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September 2013 Prairie Economic Fundamentals

Amber

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PROVINCE ADVISES MANITOBA RENT GUIDELINE SET AT TWO PER CENT FOR 2014




Manitoba Healthy Living, Seniors and Consumer Affairs advises the 2014 rent
guideline has been set at two per cent and will take effect Jan. 1, 2014.






The guideline is determined annually and takes into account cost increases
such as utilities, property taxes and other expenses in the operation of a
residential complex. Manitoba has proposed legislation that would make future
calculations as transparent as possible. It is anticipated a prescribed formula
or the consumer price index for Manitoba would be used to help determine the
guideline rate.






The guideline applies to most residential rental property including
apartments, single rooms, houses and duplexes. The guideline does not apply
to:





  • rental units renting for $1,395 or more per month as of Dec. 31, 2013;
  • personal care homes;
  • non-profit housing with subsidized rent;
  • approved rehabilitated rental units; and
    new buildings that are:

    • less than 15 years old, where an occupancy permit was first issued or a unit
      first occupied after April 9, 2001, or;
      less than 20 years old, where an occupancy permit was first issued or a unit
      first occupied after March 7, 2005.



Landlords can apply for an increase above the guideline if they can show the
guideline will not cover cost increases they have incurred.





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Housing affordability takes a dip in Manitoba







Second quarter drop blamed on price rise




HOUSING affordability is under attack in Manitoba as a combination of higher house prices and rising interest rates drive up the cost of owning a home.






A new quarterly housing-affordability report from RBC Economics shows there was a further erosion in housing affordability locally and nationally in the second quarter this year.






"Generally, housing affordability is modestly poorer than it has been, on average, since the mid-1980s in Manitoba and may be exerting some mild stress on homebuyers," the report said.






It said two of the three most popular types of homes -- two-storeys and condominiums -- became costlier to own in Manitoba in the second quarter.






It said the percentage of household income needed to own a two-storey home jumped 1.8 per cent to 39.9 per cent from 38.1 per cent in the first quarter this year. It was up 1.1 per cent from a year earlier.






The quarter-to-quarter increase for condos was a more modest 0.2 per cent -- 24.2 per cent versus 24.0 per cent-- and the year-over-year gain was 0.4 per cent.







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BMO predicts 12,000 new jobs in Winnipeg




WINNIPEG ` Manitoba`s diverse, stable economy will produce 12,000 new jobs in Winnipeg in the next three years, a report from BMO Economics says.






The new jobs will lower the unemployment rate to about five per cent, near the low end for Canadian cities, a news release from BMO Financial Group says.






Steady GDP growth of two per cent, which is above the national average, and a diverse economy have created stability in Manitoba, said Robert Kavcic, a senior economist with BMO Capital Markets.








`Stability remains one of Manitoba`s key economic strengths, and the city of Winnipeg is no exception,` Kavcic said in the release.





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Jones: Western provinces stronger together




In a few short years, we've gone from achieving a new height in collaboration in Western Canada to climbing out of a new low. The proposed Northern Gateway pipeline has thrown a wrench in the relationship and the plucky message that B.C. can prosper on its own - thank you very much - has broad appeal among British Columbians.






Unfortunately, this has undermined the solidarity with the other western provinces that has been so important to British Columbia's success over the years.






I was raised and educated in Vancouver and for most of my life I thought of myself as a British Columbian. But time spent in Saskatchewan and Alberta has led me to think of myself as a western Canadian.







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Down Tower



Already slated to be the tallest building in town, developers predict skyscraper could reach 55 storeys




It was already massive by Winnipeg standards, and now a $200-million skyscraper planned for downtown Winnipeg has become even bigger ` a staggering 55 storeys in height.






The two Ontario developers behind the as-yet-unnamed Graham Avenue project -- Fortress Real Developments Inc. and Mady Development Corp. ` told a about 120 people attending an outdoor news conference Friday they now expect the main building to be 46 storeys high, not the 42 storeys they were talking about back in May when the project was first announced.






And they plan to cap the building with a nine-storey, glass-wrapped, "pentice," or crown, that will house a residents' lounge and other amenities, they said. And that will boost the height to 150 metres, or the equivalent of 55-storeys.






"This thing is going to be a beacon" Fortress president and CEO Jawad Rathore predicted, adding it will be visible from anywhere in the city and will be far and away the tallest free-standing structure between Toronto and Calgary.





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Saskatchewan, a great place to live, work, and raise a family




Cam Broten continues to refuse to stand up for Saskatchewan. On the six-month anniversary of his election as NDP leader, Broten addressed the federal NDP Caucus in Saskatoon. In his speech, Broten was silent regarding Thomas Mulcair`s opposition to the Keystone XL pipeline project. Broten had a chance to tell Mulcair he`s wrong on Keystone and stand up for Saskatchewan, but he didn`t, despite the fact. That`s in sharp contrast to what Premier Brad Wall did when he met with Mulcair the day before. Premier Wall told the federal NDP leader, in no uncertain terms, that he was wrong. Because of the bottleneck created by limited pipeline capacity, it`s estimated that the Saskatchewan government lost up to $300 million revenue last year and oil producers up to $2.5 billion. Keystone would help fix that. Keystone is good for Saskatchewan and, by not telling his federal party that, Cam Broten is potentially losing this province billions of dollars a year.





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Ally

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Affordable housing opens in Regina




REGINA ` The Rosemont Court affordable housing complex officially opened on Tuesday, which means 78 Regina families are now new homeowners.




Lynn Laird, is one those new homeowners and could not be happier.





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