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Saturday , 25 March 2017

Monthly Archives: July 2016

Expanded retail, smoother US preclearance meant to make Toronto Pearson more passenger friendly

The Greater Toronto Airport Authority (GTAA) has been working to “redefine” passenger experience at the country’s biggest airport, Toronto Pearson. And what better way to do that than by giving passengers better shopping facilities? Just in time for the summer travel peak, says the GTAA in an announcement, Terminal 3 has a “spectacular” new retail and relaxation space with something for everyone. Known as Node C, the official description of the retail “program” in Terminal 3 makes the need for the revitalization quite obvious. Previously, most of the retail, a cluster of shops in the Retail Court, was “pre-security.” Travelers could buy food, leather goods, books, jewelry and clothing. “Once ... Read More »

Canadian commercial real estate remains attractive to foreign investors: Morgard

Strong foreign investment in residential real estate in Vancouver prompted the BC government to announce yesterday that it would impose a 15 per cent property tax on foreign buyers to make it more difficult for them to enter the market. No such tactic is likely to be used in the commercial real estate sector however. Foreign investors, mainly Asians, spent $1.3 billion buying Canadian commercial real estate in the first half of the year and will probably continue to do so. Canada, with its stable property sector and low dollar, is an attractive market for foreign capital investment. Toronto, Vancouver, and Montreal are the primary markets attracting foreign investment, according ... Read More »

BC government to impose 15 per cent tax on foreign-bought Vancouver real estate

After months, even years, of talking about the growing unaffordability of housing in Vancouver and other parts of BC, the provincial government announced today that it would impose a 15 per cent property transfer tax on foreign nationals who buy residential real estate in Vancouver. The tax on a $2 million home would be $300,000. In just one month, from June 10 to July 14, according to reports, foreign nationals spent more than $1 billion on BC property, most of it in the Lower Mainland area. Approximately 5 per cent of homes sold in the area in that period went to foreign buyers, i.e. buyers who are not Canadian citizens ... Read More »

Report puts value on Canada’s tech sector, warns about falling behind

Using an expanded definition of the information and communications technology (ICT) sector, researchers at Ryerson University’s Brookfield Institute have found that Canada’s high-tech sector is larger and more important to the economy than previously thought. According to the study’s authors, Creig Lamb and Matthew Seddon, ICT was directly responsible for $117 billion or 7.1 per cent of Canada’s economic output in 2015, greater than that of the finance and insurance industry. Approximately 864,000 Canadians were employed in the tech sector, making up 5.6 per cent of total employment in the country. Employees earned approximately $67,000 a year, well above the national average of $48,000, and more tech employees were university ... Read More »

Bad elevator service in your condo or apartment building? Call your city councillor

How could it take more than two months to repair a broken elevator? Even if parts had to be shipped in from outside the country, would it take that long? Yet residents of a Mississauga condominium endured that much time walking up and down the stairs of their high-rise building after flash flooding damaged their Otis elevators back in 2013. Complaints about the slowness of elevators in buildings at peak times like morning and evening rush hours are common. Breakdowns resulting in people becoming trapped in an elevator are apparently very common too: in Toronto there were 2,862 calls to fire departments to rescue trapped elevator passengers in 2015. That’s ... Read More »

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