August 2013 B.C. Economic Fundamentals
- Thread starter Ally
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Surrey is in a hurry
VANCOUVER -- Rivalry between major cities has long been an accepted fact that passionately drives loyalties for citizens intent on exercising their bragging rights.
Catfights between Beijing and Shanghai, Paris and Marseilles, New York and Chicago, Moscow and St. Petersburg, and Sydney versus Melbourne are legendary, as us-against-them ideology neatly frames everything from housing costs to earning power to the best restaurants to green space.
Read the full article here.
VANCOUVER -- Rivalry between major cities has long been an accepted fact that passionately drives loyalties for citizens intent on exercising their bragging rights.
Catfights between Beijing and Shanghai, Paris and Marseilles, New York and Chicago, Moscow and St. Petersburg, and Sydney versus Melbourne are legendary, as us-against-them ideology neatly frames everything from housing costs to earning power to the best restaurants to green space.
Read the full article here.
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Perimeter road turns Delta into industrial hot spot
Industrial-property landlords are circling Delta as the strategic South Fraser Perimeter Road nears completion but are finding little to buy, according to a new report from commercial realtor Avison Young.
Investors are butting up against the constraints of the Agricultural Land Reserve, said Ryan Kerr, vice-president of Avison Young`s industrial division in Vancouver. The tension between agricultural and industrial demands again raises the issue about whether to take more property out of the Agricultural Land Reserve to be competitive in accommodating the big distribution centres that are locating in other markets.
Investors hedging that there will be big demand for space are already building or converting almost 1.5 million square feet worth of industrial buildings, the equivalent of almost 17 CFL football fields.
Read the full article here.
Industrial-property landlords are circling Delta as the strategic South Fraser Perimeter Road nears completion but are finding little to buy, according to a new report from commercial realtor Avison Young.
Investors are butting up against the constraints of the Agricultural Land Reserve, said Ryan Kerr, vice-president of Avison Young`s industrial division in Vancouver. The tension between agricultural and industrial demands again raises the issue about whether to take more property out of the Agricultural Land Reserve to be competitive in accommodating the big distribution centres that are locating in other markets.
Investors hedging that there will be big demand for space are already building or converting almost 1.5 million square feet worth of industrial buildings, the equivalent of almost 17 CFL football fields.
Read the full article here.
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Balanced conditions provide stable backdrop for buyers, sellers
Stable and balanced. Those are the descriptors used by the managing brokers for two local real estate companies when it comes to the Maple Ridge and Pitt Meadows housing market today. Which means it`s a good time to be buying or selling because there`s finally some predictability in the marketplace after several years of ups and downs.
The Real Estate Board of Greater Vancouver (REBGV) concurs, noting in its July market report that, across the region, `balanced conditions provide a stable backdrop for today`s home buyers and sellers.`
Read the full article here.
Stable and balanced. Those are the descriptors used by the managing brokers for two local real estate companies when it comes to the Maple Ridge and Pitt Meadows housing market today. Which means it`s a good time to be buying or selling because there`s finally some predictability in the marketplace after several years of ups and downs.
The Real Estate Board of Greater Vancouver (REBGV) concurs, noting in its July market report that, across the region, `balanced conditions provide a stable backdrop for today`s home buyers and sellers.`
Read the full article here.
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BC core review will look at agricultural land reserve
VICTORIA ` A provincial core review tasked with finding tens of millions of dollars in savings will take aim at some of the province`s most politically sensitive programs to make sure they are working efficiently, the minister responsible said Wednesday.
`We`re going to look at some sacrosanct things, like certain agencies. We`re going to look at the Agricultural Land Reserve and the Agricultural Land Commission,` Bill Bennett, minister responsible for the core review, said Wednesday.
Read the full article here.
VICTORIA ` A provincial core review tasked with finding tens of millions of dollars in savings will take aim at some of the province`s most politically sensitive programs to make sure they are working efficiently, the minister responsible said Wednesday.
