December 2011 B.C. Economic Fundamentals
- Thread starter Ally
- Start date
- Joined
- Mar 24, 2009
- Messages
- 16,743
Greater Vancouver at lower end of balanced housing market - REBGV stats October 2011
With a sales-to-active property listings ratio of 15 per cent, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region`s Multiple Listing Service (MLSÂ
system reached 2,317 in October, a 1 per cent decrease compared to the 2,337 sales in October 2010 and a 3.2 per cent increase compared to the previous month. Those sales rank as the second lowest total for October over the last 10 years.
`Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,` Rosario Setticasi, REBGV president said. `Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.`
Read the full article here.
With a sales-to-active property listings ratio of 15 per cent, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region`s Multiple Listing Service (MLSÂ
system reached 2,317 in October, a 1 per cent decrease compared to the 2,337 sales in October 2010 and a 3.2 per cent increase compared to the previous month. Those sales rank as the second lowest total for October over the last 10 years.`Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,` Rosario Setticasi, REBGV president said. `Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.`
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Rio Tinto approves U.S. $2.7 billion to complete Kitimate aluminum smelter upgrade
Global mining giant Rio Tinto has given the final green light to invest another US$2.7 billion in Kitimat, B.C., to complete the modernization of what will become one of the world's most cost-efficient aluminum smelters.
The Anglo-Australian miner (NYSE:RIO) said Thursday the investment will allow the US$3.3-billion project in northern British Columbia to be completed in 2014.
Originally scheduled to cost $2.5 billion, the price tag has increased in four years because of escalating construction costs, the higher Canadian dollar and some changes to further improve its efficiency.
Read the full article here.
Global mining giant Rio Tinto has given the final green light to invest another US$2.7 billion in Kitimat, B.C., to complete the modernization of what will become one of the world's most cost-efficient aluminum smelters.
The Anglo-Australian miner (NYSE:RIO) said Thursday the investment will allow the US$3.3-billion project in northern British Columbia to be completed in 2014.
Originally scheduled to cost $2.5 billion, the price tag has increased in four years because of escalating construction costs, the higher Canadian dollar and some changes to further improve its efficiency.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
B.C. unemployment rate climbs to 7% in November
B.C.'s unemployment climbed to 7 per cent in November after two consecutive months of job losses, according to new numbers by Statistics Canada.
There were 6,600 fewer people on the job in this province last month, compared to October, with all of those losses coming in the part-time category. (Full time employment in B.C. rose by 1,100 in November, while part time employment dropped by 7,700).
Despite two months of job losses, employment in B.C. is still up compared to where it was a year ago: there were 8,800 more people working in November of this year, compared to November 2010.
Read the full article here.
B.C.'s unemployment climbed to 7 per cent in November after two consecutive months of job losses, according to new numbers by Statistics Canada.
There were 6,600 fewer people on the job in this province last month, compared to October, with all of those losses coming in the part-time category. (Full time employment in B.C. rose by 1,100 in November, while part time employment dropped by 7,700).
Despite two months of job losses, employment in B.C. is still up compared to where it was a year ago: there were 8,800 more people working in November of this year, compared to November 2010.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
B.C.'s pine beetle battle leaves legacy of clear-cuts and untold environmental harm
VANCOUVER ` British Columbia officials sold the epidemic as unprecedented in North American history.
Biblical plagues of mountain pine beetles sweeping across the Interior landscape in dark clouds, leaving a dead zone more than five times the size of Vancouver Island in their wake.
This was war. And the government fought back with an equally aggressive salvage-logging strategy, initially to try to stop the beetle's spread, and then to harvest as much dead wood as possible before it decayed or burned.
Read the full article here.
VANCOUVER ` British Columbia officials sold the epidemic as unprecedented in North American history.
Biblical plagues of mountain pine beetles sweeping across the Interior landscape in dark clouds, leaving a dead zone more than five times the size of Vancouver Island in their wake.
This was war. And the government fought back with an equally aggressive salvage-logging strategy, initially to try to stop the beetle's spread, and then to harvest as much dead wood as possible before it decayed or burned.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Developments likely to roll as Comox Valley hits 'critical mass'
Despite the global economic downturn, the Comox Valley is likely to be a big beneficiary of private investment in new commercial and residential developments over the coming years.
That's the view of the chief executive of the Vancouver Island Construction Association, Greg Baynton, who is upbeat about the Valley's prospects for further growth.
