South Bayview Bulldog Admin

CMHC calls for moderate house market

Another forecaster has called for a moderate housing market in 20011, as the Canadian Housing and Mortgage Corporation (CMHC) calls for prices to remain in line with inflation over the next two years. In its first quarter market outlook CMHC says existing home sales will be in the range of 398,500 to 485,500 units in 2011, with a point forecast of 441,500 units. In 2012, MLS sales will move up and are expected to be in the range of 406,300 to 519,700 units, with a point forecast of 462,900 units. “Modest economic growth will continue to push employment levels higher this year and next. This, in conjunction with relatively low mortgage rates, will continue to support demand for new homes. Housing starts will remain in line with long term demographic fundamentals over the course of 2011 and 2012,” said Bob Dugan, chief economist for CMHC. Housing starts will be in the range of 157,300 to 192,900 units in 2011, with a point forecast of 177,600 units. In 2012, housing starts will be in the range of 154,600 to 211,200 units, with a point forecast of 183,800 units. BrokerNews.ca

Zellers Thorncliffe on tenterhooks as Target makes plans

Employees of Zellers in the Thorncliffe Park Shopping Mall are hanging on for any bit of information which will tell them of their fate and that of their store. Zellers parent Hudson Bay, has sold rights to the leases of as many as 220 Zellers stores to the U.S. retailer Target. It will spend more than $1-billion to convert 100 to 150 of them to its own banner within the next two to three years. In the meantime, employees wait and wonder. They do know that as part of the deal, the store will continue to operate through 2011. A Bay spokesperson said: “During this time, Target will be determining which locations will open as a Target store, which locations may be sold to another retailer and which will remain as Zellers. We will continue to operate a portfolio of Zellers stores in some communities in Canada. No decisions have been made on specific locations at this time.” In other words, the Zellers name may live on in cut down form. The Thorncliffe store is a sad reflection of its former self. The coming months are not likely to see any upgrades.