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Wednesday, July 31, 2019

Canada’s economy grew this year because of the Toronto Raptors

It turns out the Toronto Raptors' big win affected more than just sports fans this year. According to StatsCan, the success of the Raptors actually helped Canada's economy grow. 

The overall growth of the economy apparently exceeded the expectations of economists, and a small portion of that came from an increase in the arts and entertainment industry as well as accommodation and food services.

There was a 0.5 per cent jump in the arts and entertainment industry, and a 0.4 per cent bump in accommodation and food services.

These industries include sales of tickets for sporting events as well as attendance at restaurants and sports bars that may have screened the big championships games. 

The report credits "higher attendance at spectator sports" for the jump in arts and entertainment specifically. 

The Raptors' championship run captured the attention of the entire country, drawing in even those who had never previously followed basketball. 

This subsequently helped the Canadian economy grow, which is something other Toronto sports teams — like the Toronto Maple Leafs or the Toronto Blue Jays — probably haven't been able to do lately. 

Overall, real gross domestic product in Canada was up by 0.2 per cent in May, for a third the month in a row.


by Mira Miller via blogTO
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Toronto home prices could be in for a big fall according to housing bubble watch

You've heard it before, and you'll (likely) hear it again before home prices actually plummet: Analysts say the local real estate bubble is about to pop.

Canada is one of the most vulnerable housing markets on earth right now for what economists calls a "house price correction," according to Bloomberg Economics, following only New Zealand on the outlet's newly created "housing bubble dashboard."

These findings are based on each nation's current price-income ratios and price-rent ratios, both of which are said to be "well above their long-run averages" in Canada.

In essence, this means Canadians aren't making enough money on average to comfortably pay their mortgages, based on current home price trends.

This problem is even more pronounced in major urban centres, such as Toronto.

"Policy makers may already be acting given Canada's government has introduced a tax on foreign buyers," wrote Bloomberg economist Niraj Shah, who created the bubble dashboard, in a piece published today.

The mortgage stress test put in place by Canada's federal government  in January of 2018 also worked to cool a formerly white-hot housing market — enough to stabilize prices, but not enough to actually boost affordability.

"While this all should help contain the housing bubble, the dashboard suggests house prices still remain substantially elevated," said Shah to The Star this week of Canada's recent policy changes aimed at cooling the market.

A pop isn't imminent, in other words, but we're well-poised to experience one if government policies change.

"The next challenge will be whether global house prices rise as central banks get ready to lower interest rates," wrote Shah for Bloomberg Wednesday, "with the Federal Reserve set to cut rates for the first time in more than a decade on Wednesday."


by Lauren O'Neil via blogTO
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Regent Park condo sale tops $1 million for the first time ever

When people in Toronto think of Regent Park, a $1 million condo is not the first thing that comes to mind. But, the city is constantly changing.

A condo at 55 Regent Park Blvd. sold for $1,044,500 in May. The seller told The Globe and Mail that this was the highest price a condo has sold for in the neighbourhood.

In this city, an area can transition from overlooked to gentrified in a few years. This same unit sold for almost half the current price ($553,717) only four years ago.

regent park one million condo

The terrace of 55 Regent Park Blvd, suite 425. Photo from Casa Lova. 

Parkdale is exemplary of this. A decade ago, the neighbourhood had a ton of affordable housing. Now, the neighbourhood is fighting to preserve its identity.

In an effort to mix Toronto Community Housing and private luxury condos in Regent Park, a revitalization project launched over fifteen years ago. This condo sale is a landmark in the neighbourhood’s ongoing transition.

The 1,157-square-foot suite in Regent Park was listed as a three-bedroom unit with two bathrooms, a living/ dining room and modern kitchen.

regent park one million condo

The terrace of 55 Regent Park Blvd, suite 425. Photo from Casa Lova. 

The unit’s unique feature is the terrace. Sliding doors open up to a 1,100-square foot balcony that wraps around the south and west sides of the property.

Since up-and-coming Toronto neighbourhoods shift fast, similar sales could become more frequent.


by Hannah Alberga via blogTO
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Toronto ranked one of the top cities in the world for students

Regardless of what school you go to, it turns out Toronto is one of the top cities in the world for students. 

The sixth edition of the QS Best Student Cities Ranking, compiled by global consultancy QS Quacquarelli Symonds, was just released.

It ranked 120 cities worldwide, based on their number of students, the performance of those students, the extent to which employers are actively hiring, how affordable the city is, the city's desirability and quality of life, as well as the diversity of student bodies. 

Students are also surveyed. 

Out of 120 cities, Toronto came in at number 11.

The number-one city in the world for students is London, despite its low affordability score, according to the report. 

The only Canadian city to rank higher than Toronto and come in as part of the top 10 is Montreal.

