February 2011 BC Economic Fundamentals
- Thread starter Ally
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Little house, big ticket
As an example of a Vancouver real estate market that can induce gasps, consider 4541 Belmont.
It is a detached house on a 60-by-95-foot lot.
The house is 720 square feet in size. It is for sale.
It has one bedroom, size small, one bathroom, size smaller, a living room an optimist might describe as "cosy" and a kitchen decorated in the latest turn-of-the-century style, and by that I mean the 19th century.
The walls are painted in a colour best described as Custard Gone Bad, and permeating the interior is a funky smell of -- what exactly? -- mildew fighting it out with Clorox? Its basement, reached by stairs steep enough that one properly should rappel down them, has a bunker's charm. The house has gutters but, oddly, no drainpipes. Its age? Unknown. They're still waiting for the carbon-dating results.
Read the full article here.
As an example of a Vancouver real estate market that can induce gasps, consider 4541 Belmont.
It is a detached house on a 60-by-95-foot lot.
The house is 720 square feet in size. It is for sale.
It has one bedroom, size small, one bathroom, size smaller, a living room an optimist might describe as "cosy" and a kitchen decorated in the latest turn-of-the-century style, and by that I mean the 19th century.
The walls are painted in a colour best described as Custard Gone Bad, and permeating the interior is a funky smell of -- what exactly? -- mildew fighting it out with Clorox? Its basement, reached by stairs steep enough that one properly should rappel down them, has a bunker's charm. The house has gutters but, oddly, no drainpipes. Its age? Unknown. They're still waiting for the carbon-dating results.
Read the full article here.
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Okanagan vacation homes' prices slide
While Metro Vancouver's home prices continue to rise, prices in the Okanagans have experienced a significant slide, local realtors said Monday.
One local agent says vacation properties are "feeling the pinch," as buyers focus on their home markets during the economic turmoil in the past few years.
`During economic times like this, vacation property is always the first to fall and the last to recover," said Barry Connerty of Remax Advantage Realty in a statement. "And what we are seeing right now is a lot of great, highend inventory and not very many buyers.`
Read the full article here.
While Metro Vancouver's home prices continue to rise, prices in the Okanagans have experienced a significant slide, local realtors said Monday.
One local agent says vacation properties are "feeling the pinch," as buyers focus on their home markets during the economic turmoil in the past few years.
`During economic times like this, vacation property is always the first to fall and the last to recover," said Barry Connerty of Remax Advantage Realty in a statement. "And what we are seeing right now is a lot of great, highend inventory and not very many buyers.`
Read the full article here.
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Average house price in Greater Victoria tumbles
The average price of a single-family home fell sharply in January from the previous month, according to data released Tuesday by the Greater Victoria Real Estate Board.
A total of 339 homes, condominiums and townhouse units sold through the board's Multiple Listing Service last month, down slightly from the 349 sales in December.
There were 418 sales in January 2010.
The average price for single-family homes was $603,401 down from $647,063 in December. The median price, however, rose slightly to $576,000. The six-month average was virtually unchanged at $619,875. There were 12 single family home sales of more than $1 million in January, including one on the Gulf Islands.
Read the full article here.
The average price of a single-family home fell sharply in January from the previous month, according to data released Tuesday by the Greater Victoria Real Estate Board.
A total of 339 homes, condominiums and townhouse units sold through the board's Multiple Listing Service last month, down slightly from the 349 sales in December.
There were 418 sales in January 2010.
The average price for single-family homes was $603,401 down from $647,063 in December. The median price, however, rose slightly to $576,000. The six-month average was virtually unchanged at $619,875. There were 12 single family home sales of more than $1 million in January, including one on the Gulf Islands.
Read the full article here.
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Migration at 20-year high
MONTREAL - The number of Canadians moving to another province has punched to a high not seen in 20 years as people pack up in search of better jobs and salaries elsewhere.
Roughly 337,000 Canadians were on the move in 2010, says a report on interprovincial migration published Thursday by TD Economics. That's 45,000 more than the year before and the most since the late 1980s. It also represents the largest share of the overall population since 1998.
"It's a good sign in the sense that whenever you see that kind of movement, it's an expression of a labour market that's healing after a pretty severe recession," said TD senior economist Pascal Gauthier, who wrote the study. "People are either returning home or moving to areas that didn't have employment before. For those that are already employed, they're finding potentially better prospects."
Read the full article here.
