Outlook Stable for 2014
By Sam R on Nov 19, 2013
It doesn’t look like the naysayers will get their way anytime soon — the latest predictions by the Canada Mortgage and Housing Corporation for the Toronto CMA (presented at the annual CMHC Housing Outlook Conference last week) say next year is going to be stable, indeed “quite similar” to what we’re seeing this year.
“Existing home sales will be up modestly while housing starts will ease,” said CMHC senior market analyst Ed Heese. “Rental vacancies will remain relatively low, but the rate of increase in rents will slow.”
Ontario’s improving economy, lower inventories of unsold homes, and less out-migration to other provinces means a slowing for the rest of the year, and stability in 2014. Resale markets for single detached homes will continue to be tight, repeat buyers will be active, and income growth will allow for lower density homes to “hold up better” for much of next year. Heese says next year’s housing starts will shift towards semi-detached row homes.
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Robbing the city
Well, I suppose it’s time to address the, er, elephant in the room. Clearly, Toronto has seen few bigger newsmakers in its political history than our deeply damaged mayor, Rob Ford. From Colbert to Stewart, SNL to Leno, Ford has certainly given Toronto an international presence in the last couple of weeks.
I’m not going to wade the details; I’ll just say that it all makes me sad. Toronto is a great city worthy of a dignified global presence, and this clearly ain’t it. Since every yin needs a yang, I thought I’d remind us all of a few of the best, most celebratory moments in Toronto history, and let the funny men deal with Ford.
Oct. 23, 1993: Home run, Joe Carter! Wow, ’92 and ’93 were great years to be Blue Jays fans. Seeing the dynamic Carter run around the bases after his unbelievable three-run homer to win the series in the bottom of the ninth inning of game six against the Phillies in ’93 has to be one of everybody’s favourite Toronto moments, ball fan or not.
Sept. 5, 1879: The first Canadian National Exhibition Opens. I think, for most Torontonians, the opening of the CNE each year is a bittersweet day. It brings back a thousand childhood memories. The first Ex opened to promote agriculture and technology. These days, the Ex generates $58.6 million for the city and $80 million for the province over its 18-day run (according to a 2009 Economic Impact Assessment by Enigma Research), brings more than 275,000 out-of-town visitors each year, and creates 633 full-year jobs in the area.
July 1, 1893: Union Station opens. Currently undergoing a controversial renovation, “Union” (as we locals simply call it) provides a geographical anchor to the whole city, I’ve always thought. The original station, built in 1858, was a little west of its current location, and was made up of three wooden buildings used by the Grand Trunk, Northern, and Great Western railways. The city’s growing population soon forced Grand Trunk to build a new station, designed by Thomas Seaton Scott. The original entrance faced the harbour, a testament to the importance of Lake Ontario shipping at the time.
June 14, 1894: Massey Hall opens. Designated a National Historic Site in 1981, Toronto’s beloved performing arts theatre has seen some illustrious acts indeed, including the Neil Young concert released as the album “Live at Massey Hall 1971,” as well as a 13-year-old Glenn Gould in 1946, jazz greats Dizzy Gillespie and Charlie Parker together in 1953, Bob Dylan (who outraged purists by going electric with The Band) in 1965, and Gordon Lightfoot, an annual institution. Lightfoot turned 75 last week, and played his first annual concert there in 1971. He has since become the most-seen solo act in Massey Hall history. It escaped nearly unscathed (except for, ironically, the fire escapes) in the big fire of 1904, but had its records, photographs and playbills destroyed in a flood in 1943.
Dec. 2, 1905: The first Toronto Santa Claus Parade is held, with a single float paid for by Eaton’s. These days, the parade includes more than 25 floats, 24 bands, and 1,700 participants on a route nearly 5.6 km long (according to Wikipedia, where it also says it’s the oldest annual parade in the world — just remember to always take your Wiki with a grain of salt, kids).
Need a few more?
Dec. 4, 1911: The first Grey Cup is held at Rosedale Field.
March 19, 1941: The ROM opens.
Nov. 12, 1931: Maple Leaf Gardens opens.
June 26, 1976: The CN Tower opens as the tallest freestanding structure in the world.
June 5, 1989: SkyDome (as it shall ever be in our hearts) opens.
Here’s hoping that the next time Toronto is all over the news, it’s for some very different reasons.
