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http://www.aircanada.com/en/offers/air/newroutes_rouge/newroutes_rouge.html?icid=fl|achome|newroutes_rouge|caen|151208|txt#YUL-NA Always wanted to see Miami go year round! Mexico City now goes 5x weekly instead of 4.

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Starts off here in Montreal and ends in Key-West! May 12th!

http://www.montrealgazette.com/business/Outlook+rosy+Montreal+real+estate/2238533/story.html

No housing crash in Canada "In most eastern cities, builders continued to enjoy modest price gains." JAY BRYAN, The Gazette Published: 9 hours ago The latest data out of Canada's housing market demonstrate two things clearly: it's going through a significant slowdown, but, just as important, it's not following the U.S. market down the drain. The number of new homes started by Canadian builders in October was down, but only by three per cent, much less than expected by forecasters. So far this year, notes economist Paul Ferley at the Royal Bank, average monthly starts are down by less than five per cent compared with the plunge of 30 per cent seen in the U.S. Still, housing starts in Canada have been drifting down since they peaked at an annual rate of 277,000 two and a half years ago. The rate in October was 212,000. Market analysts believe that pent-up demand for homes has been increasingly satisfied over the past few years. As well, rising prices squeezed affordability for those looking for a first home. Now most analysts believe the construction decline will accelerate in the coming year, as a slowing economy puts more pressure on would-be buyers. Nevertheless, new-home prices as of September (these numbers take longer to compile), were holding up well, reflecting the same resilient demand that has kept home construction busy. A survey by Statistics Canada finds that average new-home prices across Canada were up by 2.1 per cent in September from a year earlier, although there's a lot of variation among major cities. The sharpest price changes were in cities with resource-based economies. In St. John's and Regina, where local booms have yet to peter out, prices were up by 23 per cent. But in Alberta, where an oilsands investment frenzy has cooled recently, gains have ended. In Calgary, the average new home price was down by one per cent. In Edmonton, it fell by six per cent. And after having soared higher than anywhere else in Canada, prices stalled in Vancouver (up 1.4 per cent) and Victoria (no change). In most eastern cities, builders continued to enjoy modest price gains, with the average new home up by 4.8 per cent in Montreal, three per cent in Toronto, 6.1 per cent in Quebec City and 4.3 per cent in Ottawa-Gatineau. There was a similar regional divide in housing starts, with British Columbia and Alberta down sharply from a year ago, while Atlantic Canada, Quebec and Ontario are up. As a slowing economy squeezes prices, it's likely to be the highest-priced markets that will show the most substantial price losses, suggested Douglas Porter, deputy chief economist at the Bank of Montreal. Canada's housing downturn is likely to be much milder than the one in the U.S. because it's fundamentally different, he said. The U.S. housing collapse stemmed from a home-price bubble whose collapse is taking down the whole economy, but the key influence on Canada's generally healthy market is merely the predictable drag from a North American recession. However, a few cities in Canada witnessed such big price gains that they're likely to sell off sharply, Porter said. When the latest resale prices for existing homes come out late this week, he expects to see continued drops in Canada's highest-priced cities: Vancouver, Calgary and Toronto. In Quebec and Atlantic Canada, existing home prices have continued rising and should continue to hold up relatively well, he predicted, because their more modest growth remained tied to fundamentals like average incomes. As of September, the average Montreal resale price was up by 4.4 per cent from a year earlier, while Halifax was ahead 10 per cent. By contrast, Toronto was down three per cent, Calgary was off six per cent and Vancouver had lost eight per cent. jbryan@thegazette.canwest.com

