Deutsche Bank's chief international economist Torsten Sløk has circulated a chart deck looking at global housing markets, and Canada stands out as having quite a few problems. Sløk dedicated seven charts to the country. Simply put, debt levels are very high, and with sky-high home prices cooling off, we could see pressure on the Canadian financial system and the labor markets.
Greenland Holding Group Co. is adding a hotel and museum to a planned downtown Toronto residential complex that’s the Chinese developer’s first project in Canada.
Greenland, owned by the Chinese government, will build a Primus-brand boutique hotel along with the two condominium towers it’s developing on King Street in Toronto. The Shanghai- based company also will add a museum dedicated to Canada’s theater culture at the site, located on a strip lined with restaurants and theaters.
Holt Renfrew is staking a bigger claim on the streets of downtown Vancouver with plans to expand its existing store just as competition heats up in the luxury goods market.
The Canadian retailer announced details of a plan Friday to grow the size of its Dunsmuir Street store by 30 per cent, or nearly 40,000 square feet to the location.
Yves here. On the one hand, I’m leery of using single indicators to assess complex phenomena, like using blood pressure or cholesterol levels as the sole basis for judging health. On the other hand, as long as one understands their limits, key data points or developments can shed light on bigger issues.
David Madani, the economist known for his prediction of a 25 per cent correction in Canadian house prices, has a new forecast for the Toronto and Vancouver markets.
His forecast from February 2011 has yet to materialize but that didn’t stop Madani, of Capital Economics, from forecasting a price correction of as much as 30 per cent in Canada’s two most expensive cities.
The country’s most expensive housing market is showing signs of surging sales but Vancouver is still lagging historical norms.
The Real Estate Board of Greater Vancouver said they were 2,514 sales via the Multiple Listing Service last month, a 52.5% increase from a year ago.
Analysts has been expecting a big number in August but have cautioned that a year ago was a brutal month for housing in most parts of the country.
It’s that time of the year again when your friends and family residing in Toronto, Vancouver and Calgary get to brag about how they live in one of the world’s top five most liveable places.
Vancouver was again ranked the third most liveable city overall this year by the Economist Intelligence Unit, while Toronto and Calgary maintained their fourth and fifth spot rankings respectively.
The semi-nude shenanigans of the annual No Pants Subway Ride hit transit systems across the world Sunday, with hundreds dropping trou for their commutes in London, New York, Vancouver and Toronto.
The pant-less flash mob hit Vancouver’s SkyTrain at about 1 p.m. Sunday, adding some spice to the trips of unsuspecting SkyTrain riders. Riders came to Commercial station fully clothed before stripping down for the ride. Transit security was on hand, but tolerant of the exhibitionist riders.