August 2011 B.C. Economic Fundamentals
- Thread starter Ally
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Job prospects 'stable' in Vancouver, Victoria
Near-term job prospects in most Canadian cities point to continued employment gains in the months ahead, according to the Conference Board of Canada`s July Help Wanted Index.
Out West, Vancouver and Victoria are among only three census metropolitan areas surveyed (including Regina) where job prospects are considered to be stable.
Meanwhile, Abbotsford-Mission saw a dip in employment gains, one of five metro areas to do so, including Quebec City, Trois-Rivieres, Ottawa-Gatineau and St. Catharines-Niagara.
Read the full article here.
Near-term job prospects in most Canadian cities point to continued employment gains in the months ahead, according to the Conference Board of Canada`s July Help Wanted Index.
Out West, Vancouver and Victoria are among only three census metropolitan areas surveyed (including Regina) where job prospects are considered to be stable.
Meanwhile, Abbotsford-Mission saw a dip in employment gains, one of five metro areas to do so, including Quebec City, Trois-Rivieres, Ottawa-Gatineau and St. Catharines-Niagara.
Read the full article here.
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Trail emerging as high-tech hub for metallurgy sector
When talk of Trail`s economy comes up, it`s usually in the context of Teck Resources Ltd., which dominates the west Kootenay town with its massive lead-zinc smelter.
But while Teck`s importance to the community will define the town`s future, the town of abut 7,000 people is also an emerging hub for green and high-tech spinoff companies geared to the metallurgical sector ` with Teck playing a major role.
Read the full article here.
When talk of Trail`s economy comes up, it`s usually in the context of Teck Resources Ltd., which dominates the west Kootenay town with its massive lead-zinc smelter.
But while Teck`s importance to the community will define the town`s future, the town of abut 7,000 people is also an emerging hub for green and high-tech spinoff companies geared to the metallurgical sector ` with Teck playing a major role.
Read the full article here.
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The most affordable land prices in B.C.
The Vancouver-based developer spending $100 million on infrastructure for the largest development on Vancouver Island says choosing the Comox Valley for the "instant town" was a no-brainer.
"The Comox Valley represents the most affordable land prices in B.C.," said John Evans, president of Trilogy Corp., who has been inviting other developers and home builders to join in Trilogy's 719-acre Cayet development at Cumberland, just west of Courtenay. The development plan calls for a huge shopping centre, office and institutional space and thousands of new homes.
Evans, who once led the development of Whistler Village, said land values in the Comox Valley are less than anywhere south of Nanaimo on the Island, and "much lower" than in the Lower Mainland or the Central Okanagan.
Read the full article here.
The Vancouver-based developer spending $100 million on infrastructure for the largest development on Vancouver Island says choosing the Comox Valley for the "instant town" was a no-brainer.
"The Comox Valley represents the most affordable land prices in B.C.," said John Evans, president of Trilogy Corp., who has been inviting other developers and home builders to join in Trilogy's 719-acre Cayet development at Cumberland, just west of Courtenay. The development plan calls for a huge shopping centre, office and institutional space and thousands of new homes.
Evans, who once led the development of Whistler Village, said land values in the Comox Valley are less than anywhere south of Nanaimo on the Island, and "much lower" than in the Lower Mainland or the Central Okanagan.
Read the full article here.
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B.C.'s jobless rate still stable
B.C. employed 5,400 people in July but an increase in the number of people seeking work kept its jobless rate unchanged from June, new Statistics Canada data shows.
The province's unemployment rate was stable at 7.3 per cent, the federal agency said.
Provincial employment sits near pre-recession highs but the trend over the past year has been irregular, Central 1 Credit Union said in a commentary.
Read the full article here.
B.C. employed 5,400 people in July but an increase in the number of people seeking work kept its jobless rate unchanged from June, new Statistics Canada data shows.
The province's unemployment rate was stable at 7.3 per cent, the federal agency said.
Provincial employment sits near pre-recession highs but the trend over the past year has been irregular, Central 1 Credit Union said in a commentary.
Read the full article here.
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Greater Victoria's housing sales lean towards buyer's market
Greater Victoria is seeing continued downward pressure on housing prices as statistics released this week show slowing sales and an uptick of inventory on the real estate market.
July had 523 home sales in Greater Victoria, which include single family homes, townhomes, condos, mobile homes and empty lots, according to the Victoria Real Estate Board`s multiple listing service.
