Canadas hot condo market set to get even hotter

TORONTO — A new condo report suggests first-time buyers, retirees and population growth will continue to fuel demand and price growth for the compact living spaces over the next few years.The study by Genworth Canada found that average condo resale prices are expected to rise next year in seven of the eight metropolitan centres studied.Prices in Toronto are projected to jump 2.5% to $312,352.For those seeking to own a home affordably in urban centres, condos remain a good optionThe highest increase however, is expected to be in Edmonton where prices could rise 3.2%.Vancouver is the only city where condo prices are expected to drop, by 2% to $348,152.The report stands in contrast to warnings from economists and officials that the condo market in some hot markets is reaching bubble territory that could soon burst.[np-related]The Bank of Canada and federal Finance Minister Jim Flaherty have cautioned Canadians repeatedly to moderate borrowing on real estate, declaring household debt to be the domestic economy’s number one enemy.The central bank noted certain segments of the housing market that have a persistent oversupply — such as condos in Toronto — face a higher risk of a price correction.Genworth — which earns revenue from selling mortgage insurance — notes that rising prices for single-detached homes are driving first-time buyers to condos, but retirees also continue to prop up demand.It suggests that the population is expected to grow in all eight cities studied over the next few years, while employment growth and low interest rates should also support the market.“This data corroborates our view that the demand for condos in Canada, particularly at the price-point we insure, is well supported by our economy and our population,” said Brian Hurley, chairman and CEO of Genworth Canada.“For those seeking to own a home affordably in urban centres, condos remain a good option.”The Genworth Canada report, produced with the Conference Board of Canada, reviewed trends in Quebec City, Montreal, Ottawa, Toronto, Calgary, Edmonton, Vancouver and Victoria.Census figures for 2011 released in February show multi-unit dwellings — a category that includes condominiums — making up roughly half of all new housing stock, a category traditionally led by detached homes.The numbers also indicate that Canadians are flocking to urban centres. Toronto’s population jumped more than 17% over the previous census period in 2006.A recent CMHC report said housing starts and home sales have been strong in 2012 — particularly when it comes to multiple-dwelling units such as townhouses, condos and apartments — but will soften moderately in coming months into 2013.The Canadian Press

Canadian and US stock markets push higher in latemorning trading

The Canadian Press TORONTO — Canada’s main stock index posted a triple-digit advance in late-morning trading, while U.S. stock markets also moved higher.The S&P/TSX composite index was up 127.35 points at 16,277.14.In New York, the Dow Jones industrial average was up 264.76 points at 26,150.77. The S&P 500 index was up 34.75 points at 2,923.43, while the Nasdaq composite was up 114.14 points at 8,010.13.The Canadian dollar traded for 75.29 cents US compared with an average of 75.27 cents US on Friday.The October crude contract was up 77 cents at US$55.58 per barrel and the September natural gas contract was down 2.3 cents at US$2.18 per mmBTU.The December gold contract was down US$12.30 at US$1,511.30 an ounce and the September copper contract was up 1.05 cents at US$2.61 a pound. Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)

Vegan mother forced to vaccinate children in High Court ruling

first_img Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings. Two young boys will receive routine vaccinations, in spite of their mother’s wishes, after the High Court ruled that it would not be in the children’s best wishes to keep them from being vaccinated.The mother had told the court she objected to vaccinations because they were not vegan, and that her children’s bodies “are as free of toxins as I can possibly make them.” The boys’ father, who had applied for a court order so his sons could receive vaccinations, described the mother as “obsessive, over-protective and narrow in her views.”Moreover, he said, she had “a suspicion of conventional medicinal methods” and was “even suspicious about the administration of something like Calpol.” The mother, defending her stance at the Court of Protection in Lincoln, said: “Both children are thriving and have strong immune systems which definitely helps in protecting them from diseases.”No vaccine is vegan. No doctor will criticise the actions of a vaccine or he or she will be afraid of losing their job.”It is not natural to be injected with metal elements and as a vegan it goes against my beliefs for my children to be injected with something that is grown on animal cells or something that has been tested on animals.”However, the court ruled against the mother, and both boys will now receive vaccinations against diseases including measles, meningitis, polio and diphtheria. Judge Mark Rogers told the hearing he had “serious concerns as to [the mother’s] ability to look objectively and even-handedly” at the issue.”I am truly sorry that the mother will regard the decision as wrong,” he added. “but my objective duty is clear.” Lincoln County Court Lincoln County Courtlast_img