other

Increased awareness, affordability/good value, and a relaxed rural life style attracted buyers to Pemberton in record numbers in 2016. Recreational enthusiasts, first time home buyers, investors and those looking for a return to a country lifestyle flocked to the area, increasing overall activity levels by 60% as compared to 2015. This increase in activity resulted in an overall 5.1% increase in average transaction value with all segments of the market experiencing significant average price increases.

The strongest levels of interest continued to be the more affordable properties (condos and townhouses) that are rarely available any longer in Whistler and Squamish and appeal to young families and first time home buyers.

The Numbers

Average single-family values rose by 18.6 % (to $640,368) in 2016, while condos rose by 13.5% (to $252,337) and townhouses rose by 24.2 % (to $395,009). Acreages and homes with acreages continued to be of high interest to both existing markets, and a new generation of agricultural enthusiasts.

2016 was also the first time in a number of years that several new subdivisions and projects for the area were unveiled for the Pemberton area.

New single family subdivisions at Tiyata and Pemberton Ridge were announced and enthusiastically embraced by the market. Further, a purpose driven rental building of 40 units and a 35 unit condo project named Crestline are now under construction for completion in 2017/2018

What Does it Mean?

Like Whistler, the number of purchase opportunities available to consider is at historically low levels and with continued interest in the area we expect ongoing support for the market and upward pressure on prices. Interest rate changes and new mortgage financing rules may impact on future activity however, until such issues have become more defined, the future looks bright for the Pemberton real estate market.

© 2017 Pemberton Valley Real Estate

Steve Randall
REP

Last year saw strong sales and price rises for homes in the Victoria region but sales are expected to be more moderate in 2017. The Victoria Real Estate Board believes that prices will continue to rise despite slower sales, due to the challenging levels of inventory in the market.
 
Some had expected that foreign buyers would turn their focus on Victoria following the introduction of the foreign tax in Vancouver, however that has not been realized.

“There’s certainly no evidence so far of showing a big shift of foreign buyers to Victoria,” the board’s chief Mike Nugent told the Vancouver Sun.  “As soon as it was implemented everybody phoned and said, ‘what are the numbers like? You must be getting an avalanche.”

Among the trends Nugent sees in Victoria is baby boomers selling high-priced Vancouver homes and moving to Victoria where their money goes further.

Copyright © 2017 Key Media Pty Ltd

Homeowners grant limit upped to $1.6 million

GEORDON OMAND
The Globe and Mail

British Columbia residents whose homes are valued at up to $1.6-million will now be eligible for a reduction on their annual property-tax bill.

The provincial government announced the change Tuesday, days after many residents were surprised by dramatic increases in the assessed values of their homes. Homes valued at over $1.2-million would lose their $570 homeowner grant.

Finance Minister Mike de Jong announced the eligibility threshold for the grant deduction from property taxes would increase by $400,000 from the 2016 limit.

The change will ensure that 91 per cent of homeowners across the province will be eligible to receive a basic grant, Mr. de Jong said, adding the program will apply to 83 per cent of the homes in Metro Vancouver.

Home sales and values have tempered in the province in recent months, but annual property assessments leaped in value. Some assessments increased by up to 50 per cent for homeowners in the Lower Mainland and on Vancouver Island.

“We are doing our part to help keep housing costs affordable for families,” Mr. de Jong said in a statement. “The strength of the province’s economy and sound fiscal management have put us in a position to raise the threshold by such a large amount this year to help homeowners.”

Mayors in Metro Vancouver had asked the province to consider allowing municipalities to set the eligibility threshold for the grant, in order to account for massive regional disparities in home values. For example, the average price of a home in Vancouver is just over $1-million, while in the North Okanagan – an area encompassing Vernon, Enderby and Lumby – it is $376,969.

Mr. de Jong said during a news conference that the grant has always been administered on a provincial basis.

“This is a program that exists to the benefit of all British Columbians no matter where they live,” he said. He said the new threshold is aimed at people such as seniors who bought their home decades ago, who have seen a dramatic rise in the assessed value of their property and would suffer if they no longer qualified for the grant.

However, Tom Davidoff, a housing expert at the University of British Columbia, criticized the program, calling it a politically motivated subsidy for the wealthy.

He said it is doing more harm than good by artificially inflating real estate prices.