MONTREAL - The number of Canadians moving to another province has punched to a high not seen in 20 years as people pack up in search of better jobs and salaries elsewhere.
Roughly 337,000 Canadians were on the move in 2010, says a report on interprovincial migration published Thursday by TD Economics. That's 45,000 more than the year before and the most since the late 1980s. It also represents the largest share of the overall population since 1998.
"It's a good sign in the sense that whenever you see that kind of movement, it's an expression of a labour market that's healing after a pretty severe recession," said TD senior economist Pascal Gauthier, who wrote the study. "People are either returning home or moving to areas that didn't have employment before. For those that are already employed, they're finding potentially better prospects."
Read the full article here.
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Metro Vancouver housing market balanced in January; demand rising
Metro Vancouver's housing market remained balanced in January amid growing signs of a strong sellers' market returning with high demand in larger centres.
"I've been involved in a dozen multiple-offer situations this month," Paul Eviston, a realtor with ReMax Select Properties, said in an interview Wednesday.
"There were four on Monday alone."
Eviston said that one of his listings at 906 West 20th sold two weeks ago for $1.6 million after going on the market for just under $1.1 million, although he added that it was underpriced to start. "There were 20 offers in total."
Another house at 556 West 17th sold for $1.35 million after being listed for $1.299 million, he added.
Read the full article here.
Metro Vancouver's housing market remained balanced in January amid growing signs of a strong sellers' market returning with high demand in larger centres.
"I've been involved in a dozen multiple-offer situations this month," Paul Eviston, a realtor with ReMax Select Properties, said in an interview Wednesday.
"There were four on Monday alone."
Eviston said that one of his listings at 906 West 20th sold two weeks ago for $1.6 million after going on the market for just under $1.1 million, although he added that it was underpriced to start. "There were 20 offers in total."
Another house at 556 West 17th sold for $1.35 million after being listed for $1.299 million, he added.
Read the full article here.
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Richmond, west side in seller's market
Metro Vancouver's housing market remained balanced in January amid growing signs of a strong sellers' market returning with high demand in larger centres.
"I've been involved in a dozen multiple-offer situations this month," Paul Eviston, a realtor with ReMax Select Properties, said in an interview Wednesday.
"There were four on Monday alone."
Read the full article here.
Metro Vancouver's housing market remained balanced in January amid growing signs of a strong sellers' market returning with high demand in larger centres.
"I've been involved in a dozen multiple-offer situations this month," Paul Eviston, a realtor with ReMax Select Properties, said in an interview Wednesday.
"There were four on Monday alone."
Read the full article here.
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Stability and regional 'hot spots' characterize January housing market
The Greater Vancouver housing market remained in balanced market conditions in January, although higher levels of buyer demand were seen in some of the region`s largest communities.
The number of properties listed for sale and those sold on the Multiple Listing Service (MLSÂ
last month outpaced the 10-year average in both categories for January.
`There was a healthy balance between the number of home buyers and sellers in our market in January, but there`s always variation in activity from region to region,` said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV). `We`re seeing strong sellers` market conditions in areas like Richmond and the west side of Vancouver.`
Over the last 12 months, the MLSLink Housing Price Index (HPI) benchmark price of detached homes increased 22.6 per cent in Richmond and 12.2 per cent in Vancouver West. In comparison, detached home prices across the region increased 2.7 per cent over the same period.
Read the full article here.
The Greater Vancouver housing market remained in balanced market conditions in January, although higher levels of buyer demand were seen in some of the region`s largest communities.
The number of properties listed for sale and those sold on the Multiple Listing Service (MLSÂ
last month outpaced the 10-year average in both categories for January.`There was a healthy balance between the number of home buyers and sellers in our market in January, but there`s always variation in activity from region to region,` said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV). `We`re seeing strong sellers` market conditions in areas like Richmond and the west side of Vancouver.`
Over the last 12 months, the MLSLink Housing Price Index (HPI) benchmark price of detached homes increased 22.6 per cent in Richmond and 12.2 per cent in Vancouver West. In comparison, detached home prices across the region increased 2.7 per cent over the same period.
Read the full article here.
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B.C. unemployment rate jumps to 8.2%, well above national average
VANCOUVER ` British Columbia's job growth took another painful blow last month, even as the rest of the country showed strong signs of economy recovery.
Statistics Canada on Friday said employment in B.C. fell by 9,100 positions, or four per cent, from December, adding to the 12,800 positions shed in the previous month.
