February 2012 B.C. Economic Fundamentals
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First contracts awarded for new Evergreen Line
Two local companies are the first to be awarded contracts for the new Evergreen rapid-transit line that will link Port Moody and Coquitlam to the existing SkyTrain system.
While a primary contractor to build the line, scheduled to open in 2016, hasn't yet been selected, the government is going ahead with preconstruction work such as widening roads, relocating utilities and removing vacant buildings.
Read the full article here.
Two local companies are the first to be awarded contracts for the new Evergreen rapid-transit line that will link Port Moody and Coquitlam to the existing SkyTrain system.
While a primary contractor to build the line, scheduled to open in 2016, hasn't yet been selected, the government is going ahead with preconstruction work such as widening roads, relocating utilities and removing vacant buildings.
Read the full article here.
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Vancouver condo market on watch list as real estate balloon deflates
Canada's housing market is not a bubble, it's a balloon. And unlike the catastrophic decline the U.S. housing market experienced in 2008, the market in Canada will deflate slowly rather than pop, according to a report by BMO Capital Markets.
The sole possible exception is Vancouver, where the number of unoccupied condominiums is high due to building the Olympic Village, economists Sherry Cooper and Sal Guatieri wrote in "Will Canada's Housing Boom Forge On, Fizzle Out, or Flame Out?"
Read the full article here.
Canada's housing market is not a bubble, it's a balloon. And unlike the catastrophic decline the U.S. housing market experienced in 2008, the market in Canada will deflate slowly rather than pop, according to a report by BMO Capital Markets.
The sole possible exception is Vancouver, where the number of unoccupied condominiums is high due to building the Olympic Village, economists Sherry Cooper and Sal Guatieri wrote in "Will Canada's Housing Boom Forge On, Fizzle Out, or Flame Out?"
Read the full article here.
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Vancouver housing market softening: BMO
VANCOUVER (NEWS1130) - The housing market is "more likely to cool than correct," according to economists at the Bank of Montreal. They add, "The possible exception is pricey Vancouver." A report from BMO Capital Markets says the "previously red-hot Vancouver market is softening."
Economists Sherry Cooper and Sal Guatieri say "elevated price-to-income ratios do exist in four major cities: Vancouver, Victoria, Toronto and Montreal." They note that in Vancouver "the number of unoccupied newly built condos is high owing to the Olympic Village construction in 2010."
Read the full article here.
VANCOUVER (NEWS1130) - The housing market is "more likely to cool than correct," according to economists at the Bank of Montreal. They add, "The possible exception is pricey Vancouver." A report from BMO Capital Markets says the "previously red-hot Vancouver market is softening."
Economists Sherry Cooper and Sal Guatieri say "elevated price-to-income ratios do exist in four major cities: Vancouver, Victoria, Toronto and Montreal." They note that in Vancouver "the number of unoccupied newly built condos is high owing to the Olympic Village construction in 2010."
Read the full article here.
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Multi-family market a 'safe haven' for real estate investors
EDMONTON - Volatile stock markets and minuscule returns from fixed income have investors looking at global real estate. But rather than single-family residential property, the hot ticket these days is multiple-family dwellings.
At a luncheon for financial analysts with the Edmonton CFA Society, Eric Bonnor, senior vice-president with Brookfield Asset Management in Toronto, quoted from the publication Emerging Trends in Real Estate 2012, a survey of 950 real estate executives by the accounting firm PricewaterhouseCoopers and the Urban Land Institute.
Read the full article here.
EDMONTON - Volatile stock markets and minuscule returns from fixed income have investors looking at global real estate. But rather than single-family residential property, the hot ticket these days is multiple-family dwellings.
At a luncheon for financial analysts with the Edmonton CFA Society, Eric Bonnor, senior vice-president with Brookfield Asset Management in Toronto, quoted from the publication Emerging Trends in Real Estate 2012, a survey of 950 real estate executives by the accounting firm PricewaterhouseCoopers and the Urban Land Institute.