The volume is nearly 100 less than June 2011 with 618 sales, but is similar to July 2010 which had 527 sales.
`In the coming months, we anticipate that market activity will remain relatively stable and similar to what we saw during the summer and early fall months of last year,` Dennis Fimrite, Victoria Real Estate Board president said in a release.
Read the full article here.
Greater Victoria is seeing continued downward pressure on housing prices as statistics released this week show slowing sales and an uptick of inventory on the real estate market.
July had 523 home sales in Greater Victoria, which include single family homes, townhomes, condos, mobile homes and empty lots, according to the Victoria Real Estate Board`s multiple listing service.
The volume is nearly 100 less than June 2011 with 618 sales, but is similar to July 2010 which had 527 sales.
`In the coming months, we anticipate that market activity will remain relatively stable and similar to what we saw during the summer and early fall months of last year,` Dennis Fimrite, Victoria Real Estate Board president said in a release.
Read the full article here.
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B.C. home sales and average prices rise in July
B.C. home sales rose 12.9 per cent to 6,533 units in July compared to July 2010, while the average price climbed 10 per cent to $541,000, the B.C. Real Estate Association reported Thursday.
However, there was a wide discrepancy in price increases around the province, with Metro Vancouver continuing to show the highest increase.
But price increases in Metro Vancouver are slowing down, and are expected to slow down even further in the coming months.
"In Metro Vancouver, the price numbers have been inflated over the past several months as higher end [single detached] properties selling in pricier neighbourhoods [pushed] the average price higher," BCREA chief economist Cameron Muir said in an interview. "But this is unlikely to be sustained over the longer term."
Read the full article here.
B.C. home sales rose 12.9 per cent to 6,533 units in July compared to July 2010, while the average price climbed 10 per cent to $541,000, the B.C. Real Estate Association reported Thursday.
However, there was a wide discrepancy in price increases around the province, with Metro Vancouver continuing to show the highest increase.
But price increases in Metro Vancouver are slowing down, and are expected to slow down even further in the coming months.
"In Metro Vancouver, the price numbers have been inflated over the past several months as higher end [single detached] properties selling in pricier neighbourhoods [pushed] the average price higher," BCREA chief economist Cameron Muir said in an interview. "But this is unlikely to be sustained over the longer term."
Read the full article here.
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Metro Vancouver multi-family homes soar in the second quarter: Colliers report
Multi-family sales in Metro Vancouver soared to 4,839 units in the second quarter of 2011, an 85-per-cent increase over the same quarter in 2010, according to a MarketShare report released by Colliers International.
As well, the report said, sales are up 91 per cent from the first quarter of 2011.
`The quarterly results surpassed the best quarter of last year and bring year-to-date sales to 7,366 units or 82 per cent of the total volume of sales in 2010,` Scott Brown, senior vice-president, Colliers International, residential project marketing and sales, said in a statement.
Read the full article here.
Multi-family sales in Metro Vancouver soared to 4,839 units in the second quarter of 2011, an 85-per-cent increase over the same quarter in 2010, according to a MarketShare report released by Colliers International.
As well, the report said, sales are up 91 per cent from the first quarter of 2011.
`The quarterly results surpassed the best quarter of last year and bring year-to-date sales to 7,366 units or 82 per cent of the total volume of sales in 2010,` Scott Brown, senior vice-president, Colliers International, residential project marketing and sales, said in a statement.
Read the full article here.
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BC Hydro to cut proposed rate increase following government review
The provincial panel reviewing BC Hydro`s rates is recommending changes that will cut the increase the utility is seeking by about half by reducing staff, deferring capital projects and changing the way it sends capital projects out to bid.
The reduction in rates will come as BC Hydro cuts its operating expenditures by $800 million over the next five years through a combination of reducing staff, increasing its electricity trading revenue, changing its procurement methods and deferring capital projects.
The review panel suggested BC Hydro could cut its staff by about 1,000 positions, though Hydro CEO Dave Cobb said the utility can hit its financial targets for the rate reduction without cutting so deeply.
Read the full article here.
The provincial panel reviewing BC Hydro`s rates is recommending changes that will cut the increase the utility is seeking by about half by reducing staff, deferring capital projects and changing the way it sends capital projects out to bid.
The reduction in rates will come as BC Hydro cuts its operating expenditures by $800 million over the next five years through a combination of reducing staff, increasing its electricity trading revenue, changing its procurement methods and deferring capital projects.
