January 2008 GTA New Home Market Report

February 29, 2008 -- RealNet Canada Inc. releases the January 2008 GTA New Home Market Report, providing insight into sales activity, index price and remaining inventory of Low Rise and High Rise projects by product type for each TREB district.

January 2008 GTA Low Rise New Homes Sales Regain Momentum

There were 1,703 new home sales recorded in January 2008 in the Greater Toronto Area, down 16% from the same time last year. January 2008 Low Rise sales accounted for 60% (1,019) of the new home sales activity in the GTA, with an increase of sales of 10% from the previous month and a decline of 26% from the same month last year. According to the RealNet New Home Price Index the average asking price of a new Low Rise home increased by 8.2% within the last 12 months. January 2008 High Rise sales totaled 684 units sold, down 31% over the previous month and up 3% compared to the same time last year. Similar to Low Rise, the average asking price of a condominium unit increased by 11.1% since January 2007.

Toronto has highest property taxes in Canada

Is it a good idea to sell you Home or Commercial Property yourself?

How Does a Real Estate Agent Help You Sell Your Property?

If you have decided that now is the time to sell or lease your home or commercial property, you might consider: should I retain a Real Estate Brokerage or do it alone? Do you repair your car, file your own tax returns, or invest all of your investments without a professional. Anyone can buy the tools  or a a tax preparation kit. However how many of us have the time, knowledge and experience to complete these tasks.

Buying a for sale sign  is not the beginning of a successful transaction. Marketing , leasing and selling  real estate is a complex procedure. It  involves investment of time and capital as well one must follow certain  legal requirements. Without the professional experience it may cause the unknown seller costly mistakes. It requires a tremendous depth of knowledge and experience, as well as substantial amount of time to follow-up on every detail promptly and properly.

Will you really save the real estate commission?
Most buyers equate a "For Sale By Owner" sign with a bargain. They assume you will sell for a discount because you do not have to pay the real estate commissions and, as a result, they'll probably offer you less than fair market value. Negotiating your price upward to regain even a part of the anticipated commission savings will be difficult at best.

Do you have the time?
If you do it alone, how much will you really save when you factor in the considerable time you will have to invest? Without a realtor's support, you are the one who will have to write and pay for the ads to market your property, remain available day or night for calls from prospects, run the open houses on weekends and show your property on short notice, screen potential buyers, fill out the paper work and do the dozens of things required to sell a home. Do you really have the time for all this? And what is your time worth - the time spent away from your family and friends and work?

How will you reach potential buyers?
Do-it-yourselfers are faced with the problem of how to market their home effectively. How good are you at writing hard-hitting advertisements that will stand out from all the others and entice prospects to call you? Where should you run these ads, when, and how often? Do you have the time and patience to handle telephone inquiries? Are you prepared for the cost of advertising - including a professional-looking "For Sale" sign? Realtors are experts in effective advertising and cover all of these costs as part of their service to you.

Moreover, when you work with a realtor your home receives far-reaching market exposure through the Multiple Listing Service (MLS). MLS is a computer-based system that relays valuable information about your home to a vast network of realtors and their potential home buyers in your market area. Remember, the greater exposure, the greater the chances for a higher price. Also, most realtors work for real estate companies that have their own websites or real estate online web portals which will feature your listing; these websites are generating thousands of visitors a day.

Do you really know the true market value of your home?
Setting a list price is perhaps the most difficult, yet critical, step in the home selling process. It requires extensive knowledge and training, as well as access to sophisticated market analysis developed over years of experience. Do-it-yourselfers usually lack these resources and often end up guessing at their asking price.

If you set your asking price too high, many prospective buyers will be frightened off without even seeing the property; too low and you will leave thousands of dollars on the negotiating table needlessly. One of your realtor's most important roles will be helping YOU decide upon and negotiate a realistic asking price for your home that meets your both your sales objectives and fair market value.