Speaking at the annual 1st View Outlook event at the Florence Filberg Centre on Thursday, Baynton said his organization represented 500 businesses on the Island involved in all aspects of building, so they had a good perspective on trends on the industry.
Read the full article here.
Despite the global economic downturn, the Comox Valley is likely to be a big beneficiary of private investment in new commercial and residential developments over the coming years.
That's the view of the chief executive of the Vancouver Island Construction Association, Greg Baynton, who is upbeat about the Valley's prospects for further growth.
Speaking at the annual 1st View Outlook event at the Florence Filberg Centre on Thursday, Baynton said his organization represented 500 businesses on the Island involved in all aspects of building, so they had a good perspective on trends on the industry.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
B.C.'s investment and incomes are slow to grow
Investment in B.C. ` a key factor in the low productivity that makes the province a chronic laggard in income growth ` has improved somewhat over the decade, but it still trails major competitors, according to a new study from the C.D. Howe Institute.
A separate analysis of incomes in B.C. done by the Business Council of British Columbia shows the province as only `a middling performer` within Canada according to most measures of income.
The investment study, accessible here and reported in some detail in my Vancouver Sun column, ranks B.C. the level of investment in B.C. ` now $11,200 per worker per year, up from $6,900 in 2000 ` as just barely ahead of the Canadian average of $10,800. But this is less than half the rate in the leading provinces of Alberta, Saskatchewan and Newfoundland and Labrador.
Read the full article here.
Investment in B.C. ` a key factor in the low productivity that makes the province a chronic laggard in income growth ` has improved somewhat over the decade, but it still trails major competitors, according to a new study from the C.D. Howe Institute.
A separate analysis of incomes in B.C. done by the Business Council of British Columbia shows the province as only `a middling performer` within Canada according to most measures of income.
The investment study, accessible here and reported in some detail in my Vancouver Sun column, ranks B.C. the level of investment in B.C. ` now $11,200 per worker per year, up from $6,900 in 2000 ` as just barely ahead of the Canadian average of $10,800. But this is less than half the rate in the leading provinces of Alberta, Saskatchewan and Newfoundland and Labrador.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Premier Clark says task force will help lure skilled immigrants to B.C.
VICTORIA - The B.C. government is setting up a task force aimed at boosting the number of skilled immigrants and investors coming to the province.
Premier Christy Clark says skilled immigrants will be needed to help fill more than one million job openings expected in B.C. over the next decade.
She says the task force headed by Richmond Liberal MLA John Yap will review the effectiveness of all of B.C.'s current immigration programs and make recommendations on how to improve them.
Read the full article here.
VICTORIA - The B.C. government is setting up a task force aimed at boosting the number of skilled immigrants and investors coming to the province.
Premier Christy Clark says skilled immigrants will be needed to help fill more than one million job openings expected in B.C. over the next decade.
She says the task force headed by Richmond Liberal MLA John Yap will review the effectiveness of all of B.C.'s current immigration programs and make recommendations on how to improve them.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
North Vancouver, Richmond are hot spots for housing starts
Multi-family housing starts were up in Greater Vancouver in November over last year, while single family starts were down, Canada Mortgage and Housing Corp. reported Thursday.
`We have seen a reduction in single-family housing starts so far this year, and sort of a resurgence in the multi-family sector,` said Robyn Adamache, CMHC`s senior market analyst. `We`re starting to see some of the larger condo projects starting again, but we`re nowhere near the levels we were in our peak year, 2007.`
Nationally, housing starts declined to 16,615 from 17,637, with B.C. one of only two regions showing an overall increase from 1,609 to 2,241. Urban Quebec also showed a small increase.
Read the full article here.
Multi-family housing starts were up in Greater Vancouver in November over last year, while single family starts were down, Canada Mortgage and Housing Corp. reported Thursday.
`We have seen a reduction in single-family housing starts so far this year, and sort of a resurgence in the multi-family sector,` said Robyn Adamache, CMHC`s senior market analyst. `We`re starting to see some of the larger condo projects starting again, but we`re nowhere near the levels we were in our peak year, 2007.`
Nationally, housing starts declined to 16,615 from 17,637, with B.C. one of only two regions showing an overall increase from 1,609 to 2,241. Urban Quebec also showed a small increase.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
B.C. Government to set up task force to smooth path to B.C. for skilled immigrants
Premier Christy Clark announced Thursday the creation of an Immigration Task Force to examine government immigration programs with an end goal of making it easier for skilled immigrants and foreign investors to move to B.C.