Surprisingly enough, there are no American cities in the top 10. The highest ranking American city comes in right after Toronto, with Boston sitting at number 12.

In last place on the list, Minsk comes in at number 120.

Here are the top 15 cities in the world for students.

  1. London
  2. Tokyo
  3. Melbourne
  4. Munich
  5. Berlin
  6. Montreal
  7. Paris
  8. Zurich
  9. Sydney
  10. Seoul
  11. Toronto
  12. Boston
  13. Vienna
  14. Hong Kong
  15. Edinburgh

"Although rival Canadian city Montreal remains the country’s highest-ranked city in the QS Best Student Cities, Toronto remains an extremely strong contender," the study states. 

"[Toronto] has one of the highest scores of any city for desirability (one of the six areas assessed), only beaten by Sydney and Tokyo. This reflects both its all-round high quality of life and its status as an in-demand destination amongst students worldwide."

The study also points out that the word most often used by students to sum up the appeal of studying in Toronto is “diversity.”


by Mira Miller via blogTO
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Python found in Toronto sewer reunited with owner

The tail of a four-foot long python snake was poking out of a sewer gate outside of an Esso gas station in Toronto yesterday.

A pedestrian noticed the tail near Danforth and Victoria Park avenues and waved down police officers in the area, according to Global News.

The police called firefighters to the scene and they put the snake into a bag while trying to contact Animal Services at the early hour.

Once Animal Services was contacted, the snake was transported to a shelter at around 5 a.m. At the time, it was reported that the snake would be transported to an animal sanctuary.

But, this wasn’t a sewage animal, this was a Torontonian’s pet named Monty.

Samantha Sannella told CBC News that the last time she saw her son’s snake was the night of the Toronto Raptors’ Championship game, over a month ago.

Her eighteen year old son noticed the aquarium door was left open and they have been on a "frantic search” ever since.

One of Sanella’s colleagues saw a photo of the snake on Twitter and asked if it was hers. The owner called Animal Services and reunited with Monty soon after.

Now, she’s thinking about writing a book about her snake’s adventures, titled 'Adventures of Monty the Python,' according to CBC News.


by Hannah Alberga via blogTO
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Toronto gives advice to the newest member of the Blue Jays

Blue Jays fans are slowly, but surely recovering from the heartbreak of learning that longtime pitcher Marcus Stroman had been traded to the New York Mets.

Case in point: They're already helping one of his replacements get used to life in Canada.

Anthony Kay, one of two pitching prospects traded from the Mets to the Blue Jays in a deal announced earlier this week, took to Twitter early Tuesday evening with a question for people in his soon-to-be city of residence.

"Jays fan I need some help," wrote the 24-year-old New York native. "Gimme some info on Canada/Toronto that I need to know. I’m clueless."

More than 1,300 replies later, here's what Kay has learned:

Toronto has an abundance of attractive people.

You don't pronounce the second T.

Canadians take milk bags seriously.

Cheering for the Toronto Maple Leafs is a futile endeavour.

Drake is our leader.

Poutine is good.

Smelling burnt toast is a part of our heritage.

Tim Hortons is highly overrated.

We speak the Queen's English around these parts.

No for real, bro. Favourite is spelled with a "u."

Most importantly, it would appear as though has Kay learned how incredibly friendly and helpful Canadian internet users are... at least until they get angry.


by Lauren O'Neil via blogTO
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Trix Cereal is coming back to Canada

Remember when shoving neon-coloured bits of sugary grain stuff into your mouth was considered "part of a balanced breakfast?" Back when your biggest goal in life was to collect enough cereal box tops to score a free Pez dispenser?

General Mills is banking on it.

The Canadian arm of the U.S.-based foodstuffs manufacturer just announced that Trix Cereal will be returning to grocery store shelves across the country this summer in its classic, fruity-shaped form. 

"Canadian Kids of the '90s Can Rejoice: Trix Cereal Is Back!" wrote the company in what is a clear attempt to target millennial consumers.

"Trix first debuted the fruity shapes in Canada in 1994, establishing its place in 90s pop culture history, especially among kids growing up in this era." continues a press release announcing the product's return.

trix canada

The 'silly' Trix Rabbit is best known for his repeated attempts to steal cereal from children in TV commercials. Image via General Mills. 

Trix was discontinued as a permanent item in 2005, but was available from time to time as part of limited-run promotions.

Now, in celebration of what General Mills calls the "60th birthday of the iconic Trix Rabbit," the product is coming back in an official, permanent capacity.

A representative for the multinational company explained that Trix has maintained "a dedicated following" over the years, "with fans longing for their favourite cereal to return to their bowls."

These fans, apparently unable to satisfy their cravings with the near-identical tasting Froot Loops or Frooty Pebbles cereals (manufactured by Kellog's and Post, respectively,) will have their wishes granted by the end of August.


by Lauren O'Neil via blogTO
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