April 2012 B.C. Economic Fundamentals
- Thread starter Ally
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Few apartment buildings to buy in Victoria
Interest rates may be low, cash readily available and buyers lined up, but if there's nothing to buy business will dry up.
That's a synopsis of the Victoria multi-residential market, according to Colliers International's apartment investor overview released this week.
"And it pretty much applies to all commercial real estate product segments - office, retail, industrial and multi-residential apartment - there's just not enough product to satisfy demand," said Ken Cloak, Colliers Victoria associate vice-president and multi-family specialist.
The Colliers report noted that last year there were 12 apartment building sales for total sales of $46 million, down from 2010's 22 sales totalling $98.5 million. The ten year average is around $56 million.
Read the full article here.
Interest rates may be low, cash readily available and buyers lined up, but if there's nothing to buy business will dry up.
That's a synopsis of the Victoria multi-residential market, according to Colliers International's apartment investor overview released this week.
"And it pretty much applies to all commercial real estate product segments - office, retail, industrial and multi-residential apartment - there's just not enough product to satisfy demand," said Ken Cloak, Colliers Victoria associate vice-president and multi-family specialist.
The Colliers report noted that last year there were 12 apartment building sales for total sales of $46 million, down from 2010's 22 sales totalling $98.5 million. The ten year average is around $56 million.
Read the full article here.
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CPPIB delves deeper into Vancouver real estate market
The Canada Pension Plan Investment Board, which has been aggressively building its real estate portfolio, announced a further investment on Tuesday in the prime office real estate market in Vancouver, Canada`s most expensive property market.
The CPPIB, which invests on behalf of 18 million Canadians, said it has bought a 50-per-cent stake in two downtown Vancouver office properties worth $230-million. The CPPIB`s equity investment, before closing costs, adjustments and working capital, is $115-million.
Read the full article here.
The Canada Pension Plan Investment Board, which has been aggressively building its real estate portfolio, announced a further investment on Tuesday in the prime office real estate market in Vancouver, Canada`s most expensive property market.
The CPPIB, which invests on behalf of 18 million Canadians, said it has bought a 50-per-cent stake in two downtown Vancouver office properties worth $230-million. The CPPIB`s equity investment, before closing costs, adjustments and working capital, is $115-million.
Read the full article here.
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Asian energy giant Petronas seeks $5b natural gas deal that could spark new drilling in BC
News that state-owned Malaysian energy giant Petronas wants to spend $5 billion securing Canadian natural gas supplies delivered a speculative boost to B.C.`s energy sector Monday as analysts tried to figure out what it might mean.
Petronas chief executive officer Shamsul Abhar Abbas made the comment about a $5-billion investment in Canada in a Friday interview with the news agency Bloomberg.
`This is going to be big,` Shamsul was quoted as saying in the interview, noting that Petronas`s buyers of natural gas are seeking energy supplies in stable countries that can be guaranteed for years.
Read the full article here.
News that state-owned Malaysian energy giant Petronas wants to spend $5 billion securing Canadian natural gas supplies delivered a speculative boost to B.C.`s energy sector Monday as analysts tried to figure out what it might mean.
Petronas chief executive officer Shamsul Abhar Abbas made the comment about a $5-billion investment in Canada in a Friday interview with the news agency Bloomberg.
`This is going to be big,` Shamsul was quoted as saying in the interview, noting that Petronas`s buyers of natural gas are seeking energy supplies in stable countries that can be guaranteed for years.
Read the full article here.
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$25 billion over 8 years to improve BC overseas trade
B.C. Premier Christy Clark released details of $25 billion public and private sector plan to expand trade with Asia by improving the province's transportation network.
Clark said that the spending is needed to increase trucking capacity on highways, rail capacity along existing rail corridors, air cargo movement, and both bulk and container terminal capacity at marine ports in Vancouver and Prince Rupert.
"We have a once-in-a-generation opportunity to take advantage of the fastest growing economy in history," Premier Clark said in a press release.
Read the full article here.
B.C. Premier Christy Clark released details of $25 billion public and private sector plan to expand trade with Asia by improving the province's transportation network.
Clark said that the spending is needed to increase trucking capacity on highways, rail capacity along existing rail corridors, air cargo movement, and both bulk and container terminal capacity at marine ports in Vancouver and Prince Rupert.
"We have a once-in-a-generation opportunity to take advantage of the fastest growing economy in history," Premier Clark said in a press release.
Read the full article here.
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Fatal accident highlights the need to understand contracts
An accident in which a roofer was killed when he fell through the skylight of former premier Gordon Campbell's vacation home is highlighting a little-known piece of contract law that has huge implications for homeowners.