Are you ready to "pre-screen" every prospect?
Do-it-yourselfers are faced with the challenge of interviewing every person who responds to their ads or "For Sale" sign. How do you go about this arduous task without offending those who are clearly not serious or qualified buyers - and yet protect your own interests and security? Do you have the skills and experience to ask the right questions over the phone before you let a prospect visit? How are you going to find out whether they are really qualified to purchase in your home's price range?

Pre-screening prospects is absolutely necessary to weed out the lookers from the serious buyers. Your realtor knows how to do this effectively, saving you many hours of time and quite a few headaches.

How are your selling and negotiating skills?
Selling real estate is considerably different from selling most other products or services. Many do-it-yourselfers attempt to over-sell, smothering the buyer with every detail and nuance about the property. Few understand the subtle differences between a home's features and the potential benefits to the buyer. Few know how to ask the right questions and uncover the buyer's true needs and wants. Even fewer know how to complete the sale successfully through firm, impartial negotiation.

Realtors are skilled intermediaries with considerable ability to market your home successfully. Wouldn't you feel a lot more comfortable knowing an experienced realtor is on your team negotiating the highest price possible for your home?

Are you up-to-date on real estate and contract laws?
Remember when you bought your home and had to deal with all these papers thrust in front of you for your signature? Well, selling your home is equally complex from a contractual and legal standpoint. If you attempt to sell it yourself, you will either have to prepare all your own legal documents when an offer comes in, or translate the language in the offer presented from the buyer. In the excitement of receiving an offer, are you confident you will be able to recognize terms and conditions that are not in your best interest, or worse, are legally risky? Realtors know how to protect you from these potential legal pitfalls, and will work to help ensure your interests are properly protected.

Let a realtor help you sell your home.
Most of those who sell their homes do so with the assistance of realtors. Of those that try to do it themselves, most change their minds and end up going with a real estate professional, because the process is too complex, too time consuming and too dangerous without the help of a professional. Working with a licensed professional to sell your home, someone who is a member of a Real Estate Association, entitles you to an exceptionally broad range of services and benefits unavailable to do-it-yourselfers.

 

Please call the Mayer Team

Allen Mayer Salesperson Vice President Commercial Division

Right at Home Realty Inc. Brokerage

Direct Line 416.633.7767

www.allenmayer.com

How Would the U.S Market Crunch Affect Canadian Real Estate in 2008? The market crisis along the south border has many homebuyers wondering how it will affect the housing market in Canada, but Canadian market analysts feel the problems the U.S. is experiencing should have little impact on real estate in this country. Canada is not expected to experience the same downturn as the U.S. market for many reasons. First, the Canadian economy is simpler and the investment environment is more conservative than the United States. Secondly, Canadian federal surpluses have given consumers more confidence which has led to increased spendings on homes, retail goods, and business expansion. Additionally, the Canadian housing market has not been artificially driven by bad lending practices. And, unlike the U.S., all mortgages in Canada are insured. However, Canada’s booming housing market could loose heat by the end of the year. The impact of the U.S. sub-prime crisis is expected to be felt by Canadians in three different ways: First, a tightening of credit markets will occur as lenders move to correct their losses because of the investments in commercial papers. To borrowers, this may also mean smaller discounts off the posted mortgage rate. Secondly, due to the overall economic impact and the soaring Canadian dollar, the impact will also be felt. There may be a slowdown in some business sectors related to housing and that may impact Canadian consumer confidence. Thirdly, the impact on our economy could come form the falling purchasing power of the U.S. consumers, which in turn impacts large ticket purchases that involves Canadian made products - the auto sector is a good example. "The Canadian housing market will slow down a bit in 2008, but that slowdown will be nothing compared to what happened in some U.S. markets in 2007. In Canada, the housing market has been setting records for volume and units sold for five consecutive years. We believe things are just moving back towards a more "normal" growth pace, but that still means the 2008 MLS® home sales activity will be the second highest on record, second only to the overall record was set in 2007.", says CREA's Chief Economist. CREA's market analysis for 2008 also does not show any dramatic adjustment in the average MLS® residential price, again contrary to the conditions in some U.S. markets. CREA's analysis shows prices setting new records in every province in 2007 and in 2008, but price increases will be smaller in 2008. In effect, price increases will become smaller as the resale housing market becomes more balanced. Manitoba and Nova Scotia are expected to post an increase in average price of 7 per cent or more in 2008, while New Brunswick and Newfoundland are expected to show the smallest increase in average price of 4 per cent annually. The national average residential MLS® price is expected to increase 5.5 per cent. "The housing market is expected to grow at a more moderate pace this year. However, this will be the result of decreasing affordability rather than the impact of U.S. sub-prime woes", said Craig Alexander, deputy chief economist at Toronto-Dominion Bank. To conclude, markets will remain tightest in the western provinces in 2008. Even though Alberta and British Colombia are expected to pull back from the blistering pace they set earlier in 2007, housing there will remain in high demand. The days of 25 or 30 per cent increases in average price are over, but prices are forecasted to go up in Alberta and British Colombia by 5.2 and 5.1 per cent, respectively. Ontario's market and other eastern provinces are expected to keep its momentum with a slight slow down.   more »

