Newspaper articles and real estate market info

Following up from yesterday’s articles, here are a few more to keep you up to date on todays real estate market.

Link

Possible Toronto property-tax spike in sight – A possible property-tax increase of between 2 and 4 per cent looms next year for Toronto residents, Mayor David Miller said yesterday, even with city departments and agencies told to hold the line on spending for 2009. With tough labour negotiations set to begin later this year with unions, departments and agencies have been told to cut a further 2 per cent from their budgets because of wage settlements expected by next spring.
Globe and Mail, Oct 08, 2008 Globe and Mail (second article), Oct 08, 2008

White-collar sector critical to commercial real estatecushwake.com – Ongoing strength in Canada’s commercial real estate markets must include continued growth in the “white-collar” sector. “We need continued investment and resurgence in these modern white-collar factories,” said Paul Morse, senior VP, general manager and national practice director for Cushman & Wakefield LePage. The building and renovation of office space in downtown city cores across Canada is keeping businesses and workers in the downtowns of cities instead of the suburbs.
Journal of Commerce, Oct 09, 2008

CREA dismisses Merrill report of housing free fall – Canada’s real estate industry has gone into damage-control mode to quell fears the country’s housing market could enter into a U.S.-style free fall. Industry representatives held a conference call yesterday to refute a report by Merrill Lynch Canada Inc. that suggested Canada’s housing market was at risk of heading for the same perils as the U.S. The Merrill report created a stir, even prompting the Prime Minister to say Canada’s housing and construction markets remain stronger than those in the U.S.
Globe and Mail, Oct 10, 2008

The city’s land portfolio changes hands – On the surface, the obliteration of the Toronto Economic Development Corporation (TEDCO) looks like another in a long string of power plays by Toronto Mayor David Miller. Last week, Mr. Miller announced the city would split up TEDCO into two separate agencies: Build Toronto would manage, develop and otherwise attempt to extract value from the $17.9 billion worth of property owned by the City of Toronto; Invest Toronto would take over the business-promotion functions currently controlled by TEDCO.
Globe and Mail, Oct 10, 2008

Avison Young announces merger agreementavisonyoung.com – Avison Young shareholders and partners of Avison Young companies located in Alberta, British Columbia and Ontario have closed on a merger agreement to create Avison Young (Canada) Inc. The new company creates a national platform that, combined with its affiliates, will form Canada’s largest independently owned commercial real estate services company, operating under the Avison Young brand. Avison Young (Canada) will be headquartered in Toronto, Ontario.
Canada News Wire, Oct 14, 2008

Toronto mayor calls for a freeze on new project levies – The credit crunch has prompted Mayor David Miller to propose a freeze on development charges as a way to help the development industry. The levies – one-time charges on new projects to pay for infrastructure – have been bringing in about $50 million annually. They should be frozen at current rates through 2009, Miller said yesterday. A report to be unveiled Thursday indicates development charges should be doubled. Miller is asking city council to support a freeze instead.
Toronto Star, Oct 20, 2008

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