Pickering to open Huge Casino, Retail District, Hotel and Waterpark called DurhamLive

More than 10,000 jobs are expected to be created in Pickering after the Durham Live site was chosen for a casino and waterpark to open in 2019.DL1 Great Canadian Gaming, the company selected to operate casinos in the Greater Toronto Area, made the announcement. That means Casino Ajax, the facility that’s been operating since 2006, will close. Ontario Gaming GTA LP, a partnership between Great Canadian Gaming and Brookfield Business Partners, will operate the Pickering casino, which will be built at Church and Bayly streets. The Durham Live proposal includes hotels, convention space, an indoor water park and film studios, along with the casino. Ontario Gaming GTA LP says the site would create more than 10,000 jobs.
The casino itself would have about 2,000 employees, including 1,700 new jobs. “We are thrilled to invest the casino revenues back into our greater community,” Pickering Mayor Dave Ryan said in a news release.UC8 “Pickering will share up to 30 per cent of its revenues with the Region of Durham, and we suggest that a portion of these funds be earmarked for social housing in order to secure matching funding from the senior levels of government. Finally, we suggest sharing up to 2 per cent of revenues with the local quarter-horse industry, but will need to meet with industry representatives first in order to better understand their needs.”
Jobs currently at Casino Ajax would transfer to the new location when that casino opens. “Ajax has done well by Ajax Slots having received about $75 million for its use since it opened, but the province and OLG wanted to go with an improved business model and a competitive process,” according to Councillor David Pickles. Pickles said the Durham Live site and proposal will include more gaming, convention, hotel and entertainment opportunities and result in more UC9revenue and jobs. “We could be looking at up to $25 million per year in financial benefits and 15,000 jobs when everything is up and running. That’s a huge benefit to our community and taxpayers,” Pickles said. Whats coming: Casino: ROLL THE DICE. Welcome to The Casino District – a glimmering, 40-acre site connected directly to the Go Train, with over 330,000 sq.ft. of gaming space, a grand fountain, and a hotel. Dining: TASTE THE EXCEPTIONAL. From fine dining to buzzing bistros, quick-service options, and pub fare favourites, DLive has diverse options to satisfy every person and palate. 3 Retail Districts | Hotel: THE SWEET ESCAPE. Perfect for weekend getaways and bachelor parties, DLive’s more than 600 lavish hotel rooms in the heart of The Casino District all boast stunning views of Lake Ontario.DL2 Retail: HAUTE FASHION. From renowned fashion houses to popular global brands, the combined 150,000 sq.ft. of retail space provides fabulous shopping to rival the top shopping destinations around the world. Entertainment: ENDLESS ENTERTAINMENT. DLive has entertainment options for all ages, including VIP cinemas, an amphitheatre for live concerts and theatre, a performance hall, golf course, water park, and more. Studio District: LIGHTS, CAMERA, ACTION. DLive will welcome TriBro Studios to the Studio District on the west side of the development. Situated on 15 acres of the over 200-acre site, these Mega Stages will be the region’s first purpose-built studios, and will be built to suit the individual requirements of each film and television production that calls the 200,000 square feet of studios, workshops and offices home.   Source: TheStar.Com and DurhamLive

Category: Starion Blog

Pickering to open Huge Casino, Retail District, Hotel and Waterpark called DurhamLive

More than 10,000 jobs are expected to be created in Pickering after the Durham Live site was chosen for a casino and waterpark to open in 2019.DL1

Great Canadian Gaming, the company selected to operate casinos in the Greater Toronto Area, made the announcement.

That means Casino Ajax, the facility that’s been operating since 2006, will close.

Ontario Gaming GTA LP, a partnership between Great Canadian Gaming and Brookfield Business Partners, will operate the Pickering casino, which will be built at Church and Bayly streets.

The Durham Live proposal includes hotels, convention space, an indoor water park and film studios, along with the casino. Ontario Gaming GTA LP says the site would create more than 10,000 jobs.

The casino itself would have about 2,000 employees, including 1,700 new jobs. Continue reading ..

Which factors could influence Ontario’s housing market this spring? Experts give their take

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You’ve probably heard plenty about how a new mortgage stress test and an interest rate hike are affecting the Ontario housing market. But these are only some of the factors that could affect the market in coming months.

A provincial election, slippery debt levels, and surge of homebuyer demand could all play a role in where the market ends up this spring.

BuzzBuzzNews has rounded up the latest commentary from industry experts to make sense of the many elements that could affect the market in the spring.

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Canadian jobs market ‘on fire’ | Unemployment falls to 41-year low

 

Job creation in 2017 reached a pace not seen in a calendar year since 2002, reduced the unemployment rate to its lowest mark in more than 40 years — and surely came as a profound relief to Canada’s embattled federal finance minister.