Healthy December Sales = Best Year Ever 

January 7, 2008 -- A healthy 4,646 sales in December propelled 2007 sales to a record setting 93,193 sales, TREB President Maureen O'Neill announced today. "Year-end sales are up 12 per cent over last year and up 11 per cent over the 84,145 recorded during 2005, the Toronto market's previous best-ever annual performance."

On a year-over-year basis, prices rose seven per cent to $376,236 from last year's $351,941. The annual time-on-market figure stood at 32 days versus 2006's figure of 34 days, meaning that over the course of the past two years it has taken homes within the GTA barely a month to sell on average.

Breaking down the total, 1,756 sales were reported in TREB’s 28 West districts and averaged $357,711; 1,057 sales were reported in the 14 Central districts and averaged $531,366; 771 sales were reported in the 23 North districts and averaged $420,508; and 1,062 sales were reported in TREB’s 21 East districts and averaged $302,113.

NEIGHBOURHOOD CORNER

City of Toronto

The City of Toronto (E-1 to E-11, W-1 to W-10, and C-1 to C-15) recorded 39,052 sales in 2007, up 13 per cent over the 34,404 recorded in the previous year. Prices averaged $415,041, up 10 per cent over 2006.

 

 

New Info Re. Toronto LTT Rebates Provided By City

December 14, 2007 -- The City of Toronto has indicated that it has been able to make arrangements that will allow purchasers who are eligible for a FULL rebate of the Toronto Land Transfer Tax (TLTT) to close their transactions without paying the TLTT upfront (and then receiving a rebate at a later date). The City previously indicated that these arrangements would not be made until the “spring of 2008”, but has now indicated that changes will be made by February 1, 2008, when the Toronto land transfer tax takes effect.

Toronto land transfer tax is not payable on transactions closing before the tax takes effect on February 1, 2008. For transactions closing after the Toronto land transfer tax takes effect on February 1, 2008, the City of Toronto allows for certain rebates, as described below.

Details

According to the City, purchasers who are eligible for a FULL rebate of the Toronto land transfer tax will not have to pay the tax (meaning that they do not have to pay the tax upfront and be rebated later). This includes the following:

• Purchasers who have entered into an Agreement of Purchase and Sale for a property on or before December 31, 2007; and
• First-time home buyers where the total Toronto land transfer tax is $3,725 or less ($3,725 is the amount of TLTT payable on a home purchased for $400,000). First-time home buyers with Toronto land transfer tax payable above the maximum rebate amount of $3,725 (those purchasing homes above $400,000) will be required to pay the total Toronto land transfer tax, and then receive the maximum rebate of $3,725 at a later date from the City. Once all changes have been made to Teranet’s collection system, in the spring of 2008, these buyers will only have to pay the balance of the Toronto land transfer tax above $3,725.

