April 2011 BC Economic Fundamentals
- Thread starter Ally
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REBGV reports increased housing demand in February
Demand for detached homes continues to be strong across Greater Vancouver, with particularly high sales volumes occurring in Richmond and Vancouver Westside. For the past two months, the number of properties listed for sale and those sold on the Multiple Listing Service (MLSÂ
in Greater Vancouver outpaced the 10-year average in both categories. From a historical perspective, February`s 3,097 homes sales outpace the 2,742 home-sale average recorded in the region over the last ten years.
`We saw an increase in demand across our region last month as more buyers entered the market in advance of the spring season,` said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV). `The intensity of this activity varied between communities. Our statistics tell us that single detached homes in Richmond and the west side of Vancouver remain the most sought after properties in our marketplace.`
Between November 2010 and February 2011, the MLSLink Housing Price Index (HPI) benchmark price of a detached home in Richmond increased $190,739 to $1,099,679; in Vancouver West, detached home prices increased $222,185 to $1,850,072. In comparison, detached home prices across the region increased $51,762 between November 2010 and February 2011 to $848,645.
Read the full article here.
Demand for detached homes continues to be strong across Greater Vancouver, with particularly high sales volumes occurring in Richmond and Vancouver Westside. For the past two months, the number of properties listed for sale and those sold on the Multiple Listing Service (MLSÂ
in Greater Vancouver outpaced the 10-year average in both categories. From a historical perspective, February`s 3,097 homes sales outpace the 2,742 home-sale average recorded in the region over the last ten years.`We saw an increase in demand across our region last month as more buyers entered the market in advance of the spring season,` said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV). `The intensity of this activity varied between communities. Our statistics tell us that single detached homes in Richmond and the west side of Vancouver remain the most sought after properties in our marketplace.`
Between November 2010 and February 2011, the MLSLink Housing Price Index (HPI) benchmark price of a detached home in Richmond increased $190,739 to $1,099,679; in Vancouver West, detached home prices increased $222,185 to $1,850,072. In comparison, detached home prices across the region increased $51,762 between November 2010 and February 2011 to $848,645.
Read the full article here.
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Chinese group ready to dig coal in B.C.'s Northeast
VANCOUVER - A consortium of Chinese investors is ready to test their plan to build three underground coal mines in northeast British Columbia in a $1-billion development designed to feed China`s ravenous steelmaking industry.
In an interview from Beijing, Pat Bell, B.C.`s Minister of Jobs, and Innovation said the companies have raised the capital they need and have applied for permits to mine bulk samples of 100,000 tonnes each at two of three mine locations under consideration.
Bell met with representatives from the group during a trade mission to China and said their objective is to see if the mines will produce the high-quality coking coal they need to manufacture steel.
Read the full article here.
VANCOUVER - A consortium of Chinese investors is ready to test their plan to build three underground coal mines in northeast British Columbia in a $1-billion development designed to feed China`s ravenous steelmaking industry.
In an interview from Beijing, Pat Bell, B.C.`s Minister of Jobs, and Innovation said the companies have raised the capital they need and have applied for permits to mine bulk samples of 100,000 tonnes each at two of three mine locations under consideration.
Bell met with representatives from the group during a trade mission to China and said their objective is to see if the mines will produce the high-quality coking coal they need to manufacture steel.
Read the full article here.
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Rising prices a boon for workers who bought mill
VANCOUVER - Canada`s pulp sector is in the middle of an unprecedented bull market that some analysts say could stretch into 2013.
`It`s a great time to own a pulp mill,` said David Elstone, analyst at Equity Research Associates. `Kraft pulp is on a bit of a tear right now.`
Nowhere is pulp`s remarkable rise more evident than at Nanaimo`s Harmac-Pacific mill, where in 2008, 220 laid-off workers invested $25,000 each to become partners in buying the shuttered mill out of receivership. At the time it was viewed as an ill-advised attempt to save their jobs.
The mill is now running at capacity, employing 300 people, has a war-chest for when prices eventually fall, and the original worker-investors have seen their shares more than double in price, company president Levi Sampson said in an interview Monday.
Read the full article here.
VANCOUVER - Canada`s pulp sector is in the middle of an unprecedented bull market that some analysts say could stretch into 2013.