`We`re going to look at some sacrosanct things, like certain agencies. We`re going to look at the Agricultural Land Reserve and the Agricultural Land Commission,` Bill Bennett, minister responsible for the core review, said Wednesday.
Read the full article here.
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Vancouver joins Toronto real estate market sales surge
Aug. 2 (Bloomberg) -- Home sales in Canada`s two largest real estate markets soared in July, adding to evidence housing has defied predictions of a correction.
Sales in Toronto, the largest market, rose 16 percent from a year earlier to 8,544 units, while Vancouver`s existing home sales rose 40 percent, the cities` real estate boards said today. The average sale price in Toronto rose 7.9 percent and increased 13 percent in Vancouver.
Read the full article here.
Aug. 2 (Bloomberg) -- Home sales in Canada`s two largest real estate markets soared in July, adding to evidence housing has defied predictions of a correction.
Sales in Toronto, the largest market, rose 16 percent from a year earlier to 8,544 units, while Vancouver`s existing home sales rose 40 percent, the cities` real estate boards said today. The average sale price in Toronto rose 7.9 percent and increased 13 percent in Vancouver.
Read the full article here.
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Toronto, Vancouver housing markets defy warnings
Canada`s two most expensive cities for housing continue to defy warnings that their markets are poised to crash.
Both Vancouver and Toronto saw sales surge in July, outpacing expectations and further confusing buyers unsure of when the right time is to get in.
Sales in Toronto`s housing market were up 16 per cent in July compared to the same month last year, while Vancouver, already the most expensive city in Canada in which to own a home, saw a surprising 40-per-cent jump.
Read the full article here.
Canada`s two most expensive cities for housing continue to defy warnings that their markets are poised to crash.
Both Vancouver and Toronto saw sales surge in July, outpacing expectations and further confusing buyers unsure of when the right time is to get in.
Sales in Toronto`s housing market were up 16 per cent in July compared to the same month last year, while Vancouver, already the most expensive city in Canada in which to own a home, saw a surprising 40-per-cent jump.
Read the full article here.
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Office moves deal Surrey a big increase in office vacancies
Surrey`s bid to develop its central core into Metro Vancouver`s second major office district has hit a short-term snag as recent corporate moves have driven up its office vacancy rate, according to a commercial realtor`s report.
One move, which saw the RCMP relocate its offices from several leased locations to a new, purpose-built E Division headquarters in Surrey`s Green Timbers neighbourhood, left behind about 60,000 square feet of empty space, according to the report from Avison Young.
Read the full article here.
Surrey`s bid to develop its central core into Metro Vancouver`s second major office district has hit a short-term snag as recent corporate moves have driven up its office vacancy rate, according to a commercial realtor`s report.
One move, which saw the RCMP relocate its offices from several leased locations to a new, purpose-built E Division headquarters in Surrey`s Green Timbers neighbourhood, left behind about 60,000 square feet of empty space, according to the report from Avison Young.
Read the full article here.
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New West office vacancy drops to 8.8%
New Westminster office space experienced its strongest first-half absorption rate on record, according to a report released by commercial real estate company Avison Young.
But the report went on to say the telling tale about whether leasing is going in the right direction in the city will come later on this year and in the spring of 2014.
Read the full article here.
New Westminster office space experienced its strongest first-half absorption rate on record, according to a report released by commercial real estate company Avison Young.
But the report went on to say the telling tale about whether leasing is going in the right direction in the city will come later on this year and in the spring of 2014.
Read the full article here.
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Chamber urges immigrants to consider Prince George
The Prince George Chamber of Commerce has launched a new program aimed at attracting skilled workers from the Lower Mainland.
Consider Prince George is a community outreach campaign designed to recruit and retain skilled new Canadians and their families from the Lower Mainland and Vancouver Island regions of B.C. to the northern capital.
Read the full article here.
The Prince George Chamber of Commerce has launched a new program aimed at attracting skilled workers from the Lower Mainland.