“You’re taking the money from people who don’t own homes and giving it to people who do,” Mr. Davidoff said. “And when you give a gift to homeowners, you not only help homeowners with cash today, you increase the value of the homes.”

He dismissed the suggestion that elderly property owners whose equity may be stuck in their homes will suffer, pointing to the province’s property-tax deferral program.

“People like to give the sob story of grandma on her limited income who can’t pay her property tax, but grandma is able to defer her property tax until she sells her home,” he said.

Mr. Davidoff said a more effective policy would be a reduction in sales or income tax.

David Eby, housing critic for the Opposition New Democrats, said property values were calculated based on an assessment done in July, ahead of the introduction of a 15-per-cent tax on foreign buyers and before the market started to cool.

He said the government should have ensured homes were assessed again in the fall or raised the threshold for the grant sooner.

“There were a lot of calls to my office. Families were really stressed out about making their property-tax payments and those families didn’t have to go through that stress,” he said. “The government could have made the commitment they made today much earlier. Instead, I think this is an election-driven promise.”

B.C. residents are set to cast their ballots on May 9.

The homeowner-grant program is expected to cost British Columbia an extra $12-million compared with last year. The province reimburses municipalities for decreased revenues resulting from the grant so local coffers are not affected by the change.

Copyright 2017 The Globe and Mail Inc.

Tighter controls on capital outflow seen partially tied to housing boom

CHUCK CHIANG
The Vancouver Sun

Beijing is cracking down on the export of capital from China and real estate markets like Vancouver’s appear to be one inspiration for the tougher rules.

The idea that sharply higher housing prices in Vancouver in recent years has been caused, at least in part, by the flow of millions of dollars from China has received widespread publicity.

On Jan. 1, Beijing moved to close loopholes that were letting some citizens get around the annual US$50,000 limit on the amount of currency each Chinese citizen is allowed to export. The new rules include additional disclosure requirements for Chinese citizens seeking to get foreign currency, including requiring a pledge to not use the cash to buy property or securities.

“I think the publicity about large offshore purchases of real estate by individual Chinese was certainly a factor,” said Asia Pacific Foundation distinguished fellow Hugh Stephens. “The regime wants to fire a shot across the bow of individual investors and discourage a snowball effect.”

Vancouver real estate prices skyrocketed in recent years while average incomes did not, making the city among the worst in the world for affordability. Many blamed new money from Chinese investors and B.C. imposed a 15-per-cent foreign-buyers’ tax last year.

The high-profile nature of the issue in Vancouver, and in major cities in the United States, Europe and Australia, may have played a part in Beijing’s decision, analysts say.

Andreas Schotter, assistant professor of international business at the Ivey Business School in London, Ont., said the new rules are part of China’s anti-corruption campaign.

But they are also a protectionist measure to keep Chinese money within its borders to boost domestic consumption. Seeing money that could have been kept in China driving real estate markets like Vancouver, Toronto or Sydney likely added to the urgency with which the new rules were adopted.

“Absolutely,” Schotter said when asked if foreign housing booms played a role. “This is a big concern. The last thing that the (Chinese government) wants is an exodus of the wealthiest demographic population segment. … It is more about what does this says about the Chinese economy. It is a sign of lower confidence of these citizens; and to be fair, any government would be concerned about this.”

According to Bloomberg, China’s currency’s had its worst slump last year in at least 20 years. As much as US$762 billon left the country in the first 11 months of 2016, reducing China’s foreign currency reserves. The Bloomberg report identified Vancouver and Sydney as two markets where property prices rose as a result.

“The tighter rules on outflow of capital are intended to slow down the amount and speed of outflow of capital and downplay the depreciation pressure on exchange rate of (the renminbi),” said Wang Yong, professor of Peking University’s School of International Studies, director of that school’s Centre for International Political Economy, and formerly a visiting professor at UBC.

Chen Bo, associate department chair of finance and economics at Shanghai University, said Beijing is walking a tight rope with the tighter foreign currency rules, since it is also trying to turn the renminbi into a major international currency.

“China’s government is reluctant to call them capital controls, as its ambition is still internationalizing renminbi and our financial market in the long run,” Chen said. The new rules, he said, “are just the remedies in the short run, when we face quick renminbi depreciation and financial turmoil. I think they will be removed once the exchange rate of renminbi is completely stabilized.”

Neither Chen nor Wang believes the real estate booms outside China played a part in the establishment of tighter rules.