`It`s a great time to own a pulp mill,` said David Elstone, analyst at Equity Research Associates. `Kraft pulp is on a bit of a tear right now.`
Nowhere is pulp`s remarkable rise more evident than at Nanaimo`s Harmac-Pacific mill, where in 2008, 220 laid-off workers invested $25,000 each to become partners in buying the shuttered mill out of receivership. At the time it was viewed as an ill-advised attempt to save their jobs.
The mill is now running at capacity, employing 300 people, has a war-chest for when prices eventually fall, and the original worker-investors have seen their shares more than double in price, company president Levi Sampson said in an interview Monday.
Read the full article here.
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Re/Max: First-time homebuyers driving up prices in MetroVancouver
VANCOUVER - First-time homebuyers looking to avoid higher interest rates down the road are helping drive up the real-estate market in a number of Canadian regions, especially in Metro Vancouver, says a report issued Tuesday.
`Robust demand for residential real estate in Greater Vancouver in 2011 has pushed housing sales and values well ahead of 2010 levels, real estate services firm Re/Max said in its First Time Buyers Report 2011. `Both first-time and move-up buyers are leading the charge, especially in areas like Richmond and Vancouver Westside, where sales have been particularly brisk.`
Re/Max said the prospect of higher mortgage rates has prompted many of those determined to get into the market to act in the early part of this year.
Read the full article here.
VANCOUVER - First-time homebuyers looking to avoid higher interest rates down the road are helping drive up the real-estate market in a number of Canadian regions, especially in Metro Vancouver, says a report issued Tuesday.
`Robust demand for residential real estate in Greater Vancouver in 2011 has pushed housing sales and values well ahead of 2010 levels, real estate services firm Re/Max said in its First Time Buyers Report 2011. `Both first-time and move-up buyers are leading the charge, especially in areas like Richmond and Vancouver Westside, where sales have been particularly brisk.`
Re/Max said the prospect of higher mortgage rates has prompted many of those determined to get into the market to act in the early part of this year.
Read the full article here.
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Fraser Valley home sales brisk in March, board says
Real estate sales show little sign of slowing down in the Fraser Valley.
According to numbers released Monday, the Fraser Valley Real Estate Board processed 1,818 sales in March, the busiest March since 2006.
March sales increased 16 per cent compared to 1,565 sold in March 2010, and 42 per cent compared to February's 1,279 sales. In March of 2006, 2,072 sales were recorded.
However, sales varied throughout the area.
"We are seeing strong demand in Fraser Valley but not necessarily for every product type in every community, underlining the importance for consumers to ask their realtor for a detailed, local market analysis," board president Sukh Sidhu said in a statement.
Read the full article here.
Real estate sales show little sign of slowing down in the Fraser Valley.
According to numbers released Monday, the Fraser Valley Real Estate Board processed 1,818 sales in March, the busiest March since 2006.
March sales increased 16 per cent compared to 1,565 sold in March 2010, and 42 per cent compared to February's 1,279 sales. In March of 2006, 2,072 sales were recorded.
However, sales varied throughout the area.
"We are seeing strong demand in Fraser Valley but not necessarily for every product type in every community, underlining the importance for consumers to ask their realtor for a detailed, local market analysis," board president Sukh Sidhu said in a statement.
Read the full article here.
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Squamish site the latest receivership project with bargains
First, the Olympic Village. Now, Squamish.
Soon, West Vancouver.
Sales of so-called receivership projects remain a continuing factor in Metro Vancouver`s real-estate market, with the latest condominium/townhouse development to be offered at sharply reduced prices located on Squamish`s downtown estuary waterfront.
Aqua, a partly completed project that went into receivership in 2009 and sat as a testament to the recession`s impact on Squamish, is again seeing prospective buyers at its presentation centre.
As well, the Millennium Evelyn Properties Ltd. development in West Vancouver will soon be marketed to other companies hoping to develop the 20-acre site just north of the Park Royal Shopping Mall. There`s nothing there yet, but it`s planned to include 349 condos, single family homes, duplexes and townhouses and would take up to five years to complete.
Read the full article here.
First, the Olympic Village. Now, Squamish.
Soon, West Vancouver.
Sales of so-called receivership projects remain a continuing factor in Metro Vancouver`s real-estate market, with the latest condominium/townhouse development to be offered at sharply reduced prices located on Squamish`s downtown estuary waterfront.