In a report released publicly Monday, WorkSafeBC said Campbell, as the homeowner, became the "prime contractor" because he failed to assign in writing that role to the general contractor whose company was renovating his Sunshine Coast home last July.
As a result, Campbell had the legal responsibility for coordinating and establishing compliance with health and safety requirements.
Read the full article here.
An accident in which a roofer was killed when he fell through the skylight of former premier Gordon Campbell's vacation home is highlighting a little-known piece of contract law that has huge implications for homeowners.
In a report released publicly Monday, WorkSafeBC said Campbell, as the homeowner, became the "prime contractor" because he failed to assign in writing that role to the general contractor whose company was renovating his Sunshine Coast home last July.
As a result, Campbell had the legal responsibility for coordinating and establishing compliance with health and safety requirements.
Read the full article here.
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BC misses out on Canada's job surge
OTTAWA - The West may still be best, but Canada`s blowout job growth last month was primarily a story of strength in Central Canada.
A resurgent Ontario and Quebec combined to create 82,500 jobs in March, even higher than the national net total of 82,300, which was brought lower by job losses in Atlantic Canada.
And while Alberta and B.C. still lead the country in employment gains over the past 12 months, Ontario comes in a surprising third place, said BMO Capital Markets deputy chief economist Douglas Porter.
Read the full article here.
OTTAWA - The West may still be best, but Canada`s blowout job growth last month was primarily a story of strength in Central Canada.
A resurgent Ontario and Quebec combined to create 82,500 jobs in March, even higher than the national net total of 82,300, which was brought lower by job losses in Atlantic Canada.
And while Alberta and B.C. still lead the country in employment gains over the past 12 months, Ontario comes in a surprising third place, said BMO Capital Markets deputy chief economist Douglas Porter.
Read the full article here.
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Vancouver's Seaspan to build even more ships under federal contract
Seaspan Shipyards is cheering the news the company will be building more ships than originally announced under the federal government`s national shipbuilding strategy.
The announcement that Seaspan will build additional Coast Guard vessels for more than $4 billion was contained in last week`s federal budget.
Those will be in addition to the seven ships already announced by the federal government in the first part of its contract with Seaspan to build non-combat watercraft including fisheries vessels, navy support ships and an icebreaker.
Read the full article here.
Seaspan Shipyards is cheering the news the company will be building more ships than originally announced under the federal government`s national shipbuilding strategy.
The announcement that Seaspan will build additional Coast Guard vessels for more than $4 billion was contained in last week`s federal budget.
Those will be in addition to the seven ships already announced by the federal government in the first part of its contract with Seaspan to build non-combat watercraft including fisheries vessels, navy support ships and an icebreaker.
Read the full article here.
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Proposed open-pit mine stirs debate in Kamloops
A proposed open-pit copper-gold mine that`s partly within Kamloops city limits is testing the mining-friendly community`s tolerance over its close relationship to the province`s extractive resource industries.
The KGHM Ajax mine proposal would turn hilly grasslands into a pit mine complete with piles of tailings and waste rock within little more than a kilometre of some of the city`s newest subdivisions.
And for some in Kamloops, that`s bringing mining`s dirtier side ` dust, noise and water quality issues ` a little too close to their own backyards.
Read the article here.
A proposed open-pit copper-gold mine that`s partly within Kamloops city limits is testing the mining-friendly community`s tolerance over its close relationship to the province`s extractive resource industries.
The KGHM Ajax mine proposal would turn hilly grasslands into a pit mine complete with piles of tailings and waste rock within little more than a kilometre of some of the city`s newest subdivisions.
And for some in Kamloops, that`s bringing mining`s dirtier side ` dust, noise and water quality issues ` a little too close to their own backyards.
Read the article here.
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B.C.'s skilled workers attracted to Alberta's energy sector
News that oilsands recruiters have been appearing at British Columbia`s junior hockey games isn`t going over well with the resource sector on this side of the provincial border.
B.C.`s mining, forestry and energy sectors are expecting to need as many as 10,000 people over the next 10-15 years.
Alberta companies, meanwhile, are looking to hire 21,000 workers over the same time period.
Read the full article here.
News that oilsands recruiters have been appearing at British Columbia`s junior hockey games isn`t going over well with the resource sector on this side of the provincial border.
B.C.`s mining, forestry and energy sectors are expecting to need as many as 10,000 people over the next 10-15 years.
Alberta companies, meanwhile, are looking to hire 21,000 workers over the same time period.
Read the full article here.