“Investment in foreign property markets has been part of rapidly growing outbound investment from China, but it does not mean that this is one of main objectives leading to the tighter rules,” Wang said. “But it is sure that the new rules will slow down Chinese investment in foreign property markets.”

Canadian observers say the new rules would have no more than a minor effect in Vancouver, with tighter mortgage rules and the foreign buyers tax having a bigger impact.

“I think anyone who is serious about getting money out of China will continue to do so,” Stephens said. “This will curtail some individual investors, or at least give them pause for reflection. … There will be a few high-profile cases of wealthy individuals caught by the new regulations — not really enough to make much of a tangible difference, but enough to send a message to people to be careful.”

© 2017 Postmedia Network Inc.

Steve Randall
Canadian Real Estate Wealth

The tightened mortgage rules introduced by the federal government last year are having a negative effect on the homebuying plans of first-time buyers.

That’s the finding of a survey for the Ontario Real Estate Association by Ipsos Reid which says that 79 per cent of first-time buyers will delay buying due to the mortgage stress tests.

“Our survey indicates that the new stress test will have a negative impact on first-time buyers’ ability to buy a home,” says OREA CEO Tim Hudak. “It’s important to remember who’s being affected by measures that curb housing demand – a young family looking for more space, a twenty-something trying to get out of his parent’s basement. Just when they’re about to make the leap into home ownership, things get a little less affordable.”

Hudak says that policy should be focusing on helping affordability rather than curbing borrowing. He welcomed the new provincial land tax rebates for first-time buyers which came into force this month which could be followed by a similar move from the City of Toronto.

“More rebate means more money in the pockets of first-time buyers which benefits both home owners and the province,” says Hudak. “The money that home buyers get back either ends up going towards their mortgage or more often they spend it on furniture, appliances, renovations. The economic spin-off that comes with every home sale is immense. In this regard, the City of Toronto stands more to gain from giving its home buyers more rebate, rather than a tax increase.”

Copyright © 2017 Key Media Pty Ltd

Province?s new transfer tax cooling off the luxury market in particular

BETHANY LINDSAY
The Vancouver Sun

There has been a slow uptick in the number of foreign buyers investing in Metro Vancouver real estate, but it’s still drastically down following the August introduction of the B.C. government’s foreign tax, according to latest Ministry of Finance figures.

Property transfer tax data for November showed 4.1 per cent of all residential transactions in the region that month involved foreign buyers, up from three per cent in October. Immediately after the 15 per cent tax was introduced, less than one per cent of real estate transactions involved foreign buyers. But the 204 transactions involving foreigners in November were just a fraction of the 1,974 that Metro Vancouver saw in the seven weeks before the tax came into effect.

According to Andrey Pavlov, who specializes in real estate finance at Simon Fraser University, that’s strong evidence the tax is having its intended effect on the market.

“There is a huge drop,” Pavlov said. “There may be some seasonal variation like there normally would be on all transactions, but the drop is so significant that it couldn’t possibly be explained by seasonal variation.”

Foreign buyers seem to be shying away from the luxury market in particular. Provincewide, just eight properties valued at more than $3 million were purchased by non-nationals in November, down from 95 in July.

The under-$1-million market was far busier, with 304 purchases in the same month.

In all, foreign nationals bought $295.8 million worth of residential property in B.C. in November and $3.5 billion worth in the six months beginning in June.

That month marked the province’s first efforts at tracking foreign purchasers, so there’s no data from previous years to compare with the 2016 numbers. That makes it difficult to draw any real conclusions about the impact of the tax, according to Pavlov.

“We’re not going to have apples-to-apples comparisons until next June,” he said.

What is clear is the tax is producing significant revenues, which the province has promised to reinvest into affordable-housing projects. In the first four months of the new levy, the province brought in more than $49 million in extra revenue from foreign buyers. About half of that — $24 million — was in November alone.

In all, the government projects that about $2 billion in property transfer taxes will be paid in the 2016-17 fiscal year, up from $1.5 billion last year.

The latest data also show an overall decrease in the total number of property transfers between June and November — a decline of about 42 per cent in the residential market. Real estate sales do tend to slow down in the fall and winter and the province could provide no numbers from previous years to compare with this slump.

However, Pavlov believes there’s evidence of a significant downward trend, something he attributes in part to federal policy measures like tougher mortgage-qualifying requirements.