With one million job openings expected within the next 10 years, Clark said B.C. will rely heavily on skilled immigrants to fill the anticipated gaps in a variety of fields and geographical locations.
Read the full article here.
Premier Christy Clark announced Thursday the creation of an Immigration Task Force to examine government immigration programs with an end goal of making it easier for skilled immigrants and foreign investors to move to B.C.
With one million job openings expected within the next 10 years, Clark said B.C. will rely heavily on skilled immigrants to fill the anticipated gaps in a variety of fields and geographical locations.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Main Street Vancouver, the great divide
About a month ago, Andy Yan decided to map the city of Vancouver by property value. Yan, a researcher with Bing Thom Architects, does stuff like this a lot - he looks for patterns that show something about the city's cultural and economic geography.
The map you see here is the result.
He took the assessed property values of single-family homes for 2011 and plotted them. Those homes comprise about 50 per cent of the city's land base. The properties assessed at more than $1 million are shown in blue. Those assessed under $1 million are shown in red.
Read the full article here.
About a month ago, Andy Yan decided to map the city of Vancouver by property value. Yan, a researcher with Bing Thom Architects, does stuff like this a lot - he looks for patterns that show something about the city's cultural and economic geography.
The map you see here is the result.
He took the assessed property values of single-family homes for 2011 and plotted them. Those homes comprise about 50 per cent of the city's land base. The properties assessed at more than $1 million are shown in blue. Those assessed under $1 million are shown in red.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Growth stalls in B.C. lumber sales to China
Growth in sales of B.C. spruce, pine and fir to China has almost completely stalled, as a slowing real estate market there has led to excess inventories of Canadian lumber.
According to Statistics Canada data compiled by BC Stats, October was the sixth-biggest sales month for B.C. foresters in China but, at $89-million, the figure was only 8 per cent higher than a year ago. While shipments remain near an all-time peak, growth may not re-emerge until spring.
Read the full article here.
Growth in sales of B.C. spruce, pine and fir to China has almost completely stalled, as a slowing real estate market there has led to excess inventories of Canadian lumber.
According to Statistics Canada data compiled by BC Stats, October was the sixth-biggest sales month for B.C. foresters in China but, at $89-million, the figure was only 8 per cent higher than a year ago. While shipments remain near an all-time peak, growth may not re-emerge until spring.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Main Street, Vancouver's great million dollar divide
If you live in Vancouver and have ventured to both the east and west side, you probably noticed a stark difference between the two. All one has to do is drive along King Edward, 41st or any of the the major east/west roads in the city and you`ll notice an immediate difference after you pass Ontario Street (the street that divides east and west addresses in the city). The grass is greener, the house are bigger, sidewalks are cleaner and wider etc`
The above map indicates all the million dollar single detached properties in Vancouver. As you can see, Main Street seems to be the major street (Ontario being the minor street) that divides east and west. The blue indicates million dollar properties, red under a million and the vast amount of white space is either parks, office, industrial or multiple dwelling residential neighbourhoods.
Traditionally, in Vancouver the west has been the wealthier and noticeably less diverse part of the city in comparison to the traditional working class neighbourhoods of East Vancouver. However, that is slowly changing as more and more million dollar homes are popping up in East Vancouver.
Read the full article here.
If you live in Vancouver and have ventured to both the east and west side, you probably noticed a stark difference between the two. All one has to do is drive along King Edward, 41st or any of the the major east/west roads in the city and you`ll notice an immediate difference after you pass Ontario Street (the street that divides east and west addresses in the city). The grass is greener, the house are bigger, sidewalks are cleaner and wider etc`
The above map indicates all the million dollar single detached properties in Vancouver. As you can see, Main Street seems to be the major street (Ontario being the minor street) that divides east and west. The blue indicates million dollar properties, red under a million and the vast amount of white space is either parks, office, industrial or multiple dwelling residential neighbourhoods.
Traditionally, in Vancouver the west has been the wealthier and noticeably less diverse part of the city in comparison to the traditional working class neighbourhoods of East Vancouver. However, that is slowly changing as more and more million dollar homes are popping up in East Vancouver.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Blocking pipelines to B.C. would entail loss of billions: Study
Canada will forgo billions of dollars in gross domestic product and government revenue if oil companies are unable to access markets off the Pacific coast, according to a new study.
Moving Canadian heavy oil to the West Coast, where it can be shipped to markets in California and Asia, could add up to $131-billion (U.S) to Canada`s GDP between 2016 and 2030, according to a new study prepared by researchers at the School of Public Policy at the University of Calgary. This translates to $27-billion in federal, provincial and municipal tax receipts, the academics calculated.