Statistics Canada’s job numbers Friday offered a year-end look at a healthy 2017 performance. The surprisingly strong run was capped off by a December report that led some forecasters to cement, or even move up, their predictions that the Bank of Canada would raise its benchmark interest rate, possibly as early as this month. Continue reading ..

Canada goes on ‘hiring splurge’ | Unemployment rate down 5.9 Percent

OTTAWA – A wave of job creation last month knocked the unemployment rate down to 5.9 per cent — its lowest level in nearly a decade. Statistics Canada says the economy churned out another 79,500 net new jobs in November and drove the jobless rate down 0.4 percentage points from 6.3 per cent the month before.

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Toronto-York subway extension is now officially open

The opening marks the first expansion of Toronto’s subway route since the Sheppard line opened in 2002. To celebrate the TTC is free on Sunday.

Amidst cheers and flashing cameras, Charles Levi quietly scribbled into his small, green notebook, documenting theVMC4
first ride on the Line 1 extension Sunday morning that took passengers beyond Toronto’s border and all the way to Vaughan.
“I came here for the opening just as I did when the last station opened 15 years ago. I stopped along every new station,” said Levi, who works at the Archives of Ontario, which is now just a subway ride from downtown. “It’s my day off and it has been a remarkable morning.”

The new extension is the first expansion of Toronto’s subway system in 15 years. Transit was free across the entire TTC network Sunday to celebrate the occasion. The $1.2 million cost for the free service will be fully covered by the Ontario government. Construction work on the extension began in February 2010 and was jointly funded by the federal government, Ontario, Toronto and York region.

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CMHC Releases 2017 Third Quarter Financial Report

Canada Mortgage and Housing Corporation (CMHC) has released its 2017 third quarter financial report, as well as supplemental data on its Mortgage Loan Insurance, Securitization, and Covered Bonds business activities. New this quarter is the addition of Assisted Housing supplemental data.

“CMHC continues to deliver results for Canadians. The Government, through CMHC, is making unprecedented investments to help Canadians in housing need as part of the National Housing Strategy. Commercially, we continue to manage our mortgage loan insurance and securitization operations in the best interests of long-term financial stability.”

Wojo Zielonka, Chief Financial Officer and Senior Vice-President, Capital Markets

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10 Stats that show Canadian Rental Demand is out of control

Photo: James Bombales
TowerPicsRental vacancy rates across Canada plunged this year, as demand for rental units outpaced supply.

According to the Canada Mortgage and Housing Corporation’s (CMHC) 2017 Rental Market Survey, the national vacancy rate for purpose-built rental apartments fell from 3.7 to 3.0 per cent in 2017, the first decline in the last two years.

“Nationally, increased demand for purpose-built rental apartment units outpaced growth in supply,” CMHC senior market analyst Gustavo Durango said in a statement. “Demand can be attributed to historically high levels of positive net international migration, improving employment conditions for younger households and the on-going aging of the population.”

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Your Tenant Secretly Wants to Buy Your Home 

“What’s going on with the rental market? There is nothing to rent. Everything is either leased or has 3 offers . . . or super expensive!!!”

“Went in with $150 over asking with extra months up front. Married couple. What more do you want? They had 10 offers on the place.”

“The listing agent informed me that we were the highest offer but the landlord decided to go with another one.” 

That’s a snippet of what we’ve been hearing lately. In short, the Toronto rental market is insane. The Toronto Star recently ran a story about average rent in Toronto passing the $2,000/month mark, an 11% increase year-over-year. But the average rent of a condo in Toronto has been above $2,000/month since July 2016, so it’s not really the price that’s the problem. It’s that supply is being pinched and demand is rising. This being the case, tenants are looking at other possible options and one of them is doing whatever it takes to pay their own mortgage and build equity instead of paying rent. Continue reading ..

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Photo: Ashley Fisher/Flickr

Here’s how many first-time buyers are opting for condos across major Canadian markets

Many first time buyers in Canada’s biggest cities are settling for less square footage when entering the housing market, but a new study from Genworth Canada tracks just how many are opting for condos over detached homes and townhouses.

According to the residential mortgage insurer’s 2017 First-Time Homeownership Study published this week, first-time homebuyers in the nation’s hottest markets are resorting to more affordable condominiums over detached homes and townhouses. Continue reading ..

Condos are king in the Greater Toronto Area and Heres why 

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Records continue to fall in the nation’s hottest housing market.

Condo sales were up 79% year-over-year in February and far outstripped home sales for low-rise units.

“In the GTA in February, there were more than twice as many new condo apartments sold (as) low-rise units,” the Building Industry and Land Development Association (BILD) said in its latest report. “Altus Group recorded 3,542 sales of condo apartments in stacked townhouses and mid and high-rise buildings, and 1,541 sales of new detached and semi houses and low-rise townhomes.”
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