© 2017 Postmedia Network Inc.

Meeting the demand in Langley

Michael Bernard
The Vancouver Sun

 

The Belmont at Heritage

Project Address: 22084 Fraser Highway, Langley

Project Scope: 55 condominium homes ranging from one- to three-bedroom units in a four-level wood-frame building. Situated in the historic Langley community of Murrayville, about 45 minutes drive to Vancouver, but self-sufficient with major supermarket, community centre, farm market and several schools within walking distance

Prices: From $279,000 for units ranging from 717 sq. ft. to 1,529 sq. ft.

Developer: Infinity Properties

Architect: Burrowes Huggins Architects

Interior Designer: Jill Bauer Design

Sales centre: 22084 Fraser Highway, Langley

Centre hours: Noon — 5 p.m., Sat — Thurs

Sales phone: 778-277-1611

Website: www.madeinmurrayville.ca

Occupancy: Fall 2018

In today’s volatile real estate market, keeping up with change sometimes means being nimble and willing to rip up your plans and go back to the drawing board. That’s exactly what the award-winning Infinity Properties did mid-stream with its newest 55-home multi-family condo development in the historic community of Murrayville in Langley.

“We noticed that after we had sold five units in The Belmont at Heritage, that people were really interested in the larger units, which went first,” said Jared Bouwman, development coordinator for Infinity Properties.

“So we did a quick analysis on the units that were being sold and the conversations that we were hearing on the sales floor and we thought, ‘Let’s make the bold move and let’s see.’”

That “bold move” was to reduce the total number of homes to 55 from 66 by combining a number of smaller units to create homes up to double the original sizes. Homes up to 1,529 square feet were created to meet what people were telling Infinity what they wanted.

Bouwman said the move was entirely counter-intuitive; developers are often looking for ways to increase rather than decrease a project’s density. “But it looked popular and we decided to go ahead and change the architectural drawings,” he said.

Those changes required some “pricing gymnastics,” but basically involved doubling the prices for the new consolidated units, he said.

While The Belmont at Heritage still has a number of suites in the 700-square-foot range, the majority are larger homes that are hitting the mark with local downsizers, who account for a majority of sales.

A key factor in changing the configuration of homes at Belmont was the simple fact that Langley residents were fetching more for the single-family detached homes they were leaving and were able to afford larger condo homes, Bouwman said.

Fraser Valley Real Estate Board figures show that the benchmark price for a single-family home rose more than 30 per cent to $871,600 from November 2015 to November this year.

Bouwman said it isn’t the first time that Infinity Group has changed its plans. Its Heritage executive townhome project next door won the prestigious Urban Design Insitute’s award this year for Best Residential project in the Fraser Valley. That project started as a fairly standard featured development until Infinity realized that the demand for master bedroom on the main had gone largely unmet in Langley.

“(With Heritage townhomes) we ran our numbers and we looked at some developments immediately adjacent and saw the absorption just wasn’t there,” he said. “We thought there was a pretty good itch in the market that wasn’t being scratched.”

Plans were changed to accommodate that demand for the master bedroom on the main level, he said.

Sales at Belmont have been brisk, with more than 60 per cent of the units being sold to date, Bouwman said. Increasing the size of the homes wasn’t the only thing Infinity learned on the sales floor. Potential buyers also indicated they wanted good soundproofing between suites, energy efficiency, and “clean air.”

Belmont suites are LEED certified, (short for Leadership in Energy and Environmental Design), the most popular green certification program used worldwide. The suites incorporate independently ventilated living spaces with HRV (Heat Recovery Ventilator) systems for lower energy bills, Energy Star appliances accounting for a 20-to-30=per cent annual energy saving, low-E vinyl windows and R20 insulation in the walls.

Despite having “Heritage” in its name, the architecture is decidedly West Coast modern both inside and out. All suites have nine-foot ceilings and either generous covered balcony or patio spaces with oversized windows to allow lots of light in.

Kitchens are equipped with stainless steel Whirlpool appliances, including a fridge with ice-maker, gas range, Venmar stainless steel chimney hood fan, dishwasher, front load washer and dryer, and a natural gas barbecue outlet on all balconies. Buyers can also opt for upgrades including over-the-range microwave, and a bar fridge with built-in cabinet in select homes.