The housing boom may be over, but there's no bust in sight Jay Bryan, Canwest News Service Published: Tuesday, August 12, 2008 With housing demand weaker, price gains have already slowed sharply.Reuters fileWith housing demand weaker, price gains have already slowed sharply. Ever since last year, forecasters have been predicting that Canada's hot housing market was about to slow to a much more sedate pace. Well, it's happened. Except that sedate is hardly the word for the 14% plunge in construction activity that turned up Monday in the housing starts data for July. To many, this sharp drop will be downright alarming, raising fears that the catastrophic housing meltdown in the U.S. has now spread across the border. They can relax. Or at least most of them can. Maybe a little nervousness is appropriate for those who bought near the market's peak in one of Canada's very high-flying centres of real-estate inflation -- places like Calgary, Edmonton, Vancouver and Victoria. In these towns, warns BMO Capital Markets economist Sal Guatieri, soaring home prices so greatly outstripped income growth that it wouldn't be surprising if real-estate values had to drop significantly in order to restore affordability to the market. But in most of Canada, what we're seeing looks like a normal return to earth after a six-year-long real-estate boom. The frenetic construction and double-digit price gains of yesteryear couldn't last forever, so now we've entered the cooling-off phase. Economic forecasters think the outlook for most cities is for prices to stagnate, or maybe edge down a little, while the level of construction eases, but doesn't collapse. If this doesn't seem to fit with the outlook foreshadowed by July's big drop in construction activity, that's simply because you're reading the numbers too literally. No one month's statistics mean very much, especially if you take them at face value. When you look at a chart of housing starts over a period of many months, it looks like a mountain range, with soaring peaks and deep valleys. Most of this volatility is caused by builders of condominiums and other multiple-unit developments, where a few projects more or less can make the numbers skyrocket or plummet. That's why analysts take the single-family starts more seriously. They're a lot less volatile and, thus, a better indicator of where the market is really heading. In July, single-family housing starts fell by just 7%. As well, nearly all of July's decline was in Ontario -- "think Toronto condos," says BMO Capital Markets analyst Robert Kavcic. And exceptionally wet weather in Eastern Canada likely slowed construction, notes Millan Mulraine of TD Securities. Outside of Toronto, most big cities saw only modest changes in total activity. So what can we expect for the coming months? Continued slowing, most likely, but certainly no savage nationwide meltdown on the model of the U.S. Royal Bank economist Paul Ferley notes that in 2007, Canadian housing construction remained little changed from the banner year of 2006, even as U.S. activity plummeted 26%. He thinks Canada's housing starts will drop by only about 5% this year, compared with a 30% plunge south of the border. Mr. Ferley thinks that 2009 will finally bring a significant drop in Canadian activity, but nothing like the U.S. collapse, with starts down by about 15%. The brake on construction is the slowdown in sales that started months ago, with sales figures in each month this year down from the comparable period in 2007, Mr. Guatieri noted. It's quite likely that this will continue into next year, since the U.S. economic slowdown and the recent sharp decline in commodity prices are both beginning to bite in Canada, bringing declines in job creation. With housing demand weaker, price gains have already slowed sharply. With a 5.4% average gain over the past year, Montreal is doing a little better than the national average of 3.5%. Toronto is near average at 3.8%. The hardest-hit include mainly big Western cities, with Vancouver up 1.8%, Edmonton 1.6%, Calgary a mere 0.1% and Victoria down by 0.4%. But even if the boom is over, there's no national bust in sight. Without the severe financial excesses and fraud that devastated the U.S. mortgage market, undermined that country's banking system and brought soaring numbers of home foreclosures, Canada simply doesn't have the conditions to trigger a housing collapse.

Housing starts climb in August, led by Montreal's 283% increase Foundations poured for 1,878 homes. Construction of condos rises highest, while rental properties fall vs. last year MARY LAMEY, The Gazette Published: 6 hours ago Housing starts rose in August for the fifth consecutive month in greater Montreal, though market demand for rental housing showed signs of cooling, Canada Mortgage and Housing Corp. reported yesterday. A total of 1,878 dwellings were started, a seven-per-cent increase over the month a year earlier. The number of condominium starts increased by 65 per cent, while the number of single-family homes rose by 20 per cent. Rental starts fell by 22 per cent to 692 units, compared with 890 a year earlier. Montreal had less new construction than other parts of the metropolitan census area, but still managed the biggest percentage gain for the month, with a 283-per-cent increase in starts. That was powered by the start of work on 413 rental units, compared with 20 a year earlier, and by 252 condo starts, vs. 118 last year. In contrast, Laval and the North Shore construction fell by 29 per cent to 734 units. The drop was most noticeable on the rental front, where the number of new units underway was 155, vs. 618 a year before. Those results were distorted by the start of work on a 500-unit rental project for seniors in August 2006. Construction of single and attached homes and condominiums all rose. On the South Shore, construction declined by 35 per cent for the month, including a 91-per-cent drop in the biggest city, Longueuil, where there wasn't a single rental or attached home start and where only five single-family homes and 14 condominium units were started. The 19 starts for Longueuil compared with 200 a year ago. In Vaudreuil-Soulanges, construction rose by 144 per cent, totaling 100 new units. CMHC considers a project started when the concrete foundation is poured. For the year to date, Montreal is 27 per cent ahead of last year, while Laval and the North Shore are down seven per cent. The South Shore is up eight per cent, and Vaudreuil-Soulanges is up seven per cent.

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