Read the full article here.
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City hall eyes online database
Vancouver renters may soon be able to make more informed choices about the suites they live in or want to rent.
City council unanimously passed a motion forwarded by Vision Vancouver Coun. Tim Stevenson Jan. 17 to have staff report back on the creation of an online rental database.
Read the full article here.
Vancouver renters may soon be able to make more informed choices about the suites they live in or want to rent.
City council unanimously passed a motion forwarded by Vision Vancouver Coun. Tim Stevenson Jan. 17 to have staff report back on the creation of an online rental database.
Read the full article here.
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Landlords laud proposed rental database
Prominent landlords and the B.C. Apartment Owners and Property Managers Association support the online rental database city hall may set up.
"It's a good idea," said Jason Gordon of Gordon Nelson Inc., the company that made headlines for rental increases and evictions at the Seafield apartment building in the West End. "There're some bad buildings in this city."
Read the full article here.
Prominent landlords and the B.C. Apartment Owners and Property Managers Association support the online rental database city hall may set up.
"It's a good idea," said Jason Gordon of Gordon Nelson Inc., the company that made headlines for rental increases and evictions at the Seafield apartment building in the West End. "There're some bad buildings in this city."
Read the full article here.
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Modest growth in Greater Vancouver real estate prices eyed
After surprising growth in 2011, Greater Vancouver real estate prices will rise just two per cent in 2012, Canada Mortgage and Housing is forecasting.
In 2011, CHMC predicted price growth of just three per cent, tempered by an expectation of higher interest rates, but interest rates stayed low and prices ultimately jumped 16 to 17 per cent.
Read the full article here.
After surprising growth in 2011, Greater Vancouver real estate prices will rise just two per cent in 2012, Canada Mortgage and Housing is forecasting.
In 2011, CHMC predicted price growth of just three per cent, tempered by an expectation of higher interest rates, but interest rates stayed low and prices ultimately jumped 16 to 17 per cent.
Read the full article here.
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Trees ready to go, but workers missing at planting time
B.C.`s silviculture industry is trying to stop what a leader described as the sucking sound of workers going to Alberta.
Members of the Western Silvicultural Contractors` Association met Wednesday in Kamloops to discuss issues and trends in the sector, which includes tree planting, brushing and spacing.
Association executive director John Betts told members that with 40 million more trees expected to be put in the ground this year, the industry is facing a shortage of workers for the first time
Read the full article here.
B.C.`s silviculture industry is trying to stop what a leader described as the sucking sound of workers going to Alberta.
Members of the Western Silvicultural Contractors` Association met Wednesday in Kamloops to discuss issues and trends in the sector, which includes tree planting, brushing and spacing.
Association executive director John Betts told members that with 40 million more trees expected to be put in the ground this year, the industry is facing a shortage of workers for the first time
Read the full article here.
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B.C. faces vast labour shortage unless it can attract more workers
A substantial labour shortage is likely to hinder economic growth in B.C., unless the province can attract a lot more workers in the next 10 years, provincial data show.
By 2020, there will be 61,500 more jobs in the province than workers to fill them, according to B.C.'s most recent Labour Market Outlook, and that has the province relying on new-comers to B.C. to fill a third of all job openings within a decade.
The shortage will hit well before that in the skilled trades, a major driver of economic growth in the province. Demand for skilled trades workers is expected to outstrip supply by 2016, largely due to the wave of retiring baby boomers who can't be replaced overnight, said Wayne Tebb, dean of trades and technology at Kwantlen Polytechnic University.
Read the full article here.
A substantial labour shortage is likely to hinder economic growth in B.C., unless the province can attract a lot more workers in the next 10 years, provincial data show.
By 2020, there will be 61,500 more jobs in the province than workers to fill them, according to B.C.'s most recent Labour Market Outlook, and that has the province relying on new-comers to B.C. to fill a third of all job openings within a decade.
