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September 2015 Canadian Economic Fundamentals

Ally

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News articles for September 2015.
 

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Luxury homes in high demand as sales increase in Canada's largest cities according to Re/Max

LAVAL, QC, Sept. 1, 2015 /CNW Telbec/ - Sales of homes priced over $1 million were up year-over-year in Toronto, Vancouver, Montreal and Victoria in the first seven months of the year. Calgary was the exception; sales in the $1 million range decreased 28 per cent over the same period in 2014.

In Canada's two largest luxury markets, sales of homes $3 million and up saw impressive gains. In the Greater Toronto Area, sales in this range increased by 119 per cent and in Greater Vancouver by 79 per cent between January 1 and July 31. The increase of sales at the top-end of the luxury market can be attributed to two factors. One is overall price appreciation in both markets, driven by low inventory and high demand for single-family homes that has led to more homes meeting the higher dollar threshold. A second factor is high demand for luxury homes from foreign buyers in both markets.

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Canada's economy shrinks for second straight quarter

Canada’s economy shrank for a second straight quarter, the weakest six-month period for growth since the Great Recession, sending the country into a technical recession even as strong growth in June suggest the pain may be short lived.

Statistics Canada reported Tuesday that the country’s gross domestic product contracted by an annualized rate of 0.5 per cent between April and June, driven by the continuing slump in the oil and gas sector. That followed a 0.8-per-cent drop in the first three months of the year, which Statistics Canada revised downward from 0.6 per cent.

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This is how much you need to earn to afford a house across Canada

using prices across Canada seem like they’re constantly on the rise, and many Canadians who dream of owning their own home, or even upgrading or downgrading, are feeling the pinch. And it hurts. Property may be one of the best investments a person can make, but geography definitely dictates that.

The price of making that investment varies extensively across the country.RentSeeker.ca and Blue Chip Mortgage looked at what it actually costs, and what your income needs to be to purchase a home in many cities across Canada. Depending on where you live, moving might not be in the cards anytime soon.

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Too much talk in this era of slow growth

Canada has already entered a period of slower economic growth.

Whether the country passed through a tiny recession or not in the first six months of the year is rather irrelevant. The next six months should be better, but for 2015 growth is likely to be only slightly better than 1 per cent.

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Canadian economy in recession, GDP figures confirm

It’s official: Canada’s economy fell into recession in the first half of the year for the first time since the Great Recession of 2009.

Canada’s real gross domestic product shrank 0.5 per cent between April and June, following a revised downward decline of 0.8 per cent for the first three months of the year, Statistics Canada said Tuesday.

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Economy shrinks again, but Canada is still not in an 'outright recession,' economists say

A technical recession, but not an “outright recession.”

That is the verdict from economists Tuesday after Statistics Canada reported that the Canadian economy shrank at an annual rate of 0.5 per cent in the second quarter, following a 0.8 per cent decline (revised from an earlier figure of 0.6 per cent) in the first three months of the year.

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Just when you thought it couldn’t get sillier. I am sure that the fire marshal is happy about this announcement.

DOLBEAU-MISTASSINI, QC, Aug. 17, 2015 /CNW – The Government of Québec has announced the publication of a technical guide entitled Bâtiments de construction massive en bois d’au plus 12 étages (Construction of Mass Timber Buildings Up to 12 Storeys).

The guide outlines the technical principles required to design and construct wooden buildings up to 12 storeys using mass timber. The announcement was made by Quebec Premier Philippe Couillard in the presence of Hon. Sam Hamad, Minister of Labour, Employment and Social Solidarity, and Mr. Pierre Lapointe, President and CEO of FPInnovations.

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#Canada has the potential to be a business services superpower

Many people automatically think about resources or manufacturing when describing Canada’s economy. But that image of Canada as a producer and exporter of forest products, energy or autos is archaic and out of step with today’s reality.

It’s about time that our self-image got in sync with the facts. Canada today is first and foremost a services economy in terms of employment, wealth creation and international business. Services have steadily grown to more than 70 per cent of gross domestic product, with many highly skilled and well-paying jobs. Future economic success will be determined by our ability to stay at the front of the pack in providing services to the world. Does Canada have what it takes to be a services superpower?

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Wonder where equalization payments to Ontario & Que will come from as Alberta facing $5.9B deficit

The increased red ink is mainly the result of a $624-million injection in health, education, human services and advanced-education spending brought in by Premier Rachel Notley’s NDP government this spring.

Disaster-assistance spending also jumped by $456 million to $757 million, the result of agricultural losses brought on by drought and widespread dry conditions that sparked the costliest wildfire season in the province’s history.

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Baby boomers driving luxury condo sales

Downsizing baby boomers are driving year-over-year gains in luxury condo sales in Toronto and Vancouver, according to a report released this week.