The review panel suggested BC Hydro could cut its staff by about 1,000 positions, though Hydro CEO Dave Cobb said the utility can hit its financial targets for the rate reduction without cutting so deeply.
Read the full article here.
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Copper Mountain operating close to capacity at official opening
As dignitaries head up Highway 3 to Princeton for the official grand opening of Copper Mountain Mining Corp.`s newly opened mine on Thursday, some of the mine`s specially built ore trucks will be preparing to make their return trip to the Port of Vancouver.
At ribbon cutting, Copper Mountain, a major revamp of the former Similco mine, and the first mine to open in British Columbia since 1997, will be running at close to full capacity from its start of production in mid June.
Rod Shier, Copper Mountain`s CFO, said some 8,000 tonnes of copper concentrate from the mine, worth about $21 million at today`s prices, are already sitting in storage at its dock in North Vancouver and he expects there to be 12,000 tonnes ` $25 million worth ` ready to send with its first cargo ship scheduled to leave Vancouver for Onahama, Japan.
Read the full article here.
As dignitaries head up Highway 3 to Princeton for the official grand opening of Copper Mountain Mining Corp.`s newly opened mine on Thursday, some of the mine`s specially built ore trucks will be preparing to make their return trip to the Port of Vancouver.
At ribbon cutting, Copper Mountain, a major revamp of the former Similco mine, and the first mine to open in British Columbia since 1997, will be running at close to full capacity from its start of production in mid June.
Rod Shier, Copper Mountain`s CFO, said some 8,000 tonnes of copper concentrate from the mine, worth about $21 million at today`s prices, are already sitting in storage at its dock in North Vancouver and he expects there to be 12,000 tonnes ` $25 million worth ` ready to send with its first cargo ship scheduled to leave Vancouver for Onahama, Japan.
Read the full article here.
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Mining an important revenue source for B.C.
At last! It`s taken four years to reach this milestone (read: become an overnight success), but mining is finally back in Princeton. On Thursday, Copper Mountain Mining officially cuts the ribbon and celebrates the grand opening of the first copper mine to open in British Columbia since 1998, providing 270 much-needed jobs. Our 18,000-acre mine site is located 20 kilometres south of Princeton, and contains a resource of approximately five billion pounds (2. 27 metric tons) of copper that will provide jobs and royalties for at least 17 years.
Mining is a $7-billion industry in B.C. Along with employment, it provides significant revenue (an estimated $400 million in 2010) that helps pay for health care, education and other essential public services. In fact, while forestry has been suffering due to the U.S. housing crash, mining, oil and gas have been taking up the slack in terms of provincial tax revenue. Properly managed, mines have the potential to be an important source of revenue long into the future.
Read the full article here.
At last! It`s taken four years to reach this milestone (read: become an overnight success), but mining is finally back in Princeton. On Thursday, Copper Mountain Mining officially cuts the ribbon and celebrates the grand opening of the first copper mine to open in British Columbia since 1998, providing 270 much-needed jobs. Our 18,000-acre mine site is located 20 kilometres south of Princeton, and contains a resource of approximately five billion pounds (2. 27 metric tons) of copper that will provide jobs and royalties for at least 17 years.
Mining is a $7-billion industry in B.C. Along with employment, it provides significant revenue (an estimated $400 million in 2010) that helps pay for health care, education and other essential public services. In fact, while forestry has been suffering due to the U.S. housing crash, mining, oil and gas have been taking up the slack in terms of provincial tax revenue. Properly managed, mines have the potential to be an important source of revenue long into the future.
Read the full article here.
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Victoria rental rates ease for post-secondary students in search of housing
Students on the hunt for housing this fall might have a little easier time finding an apartment than before.
`The past couple of years we`ve seen vacancy rates a little higher than they have been over the past four or five years,` said Travis Archibald, senior market analyst for the Canadian Mortgage and Housing Corporation. `Even though they`ve gone up, they`re still quite low compared to other major centres across the country. There`s still strong demand for rental accommodation in Victoria.`
Read the full article here.
Students on the hunt for housing this fall might have a little easier time finding an apartment than before.
`The past couple of years we`ve seen vacancy rates a little higher than they have been over the past four or five years,` said Travis Archibald, senior market analyst for the Canadian Mortgage and Housing Corporation. `Even though they`ve gone up, they`re still quite low compared to other major centres across the country. There`s still strong demand for rental accommodation in Victoria.`
Read the full article here.