Toronto Commercial Real Estate Listings, Leasing and Sales of Commercial and Industrial Real Estate throughout the Toronto GTA area.

We will deliver the results you require to solve your commercial and industrial real estate needs. We provide information on currently Available Warehouse Space and Available Commercial Properties. Our focus is the Toronto GTA Area Market.

Having strategically partnered with hundreds of business owners and real estate investors Allen Mayer and his Team at Right at Home Realty Inc. Real Estate Brokerage Commercial Division has the experience to assist in your firms commercial and industrial real estate requirements. * Right at Home Realty Inc. Brokerage is  Toronto's Fastest Growing Independent Brokerage over " 850 salespeople"

Whether it is a lease or investment requirement, contact Allen Mayer's Team for all your Toronto Commercial Real Estate needs.

Toronto offers a full range of investment opportunities including brown and greenfields, Portlands, built-up urban areas and expansive suburban parks. All share excellent access to customers, suppliers and skilled labour.

Industrial Space
The City of Toronto has 283 million sq ft of industrial space, approximately 40% of the industrial space in the GTA. This places the Toronto GTA 3rd in North America for amount of industrial space.

Office Space
The City of Toronto has 116 million sq ft of office space, approximately 73% of the office space in the GTA making Toronto the largest office centre in Canada.

Retail Space
With annual retail sales of almost $50 billion, the Toronto region is Canada's largest retail market. It is also a market that is more monocentric than most North American cities of similar size. "The Toronto downtown thus remains the most important agglomeration of commercial nodes in the GTA"

Commercial Development Charges
Toronto does not have municipal development charges on industrial, office or institutional development projects.

www.allenmayer.com

www.commercialtoronto.com

 

Toronto Real Estate is my market focus.

 

Allen Mayer services and provides Commercial Listing throughout the Toronto GTA area.

Allen provides assistance to the Tenant and Landlord has has provided professional service in the finding Office Space, Industrial Space,Commercial Space for his clients please review our website at www.commercialtoronto.com.

Today's Toronto's real estate market is becoming more involved and therefore the realtor must also commit the time to study and follow the real estate market place and have the knowledge available to their clients. Allen Mayer of Right at Home Realty Inc. Brokerage is providing this to his clients.

Resources of the Toronto real estate professional along with the process utilized by the experienced Realtor are the cornerstone of the real estate transaction. The value of Toronto's Market knowledge, negotiation skills and innovative strategic approaches is a value feature when it comes to closing a real estate deal in Toronto.

Market Knowledge - A Realtor can provide in-depth knowledge regarding the Toronto's market. This includes interpreting the data and presenting it in a logical format for clarity to the client.

Negotiating Skills - A third party in the negotiation process is invaluable on several fronts. A more favorable contract price can be negotiated with the proper structuring and expertise of an experienced Toronto real estate professional, enhancing the buyer or seller position. Toronto Residential Realtor will provide the client with a buffer, protecting the client’s proprietary information.

Innovative and Strategic Approaches - The Realtor stays abreast of the changing Toronto real estate business in terms of technology and financing. The residential realtor handles and coordinates all aspects of the transaction process. Strategic approaches are used by the Residential Realtor in analyzing the client's unique requirements. These approaches lead to cost-effective solutions.

ALLEN MAYER
Vice-President
Salesperson
Right at Home Realty Inc. Brokerage
DIRECT LINE: 416.633.7767

www.commercialtoronto.com

www.allenmayer.com

 

Industrial and Commercial Real Estate

Commercial Toronto Real Estate

Industrial Toronto Real Estate

Warehouse Space in the Toronto GTA Area

Areas Allen Mayer specializes in

Brampton

The City of Brampton makes up the northwest corner of the Greater Toronto Area.Not only is Brampton a great place to live but it also is a great place to work.  Brampton is Canada’s 13th most populated city and has the 10th most active industrial market.