Aqua, a partly completed project that went into receivership in 2009 and sat as a testament to the recession`s impact on Squamish, is again seeing prospective buyers at its presentation centre.
As well, the Millennium Evelyn Properties Ltd. development in West Vancouver will soon be marketed to other companies hoping to develop the 20-acre site just north of the Park Royal Shopping Mall. There`s nothing there yet, but it`s planned to include 349 condos, single family homes, duplexes and townhouses and would take up to five years to complete.
Read the full article here.
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Thrill gone for B.C. gas exploration rights
The multibillion-dollar rush to scoop up land for natural gas exploration in British Columbia has come to a sudden halt, as energy companies almost completely abandon the province and turn back to Alberta in the hunt for future prospects.
It`s a major reversal from a few years ago, when B.C. in 2008 eclipsed Alberta for the first time in the sale of new exploration rights, bringing in more than double the amount of Canada`s energy capital.
Read the full article here.
The multibillion-dollar rush to scoop up land for natural gas exploration in British Columbia has come to a sudden halt, as energy companies almost completely abandon the province and turn back to Alberta in the hunt for future prospects.
It`s a major reversal from a few years ago, when B.C. in 2008 eclipsed Alberta for the first time in the sale of new exploration rights, bringing in more than double the amount of Canada`s energy capital.
Read the full article here.
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B.C.'s new energy champion
British Columbia, where the environmentalists are your neighbors and First Nations a force, is the gatekeeper today of Canadian oil and gas industry growth.
Without new infrastructure in the province, the Alberta and Saskatchewan-based oil industry, and the B.C.-focused natural gas industry, can`t get to what they desperately want ` new customers in Asia. B.C. is also the home of some of the richest natural gas fields on the continent, making it as important to gas producers as the oil sands are to the oil sector.
In Rich Coleman, B.C.`s newly appointed energy minister, industry will find a strong ally ` and other provincial governments a motivated competitor.
The province led the way under former Liberal Premier Gordon Campbell in the past decade in improving government terms and regulation to promote industry activity.
Read the full article here.
British Columbia, where the environmentalists are your neighbors and First Nations a force, is the gatekeeper today of Canadian oil and gas industry growth.
Without new infrastructure in the province, the Alberta and Saskatchewan-based oil industry, and the B.C.-focused natural gas industry, can`t get to what they desperately want ` new customers in Asia. B.C. is also the home of some of the richest natural gas fields on the continent, making it as important to gas producers as the oil sands are to the oil sector.
In Rich Coleman, B.C.`s newly appointed energy minister, industry will find a strong ally ` and other provincial governments a motivated competitor.
The province led the way under former Liberal Premier Gordon Campbell in the past decade in improving government terms and regulation to promote industry activity.
Read the full article here.
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Greater Vancouver real estate sales increase 31.7% in March 2011
The Greater Vancouver residential housing market continues to exceed expectations with substantial sales increases over the past two months. Sales have reached near record levels. There were 3,097 sales in February 2011, a 70.26% increase over the previous month and now that has been followed up with a further sales increase in March 2011.
The Real Estate Board of Greater Vancouver (REBGV) reported that there were 4,080 residential property sales in March 2011, which represents a 31.7% increase over the 3,097 units sold in February 2011, and a 30.1% increase over the 3,137 unit sales in March 2010 and a 80.1% increase over the 2,265 sales in March 2009.
The March 2011 Greater Vancouver MLS sales of 4,080 units surpassed every monthly sales figure in 2011 as well as 2010 and was also close to meeting the all time sales record of 4,371 unit sales for the month of March, which occurred in 2004.
Read the full article here.
The Greater Vancouver residential housing market continues to exceed expectations with substantial sales increases over the past two months. Sales have reached near record levels. There were 3,097 sales in February 2011, a 70.26% increase over the previous month and now that has been followed up with a further sales increase in March 2011.
The Real Estate Board of Greater Vancouver (REBGV) reported that there were 4,080 residential property sales in March 2011, which represents a 31.7% increase over the 3,097 units sold in February 2011, and a 30.1% increase over the 3,137 unit sales in March 2010 and a 80.1% increase over the 2,265 sales in March 2009.
The March 2011 Greater Vancouver MLS sales of 4,080 units surpassed every monthly sales figure in 2011 as well as 2010 and was also close to meeting the all time sales record of 4,371 unit sales for the month of March, which occurred in 2004.
