When it comes to earning potential, not all immigrants to British Columbia are equal, according to a new study by author Haimin Zhang.
Zhang, a PhD student of economics at the University of B.C., found a "surprising" wage gap between newcomers who immigrated as federal skilled workers between 2002 and 2008 and those selected under the B.C. Provincial Nomination Program (BCPNP).
A cooling housing market, slower Asian demand and slow growth in the United States will keep the brakes on the British Columbia economy this year, according to a report released Monday by BMO Capital Markets.
But Vancouver, while also cooling, will outperform the province in general, the report said.
METRO VANCOUVER - The number of drivers choosing the tolled Golden Ears Bridge increased slightly by 12 per cent in the first quarter of 2012, but still falls short of budget targets, according to a TransLink report.
TransLink says bridge traffic jumped to just under 2.5 million crossings, compared to the same period in 2011, or 260,000 more vehicles.
The increase translates to about $750,000 more raised through tolls than the same three-month period last year, according to the report released late Wednesday.
Local homes sales are in a balanced state despite the lowest April sales numbers since 2001, according to a report by the Real Estate Board of Greater Vancouver.
“Although April sales were below what’s typical for the month, we continue to see, with a sales-to-active listing ratio of nearly 17 per cent, a balanced relationship between buyer demand and seller supply in our marketplace,” Eugen Klein, REBGV president said in a statement.
“Recent activity has had a stabilizing effect on home prices at the regional level, although pricing can vary depending on area and property type.”
HAIL, COLUMBIA: You’d think Salient Group president Robert Fung and Rennie Marketing Systems chief Bob Rennie might have found somewhere closer for their first project together. After all, only three blocks separate Fung’s Gastown and Rennie’s Chinatown headquarters. Still, their handshake gig is a two-zone, 11-station ride away by SkyTrain to New Westminster, should either choose to travel there the way they expect buyers will.
What Fung and Rennie have conspired on is a $71-million, 190-unit tower to rise 20 floors on the site of Columbia Street’s 1899-built Trapp Block and adjacent Holbrook Buildings, of which only the facades will remain. Renovation was ruled out by the structures being vacant and derelict for decades, and by inevitable foundation settlement on the one-time riverbank site.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,799 on the Multiple Listing Service® (MLS®) in April 2012. This represents a 13.2 per cent decline compared to the 3,225 sales recorded in April 2011 and a decline of 2.6 per cent compared to the 2,874 sales in March 2012.
April sales were the lowest total for the month in the region since 2001 and 16.9 per cent below the 10-year April sales average of 3,369.
“Although April sales were below what’s typical for the month, we continue to see, with a sales-to-active listing ratio of nearly 17 per cent, a balanced relationship between buyer demand and seller supply in our marketplace,” Eugen Klein, REBGV president said.
Imperial Oil Ltd. (IMO-T44.45-0.69-1.53%) has joined the list of energy companies exploring whether liquefied natural gas will help make their landlocked gas fields in Alberta and British Columbia more profitable as the commodity trades around its lowest point in a decade.
While some of Imperial’s competitors have secured export permits, Bruce March, Imperial’s chief executive officer, said his company has only taken baby steps when it comes to LNG. He also outlined a number of difficulties with developing LNG in Canada, noting proposed projects to ferry gas out of the western provinces cannot be compared with successful facilities elsewhere in the world.
The spring housing market has slowed to a crawl in Vancouver, with April seeing the fewest monthly sales in more than a decade and the number of unsold houses piling up.
The Real Estate Board of Greater Vancouver said Wednesday there were 2,799 sales in the region in April, down 13.2 per cent from a year ago and 2.6 per cent lower than a weaker-than-usual March. The spring market is key for buyers and sellers, as families try and arrange summer moves.
PLANS for a pilot project that would see taxpayers subsidizing landlords have been emphatically halted by City of North Vancouver council.
With a 6-1 vote April 23, councillors refused a staff recommendation to discuss the idea further at a council housing workshop.
Alexis Lum is building a laneway house in his parents’ backyard for three reasons: It’s more affordable than a two-bedroom apartment; he can rent it out if he decides not to live there; and he can have privacy and independence from his parents, while being close enough for regular family dinners.
“I do love mama’s cooking,” he said, adding that he’s sharing the investment with his brother, Antoine, 31. Lum, 28, is a French secondary school teacher at Southpointe Academy in Tsawwassen.
VICTORIA -- Growth in the West Shore shows no signs of slowing with plans finally moving ahead to develop the massive Royal Bay property in Colwood.
B.C. Investment Management Corp. bought the 170 hectare property, part of the former Producers Pit gravel operation, from Lehigh Heidelberg Ltd. on Tuesday for an undisclosed price.
The sale represents potentially significant growth for Colwood as the new owner plans development that will likely resemble current mixed-use designs already laid out in the municipality's official community plan.
Immigrating to Canada can be a turbulent period for many. In addition to adjusting to a new culture and language, new immigrants often face obstacles when starting a new career and trying to succeed financially. “A lot of new immigrants figure they can come over here [with] some capital, invest in a business and just work there seven days a week, 10 hours a day,” says Rinco Chan, a real estate investor and award-winning realtor. “Oftentimes it works, but it’s a very difficult lifestyle.”
Chan, his wife Wendy Cheung and brother-in-law Peter Cheung, know all too well about difficulties faced by new immigrants. Originally from Vietnam, siblings Peter and Wendy spent a year in a refugee camp in Hong Kong before being sponsored by a church mission and arriving in Canada in 1980. They met Chan here in high school, who is originally from Hong Kong. “We didn’t choose Canada. Canada chose us,” Chan says. “We are glad our parents made the choice to come to Canada, and are so grateful for their decisions and sacrifices.” In 1982, they all moved to Vancouver, and over the next two decades worked hard in the business, investment and technology industries. “We learned from our parents that work ethics are important,” says Wendy. “Our expectation of ourselves is high.”
OTTAWA — Housing construction starts blew past expectations in April, according to data released Tuesday.
Canada Mortgage and Housing Corp. said there was a seasonally adjusted annual rate of 244,900 housing starts last month. That was up 14 per cent from the previous month, and well ahead of the 204,000 housing starts that economists polled by Bloomberg had been predicting.
"While unseasonably warm weather has been helping starts in recent months, April's return to more normal seasonal temperatures still saw home building soar," CIBC World Markets economist Emanuella Enenajor said in a research note.
Along with the economy, labour market conditions have also been improving gradually over time since 2008. Total employment in the province stood at 2.3 million in 2010, almost back to pre-recession levels. However, today a decline in employment is occurring throughout the province. In March 2012, B.C. employment decreased by 1700 jobs where the decline in full-time employment was only partially offset by the gains in part-time employment. Still, compared to last year, employment in B.C. has increased by a little over 36,000 jobs (full-time and part-time) or 1.6%
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