Brampton is known for it’s low property taxes and in turn offers rental accommodation that is affordable to everyone.  In terms of working in Brampton, there is currently over 7000 businesses which employ over 115 000 employees.  Located off both Highways 401 and 410, Thereby providing accessibility to the City of Toronto.

PearsonInternationalAirport is about a 10 minute drive down Highway 407 and across Highway 401.  The accessibility to the airport makes Brampton a popular spot for people who travel a lot with their work. Brampton is not a new area like many others in the Greater Toronto Area and still has the small town feeling downtown along Highway 10. 

Brampton has an extensive public transportation system that is sure to get everyone to where they want go. The City of Brampton combines areas that are both old fashioned as well as some that have been created in recent times. Brampton is sure to have just about everything and is one of the most affordable areas in the Greater Toronto Area to,

Major companies include, Brafasco, Ford, Rogers Communications, Nortel, Para Paints, Coca-Cola, Nestlé, DaimlerChrysler Canada Ltd., Maple Lodge Farms, Zellers, Loblaw Companies Ltd., Frito Lay Canada, MD Robotics, Parkinson Coach Line, Canadian Tire, and Humpty Dumpty.

Brampton has a total land area of 265 square kilometres. The City of Brampton is bordered by Highway 50 (Vaughan) to the East, Winston Churchill Boulevard (Halton Hills) to the West, Mayfield Road (Caledon) to the North and the Hydro Corridor (Mississauga) to the South.

 Brampton is served by several major transportation routes: Highway 401 from Toronto is a short distance south in Mississauga, and can be reached by Highway 410, which runs north-south through the middle of the city. Highway 407 runs along the southern portion of the city, just north of the boundary with Mississauga. Steeles Avenue, which runs north of the 407, is another thoroughfare from Toronto. The former Highway 7 (now Regional Road 107 in Brampton) is another east-west corridor, and Highway 427 is located in the city's eastern end.

Both Canadian National Railways and the Orangeville-Brampton Railway short line (formerly part of the Canadian Pacific Railway line) run through the city, CN's Intermodal Yards are located east of Airport Road between Steeles and the former Highway 7/Queen Street East. The CN Track from Toronto's Union Station, is the Georgetown GO Transit Rail Corridor providing commuter rail and bus services to and from Toronto with rail station stops at Bramalea, Downtown Brampton, and Mount Pleasant. There is GO Bus service to York University and Yorkdale Mall in Toronto. VIA Rail connects through Brampton as part of the Quebec City-Windsor Corridor. The city is served by Brampton Airport for general aviation, and is near Toronto Pearson International Airport for commercial flights. Local transit is provided by Brampton Transit, with connections to other systems such as Mississauga Transit, York Region Transit, and Toronto Transit Commission.

Brampton is currently planning a new Bus Rapid Transit system, called Acceleride along Main/Hurontario and Queen Streets, which would form the backbone to its bus network. Acceleride received funding from the provincial government in 2006 to begin implementation of this system

 

Etobicoke

Etobicoke is west of Central Toronto and in turn east of Mississauga. Starting at LakeOntario, Etobicoke stretches to the north as far as Steeles Avenue. New Toronto, which is located in the southern region of Etobicoke, is an interesting little community that really has an old fashioned feel to it.  Running through the centre of Etobicoke is the Highway 427, which is downtown Toronto’s main access to PearsonInternationalAirport.  Highway 427 runs north/south and at the south end of the highway it runs into a highway called the Queen Elizabeth Way (QEW).

Etobicoke has had a long history of manufacturing and distribution centers with many corporate offices. Over the years the properties in Etobicoke have been ignored or vacated. However in recent years Corporations are considering Etobicoke again.

Etobicoke has the lowest population density out of the former cities and boroughs that currently make up the city of Toronto. This is mainly due to its vast expanses of industrial lands. Several major freeways are routed through the area, making the area ideal for automobile-based transportation.

Many exceptions to Toronto's gridded street matrix are found in Etobicoke. A number of overpasses and awkward intersections, such as Bloor/Kipling/Dundas West, have been created in an effort to reconcile the grid with these planning anomalies.

