Posts Tagged ‘economics’
MacLean’s shares the Canadian Press’ report on the accelerating speed of real estate price increases in Toronto.
The average price of homes sold in the Greater Toronto Area last month soared 27.7 per cent compared with a year ago, the city’s real estate board said Friday.
The number of properties sold rose 5.7 per cent from February 2016, even though last year was a leap year which added an extra day of sales, the Toronto Real Estate Board said.
“The listing supply crunch we are experiencing in the GTA has undoubtedly led to the double-digit home price increases we are now experiencing on a sustained basis, both in the low-rise and high-rise market segments,” Jason Mercer, TREB’s director of market analysis, said in a statement.
“Until we see a marked increase in the number of homes available for sale, expect very strong annual rates of price growth to continue.”
The average selling price in the Greater Toronto Area hit $875,983 in February, while in the City of Toronto it was $859,186, an increase of 19.2 per cent. The MLS home price composite benchmark price for all communities measured by TREB was $727,300, up 23.8 per cent.
The Canadian Press reports, in an article hosted at MacLean’s, that media productions are huge parts of the Toronto economy.
Film, television and digital productions contributed more than $2 billion to Toronto’s economy in 2016, Mayor John Tory said Monday as he promised to streamline regulations, helping the city compete with other global destinations.
Calling the industry a “key economic driver” for the city, Tory said that 2016 topped the previous high of $1.5 billion in 2015.
Tory said $800 million of last year’s total came from Los Angeles-based productions, adding that Toronto will have to fight to keep the business.
The mayor said he met with the studios to thank them for their business and to find out what would help them return to Toronto.
“They told me that we had to continue to invest in facilities,” he said.
blogTO’s Derek Flack reports on how High Park North is facing the prospect of significant change, with proposals to densify sharply an area that already has plenty of high towers.
A number of Toronto’s neighbourhoods are in the midst of major transformations thanks to the onslaught of high rise construction that continues to reshape the city’s skyline.
Areas like Yorkville, Lower Yonge Street, and the waterfront get a lot of attention, but they’re far from alone.
Development pressure has, for instance, ramped up in High Park. In addition to a completed development on Bloor Street, directly across from the park, a slew of other proposals would see the residential neighbourhood to the north fill up with high rises.
With numerous apartment blocks dating back to the late 1960s and 70s, tall buildings are not foreign to these residential streets.
But after an initial surge of activity in conjunction with the arrival of the Bloor-Danforth subway line, the area between Bloor and Dupont streets has been mostly unchanged.
The Globe and Mail‘s Oliver Moore reports on Metrolinx’s announcement that it is searching for a new transit car maker to replace Bombardier.
Metrolinx has opened talks with another transit builder as it pushes for a quick resolution to its legal showdown with Bombardier Inc. over a $770-million light-rail vehicle order for Toronto.
The regional transit agency alleges in a 2,000-page court filing that Bombardier’s delays are putting the $5.4-billion Eglinton Crosstown LRT project at risk. And it argues that the Montreal-based company is trying to drag out the legal process so that Metrolinx won’t have enough time to go to another supplier, even if it wins in court.
At issue are the 182 transit vehicles destined primarily for the Crosstown – which is under construction and scheduled to open in 2021 – and an LRT project planned for Finch Avenue West.
Metrolinx will be on the hook for major fines if the vehicles don’t arrive in time to open the Crosstown as scheduled. The agency, an arm of the provincial government, is also keenly aware that its political masters could change next year and is under pressure to show it can deliver big projects.