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Vancouver housin afforadility 'rapidly eroding': RBC
Most Canadian cities offer `reasonably affordable` housing, according to Royal Bank of Canada's quarterly survey into affordability, but Vancouver is at risk of a downturn.
For the second quarter in a row affordability slipped across the country as prices rose and mortgage rates moved marginally higher.
Read the full article here.
Most Canadian cities offer `reasonably affordable` housing, according to Royal Bank of Canada's quarterly survey into affordability, but Vancouver is at risk of a downturn.
For the second quarter in a row affordability slipped across the country as prices rose and mortgage rates moved marginally higher.
Read the full article here.
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Vancouver takes the lead in housing unaffordability once again: RBC
Led by `sky-high` prices in Vancouver, housing in Canada has become less affordable for a second quarter running.
The latest Housing Trends and Affordability report released Monday by RBC Economics Research once again singled out the British Columbia city as the least affordable in the country.
For the second quarter of 2011, Vancouver residents could expect to spend 92.5% of their pre-tax income on homeownership costs, including mortgage payments, utilities and property taxes.
Read the full article here.
Led by `sky-high` prices in Vancouver, housing in Canada has become less affordable for a second quarter running.
The latest Housing Trends and Affordability report released Monday by RBC Economics Research once again singled out the British Columbia city as the least affordable in the country.
For the second quarter of 2011, Vancouver residents could expect to spend 92.5% of their pre-tax income on homeownership costs, including mortgage payments, utilities and property taxes.
Read the full article here.
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Vancouver housing market faces biggest risk of downturn
Led by `sky-high` prices in Vancouver, housing in Canada has become less affordable for a second quarter running.
The latest Housing Trends and Affordability report released Monday by RBC Economics Research once again singled out the British Columbia city as the least affordable in the country.
For the second quarter of 2011, Vancouver residents could expect to spend 92.5% of their pre-tax income on homeownership costs, including mortgage payments, utilities and property taxes.
Read the full article here.
Led by `sky-high` prices in Vancouver, housing in Canada has become less affordable for a second quarter running.
The latest Housing Trends and Affordability report released Monday by RBC Economics Research once again singled out the British Columbia city as the least affordable in the country.
For the second quarter of 2011, Vancouver residents could expect to spend 92.5% of their pre-tax income on homeownership costs, including mortgage payments, utilities and property taxes.
Read the full article here.
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B.C., Alberta differ on strata review
If I'm buying a strata property in B.C. and want to hire someone to examine the building's records for me, that someone has to be a licensed realtor.
That's not the case in Alberta, where Bernie Winter, among others, provides a service known as strata document review. In fact, Winter gave up her realtor's licence because she believes she would be in a conflict of interest if she was selling a strata property and advising prospective buyers about the internal workings and health of the strata corporation.
"Are you going to be at arm's length on giving the real scoop on what's going on with that condo [if you're the realtor]?" she asks. "The answer's 'no'."
Read the full article here.
If I'm buying a strata property in B.C. and want to hire someone to examine the building's records for me, that someone has to be a licensed realtor.
That's not the case in Alberta, where Bernie Winter, among others, provides a service known as strata document review. In fact, Winter gave up her realtor's licence because she believes she would be in a conflict of interest if she was selling a strata property and advising prospective buyers about the internal workings and health of the strata corporation.
"Are you going to be at arm's length on giving the real scoop on what's going on with that condo [if you're the realtor]?" she asks. "The answer's 'no'."
Read the full article here.
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B.C. votes to scrap the HST
VICTORIA - British Columbians have voted to scrap the Harmonized Sales Tax, Elections BC announced Friday, meaning the province will now begin a transition back to the former PST.
54.73 per cent of people voted to scrap the HST in the referendum, Elections BC said as it released official results, with 45.27 per cent voting to keep it in place.
The result is a victory for former premier Bill Vander Zalm, who has led a campaign against the tax for close to two years, and who forced the recent referendum by collecting more than 500,000 signatures on a petition.
Finance Minister Kevin Falcon said today he was "disappointed" by the result, but "not surprised."
Read the full article here.
VICTORIA - British Columbians have voted to scrap the Harmonized Sales Tax, Elections BC announced Friday, meaning the province will now begin a transition back to the former PST.
