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Finance

Ontario most at risk among Great Lakes economies in NAFTA talks

Posted in Bylaws / Regulations, Communications, Employment, Finance, Industry Trends, Legislation, Newsworthy

Ontario most at risk among Great Lakes economies in NAFTA talks

Ontario is most at risk among economies in the Great Lakes region to any NAFTA trade disruption as the Canadian province relies on U.S. exports for a quarter of its output, according to a report from Bank of Montreal. “Its economy is arguably the most integrated with the U.S. through well-established supply chains,” said the report by Robert Kavcic, a senior economist at the bank. Quebec by contrast has only about 11 per cent of its economy tied to U.S. exports, given its diverse shipments to...

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Greenwin Inc. Unveils Plan to Develop Approximately 700 Rental Housing Units

Posted in CMHC, Communications, Development, Finance, Housing, Industry Trends, Newsworthy

Greenwin Inc. Unveils Plan to Develop Approximately 700 Rental Housing Units

Greenwin Inc. Unveils Plan to Develop Approximately 700 Rental Housing Units, Incl. Affordable Suites, in Downtown Toronto Veteran developer, landlord and property manager partners with CREIT, the Ministry of Housing and the City of Toronto to build a new 0.9-acre mixed-use development featuring 30% affordable housing units in the City’s Yonge/College corridor Cary Green, Chairman of Greenwin Inc., joins Canadian Real Estate Investment Trust (“CREIT”)(TSX:REF.UN), the Ministry of Housing and...

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Rental gaps closing between Montréal, Toronto, Vancouver

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Finance, Housing, Industry Trends, Legal, Legislation, Newsworthy, Real Estate Law, Tax Law, Tenancy Law

Rental gaps closing between Montréal, Toronto, Vancouver

CMHC’s latest Housing Market Insight on the Montréal housing market focuses on renter trends from 2011 to 2016. More specifically, it compares the proportion of renters in Montréal with the proportion of renters in Toronto and Vancouver. Historically, Montréal has been known for having a much higher proportion of renters than the other two cities. Here are some revealing highlights from the Insight: From 2011 to 2016, the difference between Montréal’s renter rate and those of Toronto and...

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Toronto New Condo Sales Drop 66%, While Prices Soar 40% In Weirdest Correction Ever

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Finance, Housing, Industry Trends, Newsworthy, Tax Law

Toronto New Condo Sales Drop 66%, While Prices Soar 40% In Weirdest Correction Ever

Is it any wonder buyers want to sit this one out? See if this makes sense to you. Sales of new condos in Toronto have more or less fallen off a cliff, down 66.5 per cent in March compared to the same month a year earlier. So what did prices do? They soared by nearly 40 per cent during the same period. That’s according to new data from the Building Industry and Land Development Association (BILD GTA), which reports that there were 1,649 new condos sold in Greater Toronto in March, down...

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Toronto mayor Tory to ramp up housing affordability initiatives if he wins second term

Posted in Appraisal, Bylaws / Regulations, Communications, Development, Finance, Housing, Industry Trends, Legislation, Newsworthy

Toronto mayor Tory to ramp up housing affordability initiatives if he wins second term

Toronto Mayor John Tory aims to make affordable housing a key focus of his administration should he win a second term, the incumbent said in a speech before the Scarborough Business Association on Monday. “It’s a sign of a success in a certain way that more people want to come here… but the result has been that there are many people finding it very expensive to live in the city.” In his address – given hours before the deadly van attack on Toronto’s Yonge Street – Tory stressed the housing...

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Poloz Lays Down Some Markers for Cautious Rate Hikes in Canada

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Finance, Housing, Industry Trends, Legal, Legislation, Newsworthy

Poloz Lays Down Some Markers for Cautious Rate Hikes in Canada

Bank of Canada Governor Stephen Poloz is unapologetic about his cautious approach to raising interest rates. He faces constant criticism for stoking debt accumulation with cheap credit. His reluctance to match higher U.S. rates has fueled a drop in the currency. And now there’s a new challenge: Canada’s inflation is rising at the fastest pace in seven years, while at the same time, the jobless rate is at the lowest in four decades and the expansion is running up against capacity. Even so,...

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Fiscal Monitor shows deficit of $5.6B through first 11 months of 17-18

Posted in Appraisal, Communications, Finance, Industry Trends, Newsworthy

Fiscal Monitor shows deficit of $5.6B through first 11 months of 17-18

The federal government ran a deficit of $5.6 billion through the first 11 months of its 2017-18 fiscal year. The Finance Department’s shortfall for the April 2017 to February 2018 period compares with a deficit of $11.5 billion for the same period the previous year. The government’s spring budget predicted a shortfall of $19.4 billion for its 2017-18 fiscal year. The monthly fiscal monitor report says revenues were up $14.1 billion, or 5.3 per cent, compared with a year ago,...

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Pump prices, airline tickets help propel Canadian inflation to 2.3%

Posted in Bylaws / Regulations, Communications, Development, Employment, Finance, Housing, Industry Trends, Newsworthy

Pump prices, airline tickets help propel Canadian inflation to 2.3%

OTTAWA — Canada’s annual inflation rate continued creeping higher last month to hit 2.3 per cent. The March figure from Statistics Canada shows the pace of inflation inched a little farther past the midpoint of the central bank’s ideal range of between one and three per cent. By comparison, inflation was 2.2 per cent in February and 1.7 per cent in January. The annual pace of inflation was the highest since it hit 2.4 per cent in October 2014, just as the oil-price slump was...

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Builders scrap pre-sold Toronto condo towers as costs escalate

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Finance, Housing, Industry Trends, Newsworthy

Builders scrap pre-sold Toronto condo towers as costs escalate

Builders in Toronto’s frenzied condo market are walking away from giant towers they have pre-sold, reflecting a rougher road to profits — and leaving buyers in the lurch. Soaring construction costs and condo values in Canada’s largest city, where prices have surged amid a booming economy and strong immigration, have spurred developers to cancel projects they started when construction was cheaper and pre-sales were less lucrative. Condo prices have increased about 20 per cent since...

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Winners and losers from Ontario’s Fair Housing Plan, one year later

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Finance, Housing, Industry Trends, Legal, Legislation, Newsworthy, Real Estate Law, Rent Control, Tenancy Law

Winners and losers from Ontario’s Fair Housing Plan, one year later

It’s been one year since the Ontario Fair Housing Plan changed the rules of the real estate game in the Toronto region, and it’s a dramatically different market 12 months later. Some 40 per cent fewer homes are changing hands year-over-year, according to the latest figures from the Toronto Real Estate Board. And the average Greater Toronto Area home price has slumped 15 per cent from frenzied peak of April 2017. While the year-over-year figure is alarming, the price correction was actually...

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