The southern areas of Etobicoke are better served by public transit and closer to the city centre. These areas, such as Markland Wood, The Kingsway and New Toronto, have attracted more affluent residents.

The central areas of Etobicoke, although farther from the subway line, are still well-served by public transit buses. These neighbourhoods are generally middle class.

Many areas in Etobicoke had been neglected, "inner-ring" suburbs, such as Rexdale. Car culture infrastructure built in the 1960s is in a state of disrepair. Etobicoke is dominated by this unadorned, single-storeyed development and treeless, tarmac-covered prairie.

However in recent years Etobicoke has been rebuilt for example major Corporate Names as Lansing Build all, a leader in supplying lumber and building materials have purchased a vacant industrial warehouse facility in Etobicoke to consolidate their operations into a central distribution warehouse, head office and "big box" retail store.

Other Corporate Leaders are now looking to Etobicoke to transform the industrial buildings and sites into highly successful centres. The acquisition of existing facilities in Etobicoke, renovating the properties to suit has proved to be a very economical answer for Lansing and many small and large corporations.

 

Mississauga

Mississauga is one of the biggest cities in the Toronto GTA in terms of area. 

The city also offers a wide variety of job opportunities due to the overall size of the city and the great number of successful businesses that call Mississauga home. 

Mississauga is located on the northwest shore of LakeOntario. The largest of three municipalities in PeelRegionalMunicipality, Mississauga is also a commuter suburb within the Toronto metropolitan area. It is a rapidly growing industrial city; major manufactures include telecommunication and aerospace equipment, pharmaceuticals, chemicals, motor vehicles, appliances, steel and rubber products, and plastic and paper goods.

The city hall, an art gallery, and a conservatory are located in the Mississauga Civic Centre. Other sites include the Living Arts Centre, an arts facility; the BradleyMuseum, a restored 1830s farmhouse; and Playdium, an electronic interactive theme park. The city also has several sports facilities, notably the Hershey Centre, home of the Mississauga Ice Dogs of the Ontario Hockey League. Nearby Port Credit, a former industrial town at the mouth of the picturesque CreditRiver, still has a mid-19th-century appearance but it is also the site of the Credit Village Marina, a waterfront facility that opened in 1997. A 2001 real estate survey has estimated the population of Mississauga, Ontario at 613,000.

Located in the northern part of Mississauga just off of Highway 401 and Highway 27 is the busiest airport in CanadaPearsonInternationalAirport has three terminals.

The centre of the City of Mississauga can be easily defined as Square One.  This is an enormous section of land located just of Highway 403, which seems to have everything you need.  The mall which bears the name Square One, is in the top two malls in terms of size in the Greater Toronto Area.  The mall is truly a mega mall that is second to none.  You can find all your favorite stores as well as both the high-end stores and the discount stores too.

North York

The city of North York covers the entire northern half of Toronto and nearly touches almost every other city or town that makes up the Greater Toronto Area. 

The largest buildings in North York are located in the middle of a city on Yonge Street. North York's City Hall is truly the centre of the city.

While much of the area still retains its mostly suburban nature, efforts led intensify development in the North York Centre area along Yonge Street between Finch and Sheppard Avenues, coinciding with the path of the Toronto Transit Commission's Yonge-University Spadina subway line.

There are many stores and high-rise office and condominium apartment buildings along this central North York corridor, particularly centred around the old North York City Hall. Directly beside the old City Hall is the Toronto Centre for the Arts. Thanks to a new subway line along Sheppard Avenue, more high-rise condominiums are being built along the Sheppard East corridor.

The central area is gradually ceasing to be suburban, resembling a smaller version of the city's downtown. World-renowned corporations have built their own office towers along Yonge Street in central North York, including the Canadian head offices of Procter & Gamble, Nestlé and Xerox. McDonald's of Canada is also located in North York.

