]

Hamilton rental licensing a tax...on tenants






In reviewing the most recent report to the City of Hamilton Planning and Economic Development Department in concern to the Regulation of Rental Housing in Hamilton, Michael Jackson sums it up the best "All I really wanna say is they don't really care about us". "US".... the residents, investors and taxpayers of the City of Hamilton.





A little background on rental housing in the City of Hamilton. Back in the early 1950's, as people returned from World War 2, the City realized it had a severe housing shortage on its' hands. At that point they promoted the building of small single detached homes and the division of larger homes into rental units. The owners of the homes that were divided into apartments went to City Hall and "registered" their units with the City. These homes would later become "Legal Non-Conforming" use properties, meaning that even though they didn't meet the zoning requirements for their use, the City recognized them and permitted them....as long as their use never changed to anything less. Meaning, as soon as someone used the legal non-conforming duplex as a single family home, they lost the legal non-conforming use and changing it back to a duplex would require the proper zoning, permits etc.



Read the full article here.

 

[Ally]

Toronto projects fuel August housing starts





Canada`s housing starts defied expectations in August, rising when economists were anticipating a decline, largely because of Toronto`s condo market.




The seasonally adjusted annual rate of housing starts nationwide amounted to 224,900 units during the month, up from 208,000 in July, Canada Mortgage and Housing Corp. said Tuesday.






Read the full article here.

 

[Ally]

New tenants for old Walmart site in Orillia



ORILLIA - Two additional tenants are preparing to open stores in the former Walmart location at West Ridge.



Orillia`s senior planner Andrea Woodrow confirmed that RioCan Real Estate Investment, the property`s owner, has secured Sears to occupy one of the units in the subdivided building.





A second commercial operation ` Big Lots ` will open in another portion of the building.





`It`s like a liquidation kind of store,` Woodrow added. `I believe it`s American.`





The two stores join Value Village, which occupied a section of the former Walmart site last fall.





Read the full article here.

 

[Ally]

Average Toronto home price hits $800,000




Home sales may be tanking across much of the country, but the price of coveted detached homes in the City of Toronto continues to soar, with the average cost exceeding $800,000 for the first time.




The price of the average detached home was up 17 per cent in mid September over the same time last year, hitting $805,308, according to midmonth figures from the Toronto Real Estate Board.





Read the full article here.

 

[Ally]

GTA home sales fall 15% in August




Home sales declined 5.8 per cent across Canada from July to August, the largest month-over-month decline since June 2010, according to the Canadian Real Estate Association.




Actual sales activity was down almost 9 per cent in August over a year earlier, `providing the first clear indication that the recent changes to mortgage regulations aimed at cooling the market are working as intended,` said CREA chief economist Gregory Klump Monday.





Read the full article here.

 

[Ally]

Some clauses in apartment leases that aren't legal




As the new school year begins, students and landlords are signing leases. There are lots of clauses put into them, but just because something is written into a lease, doesn`t make it legal.




Here are some examples:






First and last month`s rent: The most a landlord can ask from a tenant is the first and last month`s rent. I know of cases where tenants have been asked to pay as much as one year`s rent in advance. Anything more than two months is not legal, so if the landlord asks for that, move in and then go directly to the Landlord and Tenant Board and ask for the return of anything paid extra. The landlord has no right to evict you for doing so.





Read the full article here.

 

[Ally]

It's a renter's revolution




There are roughly 256,000 apartment units in the City of Toronto, and let`s face it: There is very little to recommend most of them besides affordability and not having to traipse to the laundromat. By the spring of 2011, after three-and-a-half years, I was well sick of my Yonge-and-Eglinton one-bedroom. It was big, but it was space I didn`t need. The dreary kitchen was no place for a reasonably successful person in his 30s to be cooking, so I mostly didn`t.




It was dirt cheap, but I was willing to pay more. But the `nice apartments` in my price range offered only modest upgrades: somewhat spiffier kitchens (most sans dishwasher), a coat of polish on the same old parquet floor, a more modern laundry room and, if anything, more space I didn`t need.





Read the full article here.

 

[Ally]

Toronto condo love: 80% have sold





Could Toronto see a slowdown in new condo releases over the rest of 2012?




That`s what Ben Myers expects might happen, as developers wait for unsold inventory to sell. `I think developers are going to hold off their launches and be a little more selective on when they bring their projects to market,` says the executive vice-president and editor at condominium market research firm Urbanation.