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B.C. first nations try to get pipeline hearing back on track
BELLA BELLA, B.C. ` Members of B.C.'s Heiltsuk First Nation were negotiating with the review panel Monday in Bella Bella to try to get the scheduled hearings on Enbridge's proposed Northern Gateway pipeline back on track amid safety concerns.
The panel pulled out the hearing citing insecurity after its members were met by about 200 singing and drumming protesters outside the airport Sunday. The two sides were meeting early Monday to decide on how and if the four days of hearings scheduled for the coastal community will proceed.
Read the full article here.
BELLA BELLA, B.C. ` Members of B.C.'s Heiltsuk First Nation were negotiating with the review panel Monday in Bella Bella to try to get the scheduled hearings on Enbridge's proposed Northern Gateway pipeline back on track amid safety concerns.
The panel pulled out the hearing citing insecurity after its members were met by about 200 singing and drumming protesters outside the airport Sunday. The two sides were meeting early Monday to decide on how and if the four days of hearings scheduled for the coastal community will proceed.
Read the full article here.
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Ottawa approves LNG export license
A joint venture of the Haisla First Nation and a Texas company have been awarded a 20-year licence to export liquefied natural gas from an international terminal proposed for the seaport of Kitimat.
Natural Resources Minister Joe Oliver announced Wednesday that the federal government approved a licence application by the BC LNG Export Co-operative.
It`s the second such licence approved by the feds in recent months and in both cases the exporters are targeting markets in Asia where natural gas products sell at prices about six times higher than gas is fetching in North America.
Read the full article here.
A joint venture of the Haisla First Nation and a Texas company have been awarded a 20-year licence to export liquefied natural gas from an international terminal proposed for the seaport of Kitimat.
Natural Resources Minister Joe Oliver announced Wednesday that the federal government approved a licence application by the BC LNG Export Co-operative.
It`s the second such licence approved by the feds in recent months and in both cases the exporters are targeting markets in Asia where natural gas products sell at prices about six times higher than gas is fetching in North America.
Read the full article here.
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China and Vancouver home prices
The topic of foreign ownership of housing in Vancouver is a subject that triggers some emotional responses. Over an Easter dinner some west side relatives of mine lamented the end of neighbourhoods built upon the strength of front yard conversations and local gossip, now made more difficult on their street by language and cultural barriers. People today, I was told, just drive into their garage with the remote control entry and never have to set foot on their street. This phenomenon of households being isolated from their surrounding communities is not unique to west side homes, but is happening throughout our region.
Read the full article here.
The topic of foreign ownership of housing in Vancouver is a subject that triggers some emotional responses. Over an Easter dinner some west side relatives of mine lamented the end of neighbourhoods built upon the strength of front yard conversations and local gossip, now made more difficult on their street by language and cultural barriers. People today, I was told, just drive into their garage with the remote control entry and never have to set foot on their street. This phenomenon of households being isolated from their surrounding communities is not unique to west side homes, but is happening throughout our region.
Read the full article here.
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Metro Vancouver transit expansion projects postponed
METRO VANCOUVER - As TransLink postpones a planned expansion of transit projects in Metro Vancouver because of funding woes, cities along the Canada Line are reaping the rewards of multibillion-dollar developments.
Richmond, for example, is being transformed into an international gateway for Asia-Pacific, thanks to $4-billion worth of projects sparked in part because of increased land values and investments along the 19-kilometre corridor between Vancouver and the airport.
Read the full article here.
METRO VANCOUVER - As TransLink postpones a planned expansion of transit projects in Metro Vancouver because of funding woes, cities along the Canada Line are reaping the rewards of multibillion-dollar developments.
Richmond, for example, is being transformed into an international gateway for Asia-Pacific, thanks to $4-billion worth of projects sparked in part because of increased land values and investments along the 19-kilometre corridor between Vancouver and the airport.
Read the full article here.
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70 acres of shopping proposed for Richmond
Richmond's population is expected to increase 40 per cent within the next 30 years as an almost unprecedented wave of developments are slated for the city, including an enormous 28-hectare (70-acre) destination shopping centre adjacent to the River Rock Casino, Mayor Malcolm Brodie announced Tuesday.
Details of the development were sparse, but Brodie said Jingon International Development Group's vision for a former cement plant site on Duck Island is an international-sized shopping centre, the likes of which are usually found in cities such as Shanghai or Los Angeles.
"You would have to go there to see anything on this scale," Brodie told the Richmond Chamber of Commerce.
Read the full article here.
Richmond's population is expected to increase 40 per cent within the next 30 years as an almost unprecedented wave of developments are slated for the city, including an enormous 28-hectare (70-acre) destination shopping centre adjacent to the River Rock Casino, Mayor Malcolm Brodie announced Tuesday.