The 2015 RE/MAX Spotlight on Luxury Report looked at sales activity from the beginning of the year through to the end of July. The 320 condos sold for more than $1 million in the Greater Toronto Area during this time frame marked a 42-per-cent increase over the same period in 2014. The 401 condos sold for more than $1 million in Greater Vancouver during this time frame marked a 33-per-cent increase over the same period in 2014.

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Boom in technology jobs is transforming Toronto and Vancouver's office markets

The two cities made it on a list CBRE calls its Tech Thirty, an analysis of the top 30 technology centres in North America that shows how tech workers have kept office markets humming.

“If you look at the tech job growth rate (in Canada) it is well above overall employment. The point is that tech employment is growing substantially faster than overall employment. It’s tech, all tech now,” said Ross Moore, director of research for CBRE’s operations in Canada. “We’ve got our fingers crossed.”

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Slower growth points to continued soft landing in condo market

TORONTO, Sept. 2, 2015 /CNW/ - Slowing GDP and job growth will have a moderating effect on Canada's condo market, easing fears of overheating markets and further reinforcing the prospects of a soft landing, even as regional markets vary widely due to differing economic conditions according to the latest Conference Board of Canada condo report released by Genworth Canada. The Summer 2015 Metropolitan Condo Outlook (the Report) forecasts that cities hit hardest by economic slowdown such as Calgary will experience ongoing reductions in starts, resale volumes and prices. However, Toronto, which has proven its ability to absorb newly completed apartments over the past few months, will cool gently; resale transactions and prices will increase only gradually. While Victoria and Vancouver will enjoy balanced markets, buyers' markets will largely prevail elsewhere.

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Fears that Canada's housing glut could lead to a catastrophic U.S.-style downturn are “exaggerated,”

Fears that Canada – and Toronto in particular – has a housing glut that could lead to a catastrophic U.S.-style downturn are “exaggerated,” says a new analysis of the national real estate market by BMO.

In fact, an “elevated inventory” of new condos, which set off alarm bells earlier this year, is now correcting itself and those units are needed to compensate for the lack of single-detached homes, says the bank’s senior economist Sal Guatieri.


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At the recent @reincanada event we spoke of sharing economy. Here's more of that trend expansion

Last year, it was revealed that coworking company WeWork was making an ambitious jump into the coliving space. New documents obtained by The Information show that WeWork’s plans to offer combined live-work spaces for small startups and solo entrepreneurs are further along than expected, and that a seamless meeting of work and personal life could be a future profit generator for WeWork.

That said, WeWork expects the coliving spaces, billed as WeLive, to earn considerably smaller profit margins than its coworking spaces in the short term. The Informationreports that the first two WeLive locations are expected to be in New York and the Washington, D.C. area, and could open by the end of 2015.

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Canadian condo market poised for a soft landing, Conference Board report says. What do you think? Post your comments below

Canada’s contracting economy and slowing job growth are creating a climate for the country’s condo market to safely cool off, according to a report released today.

The Insights Into the Apartment Condominium Market report from mortgage insurance firm Genworth Canada and the Conference Board of Canada, a non-for-profit research organization, provides an outlook for the rest of 2015 that contrasts with concerns of overheating.

“While conditions vary across markets, with greater cooling in oil-exposed regions, overall, the numbers point towards balanced resale activity which will support the safety and soundness of the condo market,” said Genworth CEO Stuart Levings in a press release.

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Waiting for fixed mortgage rates to drop further? You might be disappointed

If you’re a mortgage shopper stressing about whether to lock into a five-year fixed rate, you’re probably wondering if rates can drop further.

No one wants to leave interest savings on the table and it’s way more fun to say you timed your mortgage like a champ.

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The Rookie Landlording Mistake Most New Investors Make. A good reminder

So, you just bought a rental house or small multifamily property. Congratulations!

Now what?

Well, you need to probably fill that vacant unit with a nice family who is going to pay top dollar on time each month, never complain unnecessarily, and treat your property with respect.


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Multi-unit projects drive housing construction in August

OTTAWA — Canadian housing construction heated up in August, driven by a 19.5 per cent increase in urban multi-unit projects — primarily in Ontario.

Canada Mortgage and Housing says the annualized pace of housing starts in August increased to 216,924 units nationally, including 142,927 units in urban multi-unit projects.

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Canadian housing starts jump as Toronto condo building booms

Canadian housing starts unexpectedly jumped in August from July as condo building surged to meet demand for lower-cost options in the nation's hottest market, extending a housing boom that is one of the few bright spots in Canada's otherwise tepid economy.

Wednesday's report from the Canadian Mortgage and Housing Corp showed the seasonally adjusted annualized rate of housing starts jumped to 216,924 in August from an upwardly revised 193,253 units in July. Forecasters had expected 190,000 starts.

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