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February 2012 B.C. Economic Fundamentals

Ally

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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.





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Ally

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Dawson Creek real estate market update



Last week we looked at the different ways that real estate offers a return on your investment. This week I`m going to take a look at the current state of the Dawson Creek rental market. What is available, what rents look like, different levels of risk, and return available to real estate investors in my hometown.





First, some facts: The vacancy rate in Dawson Creek is 1.4% according to the most recent rental report provided by CMHC. We are tied with the Vancouver metro area for the lowest vacancy rate in the province. More importantly the average rents in Dawson Creek relative to the price of real estate is very attractive. Average rents of $1042 per month place Dawson Creek rents third highest in the province. Vancouver is the highest at $1401, a difference of 35%. Compare those numbers with average sale prices of $245,000 and $660,000 respectively, a difference of 169%. You can start to see how Dawson Creek real estate is a pretty sweet investment right now.





It is probably because I am in the business, but I seem to be having a lot of conversations about the local rental market recently. There is plenty of anecdotal information flying around about who-is-renting-what-to-who-for-how-much. In general terms there seem to be three different rental markets in Dawson Creek. The conventional market, furnished homes furnished rooms.







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Ally

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Tax breaks for new homebuyers, HST rebate may rekindle industry, insiders say





B.C.`s inaccessible housing market was re-addressed in Tuesday`s budget, with first-time, new-home buyers and seniors getting welcomed tax breaks, according to housing industry experts.




Peter Simpson, president of the Greater Vancouver Home Builders Association, says a tax credit of up to $10,000 for first-time, new-home buyers makes for a good marriage with the HST transitional rules released last week.






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Ally

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Soaring B.C. raw log exports to China raw deal for forestry workers




Great news for B.C.`s forests industry, according to the provincial government: softwood lumber exports to China last year were up 60 per cent.




Bad news for B.C.`s forestry workers: the provincial government`s gushing press release fails to mention that raw log exports to China were up 160 per cent.




More than 70 B.C. mills have closed since 2000. Some 10,000 permanent forests industry jobs have vanished since 1996. For every job opening in the B.C. forests industry, there are 34 unemployed people, compared to four unemployed people for every opening across all B.C. job sectors, BC Stats reports.





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Ally

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B.C.'s outlook rosy compared to what eastern provinces are facing





On a day of fiscal reckoning, British Columbians might want to look east to better judge the health of their province's finances.




The reality is, B.C. is doing a lot better than most other provinces.




These days only resource-rich Saskatchewan and Alberta are besting the west coast province on the fiscal front.






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Pattullo Bridge plan assumes six lanes, two for trucks




TransLink aims to open a new and presumably tolled Pattullo Bridge by 2018 and it now wants public comment on design options.










The two-year consultation process getting underway is shaping up to be a tussle between Surrey and New Westminster over how big a bridge is needed.










Surrey's mayor has demanded a six-lane bridge ` which TransLink also leans toward ` but many in New Westminster fear it would pour too much traffic into their already congested city, resulting in gridlock.





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First-time buyer's bonus will make 'bigger difference' in B.C. suburbs




Gawain Guemas-Bonell is glad he waited until Wednesday to purchase his new Langley townhome.




The 23-year-old apprentice electrician and paramedic with B.C. Ambulance Service had settled on his two-bedroom home at a project called Outlook, but only learned earlier in the day about a new bonus for first-time buyers announced in Tuesday`s provincial budget.




`I heard about it on the radio this morning,` said Guemas-Bonell, who takes possession of his 1,220-square-foot home, which he purchased for $295,000, in March.





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Ally

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Road tolls recommended for Metro Vancouver





A comprehensive road pricing scheme ` tolls that you`d have to pay to drive pretty well anywhere in Metro Vancouver ` is the method favoured by provincial and regional bureaucrats to finance TransLink`s ambitious spending plans well into the future.




But they have many other ideas on how to extract, over time, hundreds of millions of dollars from taxpayers. The proposals are outlined in a confidential report, Evaluation of Revenue Sources to Support Transportation Improvements in Metro Vancouver, that was distributed to hand-picked political and stakeholder groups earlier this month. The proposals cover the gamut ` from fuel and carbon taxes to property taxes, development fees and fare hikes, as well as stiff new or additional levies on everything from parking to business payrolls, car rentals, hotel rooms and goods transported around the region.






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B.C. repeats $120-million royalty credit program for oil and gas producers




The B.C. government announced Thursday that it is providing up to $120 million in royalty credits for the oil and natural gas industry this year as part of its continuing strategy to encourage development of infrastructure in this province.




The royalty credits program can be applied to expenditures on needed infrastructure in the oil and gas sector, according to a news release from the provincial ministry of energy and mines.




The government expects this latest instalment of the program, which has been in effect since 2004, to foster development of liquefied natural gas plants at Kitimat, and a pipeline opening up the gas fields in the province`s northeast to new markets in Asia.






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Companies come to Vancouver to fill hundreds of vacancies in Northern BC




On February 29[sup]th[/sup], more than 20 companies from Northern BC will head to Vancouver to host the Job Fair of Northern BC. Companies including Canfor and RioTinto Alcan will be reaching out to job seekers currently living in the Lower Mainland, but willing to relocate to fill the increasing demand for labour.




"Come North. Grow with Us. With more than 100 skilled trades, supervisory and administrative vacancies across 14 northern BC and Alberta locations, we're looking for dynamic, talented people just like you." says Rob Jarvis, Manager, Talent & Employee Development, Canfor."




The Job Fair of Northern BC is in partnership with Canadian Manufacturers & Exporters (CME) and funded in part by the Government of Canada's Foreign Credential Recognition Program and the Province of BC - BC Jobs Plan. This initiative is focused on promoting employment opportunities for skilled immigrants, recent graduates, trades workers, internationally trained engineers and engineering technicians. Combined with the Job Fair, there will be career awareness seminars among manufacturers, immigrant groups and other organizations dedicated to engaging all stakeholders and to promoting Northern BC employment opportunities.





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