Read the full article here.
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Fraser Valley real estate sales increase by 42% in March 2011
Residential home sales for March 2011 in the Fraser Valley dramatically rose to the highest monthly sales level recorded in 2011 and the sales figure was also higher than any month in 2010. In fact, the March 2011 sales were the highest recorded for any March on the MLS in the Fraser Valley since 2006.
The Fraser Valley Real Estate Board (FVREB) board reported that residential property sales rose by 42% to 1,818 units in March 2011 from the 1,279 units sold in February 2011 and spiked up 117.99% over the 834 sales from January 2011.
The 1,818 sales in March 2011 also represented a 16% increase over the same month last year when there were 1,565 units sold in March 2010. The sales pace in the Fraser Valley was close to the record 2,072 unit sales reached in March of 2006.
Read the full article here.
Residential home sales for March 2011 in the Fraser Valley dramatically rose to the highest monthly sales level recorded in 2011 and the sales figure was also higher than any month in 2010. In fact, the March 2011 sales were the highest recorded for any March on the MLS in the Fraser Valley since 2006.
The Fraser Valley Real Estate Board (FVREB) board reported that residential property sales rose by 42% to 1,818 units in March 2011 from the 1,279 units sold in February 2011 and spiked up 117.99% over the 834 sales from January 2011.
The 1,818 sales in March 2011 also represented a 16% increase over the same month last year when there were 1,565 units sold in March 2010. The sales pace in the Fraser Valley was close to the record 2,072 unit sales reached in March of 2006.
Read the full article here.
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Vancouver home prices up 10%, prices about triple the national average
Home prices in Vancouver rose about 10 per cent in the last year, with two-storey houses approaching $1.1 million ` about three times the national average, says a new report by real-estate brokerage Royal LePage.
Despite the soaring values in Canada's most expensive market, prices nationally are expected to stabilize or only creep higher this year amid "tepid" improvements in employment, LePage said in a report Tuesday.
Phil Soper, president and chief executive of Royal LePage Real Estate Services, said that in most markets lower, single-digit percentage increases are more likely for the balance of the year.
The more modest increases in most markets predicted for 2011 comes after bigger price jumps in recent years fuelled by low mortgage rates and solid consumer confidence.
Read the full article here.
Home prices in Vancouver rose about 10 per cent in the last year, with two-storey houses approaching $1.1 million ` about three times the national average, says a new report by real-estate brokerage Royal LePage.
Despite the soaring values in Canada's most expensive market, prices nationally are expected to stabilize or only creep higher this year amid "tepid" improvements in employment, LePage said in a report Tuesday.
Phil Soper, president and chief executive of Royal LePage Real Estate Services, said that in most markets lower, single-digit percentage increases are more likely for the balance of the year.
The more modest increases in most markets predicted for 2011 comes after bigger price jumps in recent years fuelled by low mortgage rates and solid consumer confidence.
Read the full article here.
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Surrey looks to light rail to ease huge growth
Surrey is exploring the potential of building at-grade light rail on three of the city's major corridors, saying an extension of the SkyTrain line is not financially feasible.
Surrey Mayor Dianne Watts said Tuesday the city will actively advocate for TransLink to build light rail across the city and is already investigating three routes: 104th Avenue between 152nd Street and City Centre (near the Surrey Central SkyTrain); King George Highway from City Centre to Newton (and eventually South Surrey); and Fraser Highway between City Centre and Langley.
"I don't want to have SkyTrain cutting our communities in half -that is going to destroy our city," Watts told nearly 500 people at her state of the city speech at the Sheraton Guildford Hotel.
Read the full article here.
Surrey is exploring the potential of building at-grade light rail on three of the city's major corridors, saying an extension of the SkyTrain line is not financially feasible.
Surrey Mayor Dianne Watts said Tuesday the city will actively advocate for TransLink to build light rail across the city and is already investigating three routes: 104th Avenue between 152nd Street and City Centre (near the Surrey Central SkyTrain); King George Highway from City Centre to Newton (and eventually South Surrey); and Fraser Highway between City Centre and Langley.
"I don't want to have SkyTrain cutting our communities in half -that is going to destroy our city," Watts told nearly 500 people at her state of the city speech at the Sheraton Guildford Hotel.