Quartz countertops are used throughout the home, laminate wide planks in living areas and plush carpet in the bedrooms. Bathrooms are finished in oversized porcelain tiles with subway tiling in the kitchen. Optional upgrades include air conditioning, heated floors in bathrooms, built-in pantry cabinets in select homes, and a sliding barn door separating the den from the rest of the home.

Bathrooms have a frameless glass shower in the ensuite and soaker tubs in secondary bathrooms.

The complex comes with an amenity room with walk-out patio on the ground level, and all suites have 180 square feet of storage in gate-secured underground parking.

The larger homes were the main draw for John and Jeanie Robins, who were exactly the kind of people that Infinity Properties was targeting when it went back to the drawing board with Belmont.

The couple has lived in Langley for more than 40 years, first in a single-family home and later in a townhome.

“For a while after we retired, we moved to Westbank (in the Okanagan),” John said. “We have a large home on a golf course there, but unfortunately we were missing the grandkids so we moved back to Langley. When we moved to Westbank we had two grandchildren. Now we have seven.”

They began looking a few years ago for something easier to take care of, but found little that suited them until they learned about Infinity’s Heritage townhomes. “But by the time we realized they were building them, they were all sold out,” John said.

Impressed by the quality of workmanship at Heritage, they started following Infinity and learned of the company’s plan to expand the home sizes at Belmont. Ultimately, they purchased an enlarged Belmont home for $589,000.

“The neighbourhood was incredibly important to us,” said Jeanie, noting that the supermarket, community centre, drug store, hospital and other amenities are all within walking distance.

Equally important was the fact that they will be just a 12-minute drive to their grandkids.

© 2017 Postmedia Network Inc

Ephraim Vecina
Canadian Real Estate Wealth

In its latest set of data releases, the Real Estate Board of Greater Vancouver revealed that sales volume in the city suffered a massive decrease of nearly 40 per cent year-over-year in December (22 per cent month-over-month).

This accompanied similar drops in home listings compared to November 2016 numbers, with the total number of properties available in the Vancouver housing market declining by 24 per cent, down to 6,345. New listings fell by approximately 58 per cent month-over-month.

“The supply of homes for sale couldn’t keep up with the demand for much of 2016,” Board president Dan Morrison told CBC News. “The inventory is not there.”

However, the benchmark price of all residential housing types decreased only by 2.2 per cent over the past half-year. As of December, overall prices remained around 18 per cent higher compared to the same time last year.

“There is no question, in the last six months, prices have come off two or three per cent,” Morrison said. “But compared to a year ago, prices are still higher.”

A possible contributing factor is that not many Vancouverites are tempted to sell in the current economic climate.

“Vancouver is not a factory town. People are buying for the long term,” Morrison stated.

Despite these trends, accurately predicting the trajectory of the market will take some time as Vancouver is still getting used to measures such as the 15 per cent foreign buyers’ tax and the recent revisions to federal mortgage rules.

“The long-term effect of these actions won’t be fully understood for some time,” Morrison concluded. “Best guess is another two to three months to work things out.”

Copyright © 2017 Key Media Pty Ltd

Martin Rumack
REM

An Ontario case, Rimmer v. Building Insights Inc., may give some comfort to potential buyers – but it probably keeps home inspectors awake at night. It features a home inspector who was ordered to pay almost $19,000 to a buyer who hired him, all because he reported on a significant defect verbally, rather than in writing.

Randy was thinking of buying a home for sale in Cambridge, Ont. He made the seller an offer that was conditional on obtaining a satisfactory home inspection. Randy then hired a home inspector, who was duly registered with the Ontario Association of Home Inspectors, to obtain an inspection report on the various systems and components in the home.

The inspection took about an hour to complete, with Randy accompanying the inspector as he toured the home. During this process, they carried on a conversation about the various concerns that the inspector could observe. These included cracks in the brick masonry and concrete driveway in one area and other seemingly minor problem areas. The inspector provided a written report, which Randy later admitted that he merely “skimmed”.

Apparently relying on that report, the next day Randy waived the home inspection condition in the Agreement of Purchase and Sale and proceeded to buy the house.

After the deal closed and Randy moved in, he noticed for the first time that the kitchen floor was not level. When he put a tennis ball in the centre of the kitchen, it rolled to the south. After consulting with an engineer, he learned that the western foundation wall was sinking, and had been for some time. He lived with it for a while, but later obtained a second report from a structural engineer that confirmed the same results. He was advised that to keep it from sinking further, parts of the home needed either a reinforced foundation or the addition of secondary supports.

