Toronto Skyscraper and Condo Blog: 10 Cities With the Best Economic Prospects for 2013 - Ranked by The TSB ( Toronto Skyscraper Blog)

10 Cities With the Best Economic Prospects for 2013 - Ranked by The TSB ( Toronto Skyscraper Blog)

Here is a listing complied by the Toronto Skyscraper Blog, ranking the Top 10 Canadian Cities based on the projected Economic Performance for 2013. This ranking is based on a subjective analysis, just to be clear. Although, the objective fundamentals underlying each region play a part in my decision to rank the cities, in addition to the diversity of their employment and growth opportunities. My analysis, falls in line with other forecast for the Canadian Market, with the Western Provinces, and their resource based economy, leading the charge in 2013, while eastern, and Atlantic Regions lag. It's a sad state that the manufacturing base within Ontario and Quebec has been decimated by the high Canadian Petro Dollar. The Auto Industry centered around Toronto Region, while the largest in North America, is losing capacity to low wage Detroit and Ohio at an alarming rate, while Saskatchewan and Manitoba see real growth for the first time in a generation benefiting from natural wealth and increased immigration.

1. Saskatoon: This city has been on Fire, it's building fast and strong, and is on a percentage basis the fastest growing city in Canada.

2. Regina : The second Saskatchewan city on the list, it's Potash Wealth and corporate headquarters and becoming known around the world.

3. Calgary: The traditional Resource Capital of Canada. Let the oil flow!

4. Edmonton: Headquarters to the oil supply industry, and leading in technology and development of the Oil Sands

5. Winnipeg: Benefits from the power of renewed immigration and migration, one of the fastest growing cities in Canada for 2012.

6. Toronto: Condo Boom is fading, but still has the largest construction industry in North America, with 150 skyscrapers under construction.

7. Montreal: Catching the Toronto Condo Boom Wave, has almost 30 highrises and skyscrapers under construction, an all time high. Go Habs!

8. Quebec City: On a percentage basis the growth of it's construction and business sector is second to none in Canada, including the Western Cities (Gasp!)

9. Halifax: New Ship Building Contract with the Federal Government Should pull these guys out of the hole.

10: Kitchener-Waterloo: Blackberry Z10? or Blackberry Q10 pick your poison.

Busy Condo Market Boosts Toronto Home Sales

With fewer homes in the detached category available in Toronto, new home buyers seem to be opting for new condos, with sales heading forward at a rocket pace last month. Sales of Existing Homes in the Toronto area moved up by a whopping 2.1% in February 2014, and that is compared to the same time period last year. That was mainly due to a 12.5% increase in the sales of condos within the city so stated by the Toronto Real Estate Board. That will contrasts with the sales declines that occurred in townhomes, detached and semi-detached housing during the month, which was mainly due to a constrained supply of those housing types.

The Canadian Home Mortage Corporation (CMHC) set to alter Mortgage Insurance Rates

The federal agency which regulates mortgage insurance in Canada is set to alter the rates which is charges new home buyers to insure their mortgages against the risk of default. These premiums which new homeowners must pay to get CMHC insurance may also impact the ability of homebuyers to purchase their homes. The federal government has been trying for quite some time to reign in the Toronto and Vancouver Housing markets where the average cost of a single family detached home has now reached over $1 million dollars.

RBC Financial Group Warns, that Rising Mortgage Rates will Make Home Ownership Unaffordable for Most Canadians.

The Royal Bank of Canada is warning that the tide of rising interest rates will make home ownership for most Canadians unaffordable. This will be very true in Toronto and Vancouver where home prices have recently climbed over $1 Million dollars for a single family detached home. Servicing of interest related to home ownership such as mortgage rates, as well as mortgage insurance are set to rise, or have been rising over the past year. The longer term interest rates are moving at such a pace that the incomes of most Canadians will not be able to keep up. The good news however is that the rising interest rates foretell a improving economy for most Canadians looking to improve their financial situation

New Report States: Alberta to Lead Canadian Construction Through the Next Decade

The Alberta Home Construction Industry is set to become the new leader on the Canadian scene as states a new report from BuildForce Canada 2014-2023 Construction and Maintenance Looking Forward Forecast which sees the pace of expansion in the western province expanding at an exponential rate. Home construction in Alberta has now passed the 2008 peak and is set for further growth. Also on the Alberta front outside of homebuilding, the Oil and Gas Sector looks set to power Alberta’s economy into the next decade. The Alberta Construction Industry has adapted well to conditions on the ground and looks set for future growth.

Sotheby’s Agent Tells Tales of the Toronto Real Estate Market

One agent, points out a 1500 square foot condo near the High Park area, it is already asking for a price well over $1.5 million dollars. This is the time we live in the agent states, as the supply of single family detached homes slows, and the supply of condos increases, so too do the prices which these properties command on the open market. Toronto is no different than New York City in a sense, the agent bemuses. He tells tales of homes listed for 735,000 dollars going over 1 million dollars and above. These homes appeal to a certain demographic, one that wants the convenience of downtown living, as well as having a detached or semi detached home close to the core.

Calgary's Real Estate Market is Creating Bidding Wars For Properties

And Calgary’s Market for Real Estate is becoming an example of the fact demand for housing in increasing as nearly 20 per cent of MLS residential sales in the city in February were for above list price. A Bank of Montreal Housing and Home Buying Report said 34% per cent of Canadians are willing to enter a bidding war when it’s time to buy a home, an increase of six points, or 21 per cent, from a year ago. The report, conducted by Pollara, said that in major city centres, the appetite for competitive bids is the highest in Toronto and Vancouver (44 per cent and 41 per cent respectively). In Calgary, it is 38 per cent and in Alberta, it is 30 per cent.

Hamilton ON Housing Market Continues to Show Signs of Improvement

Statistics from the Canada Mortgage and Housing Corporation and Realtors Association of Hamilton-Burlington support Alexander's prediction of a slower increase in the local housing industry next year. The realtors' association forecast average prices in the area will rise 3.5 per cent this year after rising an average 6.7 per cent for all of 2013. The average price of a home in the region hit $395,445 last year, up 9.3 per cent from 2012. The association is also calling for 14,000 sales next year and 19,500 listings.

Prices in the Montreal Market Stabilize for February and January 2014

According to the real estate brokers' Centris® provincial database, 2,054 residential sales transactions were concluded in January 2014, a 2 per cent decrease compared to January of last year. Sales of single-family homes increased by 1 per cent in January 2014, while sales of condominiums and plexes fell by 4 per cent and 8 per cent, respectively.

One King West

Scotiabank Sells Scotia Plaza

TD Bank Tower and The Falling Man

Top Ten Economic Cities of the United States

Top Ten Economic Cities of Canada

Canadian Major City Populations

Toronto Skyscraper Blog Recommends This Site: