February 2013 B.C. Economic Fundamentals
- Thread starter Ally
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B.C. home sales to trend higher in 2013/2014
Multiple Listing Service (MLSÂ
residential sales in British Columbia are forecast to increase 5.6 per cent to 71,450 units in 2013. While a modest increase in unit sales is expected, home sales this year will fall below both the five-year average of 74,600 units and the ten-year average of 86,800 units. After declining nearly 23 per cent in 2012, homes sales in Vancouver are forecast to claw back nearly 10 per cent this year. Improved economic conditions in 2014 are expected to keep housing demand trending higher, with MLSÂ residential sales forecast to climb a further 6.1 per cent to 75,830 units.
Read the full article here.
Multiple Listing Service (MLSÂ
residential sales in British Columbia are forecast to increase 5.6 per cent to 71,450 units in 2013. While a modest increase in unit sales is expected, home sales this year will fall below both the five-year average of 74,600 units and the ten-year average of 86,800 units. After declining nearly 23 per cent in 2012, homes sales in Vancouver are forecast to claw back nearly 10 per cent this year. Improved economic conditions in 2014 are expected to keep housing demand trending higher, with MLSÂ residential sales forecast to climb a further 6.1 per cent to 75,830 units. Read the full article here.
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Is Vancouver Port becoming a locked gateway?
The delegation sent in 1870 by the colony of British Columbia to negotiate the terms of confederation went first to San Francisco to catch a train.
America's recently completed transcontinental railway allowed them to make the entire trip from Victoria to Ottawa in just 24 days.
Read the full article here.
The delegation sent in 1870 by the colony of British Columbia to negotiate the terms of confederation went first to San Francisco to catch a train.
America's recently completed transcontinental railway allowed them to make the entire trip from Victoria to Ottawa in just 24 days.
Read the full article here.
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Wanted: A new generation
VANCOUVER -- After a decade of downsizing, Canada's forestry sector is gearing for a recruitment drive to attract young workers during an industry upswing.
A new website for the hiring campaign, TheGreenestWorkforce.ca, will be launched Monday night. David Lindsay, president of the Forest Products Association of Canada, will formally kick off the campaign by delivering the keynote speech on Wednesday in Montreal to the PaperWeek Canada conference and job fair.
Read the full article here.
VANCOUVER -- After a decade of downsizing, Canada's forestry sector is gearing for a recruitment drive to attract young workers during an industry upswing.
A new website for the hiring campaign, TheGreenestWorkforce.ca, will be launched Monday night. David Lindsay, president of the Forest Products Association of Canada, will formally kick off the campaign by delivering the keynote speech on Wednesday in Montreal to the PaperWeek Canada conference and job fair.
Read the full article here.
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Alberta must respect B.C. pipeline concerns
B.C.'s opposition to the Northern Gateway pipeline stands to harm Alberta's economy, and nurture resentment between residents of the two provinces.
The situation is reminiscent of a long-standing tiff between Newfoundland and Quebec, a province that doesn't allow a through route for the sale of Labrador's hydro power to New England. Quebec buys up the power at low prices, reselling it at a big profit in the U.S.
Read the full article here.
B.C.'s opposition to the Northern Gateway pipeline stands to harm Alberta's economy, and nurture resentment between residents of the two provinces.
The situation is reminiscent of a long-standing tiff between Newfoundland and Quebec, a province that doesn't allow a through route for the sale of Labrador's hydro power to New England. Quebec buys up the power at low prices, reselling it at a big profit in the U.S.
Read the full article here.
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Vancouver home sales continue downward spiral
Sales continue to plummet in Canada`s most expensive housing market but realtors in Vancouver insist sellers would rather not sell at all than for a discounted price.
The Real Estate Board of Greater Vancouver said there were only 1,351 sales in the region in January 2013, the second lowest for the month since 2001 and 18.7% below the 10-year average.
Read the full article here.
Sales continue to plummet in Canada`s most expensive housing market but realtors in Vancouver insist sellers would rather not sell at all than for a discounted price.
The Real Estate Board of Greater Vancouver said there were only 1,351 sales in the region in January 2013, the second lowest for the month since 2001 and 18.7% below the 10-year average.
Read the full article here.
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TED Conference moving to Vancouver next year
VANCOUVER - One day in early December, Greg Klassen, the senior vice-president of marketing for the Canadian Tourism Commission, was summoned to a confidential meeting at Tourism Vancouver.
In the room were Chris Anderson, the curator of TED, the global cultural conference that brings together the world`s best thinkers and doers, and Rick Antonson, Tourism Vancouver CEO.
Read the full article here.
VANCOUVER - One day in early December, Greg Klassen, the senior vice-president of marketing for the Canadian Tourism Commission, was summoned to a confidential meeting at Tourism Vancouver.
In the room were Chris Anderson, the curator of TED, the global cultural conference that brings together the world`s best thinkers and doers, and Rick Antonson, Tourism Vancouver CEO.
Read the full article here.