 

Vaughan

Located just north of North York, Vaughan is another one of the Greater Toronto Area’s rapidly developing areas.  Vaughan has a lot to offer and is a perfect place for a person who is looking for an affordable rental accommodation.  Apartment complexes seem to be popping up all over the place and in quick succession.  Vaughn has a large amount of rental accommodation that has a wide range of prices.  The city of Vaughn is a city that is very multi-cultural like most of the areas that make up the GTA and is a place where everybody is able to fit in easily.

Arguably, the most popular attraction in Vaughan is Canada’s Wonderland.  Located just off of Highway 400, Wonderland is entertainment theme park that has something for everyone.  The numerous roller coasters are state of the art and you will find almost every type of roller coaster that a real roller coaster enthusiast would desire.  It also has a recently created water park that has a number of high twisting and turning slides and a huge wave pool.

For the nature enthusiasts, the Boyd Conservation Area is a great place to spend a day of two.  Located on Islington Avenue just north of Highway 7, this 237-acre conservatory provides a number of walking and hiking trails and a large population of wildlife.  Another very large conservation area located in Vaughn is the Kortright Conservation Area that happens to be Canada’s largest conservation area with 18 kilometers of trails through mixed woods and open parkland.

Art lovers must visit the McMichael Canadian Art Collection that exhibits the very best of Canada’s famous landscape painters.  In addition to viewing all kinds of great Canadian art, visitors can stroll the 100 acres of conservatory land and have dinner at the full-service Restaurant.

Colossus movie theatre complex is one of Canada’s largest entertainment complexes with 18 screens and 5200 seats.  The complex also has café, arcade, party rooms and a number of fast food restaurants.  Also located in the Highway 7 and Highway 400 area is the Seven/400 Power Centre that offers some great warehouse style shopping.

 

Toronto

Toronto is the corporate capital of Canada and the 5th largest city in North America. Vibrant downtown is the third largest retail concentration in North America after New York and Chicago. Liveable neighbourhoods that surround the downtown contain one of the best educated labour forces in the world. Toronto also contains 43% of the industrial space in the GTA, which is the second largest industrial market in North America.

Toronto’s economy has changed over the past 20 years, with financial and business services becoming the largest sector. Included in this sector are banks, stock markets, insurance, advertising, marketing, accounting firms, and law firms. Toronto ranks third on the continent, behind New York City and Chicago, Illinois, in the number of major corporations that have their head offices there. Toronto is the leading printing and publishing center of English-speaking Canada and also has more software production companies than other parts of Canada. One of the community colleges, SheridanCollege in Mississauga, trains many of North America’s animation artists. In distribution services, Toronto is the chief Canadian center for telecommunications, broadcasting, and air transport. Government and other public services, notably health and education, are major employers.

Manufacturing, once a mainstay of the diverse economy, receded somewhat in the 1990s. Automobile parts and assembly at the same time became a stronger component of the manufacturing sector, and the Toronto region’s importance in this field is second only to that of Detroit. Cars and trucks are Canada’s most valuable export, and the auto manufacturer General Motors is the largest industrial employer. Another large employer is Northern Telecom, a major world producer of telecommunications equipment. De Havilland Aircraft produces commuter aircraft, and the area also has a number of aircraft parts producers. Construction, once a strong element in the Toronto economy, weakened in the 1990s.

Manufacturing and other fields have been helped by relatively cheap electrical energy provided by Ontario Power Generation. Power for Toronto was originally generated in steam plants and later at Niagara Falls. Natural gas and oil pipelines connect the region to the sources of these resources in western Canada.

Within the city, the Toronto Transit Commission operates subways, buses, and streetcars. The streetcars are preserved on certain downtown routes as a link to the city’s past and are a distinctive feature of Toronto. Municipalities outside Toronto operate their own bus services that link to the Toronto system. The Government of Ontario (GO) system also deploys commuter trains and buses within the metropolitan area outside Toronto.

Toronto is served by LesterB.PearsonInternationalAirport, located to the west in Mississauga