The shortage will hit well before that in the skilled trades, a major driver of economic growth in the province. Demand for skilled trades workers is expected to outstrip supply by 2016, largely due to the wave of retiring baby boomers who can't be replaced overnight, said Wayne Tebb, dean of trades and technology at Kwantlen Polytechnic University.
Read the full article here.
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Newcomers to fill one third of B.C. job openings by 2020
A substantial labour shortage is likely to hinder economic growth in B.C., unless the province can attract a lot more workers in the next 10 years, provincial data show.
By 2020, there will be 61,500 more jobs in the province than people to fill them, according to B.C.`s most recent Labour Market Outlook, and that has the province relying on newcomers to B.C. to fill a third of all job openings within a decade.
The shortage will hit well before that in the skilled trades, a major driver of economic growth in the province. Demand for skilled trades workers is expected to outstrip supply by 2016, largely due to the wave of retiring baby boomers who can`t be replaced overnight, said Wayne Tebb, dean of trades and technology at Kwantlen Polytechnic University.
Read the full article here.
A substantial labour shortage is likely to hinder economic growth in B.C., unless the province can attract a lot more workers in the next 10 years, provincial data show.
By 2020, there will be 61,500 more jobs in the province than people to fill them, according to B.C.`s most recent Labour Market Outlook, and that has the province relying on newcomers to B.C. to fill a third of all job openings within a decade.
The shortage will hit well before that in the skilled trades, a major driver of economic growth in the province. Demand for skilled trades workers is expected to outstrip supply by 2016, largely due to the wave of retiring baby boomers who can`t be replaced overnight, said Wayne Tebb, dean of trades and technology at Kwantlen Polytechnic University.
Read the full article here.
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Clark softens approach to sustainability as part of B.C.'s new energy strategy
VICTORIA - Premier Christy Clark is making over her predecessors approach to energy self sufficiency to help make way for a significant expansion in the production of liquefied natural gas.
Clark declared this morning that the province is changing a requirement that BC Hydro be self-sufficient by 2016, even if provincial water levels - important for generation in B.C. dams - drop to "critical" low. Instead, the government will now only require BC Hydro to be self-sufficient at so-called "average" water levels.
The move will mean a significant drop in the need for new power generation projects in B.C., something that comes as part of a plan to allow for the creation of three power hungry LNG plants in the province's northwest.
Read the full article here.
VICTORIA - Premier Christy Clark is making over her predecessors approach to energy self sufficiency to help make way for a significant expansion in the production of liquefied natural gas.
Clark declared this morning that the province is changing a requirement that BC Hydro be self-sufficient by 2016, even if provincial water levels - important for generation in B.C. dams - drop to "critical" low. Instead, the government will now only require BC Hydro to be self-sufficient at so-called "average" water levels.
The move will mean a significant drop in the need for new power generation projects in B.C., something that comes as part of a plan to allow for the creation of three power hungry LNG plants in the province's northwest.
Read the full article here.
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Go West: Jobs and money leaving Eastern Canada
Canada's jobs market is mirroring the country's sharply divided economic landscape, as the resource-rich West hungers for workers while confidence falters among employers in the East.
The country's jobless rate hit a nine-month high of 7.6 per cent in January and job growth has stalled since last summer.
Behind the aggregate figures, though, a clear picture of the country's diverging economic fortunes emerges. Unemployment rates are higher than the national average in every province east of Manitoba, and below the average across the four western provinces.
"The attitudes that you see in the West are very different from Eastern or Central Canada," said Hilary Predy, Edmonton-based associate vice president at Adecco, one of the largest staffing firms in Canada.
Read the full article here.
Canada's jobs market is mirroring the country's sharply divided economic landscape, as the resource-rich West hungers for workers while confidence falters among employers in the East.
The country's jobless rate hit a nine-month high of 7.6 per cent in January and job growth has stalled since last summer.