Consider Prince George is a community outreach campaign designed to recruit and retain skilled new Canadians and their families from the Lower Mainland and Vancouver Island regions of B.C. to the northern capital.
Read the full article here.
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Seniors the future of multi-family?
Metro Vancouver's apartment rental market remains white-hot, but developers remain cautious on building any new units.
The result: compressing capitalization rates, higher "per door" prices, tighter vacancy rates and more condominiums ending up on the rental market.
Read the full article here.
Metro Vancouver's apartment rental market remains white-hot, but developers remain cautious on building any new units.
The result: compressing capitalization rates, higher "per door" prices, tighter vacancy rates and more condominiums ending up on the rental market.
Read the full article here.
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July 2013 housing starts in Vancouver
VANCOUVER, BRITISH COLUMBIA`(Marketwired ` Aug. 9, 2013) - Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 18,888 units in July compared to 17,580 in June according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)[sup]1[/sup] of housing starts.
`The trend measure of multiple-family starts has increased for the past two months, supporting upward movement in the total housing trend,` said Robyn Adamache, CMHC`s Senior Market Analyst for Vancouver. `Single detached starts trended near 3,800 units in July, maintaining a relatively stable pace.`
Read the full article here.
VANCOUVER, BRITISH COLUMBIA`(Marketwired ` Aug. 9, 2013) - Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 18,888 units in July compared to 17,580 in June according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)[sup]1[/sup] of housing starts.
`The trend measure of multiple-family starts has increased for the past two months, supporting upward movement in the total housing trend,` said Robyn Adamache, CMHC`s Senior Market Analyst for Vancouver. `Single detached starts trended near 3,800 units in July, maintaining a relatively stable pace.`
Read the full article here.
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July 2013 Housing starts in BC
VICTORIA, BRITISH COLUMBIA`(Marketwired ` Aug. 9, 2013) - Housing starts in British Columbia`s urban areas[sup]1 were trending at 24,999 units in July compared to 23,408 in June according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)2[/sup] of housing starts.
`The trend measure of urban housing starts moved higher in July,` said Carol Frketich, CMHC`s Regional Economist for British Columbia. `The single-detached housing starts trend edged slightly lower in July. Meanwhile, the trend in multiple-family starts increased to 18,275 in July, the second consecutive monthly gain.`
Read the full article here.
VICTORIA, BRITISH COLUMBIA`(Marketwired ` Aug. 9, 2013) - Housing starts in British Columbia`s urban areas[sup]1 were trending at 24,999 units in July compared to 23,408 in June according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)2[/sup] of housing starts.
`The trend measure of urban housing starts moved higher in July,` said Carol Frketich, CMHC`s Regional Economist for British Columbia. `The single-detached housing starts trend edged slightly lower in July. Meanwhile, the trend in multiple-family starts increased to 18,275 in July, the second consecutive monthly gain.`
Read the full article here.
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BC lost 11,700 jobs in July
B.C. dropped 11,700 jobs in July, pushing the provincial unemployment rate from 6.3% to 6.7%, according to Statistics Canada's latest Labour Force Survey released today (August 9).
The losses come after a bumpy spring for job growth in B.C.: in March, the province lost 15,000 jobs, tracking the rest of the country in a rise in unemployment. In April, B.C. gained 9,500 jobs. But in May, while the rest of the country recorded the highest monthly job gains in 11 years, B.C. lost 1,000 jobs.
Read the full article here.
B.C. dropped 11,700 jobs in July, pushing the provincial unemployment rate from 6.3% to 6.7%, according to Statistics Canada's latest Labour Force Survey released today (August 9).
The losses come after a bumpy spring for job growth in B.C.: in March, the province lost 15,000 jobs, tracking the rest of the country in a rise in unemployment. In April, B.C. gained 9,500 jobs. But in May, while the rest of the country recorded the highest monthly job gains in 11 years, B.C. lost 1,000 jobs.
