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Winnipeg Free Press - PRINT EDITION
Business Watch
Manitoba housing robust
MANITOBA'S robust housing market is showing no signs of slowing down, according to the third-quarter market forecast from Canada Mortgage and Housing Corp.
Although CMHC said Canada's new and existing homes markets are expected to moderate through the remainder of this year and in 2013, it's full steam ahead on all fronts for Manitoba.
It said housing starts here are expected to grow 11.8 per cent to 6,800 units this year from 6,083 in 2011, and by 1.5 per cent to 6,900 in 2013.
Multiple Listing Service sales are expected to grow 1.8 per cent to 14,200 this year from 13,944 in 2011, and by 1.4 per cent to 14,400 next year.
The average MLS selling price is expected to increase 4.7 per cent this year to $245,700 from $234,604 in 2011, and by 3.4 per cent to $254,000 in 2013.
Nationally, CMHC forecasts between 196,800 and 217,000 housing starts for 2012, and between 173,000 and 207,400 in 2013.
Temple buys Calgary hotel
WINNIPEG -- Temple Real Estate Investment Trust (TSX:TR.UN) says it is buying the Acclaim Hotel Calgary Airport for about $42 million.
The four-storey, full-service hotel, which opened in 2009, has 123 guest rooms. Temple says an expansion already underway will add an additional 102 rooms, bringing the total to 225.
The hotel expansion is expected to be complete and operational by summer 2013 and the acquisition is scheduled to close on Oct. 1, 2013 or 60 days after completion of the expansion, whichever comes later. The acquisition will be financed with a first-mortgage loan of $27 million and the balance in cash.
CAW wants share of profit
TORONTO -- The Canadian Auto Workers union said it doesn't expect to regain all the concessions it made when automakers were struggling during the recession, but it wants to share in the profits now the industry has rebounded.
"We won't be overzealous," CAW national president Ken Lewenza said Tuesday as the union kicked off contract negotiations with the three big North American automakers.
"We aren't going in there demanding everything back from 2009. We're just saying that we have to find a way to share in the successes that our members have built over many years."
Contracts with General Motors Canada, Chrysler Canada and Ford Canada expire Sept. 17.
-- staff / news services
Republished from the Winnipeg Free Press print edition August 15, 2012 B8
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