We have started to see some effects of the US housing slump in Canada this week as GM cut 1,200 jobs in Oshawa due to a drop in sales in the US. The pick-ups trucks manufactured at the plant are no longer in demand in a slumping US construction market. But the impact of US turmoil is being softened by strong job growth in Ontario in August, fuelled largely by our construction boom.
Developer Harry Stinson may be leaving Toronto because he feels that Canada is not the place for original ideas.
Is Cityplace a suburb within a city? Is it destined to be the next St. James Town? These are just a couple of the questions raised by Ivor Tossell of the Globe and Mail about one of Toronto's most hyped high-density communities-in-the-making.
The Bank of Canada decided to hold interest rates steady this week given the slump in the US residential housing market.
