The loss of jobs in Ontario is dragging down the Ontario real estate market. Not only are building permits down, but Ontario is pulling down the permit averages for the rest of Canada.
Ontario dragged down the rest of the country, with municipalities issuing $5.8 billion worth of building permits, down 1% from January, after peaking at $7 billion last spring. Take out Ontario, and the total value of building permits nationally would have jumped 9.8%. Article.
Permits for new structures are also shifting to multi-family dwellings.
Nationally, the value of non-residential permits fell 25.6% to $1.9 billion due to double-digit decreases in permits for all three components: institutional, commercial and industrial. Ontario construction intentions fell 16% to $2 billion, the lowest value since April 2007. Non-residential intentions in the province fell 44.9% while residential intentions were up 21.3%. Meanwhile, residential permits were up 21.3%. Article.
The Star has launched a new "website created to serve home buyers, sellers, owners and renters throughout the Greater Toronto Area." The site is Yourhome.ca.
Tuesday, April 08, 2008
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3 comments:
condos are driving the construction. Building permits for
residential construction are up. Its the commercial stuff thats dragging it down.
interesting read thanks
I am working as a West Toronto realtor and I am also in a business for some time. Since I started there was constant growth of our business and I think it will continue at least for next couple of years. There are always sensation news in some media about stagnation or “too many realtors”. I feel this news still more and more just like a rumors which are picked up by some journalist who had nothing to write about.
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