December 2012 B.C. Economic Fundamentals
- Thread starter Ally
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Looming workforce shortage means opportunity for young people in trades
Now is a time of great risk and opportunity in British Columbia. We will need to fill 1.1 million jobs over the next decade with only about 650,000 workers predicted to be available to fill them. If we don`t find a solution our economy will be in big trouble.
At the same time there`s an unprecedented opportunity for young workers and workers willing to upgrade their skills to meet the looming demand.
Read the full article here.
Now is a time of great risk and opportunity in British Columbia. We will need to fill 1.1 million jobs over the next decade with only about 650,000 workers predicted to be available to fill them. If we don`t find a solution our economy will be in big trouble.
At the same time there`s an unprecedented opportunity for young workers and workers willing to upgrade their skills to meet the looming demand.
Read the full article here.
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Vancouver investment appeal holding steady
Vancouver may have slipped to fourth place in this year`s ranking of the investment appeal of Canada`s major cities in the Emerging Trends in Real Estate report from PricewaterhouseCoopers and the Urban Land Institute (ULI), but report author Jonathan Miller doesn`t feel that`s anything to fret about.
`I don`t have to tell you: You`ve got a good thing going,` he told ULI`s B.C. chapter last week in a presentation at the Terminal City Club. `You should do very well over time here. We don`t think you need to be too concerned.`
Read the full article here.
Vancouver may have slipped to fourth place in this year`s ranking of the investment appeal of Canada`s major cities in the Emerging Trends in Real Estate report from PricewaterhouseCoopers and the Urban Land Institute (ULI), but report author Jonathan Miller doesn`t feel that`s anything to fret about.
`I don`t have to tell you: You`ve got a good thing going,` he told ULI`s B.C. chapter last week in a presentation at the Terminal City Club. `You should do very well over time here. We don`t think you need to be too concerned.`
Read the full article here.
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Prince Rupert LNG Plant to go ahead
Malaysian energy giant Petronas and Canadian natural gas company Progress Energy say they are going ahead with plans to develop a $9-billion-plus liquefied natural gas plant at Prince Rupert despite a decision by Ottawa to reject the Malaysian company's $5.9-billion bid to buy Progress.
The two companies have agreed to proceed with the LNG plant independently of the takeover bid, Progress president Michael Culbert said Tuesday. But the joint venture partners also offered a tempting carrot if Ottawa reconsiders its decision to block the takeover bid: a much larger investment in B.C.'s northeastern gas fields and in its proposed LNG plant.
Read the full article here.
Malaysian energy giant Petronas and Canadian natural gas company Progress Energy say they are going ahead with plans to develop a $9-billion-plus liquefied natural gas plant at Prince Rupert despite a decision by Ottawa to reject the Malaysian company's $5.9-billion bid to buy Progress.
The two companies have agreed to proceed with the LNG plant independently of the takeover bid, Progress president Michael Culbert said Tuesday. But the joint venture partners also offered a tempting carrot if Ottawa reconsiders its decision to block the takeover bid: a much larger investment in B.C.'s northeastern gas fields and in its proposed LNG plant.
Read the full article here.
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Progress and Petronas offer to upsize LNG plant
CALGARY ` Federal approval of the $6-billion Petronas takeover of Progress Energy will result in a bigger LNG export facility and billions in accelerated investment in B.C. shale gas fields, the companies said Tuesday.
Petronas, the Malaysian state-owned oil company, and Calgary-based Progress Energy Resources Corp. announced they have decided to move forward with the pre-front-end engineering design (pre-FEED) study of the project in advance of seeking regulatory approvals early next year.
Read the full article here.
CALGARY ` Federal approval of the $6-billion Petronas takeover of Progress Energy will result in a bigger LNG export facility and billions in accelerated investment in B.C. shale gas fields, the companies said Tuesday.
Petronas, the Malaysian state-owned oil company, and Calgary-based Progress Energy Resources Corp. announced they have decided to move forward with the pre-front-end engineering design (pre-FEED) study of the project in advance of seeking regulatory approvals early next year.
Read the full article here.
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Frustrated Onni quits Lonsdale development
Onni Group, the developer behind one of the most ambitious and publicly divisive condo plans in North Vancouver history, walked away from the lucrative Central Lonsdale project Tuesday, citing `narrow-minded` remarks from city councillors that amounted to a `smear campaign against the company.`
In a scathing Dec. 3 letter obtained by The Outlook, Onni president Rossano De Cotiis told Mayor Darrell Mussatto the company intended to `publicly announce within the next 48 - 72 hours that we are withdrawing our application` for the 13th Street and Lonsdale Avenue redevelopment. De Cotiis then blamed his company`s departure on comments made in council by councillors Pam Bookham and Rod Clark.
Read the full article here.
Onni Group, the developer behind one of the most ambitious and publicly divisive condo plans in North Vancouver history, walked away from the lucrative Central Lonsdale project Tuesday, citing `narrow-minded` remarks from city councillors that amounted to a `smear campaign against the company.`
In a scathing Dec. 3 letter obtained by The Outlook, Onni president Rossano De Cotiis told Mayor Darrell Mussatto the company intended to `publicly announce within the next 48 - 72 hours that we are withdrawing our application` for the 13th Street and Lonsdale Avenue redevelopment. De Cotiis then blamed his company`s departure on comments made in council by councillors Pam Bookham and Rod Clark.
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Rapid rail link to UBC needed to get people out of their cars
The proposal by Vancouver Mayor Gregor Robertson to run a rapid transit line along the busy Broadway transportation corridor only to Arbutus Street is not good enough.
It defeats the point of getting people bound for the University of British Columbia out of their cars, and fails to address the long lineups for students in the morning or evening; nor does it address the pollution caused by diesel spewing buses up a lengthy hill; nor the noise; nor will it be beneficial for attracting more capital, jobs, market housing and affordable housing along the less dense communities west of Arbutus.
Read the full article here.
The proposal by Vancouver Mayor Gregor Robertson to run a rapid transit line along the busy Broadway transportation corridor only to Arbutus Street is not good enough.
It defeats the point of getting people bound for the University of British Columbia out of their cars, and fails to address the long lineups for students in the morning or evening; nor does it address the pollution caused by diesel spewing buses up a lengthy hill; nor the noise; nor will it be beneficial for attracting more capital, jobs, market housing and affordable housing along the less dense communities west of Arbutus.
Read the full article here.
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Greater Vancouver home to 3 of Canada's most expensive real estate markets
Burnaby is the third-most expensive market in Canada to buy a home after Vancouver and Richmond, according to a study by Coldwell Banker Real Estate.
The study looked at Coldwell Banker`s average listing prices of four-bedroom, two-bathroom properties on its company website between January and June of this year.
In Burnaby, the average price for the company`s listings was $917,968, after Vancouver`s $1.87 million and Richmond`s $1.18 million.
Read the full article here.
Burnaby is the third-most expensive market in Canada to buy a home after Vancouver and Richmond, according to a study by Coldwell Banker Real Estate.
The study looked at Coldwell Banker`s average listing prices of four-bedroom, two-bathroom properties on its company website between January and June of this year.
In Burnaby, the average price for the company`s listings was $917,968, after Vancouver`s $1.87 million and Richmond`s $1.18 million.
Read the full article here.
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Regional jobless numbers drop again, stats show
The Kamloops region continues to hold its own as the jobless rate eased slightly for the second month in a row while the rest of the province again saw an increase.
A report from Statistics Canada says unemployment in B.C. inched up a tenth of a point to 6.8 per cent in November compared to October
Read the full article here.
The Kamloops region continues to hold its own as the jobless rate eased slightly for the second month in a row while the rest of the province again saw an increase.
A report from Statistics Canada says unemployment in B.C. inched up a tenth of a point to 6.8 per cent in November compared to October
Read the full article here.
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Condo property management in B.C.: Understanding rental restrictions
As the owner of a rental property management http://http://www.bruceward.com/property-management-vancouver/company, I am frequently asked this question by clients who own investment condo properties in the Vancouver area.
Renting out a condominium
If you are a condo property investor, or a vacation home buyer, who wishes to rent out your condo, understanding the strata bylaws will be of utmost importance to you. Condo buildings have bylaws that may restrict whether you can rent your unit out (or for how long), so it pays to read the bylaws carefully before making an offer.
Read the full article here.
As the owner of a rental property management http://http://www.bruceward.com/property-management-vancouver/company, I am frequently asked this question by clients who own investment condo properties in the Vancouver area.
Renting out a condominium
If you are a condo property investor, or a vacation home buyer, who wishes to rent out your condo, understanding the strata bylaws will be of utmost importance to you. Condo buildings have bylaws that may restrict whether you can rent your unit out (or for how long), so it pays to read the bylaws carefully before making an offer.
Read the full article here.
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November housing starts in B.C.
VICTORIA, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2012) - Housing starts in British Columbia were trending at 27,059 units in November, 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 stand-alone monthly SAAR was 22,300 units in November, down from 26,706 units in October.
"The six-month trend measure of housing starts held steady in November due to marginally lower levels of single detached homebuilding offset by slightly more apartment starts," said Carol Frketich, CMHC's British Columbia Regional Economist.
Read the full article here.
VICTORIA, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2012) - Housing starts in British Columbia were trending at 27,059 units in November, 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 stand-alone monthly SAAR was 22,300 units in November, down from 26,706 units in October.
"The six-month trend measure of housing starts held steady in November due to marginally lower levels of single detached homebuilding offset by slightly more apartment starts," said Carol Frketich, CMHC's British Columbia Regional Economist.
Read the full article here.
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November housing starts in Vancouver
Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 19,968 units in November, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)(1) of housing starts. The stand-alone monthly SAAR was 14,991 units in November, compared to 20,788 in October.
"Housing starts have been trending at between 19,000 and 20,000 units since mid year, with single detached home starts edging lower and multiple-family starts maintaining a steady pace," said Robyn Adamache, CMHC's Senior Market Analyst for Vancouver.
Read the full article here.
Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 19,968 units in November, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)(1) of housing starts. The stand-alone monthly SAAR was 14,991 units in November, compared to 20,788 in October.
"Housing starts have been trending at between 19,000 and 20,000 units since mid year, with single detached home starts edging lower and multiple-family starts maintaining a steady pace," said Robyn Adamache, CMHC's Senior Market Analyst for Vancouver.
Read the full article here.
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Port crash puts dent in B.C.'s largest export
When the bulk carrier Cape Apricot slammed into a causeway at Westshore Terminals Friday, severing the only link with one of the terminal's two loading berths, it destroyed half the capacity of North America's largest coal exporting facility.
The damaged causeway could take months to repair. And four days after the early-morning incident, investigators are still trying to piece together what happened.
Read the full article here.
When the bulk carrier Cape Apricot slammed into a causeway at Westshore Terminals Friday, severing the only link with one of the terminal's two loading berths, it destroyed half the capacity of North America's largest coal exporting facility.
The damaged causeway could take months to repair. And four days after the early-morning incident, investigators are still trying to piece together what happened.
Read the full article here.
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Marine drive corridor shifts gear from industrial to urban destination
The Marine Drive-Cambie Street area is becoming the epicentre of a development boom that`s poised to transform industrial South Vancouver into a mixed-use urban corridor.
With fast-paced sales earlier this year for units in the residential towers planned by PCI Group and Intracorp and strong interest in retail space in the same projects, prospects are strong for the area surrounding the Marine Drive rapid transit station.
`It`s an area that we only see improving in terms of the transition of other sites along that corridor to redevelopment,` said Geoff Stollery, vice-president, real estate, with Best Buy Canada, which opened a new 30,000-square-foot store at 26 Southwest Marine Drive in November.
Read the full article here.
The Marine Drive-Cambie Street area is becoming the epicentre of a development boom that`s poised to transform industrial South Vancouver into a mixed-use urban corridor.
With fast-paced sales earlier this year for units in the residential towers planned by PCI Group and Intracorp and strong interest in retail space in the same projects, prospects are strong for the area surrounding the Marine Drive rapid transit station.
`It`s an area that we only see improving in terms of the transition of other sites along that corridor to redevelopment,` said Geoff Stollery, vice-president, real estate, with Best Buy Canada, which opened a new 30,000-square-foot store at 26 Southwest Marine Drive in November.
Read the full article here.
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Oil giants eye LNG business in B.C.
Imperial Oil Ltd. and its parent, Exxon Mobil Corp., are in the early stages of planning a liquefied natural gas export business from the West Coast, Imperial president and CEO Bruce March said Monday.
The new business would build on their $3.1-billion acquisition of natural gas producer Celtic Exploration Ltd., gas holdings they already own in Alberta and B.C.'s Horn River shale gas play.
Read the full article here.
Imperial Oil Ltd. and its parent, Exxon Mobil Corp., are in the early stages of planning a liquefied natural gas export business from the West Coast, Imperial president and CEO Bruce March said Monday.
The new business would build on their $3.1-billion acquisition of natural gas producer Celtic Exploration Ltd., gas holdings they already own in Alberta and B.C.'s Horn River shale gas play.
Read the full article here.
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B.C. residents most emotional investors in Canada
People living in British Columbia are the most emotional investors in Canada, with many unaware of what is in their portfolios, a BMO report found.