Urbanation currently has 343 active projects listed that have units still remaining, with a total of 87,386 sold and unsold suites. Of those, 18,123 units are unsold ` a record number of suites still sitting on the market. But while he and many developers are cautious, Mr. Myers says it`s hard to say what that number really means, given the current market context. After all, he adds, it still only represents 20% of total inventory.





Read the full article here.

 

[Ally]

North Oshawa home owners want apartment project stopped



We're going from single family homes to eight-storey monsters. Beppy Sluymers OSHAWA -- A group of Oshawa residents fear two proposed apartment buildings slated for their neighbourhood will turn out to be "monsters" and ruin their quality of life, but developers say they're building a luxury experience for homeowners looking to downsize.





At issue is a one-hectare block of land bordered by Glenbourne Drive in the south, Benson Street to the east and the back of the Cineplex movie theatre in the north. The detached homes of Macinally Court back on to the property on the west side, with the setback from the backyards and the apartments slated to be 12 metres.







Read the full article here.

 

[Ally]

Toronto's land transfer tax is a cash cow




The city may end the year with a surplus of $115-million, according to a budget update.




`I don`t call it a surplus, I call it a positive variance,` said Councillor Mike Del Grande, head of the city`s budget committee.




Any surplus is a result of either bringing in more revenue, or lowering expenses, he said. Or in Toronto`s case, both.





Read the full article here.

 

[Ally]

RIM's BlackBerry creator puts $100 million into nano labs




Mike Lazaridis, whose invention of the BlackBerry smartphone more than a decade ago redefined the way people send e-mail, is drawing inspiration from the early days of computing for his next act.




Backed by his $100 million donation, the Mike & Ophelia Lazaridis Quantum-Nano Centre opens Friday in Waterloo, Ontario, aiming to recreate the conditions that made AT&T Inc.`s Bell Labs a hive of technological innovation in the early 1960s and laid the groundwork for the success of Silicon Valley.





Read the full article here.

 

[Ally]

Young professionals buck the trend in Sarnia






Ask Jacob Kloet what he loves about Sarnia and he doesn't have just one answer.




`For me, when I look around, I can't help but be amazed about what surrounds me whether that be the water or the individuals whom I've met here,` the 25-year-old insurance broker said.




The Edmonton native moved to Sarnia in 2010 after visiting cousins who live in the city.




`I came to visit them and I just fell in love with the area immediately, so I decided this was the place I was going to make my life,` he said.





Read the full article here.

 

[Ally]

What Toronto's skyline will look like in 2020




You may have heard that Toronto is putting up more skyscrapers than any other North American city`by a long shot, in fact.




There are currently 148 skyscrapers and highrises under construction, according to Emporis, a provider of building and construction data. And despite warnings of a Canadian real estate bubble (including our own), there are hundreds more planned.




So what sort of visual impact will all this new development have on the city? Well, there`s a lot of concept art floating around the Internet, but I found these less glamorous photos from a forum post the most interesting.





Read the full article here.

 

[Ally]

Ontario named most competitive province





Ontario has garnered an award from being the most competitive province in a competitive nation from Site Selection magazine, according to a provincial news release.







This is the third consecutive year the province has claimed this particular award. Ontario's strong action on the deficit and its modernized business climate have helped the province gain a competitive advantage, creating 324,900 net new jobs from the recessionary low in June 2009, according to the news release.







Changes include a globally competitive tax system, a streamlined business environment and investments in education, health care, electricity, and infrastructure.







Read the full article here.

 

[Ally]

Ontario housing values up 18% since 2008, rise in property taxes could be next




PICKERING, Ont. ` Ontario homeowners will see the determined value of their houses rise 4.5% in each of the next four years ` and may face tax increases as a result ` following a report that found property values have risen 18% since the last update in 2008.




The report released Tuesday by Ontario`s Municipal Property Assessment Corp. said property owners will see an average assessment increase of 4.5% in each year for the next four years as it phases in the increases.




Any tax increase based on the new assessments could put a greater financial squeeze on some cash-strapped owners at a time when interest rates could also go higher.





Read the full article here.

 

[Ally]

Ontario finance minister voices support for oilsands



CALGARY ` Ontario`s finance minister was in Calgary on Thursday to declare his province`s enthusiastic friendship and support for Alberta ` and the province`s oilsands.





Dwight Duncan, who spoke at a luncheon organized by the Alberta Enterprise Group, said he had been directed by Premier Dalton McGuinty `to reach out` and his visit was just the first step by Ontario`s Liberal government in building a stronger relationship with Alberta.





McGuinty attracted heat earlier this year for comments decrying the impact of the oilsands on the Canadian dollar and Ontario`s economy.





Read the full article here.