Behind the aggregate figures, though, a clear picture of the country's diverging economic fortunes emerges. Unemployment rates are higher than the national average in every province east of Manitoba, and below the average across the four western provinces.
"The attitudes that you see in the West are very different from Eastern or Central Canada," said Hilary Predy, Edmonton-based associate vice president at Adecco, one of the largest staffing firms in Canada.
Read the full article here.
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Teacher's job hunt illustrates tight B.C. labour market
Moving to Vancouver was a dream come true for Amanda Pullishy.
The 24-year-old teacher from Edmonton, Alberta had a university degree and two years full-time work experience under her belt when she came West last summer and, after doing some preliminary research on the local job scene, was optimistic that would be enough to land her a professional position in her new home.
Six months and hundreds of mainly unanswered resumes later, however, she`s been forced to admit current British Columbia`s labour market isn`t as welcoming as she`d hoped.
Read the full article here.
Moving to Vancouver was a dream come true for Amanda Pullishy.
The 24-year-old teacher from Edmonton, Alberta had a university degree and two years full-time work experience under her belt when she came West last summer and, after doing some preliminary research on the local job scene, was optimistic that would be enough to land her a professional position in her new home.
Six months and hundreds of mainly unanswered resumes later, however, she`s been forced to admit current British Columbia`s labour market isn`t as welcoming as she`d hoped.
Read the full article here.
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B.C. population grows 4.4 million with urban areas leading the way
British Columbia's population continues to grow rapidly, with new residents preferring urban metropolitan areas rather than rural centres.
And while Metro Vancouver is still taking its share of the growth, Squamish and Chilliwack metropolitan areas saw the biggest gains in population between 2006 and 2011, according to Statistics Canada.
The latest Census figures show B.C.'s population increased by seven per cent between 2006-2011, pushing the population to 4.4 million, and making B.C. the second fastest growing province next to Alberta. The Western provinces welcomed 30.7 per cent of Canada's population growth for the five-year period, for the first time surpassing that of the Atlantic provinces and Quebec combined (306 per cent).
Read the full article here.
British Columbia's population continues to grow rapidly, with new residents preferring urban metropolitan areas rather than rural centres.
And while Metro Vancouver is still taking its share of the growth, Squamish and Chilliwack metropolitan areas saw the biggest gains in population between 2006 and 2011, according to Statistics Canada.
The latest Census figures show B.C.'s population increased by seven per cent between 2006-2011, pushing the population to 4.4 million, and making B.C. the second fastest growing province next to Alberta. The Western provinces welcomed 30.7 per cent of Canada's population growth for the five-year period, for the first time surpassing that of the Atlantic provinces and Quebec combined (306 per cent).
Read the full article here.
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Census 2011: Metro Vancouver's largest (and fastest growing) municipalities
METRO VANCOUVER - Do you feel your part of Metro Vancouver has grown substantially since 2006? It's not an illusion.
According to the Census 2011 report released Wednesday, most Metro Vancouver municipalities saw population growth beyond 4 per cent in the last 5 years. Some areas grew by double-digit percentage points.
Read the full article here.
METRO VANCOUVER - Do you feel your part of Metro Vancouver has grown substantially since 2006? It's not an illusion.
According to the Census 2011 report released Wednesday, most Metro Vancouver municipalities saw population growth beyond 4 per cent in the last 5 years. Some areas grew by double-digit percentage points.
Read the full article here.
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Growth in Western provinces outpacing Ontario
OTTAWA ` Canada is growing and going west.
Statistics Canada counted 33,476,688 people in its May, 2011 census, a 5.9 per cent increase over the 2006 national count.
And Canada`s western provinces saw the biggest increases with Saskatchewan, Alberta and British Columbia all growing faster than the national average. Yukon saw the biggest population growth between 2006 and 2011 at 11.6 per cent, followed closely by Alberta at 10.8 per cent.