Read the full article here.
Canada will forgo billions of dollars in gross domestic product and government revenue if oil companies are unable to access markets off the Pacific coast, according to a new study.
Moving Canadian heavy oil to the West Coast, where it can be shipped to markets in California and Asia, could add up to $131-billion (U.S) to Canada`s GDP between 2016 and 2030, according to a new study prepared by researchers at the School of Public Policy at the University of Calgary. This translates to $27-billion in federal, provincial and municipal tax receipts, the academics calculated.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
TransLink on track for another ridership record despite drop in riders
TransLink expects to post another record year for transit ridership, but the boost in passengers could be contributing to a drop in revenue from the fuel tax.
The transportation authority, which collects 15 cents on every litre of fuel sold in Metro Vancouver, said revenues are forecast to be $25.8 million lower than expected in 2011, due to a decline in the volume of gas sold across the province.
Spokesman Ken Hardie said TransLink is trying to determine the cause of the revenue drop, noting it could be a result of more people taking transit.
Read the full article here.
TransLink expects to post another record year for transit ridership, but the boost in passengers could be contributing to a drop in revenue from the fuel tax.
The transportation authority, which collects 15 cents on every litre of fuel sold in Metro Vancouver, said revenues are forecast to be $25.8 million lower than expected in 2011, due to a decline in the volume of gas sold across the province.
Spokesman Ken Hardie said TransLink is trying to determine the cause of the revenue drop, noting it could be a result of more people taking transit.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Victoria safe from 'bubble,' board says
The capital region is largely insulated from economic factors affecting housing in other parts of the country, says the head of the Victoria Real Estate Board, responding to a warning from economists that home prices are showing signs of a "classic bubble."
"The important thing to remember is that real estate is local," board president Dennis Fimrite said Monday. Not only has B.C.'s economy proven stronger than those elsewhere in Canada, the local market is bolstered by the limited amount of land for construction.
Read the full article here.
The capital region is largely insulated from economic factors affecting housing in other parts of the country, says the head of the Victoria Real Estate Board, responding to a warning from economists that home prices are showing signs of a "classic bubble."
"The important thing to remember is that real estate is local," board president Dennis Fimrite said Monday. Not only has B.C.'s economy proven stronger than those elsewhere in Canada, the local market is bolstered by the limited amount of land for construction.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
More funding to settle newcomers in Prince George
A successful bid has garnered the local agency which specializes in welcoming newcomers more financial support.
The Immigrant and Multicultural Services Society (IMSS) was awarded $423,356.80 in funding from the provincial government to use toward immigrant settlement services.
The money is part of the $20.3 million annual budget of the Settlement and Integration Program, which is part of WelcomeBC.
Read the full article here.
A successful bid has garnered the local agency which specializes in welcoming newcomers more financial support.
The Immigrant and Multicultural Services Society (IMSS) was awarded $423,356.80 in funding from the provincial government to use toward immigrant settlement services.
The money is part of the $20.3 million annual budget of the Settlement and Integration Program, which is part of WelcomeBC.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Diversifying paying off for wood producers
OTTAWA ` Diversifying away from U.S. markets is paying off for Canada`s wood producers, whose profits are expected to double in 2012, the Conference Board of Canada says.
`Canada has been diversifying its export markets away from the United States for several years, and gains in export sales will be responsible for industry growth in the next few years,` said Michael Burt, director, industrial economic trends for the Ottawa-based think-tank.
Mr. Burt cited the fragility of the U.S. economy in recent years and endless rounds of litigation over softwood lumber as key reasons for the diversification push, saying `ongoing demand in China ` and Japan`s need for wood to rebuild following the March 2011 earthquake and tsunami ` will support growth in Canadian wood exports to these Asian countries.`
Read the full article here.
OTTAWA ` Diversifying away from U.S. markets is paying off for Canada`s wood producers, whose profits are expected to double in 2012, the Conference Board of Canada says.
`Canada has been diversifying its export markets away from the United States for several years, and gains in export sales will be responsible for industry growth in the next few years,` said Michael Burt, director, industrial economic trends for the Ottawa-based think-tank.
Mr. Burt cited the fragility of the U.S. economy in recent years and endless rounds of litigation over softwood lumber as key reasons for the diversification push, saying `ongoing demand in China ` and Japan`s need for wood to rebuild following the March 2011 earthquake and tsunami ` will support growth in Canadian wood exports to these Asian countries.`
Read the full article here.