Randy sued virtually everyone who was involved in the deal (including the seller, the real estate salespeerson and the home inspector), but he eventually consented to dismiss his lawsuit against all but one of them: the home inspector.

At trial the judge ruled that although the inspector had conducted the inspection in a professional, thorough and conscientious manner, he had still fallen short of meeting the standard of care that was expected of him – that of an ordinary, reasonable and prudent home inspector in the same circumstances. This breach in his duty made him negligent, making him legally liable to Randy for damages.

While the inspector observed during the inspection that the kitchen floor had a noticeable downward slope, and although he mentioned it to Randy verbally, the court found this was simply not enough.

The sloping floor pointed to a foundation defect, and therefore amounted to a “’significant deficiency for the proper functioning of the dwelling, for its safe and comfortable use as a residence, and for its value, the court ruled. This was true notwithstanding a lack of expert testimony to indicate that the sloping would certainly get worse in the future.

The court determined that the problem was sufficiently important to be worthy of bringing to Randy’s attention.

Secondly, the court concluded that while the inspector was aware of its significance and mentioned it verbally, it was unfortunately not communicated to Randy effectively – it was not “’brought home” to him. Especially in light of the specific wording of the home inspection agreement (which obliged the inspector to make a visual inspection only, but to report any “’significant”’ items as well as “seriously deficient systems and components or those nearing the end of their useful life”), it was the inspector’s duty to include the observation in his written report. This was the level of notice that was required under the Standards of Practice imposed on home inspectors by the professional association.

The fact that Randy merely skimmed the report (such as it was) was immaterial since it did not affect the inspector’s own level of duty.

Finally, Randy had clearly relied on the home inspector’s assessment when making the decision on whether to purchase the home. The court was satisfied that had he been meaningfully alerted to the existence and extent of the sloping kitchen floor in advance, Randy would not have waived the home inspection condition in the agreement, at least not without an adjustment to the purchase price to reflect the cost to rectify the problem.

Since the inspector had fallen short on his obligations to Randy, he was liable for the specific damages that Randy incurred as a result of the shoddy inspection – the cost to shore up the foundation and re-level the kitchen floor. The court ordered the inspector to pay Randy $18,645 to cover those costs.

© 2017 REM Real Estate Magazine

Ephraim Vecina
Canadian Real Estate Wealth

While Canadian real estate has long been attractive to enterprising Asians and Europeans who are looking to invest or park their wealth into overseas housing, an analyst stated that the long-running loonie-greenback exchange rate might make homes in Canada even more enticing for foreigners.
 
Vestcap Investment Management senior portfolio manager Lyle Stein recently argued that the low Canadian dollar could draw in a greater volume of foreign capital this year.
 
“When your dollar is low you become on sale and smart investors with all this liquidity that is coming out of the bond market and looking for a home, why not own a home in Toronto, a home in Vancouver or a home in Ottawa as an alternative asset — and that is what we are seeing,” Stein told BNN.
 
The increased dependence of the national economy on the health of the real estate segment might prove fatal to the floundering loonie, however.
 
“When you look at the Canadian economy I was stunned that seven per cent of the economy is related to housing and housing-related activity and it has been like that for the past seven or eight years; if that starts to slow we are losing one of the key growth drivers in our economy and I think that is also coming into the fray,” Stein explained. “We are putting a lot of responsibility on a very narrow sector and that to me is the bigger problem.”
 
In particular, a dire warning from Royal LePage—which predicted major double-digit decreases in Vancouver home prices this year—emphasized the crucial role that recent government interventions are playing on this vital cornerstone of the economy.
 
The B.C. government imposed its 15 per cent foreign buyers’ tax in mid-2016. Combined with far-reaching revisions to federal mortgage rules late last year, a growing number of observers and industry professionals are voicing out concerns that the Canadian residential real estate sector is poised for a significant fall.
 
“Twenty years ago we were talking about a low loonie and how great it was for manufacturing. We actually had a manufacturing economy back then and we do not have that today [and] what replaced manufacturing, particularly in Ontario, has been the strength in our housing market,” Stein concluded.
 
“If we lose strength… we could really pull the rug out from under the only pillar that is working in Ontario right now.”

Copyright © 2017 Key Media Pty Ltd