Read the full article here.
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Campbell's hidden $200-million tax cut
British Columbia politics in 2010 were dominated by accusations that Gordon Campbell used the HST tax reform, which he claimed was "revenue-neutral," as a sneaky way to increase taxes. Few believed his claim, and plummeting public opinion forced him to resign. In 2008-09, B.C. politics were dominated by accusations that Campbell used the carbon tax reform, which he also claimed was revenue-neutral, as a sneaky way to increase taxes. His party's 20-point lead in the polls evaporated, and he almost lost the provincial election in May 2009.
By now, Gordon Campbell must detest the term revenue-neutral. As it turns out, with the carbon tax, he shouldn't have used it anyway. He should have said "revenue-negative," or just plain old "tax cut."
That's right. The evidence now shows that because of B.C.'s carbon tax reform, at least three-quarters of us now pay less taxes to the B.C. government. But one never hears this. Instead, people still complain about Campbell's punitive carbon tax. To Campbell, the world must sometimes seem awfully cruel.
Read the full article here.
British Columbia politics in 2010 were dominated by accusations that Gordon Campbell used the HST tax reform, which he claimed was "revenue-neutral," as a sneaky way to increase taxes. Few believed his claim, and plummeting public opinion forced him to resign. In 2008-09, B.C. politics were dominated by accusations that Campbell used the carbon tax reform, which he also claimed was revenue-neutral, as a sneaky way to increase taxes. His party's 20-point lead in the polls evaporated, and he almost lost the provincial election in May 2009.
By now, Gordon Campbell must detest the term revenue-neutral. As it turns out, with the carbon tax, he shouldn't have used it anyway. He should have said "revenue-negative," or just plain old "tax cut."
That's right. The evidence now shows that because of B.C.'s carbon tax reform, at least three-quarters of us now pay less taxes to the B.C. government. But one never hears this. Instead, people still complain about Campbell's punitive carbon tax. To Campbell, the world must sometimes seem awfully cruel.
Read the full article here.
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What it's worth to keep condos out of your neighbourhood
If urban density brings a lot of economic and environmental benefits ` and former mayor Sam Sullivan strongly argues that it does ` then how should communities respond to neighbourhoods that don't want to densify?
Well, we could charge them for the privilege of staying the same, he suggests. This would help compensate for their role in everything from driving urban sprawl to pushing house prices higher than they would otherwise be.
Read the full article here.
If urban density brings a lot of economic and environmental benefits ` and former mayor Sam Sullivan strongly argues that it does ` then how should communities respond to neighbourhoods that don't want to densify?
Well, we could charge them for the privilege of staying the same, he suggests. This would help compensate for their role in everything from driving urban sprawl to pushing house prices higher than they would otherwise be.
Read the full article here.
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Greater Victoria apartments' future looks rosy
Apartment blocks will continue to be good investments as demand by renters exceeds construction of new buildings and secondary suites in Greater Victoria, according to a sector overview by Colliers International.
A total of 22 apartment blocks containing 750 suites changed hands in the capital region last year for a combined $98.5 million ` more than five times the sales total in 2009 and nearly double the 10-year average.
Colliers indicated sales could have been even higher, but many owners were reluctant to sell "secure income-producing assets."
Read the full article here.
Apartment blocks will continue to be good investments as demand by renters exceeds construction of new buildings and secondary suites in Greater Victoria, according to a sector overview by Colliers International.
A total of 22 apartment blocks containing 750 suites changed hands in the capital region last year for a combined $98.5 million ` more than five times the sales total in 2009 and nearly double the 10-year average.
Colliers indicated sales could have been even higher, but many owners were reluctant to sell "secure income-producing assets."
Read the full article here.
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Fraser Valley set for 'robust' growth in 2011
METRO VANCOUVER - Growing confidence in the Fraser Valley`s industrial real estate market adds up to `robust` growth in the sector this year, according to a report released Tuesday.
Indicative of the activity is a major new industrial park in Pitt Meadows ` which recently opened its first building ` that it`s developers say will eventually be the second-largest industrial park in the province, after Richmond`s Kingswood Industrial Park.
`We`re seeing a big change from `09 and `10 when things were fairly muted,` Avison Young broker Michael Farrell, who specializes in Fraser Valley industrial property sales and leasing, said in an interview of their report, its first `sub-market` report on Metro Vancouver industrial real estate released in 2011.