At the same time, provincial unemployment figures jumped to 8.2 per cent, up from 7.6 per cent in December.
Declines were seen in manufacturing, forestry and logging and construction.
Read the full article here.
VANCOUVER ` British Columbia's job growth took another painful blow last month, even as the rest of the country showed strong signs of economy recovery.
Statistics Canada on Friday said employment in B.C. fell by 9,100 positions, or four per cent, from December, adding to the 12,800 positions shed in the previous month.
At the same time, provincial unemployment figures jumped to 8.2 per cent, up from 7.6 per cent in December.
Declines were seen in manufacturing, forestry and logging and construction.
Read the full article here.
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Regulator approves TransCanada's Horn River Pipeline
CALGARY - The prospect for large-scale shale gas production from northeastern British Columbia got a boost Friday after the National Energy Board approved TransCanada Corp.'s Horn River pipeline.
The $310-million line would travel 155 kilometres from the Fort Nelson region to the Alberta border where it would connect into the company's NOVA gathering system where it would be funnelled to markets in Canada and the United States when it comes into service in the second quarter of next year.
It is TransCanada's second outlet from the prolific shale region, which some have described as Canada's largest natural gas deposit. In a news release, TransCanada said it expects the region to account for five billion cubic feet per day by the end of the decade, or more than a third of Canada's current gas production.
Read the full article here.
CALGARY - The prospect for large-scale shale gas production from northeastern British Columbia got a boost Friday after the National Energy Board approved TransCanada Corp.'s Horn River pipeline.
The $310-million line would travel 155 kilometres from the Fort Nelson region to the Alberta border where it would connect into the company's NOVA gathering system where it would be funnelled to markets in Canada and the United States when it comes into service in the second quarter of next year.
It is TransCanada's second outlet from the prolific shale region, which some have described as Canada's largest natural gas deposit. In a news release, TransCanada said it expects the region to account for five billion cubic feet per day by the end of the decade, or more than a third of Canada's current gas production.
Read the full article here.
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Metro Vancouver housing market balanced in January; demand rising
Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV), confirmed that a strong sellers' market has returned in areas like Richmond and Vancouver's west side.
"We're getting more multiple offers now," he said. "And I'm sure there's been sales over the list prices on a number of homes.
"The offshore buyers are concentrating on Richmond and Vancouver."
Overall, Moldowan said: "There was a healthy balance between the number of home buyers and sellers in our market in January, but there's always variation in activity from region to region."
Read the full article here.
Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV), confirmed that a strong sellers' market has returned in areas like Richmond and Vancouver's west side.
"We're getting more multiple offers now," he said. "And I'm sure there's been sales over the list prices on a number of homes.
"The offshore buyers are concentrating on Richmond and Vancouver."
Overall, Moldowan said: "There was a healthy balance between the number of home buyers and sellers in our market in January, but there's always variation in activity from region to region."
Read the full article here.
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China says $5.4 billion for B.C. gas play
PetroChina International Investment Co. Ltd. (PTR-N135.171.411.05%) has agreed to pay $5.4-billion in a natural gas investment with Encana Corp. (ECA-T30.85-0.18-0.58%) that promises to be the largest Chinese investment in Canadian energy assets.
The deal underscores the voracious appetite Asian firms have for North America`s vast deposits of oil and gas ` and speaks to the growing attraction of Canadian energy assets to overseas companies, which are increasingly looking at ways to buy western reserves that can some day be delivered to consumers in China and South Korea.
Read the full article here.
PetroChina International Investment Co. Ltd. (PTR-N135.171.411.05%) has agreed to pay $5.4-billion in a natural gas investment with Encana Corp. (ECA-T30.85-0.18-0.58%) that promises to be the largest Chinese investment in Canadian energy assets.
The deal underscores the voracious appetite Asian firms have for North America`s vast deposits of oil and gas ` and speaks to the growing attraction of Canadian energy assets to overseas companies, which are increasingly looking at ways to buy western reserves that can some day be delivered to consumers in China and South Korea.
Read the full article here.
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Home-sale finder's fee leads to real deal
A Tsawwassen man looking to avoid paying a big real estate commission instead offered a $10,000 finder's fee to help sell his house ` and it worked better than he ever hoped.
Rob Dale handed out 300 flyers to friends and neighbours, with the promise to pay the cash reward to anyone bringing them a successful buyer.
Dale assumed the market was hot enough that he could do without an agent and save much of the standard real estate commission on the sale of his $739,000, four-bedroom home, which would have been about $25,000.