Details of the development were sparse, but Brodie said Jingon International Development Group's vision for a former cement plant site on Duck Island is an international-sized shopping centre, the likes of which are usually found in cities such as Shanghai or Los Angeles.
"You would have to go there to see anything on this scale," Brodie told the Richmond Chamber of Commerce.
Read the full article here.
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Kitimat pipeline capacity increase approved
The proposed $1-billion Pacific Trails Pipeline that will transport natural gas from northeast British Columbia to the coast at Kitimat for export overseas has been approved for a more than one-third expansion by the B.C. Environmental Assessment Office.
The office approved an increase in the size of the pipeline to a diameter of 1066.8 millimetres from 914 millimetres, which equates to a 36-per-cent increase in capacity.
Read the full article here.
The proposed $1-billion Pacific Trails Pipeline that will transport natural gas from northeast British Columbia to the coast at Kitimat for export overseas has been approved for a more than one-third expansion by the B.C. Environmental Assessment Office.
The office approved an increase in the size of the pipeline to a diameter of 1066.8 millimetres from 914 millimetres, which equates to a 36-per-cent increase in capacity.
Read the full article here.
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Luxury condo tower reborn in downtown Vancouver
A luxury condominium and hotel project planned for Vancouver`s West Georgia Street and cancelled during the recession is back on track, CBC News has learned.
Construction stopped suddenly in October 2008, leaving a gaping hole behind the hoardings between Thurlow and Bute streets. But buyers who`d bought did get their money back.
Read the full article here.
A luxury condominium and hotel project planned for Vancouver`s West Georgia Street and cancelled during the recession is back on track, CBC News has learned.
Construction stopped suddenly in October 2008, leaving a gaping hole behind the hoardings between Thurlow and Bute streets. But buyers who`d bought did get their money back.
Read the full article here.
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Billion-dollar Pacific Trails Pipeline expansion approved
The proposed $1-billion Pacific Trails Pipeline that will transport natural gas from northeast B.C. to the coast at Kitimat for export overseas has been approved for a more than one-third expansion by the B.C. Environmental Assessment Office.
The office OK`d an increase in the size of the pipeline to a diameter of 1066.8 millimetres (42 inches) from 914 millimetres (36 inches), which equates to a 36 per cent increase in capacity.
Read the full article here.
The proposed $1-billion Pacific Trails Pipeline that will transport natural gas from northeast B.C. to the coast at Kitimat for export overseas has been approved for a more than one-third expansion by the B.C. Environmental Assessment Office.
The office OK`d an increase in the size of the pipeline to a diameter of 1066.8 millimetres (42 inches) from 914 millimetres (36 inches), which equates to a 36 per cent increase in capacity.
Read the full article here.
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Province considers 'option' of over-ruling chief forester to secure timber supply for industry
A leaked Ministry of Forests document reveals a proposal that the B.C. government override the top official charged with managing the province`s forests to find a timber supply for Burns Lake.
The forestry-dependent town west of Prince George lost its main employer in a December fire that destroyed its sawmill and killed two workers.
The April 7 document addressed to the cabinet under the name of Forests Minister Steve Thomson has come to light at a time when the government is under increasing pressure to reveal plans it has so far kept confidential to address the pending collapse of the Interior timber supply.
Read the full article here.
A leaked Ministry of Forests document reveals a proposal that the B.C. government override the top official charged with managing the province`s forests to find a timber supply for Burns Lake.
The forestry-dependent town west of Prince George lost its main employer in a December fire that destroyed its sawmill and killed two workers.
The April 7 document addressed to the cabinet under the name of Forests Minister Steve Thomson has come to light at a time when the government is under increasing pressure to reveal plans it has so far kept confidential to address the pending collapse of the Interior timber supply.
Read the full article here.
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Surrey company joins with U.S. company to form largest background check company in North America
Pre-employment background checks is big business. And a Surrey-based company that specializes in these checks is poised to get a whole lot bigger after being bought this week by one of the largest background-checking companies in the world.
Dave Dinesen started Surrey-based BackCheck more than 10 years ago when Fido asked the investigative company he was with if they did pre-employment background investigations.
Read the full article here.
Pre-employment background checks is big business. And a Surrey-based company that specializes in these checks is poised to get a whole lot bigger after being bought this week by one of the largest background-checking companies in the world.
Dave Dinesen started Surrey-based BackCheck more than 10 years ago when Fido asked the investigative company he was with if they did pre-employment background investigations.
Read the full article here.