Read the full article here.
METRO VANCOUVER - Growing confidence in the Fraser Valley`s industrial real estate market adds up to `robust` growth in the sector this year, according to a report released Tuesday.
Indicative of the activity is a major new industrial park in Pitt Meadows ` which recently opened its first building ` that it`s developers say will eventually be the second-largest industrial park in the province, after Richmond`s Kingswood Industrial Park.
`We`re seeing a big change from `09 and `10 when things were fairly muted,` Avison Young broker Michael Farrell, who specializes in Fraser Valley industrial property sales and leasing, said in an interview of their report, its first `sub-market` report on Metro Vancouver industrial real estate released in 2011.
Read the full article here.
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Canada forestry sector workers say ready for strike
VANCOUVER (Reuters) - Forestry workers in British Columbia's southern interior region say they are ready to strike after failing to agree a new contract in nearly two years of talks.
A government mediator was called in last week after the United Steelworkers union filed 72-hour strike notice against member companies of the Interior Forest Labor Relations Association.
Any job action by the 4,000 union members in the region is on hold pending mediated talks this week. A union official said the sides will know quickly if they can break the impasse.
"We've been at this for too long," Bob Matters, chairman of the union's Wood Council said on Monday.
Read the full article here.
VANCOUVER (Reuters) - Forestry workers in British Columbia's southern interior region say they are ready to strike after failing to agree a new contract in nearly two years of talks.
A government mediator was called in last week after the United Steelworkers union filed 72-hour strike notice against member companies of the Interior Forest Labor Relations Association.
Any job action by the 4,000 union members in the region is on hold pending mediated talks this week. A union official said the sides will know quickly if they can break the impasse.
"We've been at this for too long," Bob Matters, chairman of the union's Wood Council said on Monday.
Read the full article here.
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Vancouver homeowners face 4% tax hike
VANCOUVER -- Vancouver homeowners will face a nearly four-per-cent property tax increase in 2011 after city council agreed Thursday to continue redistributing taxes from businesses to residential taxpayers.
In shifting one per cent of the tax levy from non-residential classes to residential properties, the city is continuing on a course it set four years ago to correct a significant tax levy imbalance.
But that one-per-cent shift away from businesses equals a two-per-cent rise in taxes for the residential class.
And with the city already planning a 1.88-per-cent increase overall to its nearly $1-billion operating budget, the shift doubles the increase homeowners will see on their tax bills.
Read the full article here.
VANCOUVER -- Vancouver homeowners will face a nearly four-per-cent property tax increase in 2011 after city council agreed Thursday to continue redistributing taxes from businesses to residential taxpayers.
In shifting one per cent of the tax levy from non-residential classes to residential properties, the city is continuing on a course it set four years ago to correct a significant tax levy imbalance.
But that one-per-cent shift away from businesses equals a two-per-cent rise in taxes for the residential class.
And with the city already planning a 1.88-per-cent increase overall to its nearly $1-billion operating budget, the shift doubles the increase homeowners will see on their tax bills.
Read the full article here.
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Forecast for China's import growth good news for B.C. lumber
VANCOUVER -- Canada`s lumber exports to China have room to double over the next five years as the growth of domestic demand for wood by a rapidly urbanizing Chinese population continues to rise, according to new research.
Chinese demand for timber ` from raw logs to lumber and plywood ` will likely keep increasing by nine per cent per year until 2015, Robert Flynn, director of international timber research for the U.S.-based firm RISI, said in an interview.
For sawed lumber alone, Flynn said that will mean Chinese imports rising to 19 million cubic metres of wood by 2015 from 9.4 million cubic metres in 2010.
Read the full article here.
VANCOUVER -- Canada`s lumber exports to China have room to double over the next five years as the growth of domestic demand for wood by a rapidly urbanizing Chinese population continues to rise, according to new research.
Chinese demand for timber ` from raw logs to lumber and plywood ` will likely keep increasing by nine per cent per year until 2015, Robert Flynn, director of international timber research for the U.S.-based firm RISI, said in an interview.
For sawed lumber alone, Flynn said that will mean Chinese imports rising to 19 million cubic metres of wood by 2015 from 9.4 million cubic metres in 2010.
Read the full article here.