54.73 per cent of people voted to scrap the HST in the referendum, Elections BC said as it released official results, with 45.27 per cent voting to keep it in place.
The result is a victory for former premier Bill Vander Zalm, who has led a campaign against the tax for close to two years, and who forced the recent referendum by collecting more than 500,000 signatures on a petition.
Finance Minister Kevin Falcon said today he was "disappointed" by the result, but "not surprised."
Read the full article here.
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Alberta buyers win as B.C. axes HST
B.C.'s harmonized sales tax has been a "disaster" for the recreational property market, critics say, and scrapping it will open the doors for buyers, many from Alberta, who have been sitting on the sidelines.
"It's going to be well received. It's going to be huge because the HST has been a real detriment to recreational properties, developed lots on lakes, secondary houses, people coming out and buying a place on the ski hill, a condo," said Philip Jones, of Royal LePage East Kootenay Realty.
"It's had a very staggering impact on our recreational market in the Okanagan and the Kootenays."
Read the full article here.
B.C.'s harmonized sales tax has been a "disaster" for the recreational property market, critics say, and scrapping it will open the doors for buyers, many from Alberta, who have been sitting on the sidelines.
"It's going to be well received. It's going to be huge because the HST has been a real detriment to recreational properties, developed lots on lakes, secondary houses, people coming out and buying a place on the ski hill, a condo," said Philip Jones, of Royal LePage East Kootenay Realty.
"It's had a very staggering impact on our recreational market in the Okanagan and the Kootenays."
Read the full article here.
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Scrapping HST may prove to be a boom for B.C.'s realtors
The scrapping of the controversial harmonized sales tax, or HST, in British Columbia could prove to be a bonanza for the province's realtors.
A real estate agent in the East Kootenays, Philip Jones of Royal Lepage
East Kootenay Realty, tells the Calgary Herald the HST had a staggering impact on recreational property sales both in the Kootenays and the Okanagan.
Read the full article here.
The scrapping of the controversial harmonized sales tax, or HST, in British Columbia could prove to be a bonanza for the province's realtors.
A real estate agent in the East Kootenays, Philip Jones of Royal Lepage
East Kootenay Realty, tells the Calgary Herald the HST had a staggering impact on recreational property sales both in the Kootenays and the Okanagan.
Read the full article here.
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B.C. court rules against tenant in foreclosed home
It led to the February ruling by the British Columbia Supreme Court in Kelowna, ultimately evicting the tenant, according to a recent summary by the British Columbia Real Estate Association (BCREA) in an issue of its Legally Speaking publication. The details of the case, First National Financial GP Corp v. Sirotka, could serve as a cautionary tale for lenders, purchasers of foreclosed properties, and tenants alike.
The BCREA summary was written by Mike Managan, an experienced trial lawyer. He noted the case took shape in 2009 when the lender began foreclosure proceedings. On Dec. 1, the owners rented the property out on a month-to-month basis.
Just a week later, the court granted judgement to the lender to take back the home, but the tenant remained without knowledge of this. In 2010, the lender was able to start listing the property and the court approved a sale on Nov. 17 that year. The new owner asked the court for an order of possession, requiring the tenant to vacate the property. The tenant argued she had not been notified of the foreclosure in signing the lease.
When the tenant refused to leave, it took a BC Supreme Court ruling to eventually force her out.
Read the full article here.
It led to the February ruling by the British Columbia Supreme Court in Kelowna, ultimately evicting the tenant, according to a recent summary by the British Columbia Real Estate Association (BCREA) in an issue of its Legally Speaking publication. The details of the case, First National Financial GP Corp v. Sirotka, could serve as a cautionary tale for lenders, purchasers of foreclosed properties, and tenants alike.
The BCREA summary was written by Mike Managan, an experienced trial lawyer. He noted the case took shape in 2009 when the lender began foreclosure proceedings. On Dec. 1, the owners rented the property out on a month-to-month basis.
Just a week later, the court granted judgement to the lender to take back the home, but the tenant remained without knowledge of this. In 2010, the lender was able to start listing the property and the court approved a sale on Nov. 17 that year. The new owner asked the court for an order of possession, requiring the tenant to vacate the property. The tenant argued she had not been notified of the foreclosure in signing the lease.
When the tenant refused to leave, it took a BC Supreme Court ruling to eventually force her out.
Read the full article here.