August 2014 B.C. Economic Fundamentals

Ally

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#2
Vancouver landlords paying record prices





Landlords are paying record prices in a `relentless pursuit` of cash-flowing here.
 

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#3
Province approves $5.3 billion KSM copper and gold mine project in Northern BC





Toronto-headquartered Seabridge Gold Corp. has won provincial environmental approval for its $5.3-billion proposal to tap a massive copper and gold deposit 65 kilometres north of Stewart in British Columbia`s remote Northwest.





Now it needs to find a major partner to help finance its construction.







Read the full article here.
 

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#4
Coquitlam affordable housing strategy unveiled





The statistics over the last 20 years are sobering: an 89-per cent-increase in rent and a 200-per-cent jump in dwelling costs, compared to marginal, 20-per-cent gains in household incomes. Pulled from recent census counts and other housing statistics, those numbers have formed the basis for Coquitlam council re-thinking its Affordable Housing Strategy, a process that began to take shape Monday.





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#5
The family cabin is fading in the face of finances





The family cabin might have a strong emotional hold on its
owners, but there are signs that for many, it is getting harder to maintain that
grip, financially speaking. B. C.` s recreational real estate markets have
staged somewhat of a rebound in recent years, as the Canadians who had headed to
U. S. hot spots to buy up vacation homes at bargain- basement prices are now
staying closer to home.





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Ally

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#6
Average sale price up for single-family homes in Prince George





Average selling price for a single family home hit an unprecedented level over the first half of the year.As of the end of June, they were going for $275,353, according to a B.C. Northern Real Estate Board quarterly report released this week, up noticeably from $259,103 or the first half of 2013 and $247,435 for the same period in 2012.





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#7
An end to Kelowna's boom and bust real estate





A healthy real estate market may sound like a pipe dream to those who have lived in the Okanagan for years, but this is the current scuttlebutt in the development industry.





Crack open a newspaper, listen to the radio, pick up your mail and it`s very clear`development is on the move once more. From condos to single-family homes, commercial buildings to resorts, the talk, at the very least, feels promising.





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#8
Surrey flourishes as a jobs creator





If there's one message Nicole Poole has for graduating students, it`s this: businesses in Surrey are hiring, and they`re willing to take a bet on young workers.











Poole, a co-ordinator with here.
 

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#9
Vancouver existing home sales, prices continued to climb in July





The number of homes sold in Canada`s most expensive market topped 3,000 in July, marking a fourth straight month sales have hit that level.





The Vancouver sales market has not been this strong in three years, according to the Real Estate Board of Greater Vancouver.





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#10
Renovating? In Vancouver it's about to get way more complicated





A major renovation of an old house is one of life`s more daunting challenges. As of January, when the new building code kicks in, the job may get a whole lot tougher for Vancouver homeowners.





Additions to the building code include a host of requirements designed to enhance accessibility for the disabled and to make houses more energy efficient. The revised building code was supposed to be implemented in July but has been pushed back to Jan. 1, 2015.





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#11
Victoria realtors focusing on seniors





It`s no secret Victoria`s population is one of the oldest in Canada.





With 115,735 residents over the age of 55, just over a third of the population, Greater Victoria has the third highest elderly population in the country, just behind Peterborough, Ont. and Kelowna, according to the 2011 census.





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#12
BC hiring expected to pick up somewhat in 2014 despite slow job growth





In the face of last week`s discouraging job-growth numbers from Statistics Canada, the Bank of Montreal (BMO) says businesses are prepared to boost hiring ` at least somewhat ` in the second half of 2014.











According to survey results released August 11, 26% of B.C. employers plan to increase their workforce. Those numbers mirror the national figures.





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#13
Vancouver housing market enjoying a summer of strength





July is typically a slow month for the Vancouver residential market. Over the past decade, the benchmark price for properties within the Real Estate Board of Greater Vancouver's (REBGV) area has typically declined or shown weaker-than-average growth.











This year was no exception, with prices appreciating a mere 0.1% versus the previous month, landing at $628,600 ` though that's still a respectable 4% above where prices sat a year ago.





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#14
Metro Vancouver housing starts remain stable in July





Total housing starts in the Vancouver Census Metropolitan area were trending at 18,345 units in July, according to here.
 

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#15
Surrey's unstoppable industrial development





There is a hurricane of activity in Surrey`s South Westminster/Bridgeview, and David Wesik is enjoying the sunny weather in the eye of the storm.











`It`s been a good year for us,` said Wesik, vice-president of operations and corporate development at Wesgroup Properties.





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Ally

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#16
High-tech take-up not enough to ease office glut in downtown Vancouver





The leasing of 267,000 square feet of office space by tech firms has not been enough to keep Vancouver`s downtown office market from posting the highest vacancy rate in nine years.











With more than one million square feet of new offices delivered in the past year, the downtown here.
 

Ally

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#17
Multiple offers on homes in Greater Vancouver driving up prices once again





VANCOUVER ` It`s not a great market to be a home buyer in Greater Vancouver as the days of multiple offers on real estate are back.





Places in East Vancouver, North Vancouver and Burnaby are among the hottest on the housing market right now.





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#18
Demand grows for larger, family-size condo units downtown





A push is on to build larger condo units in Vancouver, as young families increasingly opt for a type of housing that is at once more affordable and cosmopolitan.





In recognition of the growing trend, developers are starting to build a greater number of three-bedroom units, once as rare as hen`s teeth.





Read the full article here.
 

Ally

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#19
Four people, four incomes, yet one house remains elusive





While the Affordability Index hasn`t moved much in the past year, that is cold comfort for Kate Stewart and her husband Glen, who have been looking since May for a single-family house to buy in North Vancouver.





What has made it particularly frustrating for Stewart is the difficulty in finding something acceptable to buy with the financial resources of not one but two couples in their early 30s. She and Glen have joined up with another couple to buy a single-family house.








Read the full article here.
 

Ally

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#20
Vancouver named the third most liveable place in the world





TORONTO `
Three Canadian cities ` Vancouver, Toronto and Calgary ` have been named as some of the best places to live in the world, according to a report by The Economist.





In the annual poll, the magazine`s Intelligence Unit ranked Vancouver as the third most livable city in the world; followed by Toronto at number four, and Calgary tied for fifth place with Adelaide, Australia.





Read the full article here.