"One of the things that really surprised us is that it wasn't just our neighbours and friends that were interested," said Dale. "We started getting calls from realtors."
Ironically, the man who found him the buyers was a real estate agent.
Read the full article here.
A Tsawwassen man looking to avoid paying a big real estate commission instead offered a $10,000 finder's fee to help sell his house ` and it worked better than he ever hoped.
Rob Dale handed out 300 flyers to friends and neighbours, with the promise to pay the cash reward to anyone bringing them a successful buyer.
Dale assumed the market was hot enough that he could do without an agent and save much of the standard real estate commission on the sale of his $739,000, four-bedroom home, which would have been about $25,000.
"One of the things that really surprised us is that it wasn't just our neighbours and friends that were interested," said Dale. "We started getting calls from realtors."
Ironically, the man who found him the buyers was a real estate agent.
Read the full article here.
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Metro Vancouver, rest of BC show sharp differences in housing price changes
B.C.`s real estate market appears to be morphing into two categories: Metro Vancouver and the rest of the province.
While Metro Vancouver saw a strong increase in the average home price over the past year ` up 19.6 per cent in January compared to January 2010, from $638,000 to $763,000 ` that`s not the case for most other regions of B.C., according to a survey released Monday by the B.C. Real Estate Association, which represents 11 real estate board across the province and 18,000 realtors.
Except for Metro Vancouver, the Fraser Valley and ` for this month, at least ` the Kootenays, the province has seen average prices fall, in some cases substantially, in every region in January compared to the same month last year.
Read the full article here.
B.C.`s real estate market appears to be morphing into two categories: Metro Vancouver and the rest of the province.
While Metro Vancouver saw a strong increase in the average home price over the past year ` up 19.6 per cent in January compared to January 2010, from $638,000 to $763,000 ` that`s not the case for most other regions of B.C., according to a survey released Monday by the B.C. Real Estate Association, which represents 11 real estate board across the province and 18,000 realtors.
Except for Metro Vancouver, the Fraser Valley and ` for this month, at least ` the Kootenays, the province has seen average prices fall, in some cases substantially, in every region in January compared to the same month last year.
Read the full article here.
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Minimum wage increase in B.C.: No longer an 'if,' but 'how much?' and 'how fast?'
Most candidates for the leadership of both the Liberals and the NDP want a higher minimum wage, notes a release from the Canadian Centre for Policy Alternatives, "and the questions to answer now are 'How much?' and 'How fast?'"
Good point -as are several others raised in a paper on the subject by CCPA economist Iglika Ivanova. I don't give her full marks on every attempt to score but, on balance, I find her paper more persuasive than one released last week by the Canadian Federation of Independent Business.
The CFIB argument against a minimum-wage increase is still focused on what the CCPA and I think is yesterday's issue. But I still think it's worth looking at a couple of points where these two groups are at odds.
The big issue is, will it kill jobs?
Read the full article here.
Most candidates for the leadership of both the Liberals and the NDP want a higher minimum wage, notes a release from the Canadian Centre for Policy Alternatives, "and the questions to answer now are 'How much?' and 'How fast?'"
Good point -as are several others raised in a paper on the subject by CCPA economist Iglika Ivanova. I don't give her full marks on every attempt to score but, on balance, I find her paper more persuasive than one released last week by the Canadian Federation of Independent Business.
The CFIB argument against a minimum-wage increase is still focused on what the CCPA and I think is yesterday's issue. But I still think it's worth looking at a couple of points where these two groups are at odds.
The big issue is, will it kill jobs?
Read the full article here.
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Bidding wars break out in Vancouver's tight housing market
For a 100-year-old, the east Vancouver denizen doesn`t look too bad.
The bone structure is solid, but the skin is sagging and more than a bit of plastic surgery is required. There are a few screws loose, too.
The house near East 5th and Victoria is a fixer-upper, but that didn`t stop someone this week from paying $800,000 ` $151,000 more than the list price ` after a fierce bidding war for the property.
The scenario is playing out across Vancouver in hot neighbourhoods such as Mount Pleasant, Commercial Drive and Strathcona as buyers contend with tight supply, as well as with looming amortization changes and interest rate hikes.
Read the full article here.
For a 100-year-old, the east Vancouver denizen doesn`t look too bad.
The bone structure is solid, but the skin is sagging and more than a bit of plastic surgery is required. There are a few screws loose, too.
