While Americans fret over the state of a sagging economy, most Canadians sit pretty. Longer institutional memories and tighter regulation have encouraged greater discipline in real estate markets. Housing development and lending haven't gotten out of control and the economy cooks along, underpinned by energy production (oil, gas, coal) in Western provinces. Hydro power in Quebec provides another energy asset. Calgary, Edmonton and Vancouver showcase three of the most vibrant real estate markets in North America. Toronto, meanwhile, stands out as a North American global gateway -- attractive condos mushroom along the lakefront and across the center city. High-rise living overtakes single family in a metro offering 24-hour dynamics on a par with Chicago and San Francisco. This trend toward more vertical residences in infill areas closer to work centers will begin to pick up in many other cities as congestion forces more people to choose greater convenience over suburban lifestyles.
Concern grows about the strength of the Canadian dollar, which handicaps manufacturers exporting south of the border, especially around Toronto, North America's third largest industrial market. Everyone watches for signals coming out of the States -- recession here ultimately dampens outlooks there.
For now, normally penny-wise Canadian consumers open their wallets and enjoy prosperity. Retailers expect a strong Christmas season and US markets should anticipate more Canadian tourists as well as investors looking to take advantage of the weak dollar while they can. South Florida condo markets look especially appetizing to warmth-starved Canadians anticipating sinking prices in an escalating bust. But Canadian hoteliers worry about Americans staying home in the face of the strong Loonie.
© Miller Ryan LLC 2007
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Jonathan D. Miller
A marketing communication strategist who turned to real estate analysis, Jonathan D. Miller is a foremost interpreter of 21st citistate futures – cities and suburbs alike – seen through the lens of lifestyles and market realities. For more than 20 years (1992-2013), Miller authored Emerging Trends in Real Estate, the leading commercial real estate industry outlook report, published annually by PricewaterhouseCoopers and the Urban Land Institute (ULI). He has lectures frequently on trends in real estate, including the future of America's major 24-hour urban centers and sprawling suburbs. He also has been author of ULI’s annual forecasts on infrastructure and its What’s Next? series of forecasts. On a weekly basis, he writes the Trendczar blog for GlobeStreet.com, the real estate news website. Outside his published forecasting work, Miller is a prominent communications/institutional investor-marketing strategist and partner in Miller Ryan LLC, helping corporate clients develop and execute branding and communications programs. He led the re-branding of GMAC Commercial Mortgage to Capmark Financial Group Inc. and he was part of the management team that helped build Equitable Real Estate Investment Management, Inc. (subsequently Lend Lease Real Estate Investments, Inc.) into the leading real estate advisor to pension funds and other real institutional investors. He joined the Equitable Life Assurance Society of the U.S. in 1981, moving to Equitable Real Estate in 1984 as head of Corporate/Marketing Communications. In the 1980's he managed relations for several of the country's most prominent real estate developments including New York's Trump Tower and the Equitable Center. Earlier in his career, Miller was a reporter for Gannett Newspapers. He is a member of the Citistates Group and a board member of NYC Outward Bound Schools and the Center for Employment Opportunities.