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Surrey rated best city for prospective investors
Surrey is starting to pull away from Vancouver as the better city for real-estate investors, according to the Real Estate Investment Network's (REIN) 2013 report on B.C.'s best 10 investment towns.
Surrey topped the list for the fourth year in a row while Vancouver fell off the list for the first time in five years.
Read the full article here.
Surrey is starting to pull away from Vancouver as the better city for real-estate investors, according to the Real Estate Investment Network's (REIN) 2013 report on B.C.'s best 10 investment towns.
Surrey topped the list for the fourth year in a row while Vancouver fell off the list for the first time in five years.
Read the full article here.
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Second company sets its sights on Crowsnest Pass coal
CALGARY - A Calgary-based company has announced its plans to pursue coal mining opportunities in the Crowsnest Pass, becoming the second company in less than a year to do so.
Altitude Resources Inc., which started trading on the TSX Venture Exchange six months ago, announced Monday it has signed an exploration and option agreement with Elan Coal Ltd., a privately owned Canadian coal exploration and development company. The agreement gives Altitude the option to acquire up to a 51 per cent interest in Elan`s 22,000 hectares of coal leases near Crowsnest Pass, as well as the right to conduct exploration activities on the leases.
Read the full article here.
CALGARY - A Calgary-based company has announced its plans to pursue coal mining opportunities in the Crowsnest Pass, becoming the second company in less than a year to do so.
Altitude Resources Inc., which started trading on the TSX Venture Exchange six months ago, announced Monday it has signed an exploration and option agreement with Elan Coal Ltd., a privately owned Canadian coal exploration and development company. The agreement gives Altitude the option to acquire up to a 51 per cent interest in Elan`s 22,000 hectares of coal leases near Crowsnest Pass, as well as the right to conduct exploration activities on the leases.
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David Black 'confident' money in place to take Kitimat refinery
A B.C. media mogul says he has found the $25 billion he needs to build a crude oil refinery in Kitimat, but he had to raise more than $6 billion in Canada after Chinese investors backpedalled on the deal.
"They wanted me to raise the last quarter in Canada, and I'm confident the money is there," David Black told the CBC's Kathryn Gretsinger on The Early Edition Monday.
Read the full article here.
A B.C. media mogul says he has found the $25 billion he needs to build a crude oil refinery in Kitimat, but he had to raise more than $6 billion in Canada after Chinese investors backpedalled on the deal.
"They wanted me to raise the last quarter in Canada, and I'm confident the money is there," David Black told the CBC's Kathryn Gretsinger on The Early Edition Monday.
Read the full article here.
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Vancouver issues permit for $200 tower beside Old Stock Exchange
For $200 million, Vancouver`s Old Stock Exchange is getting a makeover and a new neighbour.
The city approved Monday a development permit for a 30-storey office tower at Howe and Pender dubbed The Exchange, the first to be built in Canada by real estate investment giant Credit Suisse.
Read the full article here.
For $200 million, Vancouver`s Old Stock Exchange is getting a makeover and a new neighbour.
The city approved Monday a development permit for a 30-storey office tower at Howe and Pender dubbed The Exchange, the first to be built in Canada by real estate investment giant Credit Suisse.
Read the full article here.
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First columns built for SkyTrain Evergreen Line
It`s coming! Construction began on the SkyTrain Evergreen Line some months ago, but visible progress can now be finally seen with the completion of the first column to support the elevated tracks.
The column was built at the intersection of Como Lake Avenue and Clarke Road in Coquitlam. In addition to the column for the elevated track, a tunnel section of the line is also taking shape on the east side of Barnet Highway.
Read the full article here.
It`s coming! Construction began on the SkyTrain Evergreen Line some months ago, but visible progress can now be finally seen with the completion of the first column to support the elevated tracks.
The column was built at the intersection of Como Lake Avenue and Clarke Road in Coquitlam. In addition to the column for the elevated track, a tunnel section of the line is also taking shape on the east side of Barnet Highway.
Read the full article here.