Sixty-three per cent of B.C. investors have made an investment decision based on impulse and 47 per cent say emotion plays a role in their investment decisions, said Serge Pepin, vice-president, Investment Strategy at BMO Asset Management Inc.
The emotions described by investors are anticipation, trust and fear, the BMO Psychology of Investing Report found.
`Though we can`t always help how we feel, it`s important to keep our emotions in check when making decisions about investing,` Pepin said. `The money you invest today will determine your ability to achieve your financial objectives in the future. Wise investing decisions based on a well thought-out strategy will allow you to properly save for retirement and plan for other important life goals.`
Read the full article here.
People living in British Columbia are the most emotional investors in Canada, with many unaware of what is in their portfolios, a BMO report found.
Sixty-three per cent of B.C. investors have made an investment decision based on impulse and 47 per cent say emotion plays a role in their investment decisions, said Serge Pepin, vice-president, Investment Strategy at BMO Asset Management Inc.
The emotions described by investors are anticipation, trust and fear, the BMO Psychology of Investing Report found.
`Though we can`t always help how we feel, it`s important to keep our emotions in check when making decisions about investing,` Pepin said. `The money you invest today will determine your ability to achieve your financial objectives in the future. Wise investing decisions based on a well thought-out strategy will allow you to properly save for retirement and plan for other important life goals.`
Read the full article here.
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Prince George jobless rate hits 5 year low
The city's unemployment rate tumbled to a five-year low of 5.2 per cent in November, according to Statistics Canada labour market survey numbers.
That's the lowest it's been since December 2007, noted Initiatives Prince George economic development manager Tara Bogh, when the rate hit 5.1 per cent.
Read the full article here.
The city's unemployment rate tumbled to a five-year low of 5.2 per cent in November, according to Statistics Canada labour market survey numbers.
That's the lowest it's been since December 2007, noted Initiatives Prince George economic development manager Tara Bogh, when the rate hit 5.1 per cent.
Read the full article here.
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Canadians won't be working at B.C. mine for more than four years
VANCOUVER ` It could be more than four years before any Canadian miners are hired at a controversial underground coal project in northern British Columbia and over 14 years before all the temporary foreign workers are gone, says a transition plan prepared by the company behind the mining proposal.
HD Mining submitted the document to the federal government earlier this year as it applied for temporary foreign worker permits to bring 201 Chinese miners to its proposed Murray River coal mine near Tumbler Ridge, B.C.
Read the full article here.
VANCOUVER ` It could be more than four years before any Canadian miners are hired at a controversial underground coal project in northern British Columbia and over 14 years before all the temporary foreign workers are gone, says a transition plan prepared by the company behind the mining proposal.
HD Mining submitted the document to the federal government earlier this year as it applied for temporary foreign worker permits to bring 201 Chinese miners to its proposed Murray River coal mine near Tumbler Ridge, B.C.
Read the full article here.
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Star Green Party candidate says NDP asked him to step aside
The B.C. Green party candidate for Victoria`s Oak Bay-Gordon Head riding says the New Democrats, spooked at his party`s chances in next spring`s provincial election, asked him to step aside soon after he was nominated in September.
Renowned climate scientist Andrew Weaver announced on Twitter Wednesday night that friend and former federal NDP candidate Michael Byers called him the day after the nomination to offer a deputy minister position in any potential B.C. NDP government if Weaver would step aside.
Read the full article here.
The B.C. Green party candidate for Victoria`s Oak Bay-Gordon Head riding says the New Democrats, spooked at his party`s chances in next spring`s provincial election, asked him to step aside soon after he was nominated in September.
Renowned climate scientist Andrew Weaver announced on Twitter Wednesday night that friend and former federal NDP candidate Michael Byers called him the day after the nomination to offer a deputy minister position in any potential B.C. NDP government if Weaver would step aside.
Read the full article here.
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Vancouver, Fraser Valley a drag on home sales
VANCOUVER ` The total value of homes sold in B.C. dropped by nearly one-quarter in November, with declines in Vancouver and the Fraser Valley leading the slide.
The dollar volume of homes sold through the Multiple Listing Service in B.C. declined 24.6 per cent to $2.3 billion in November compared to the same month last year, the B.C. Real Estate Association reported Thursday.
Read the full article here.
VANCOUVER ` The total value of homes sold in B.C. dropped by nearly one-quarter in November, with declines in Vancouver and the Fraser Valley leading the slide.
The dollar volume of homes sold through the Multiple Listing Service in B.C. declined 24.6 per cent to $2.3 billion in November compared to the same month last year, the B.C. Real Estate Association reported Thursday.
Read the full article here.