The house near East 5th and Victoria is a fixer-upper, but that didn`t stop someone this week from paying $800,000 ` $151,000 more than the list price ` after a fierce bidding war for the property.
The scenario is playing out across Vancouver in hot neighbourhoods such as Mount Pleasant, Commercial Drive and Strathcona as buyers contend with tight supply, as well as with looming amortization changes and interest rate hikes.
Read the full article here.
- Joined
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Vancouver Olympic Village condos to go to market - again
VANCOUVER - A select group of interested buyers has been allowed to submit offers on condominium units in the beleaguered Olympic Village in advance of Thursday`s public sale.
Between 15 and 25 sales agreements have been written by Rennie Marketing Systems and will be presented to the court-appointed receiver after the development in Southeast False Creek opens for sale.
Marketer Bob Rennie, who has been given the task of trying to sell the remaining 480 units in the village, said the small group of buyers is being used to test-market the new pricing structure to make sure it`s not too high.
`We`ve been doing market testing with focus groups and consumers and now that we are getting close to the finish line we are testing with real people,` he said.
Read the full article here.
VANCOUVER - A select group of interested buyers has been allowed to submit offers on condominium units in the beleaguered Olympic Village in advance of Thursday`s public sale.
Between 15 and 25 sales agreements have been written by Rennie Marketing Systems and will be presented to the court-appointed receiver after the development in Southeast False Creek opens for sale.
Marketer Bob Rennie, who has been given the task of trying to sell the remaining 480 units in the village, said the small group of buyers is being used to test-market the new pricing structure to make sure it`s not too high.
`We`ve been doing market testing with focus groups and consumers and now that we are getting close to the finish line we are testing with real people,` he said.
Read the full article here.
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Taxpayers to take $33-million hit as fewer drivers than expected use Golden Ears Bridge
Metro Vancouver taxpayers are expected to be on the hook for another $33 million in costs for the Golden Ears Bridge this year, because fewer drivers than expected are using the region`s first tolled crossing.
Revenues from tolls are projected to be about $37.9 million this year, substantially more than the $30 million collected in 2010. However, TransLink`s payments to the bridge builder and operator increase to $71 million in 2011 from $52 million in 2010, and will rise again in 2012.
That adds up to a cumulative shortfall, since 2009, of $63.8 million for a bridge that was supposed to pay itself off in 30 years.
TransLink spokesman Ken Hardie concedes the projected traffic on the Golden Ears Bridge has levelled off, partly because drivers are seeking `free alternatives` such as the Port Mann Bridge, even though they have to go out of their way to access it.
Read the full article here.
Metro Vancouver taxpayers are expected to be on the hook for another $33 million in costs for the Golden Ears Bridge this year, because fewer drivers than expected are using the region`s first tolled crossing.
Revenues from tolls are projected to be about $37.9 million this year, substantially more than the $30 million collected in 2010. However, TransLink`s payments to the bridge builder and operator increase to $71 million in 2011 from $52 million in 2010, and will rise again in 2012.
That adds up to a cumulative shortfall, since 2009, of $63.8 million for a bridge that was supposed to pay itself off in 30 years.
TransLink spokesman Ken Hardie concedes the projected traffic on the Golden Ears Bridge has levelled off, partly because drivers are seeking `free alternatives` such as the Port Mann Bridge, even though they have to go out of their way to access it.
Read the full article here.
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Natural gas a reversal of fortunes in BC budget
Natural gas is one of British Columbia's key natural resources.
Exploring for it, drilling for it and taking it out of the ground is a key driver of industry in the province's north east responsible for the enviable employment opportunities and wealth for that entire region.
Except lately the wealth hasn't exactly trickled up to provincial government coffers in terms of natural-resource royalty revenues.
The budget documents tabled by Finance Minister Colin Hansen yesterday show that the province expects natural gas royalties to generate just $365 million in provincial revenue by the end of its fiscal year on March 31.
Read the full article here.
Natural gas is one of British Columbia's key natural resources.
Exploring for it, drilling for it and taking it out of the ground is a key driver of industry in the province's north east responsible for the enviable employment opportunities and wealth for that entire region.
Except lately the wealth hasn't exactly trickled up to provincial government coffers in terms of natural-resource royalty revenues.
The budget documents tabled by Finance Minister Colin Hansen yesterday show that the province expects natural gas royalties to generate just $365 million in provincial revenue by the end of its fiscal year on March 31.
Read the full article here.