Cities in Western Canada like Calgary, Edmonton and Saskatoon saw double-digit jumps in population growth.
Read the full article here.
OTTAWA ` Canada is growing and going west.
Statistics Canada counted 33,476,688 people in its May, 2011 census, a 5.9 per cent increase over the 2006 national count.
And Canada`s western provinces saw the biggest increases with Saskatchewan, Alberta and British Columbia all growing faster than the national average. Yukon saw the biggest population growth between 2006 and 2011 at 11.6 per cent, followed closely by Alberta at 10.8 per cent.
Cities in Western Canada like Calgary, Edmonton and Saskatoon saw double-digit jumps in population growth.
Read the full article here.
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Housing starts in B.C. urban areas up sharply in January
VANCOUVER -- Housing starts in British Columbia`s urban centres were up 28 per cent in January compared to December, with condominiums remaining the dominant housing form, Canada Mortgage and Housing Corp. reported Wednesday.
CMHC`s latest report showing new residents are likely choosing multi-family housing for their homes was released the same day Statistics Canada released census data showing B.C.`s population grew to 4.4 million over the last five years, making it the second-fastest growing province next to Alberta.
In actual numbers, there were 2,045 starts in all of B.C. in January, 1,605 of them in multi-family projects, which was up eight per cent from 1,891 starts, with 1,524 in the multi-family category in January 2011.
Read the full article here.
VANCOUVER -- Housing starts in British Columbia`s urban centres were up 28 per cent in January compared to December, with condominiums remaining the dominant housing form, Canada Mortgage and Housing Corp. reported Wednesday.
CMHC`s latest report showing new residents are likely choosing multi-family housing for their homes was released the same day Statistics Canada released census data showing B.C.`s population grew to 4.4 million over the last five years, making it the second-fastest growing province next to Alberta.
In actual numbers, there were 2,045 starts in all of B.C. in January, 1,605 of them in multi-family projects, which was up eight per cent from 1,891 starts, with 1,524 in the multi-family category in January 2011.
Read the full article here.
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Vancouver home prices to fizzle, not pop
VANCOUVER - Emily Yao admits to disappointment when her bid on a three-bedroom condominium in this desirable West Coast city was turned down last October.
But a month later the systems programmer, who moved to Vancouver from mainland China six years ago, snapped up the still-unsold condominium on Vancouver's East Side for $550,000, a difference of $9,000 below the original price tag.
It's a pattern being replicated across the Pacific port city, in a dramatic turnaround from the bidding wars, show day stampedes, and above-market offers that long dominated North America's costliest property market.
Read more: Read the full article here.
VANCOUVER - Emily Yao admits to disappointment when her bid on a three-bedroom condominium in this desirable West Coast city was turned down last October.
But a month later the systems programmer, who moved to Vancouver from mainland China six years ago, snapped up the still-unsold condominium on Vancouver's East Side for $550,000, a difference of $9,000 below the original price tag.
It's a pattern being replicated across the Pacific port city, in a dramatic turnaround from the bidding wars, show day stampedes, and above-market offers that long dominated North America's costliest property market.
Read more: Read the full article here.
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West to 'reign supreme': TD
The most recent census figures highlighted what many Canadians have been whispering for years: the west reigns supreme. Between 2006 and 2011 Alberta's population grew at nearly double the pace of the national average and its two main cities -- Calgary and Edmonton -- were the fastest growing cities in the country.
Saskatchewan and Manitoba also fared well, with the population in both provinces growing faster than the national average.
Read the full article here.
The most recent census figures highlighted what many Canadians have been whispering for years: the west reigns supreme. Between 2006 and 2011 Alberta's population grew at nearly double the pace of the national average and its two main cities -- Calgary and Edmonton -- were the fastest growing cities in the country.
Saskatchewan and Manitoba also fared well, with the population in both provinces growing faster than the national average.
Read the full article here.