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Metro Vancouver and Fraser Valley real estate prices drop in February
Homebuyers in the Lower Mainland remained on the sidelines in January, with markedly lower sales in both Metro Vancouver and the Fraser Valley.
The Real Estate Board of Greater Vancouver saw 1,351 sales cleared through the Multiple Listing Service in January, down 14 per cent from the same month a year ago. And January`s sales were down 18 per cent from last month.
Read the full article here.
Homebuyers in the Lower Mainland remained on the sidelines in January, with markedly lower sales in both Metro Vancouver and the Fraser Valley.
The Real Estate Board of Greater Vancouver saw 1,351 sales cleared through the Multiple Listing Service in January, down 14 per cent from the same month a year ago. And January`s sales were down 18 per cent from last month.
Read the full article here.
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English Bay rezoning application goes before council
A proposal to create more rental housing overlooking English Bay will go before Vancouver city council tonight.
Beach Towers Investments wants to build four new buildings in the area of the 1600 block of Beach Avenue, which would fill the space between towers the company already owns there and provide 133 new units.
Read the full article here.
A proposal to create more rental housing overlooking English Bay will go before Vancouver city council tonight.
Beach Towers Investments wants to build four new buildings in the area of the 1600 block of Beach Avenue, which would fill the space between towers the company already owns there and provide 133 new units.
Read the full article here.
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Energy board grants export license to Shell-led LNG project in Kitimat
CALGARY ` The National Energy Board has granted an export licence to LNG Canada Development Inc., a liquefied natural gas terminal proposed by Shell Canada Ltd. and three Asian partners in Kitimat.
Over a 25-year period, LNG Canada is allowed to export 670 million tonnes of natural gas, which will have been chilled into a liquid state, enabling it to be transported around the world via tanker.
Read the full article here.
CALGARY ` The National Energy Board has granted an export licence to LNG Canada Development Inc., a liquefied natural gas terminal proposed by Shell Canada Ltd. and three Asian partners in Kitimat.
Over a 25-year period, LNG Canada is allowed to export 670 million tonnes of natural gas, which will have been chilled into a liquid state, enabling it to be transported around the world via tanker.
Read the full article here.
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First Nations carving out an energy bridge to the coast of BC
For the Canadian energy industry desperate to pump oil and natural gas through British Columbia, the single greatest obstacle has been the dozens of first nations fighting to ensure pipelines are never built.
Now, some of the leading figures in Canada`s aboriginal business community are offering a bridge across the province`s difficult political landscape. They have formed Eagle Spirit Energy Holdings Ltd., a company quietly working to create a first nations-owned energy corridor across northern B.C. that could serve as a physical line across the province to move natural gas, electricity and oil.
Read the full article here.
For the Canadian energy industry desperate to pump oil and natural gas through British Columbia, the single greatest obstacle has been the dozens of first nations fighting to ensure pipelines are never built.
Now, some of the leading figures in Canada`s aboriginal business community are offering a bridge across the province`s difficult political landscape. They have formed Eagle Spirit Energy Holdings Ltd., a company quietly working to create a first nations-owned energy corridor across northern B.C. that could serve as a physical line across the province to move natural gas, electricity and oil.
Read the full article here.
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City of Vancouver launches rental standards database to help renters
The City of Vancouver today launched a new online searchable database of rental buildings to assist renters to make more informed decisions about their housing.
`The City`s new Rental Standards Database is our latest step to help Vancouver renters and motivate property owners and landlords to keep their properties in good condition,` said Mayor Gregor Robertson. `The overwhelming majority of landlords in Vancouver are responsible and treat their tenants with respect, and many of the properties included in the database are for minor infractions.
Read the full article here.
The City of Vancouver today launched a new online searchable database of rental buildings to assist renters to make more informed decisions about their housing.
`The City`s new Rental Standards Database is our latest step to help Vancouver renters and motivate property owners and landlords to keep their properties in good condition,` said Mayor Gregor Robertson. `The overwhelming majority of landlords in Vancouver are responsible and treat their tenants with respect, and many of the properties included in the database are for minor infractions.
Read the full article here.
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BC shed 15,900 jobs in January
The provincial government faced heavy criticism over its jobs strategy on Friday as Statistics Canada released data showing that B.C. lost thousands of jobs last month and recorded one of the slowest job growth rates in the country.
The federal agency said Ontario and B.C. were responsible for almost all the employment reversal in January, with losses of 31,200 and 15,900 respectively.
Read the full article here.
The provincial government faced heavy criticism over its jobs strategy on Friday as Statistics Canada released data showing that B.C. lost thousands of jobs last month and recorded one of the slowest job growth rates in the country.
The federal agency said Ontario and B.C. were responsible for almost all the employment reversal in January, with losses of 31,200 and 15,900 respectively.
Read the full article here.
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January 2013 Vancouver housing starts
VICTORIA, BRITISH COLUMBIA`(Marketwire ` Feb. 8, 2013) - Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 17,896 units in January, 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.
`Although January starts were below trend, a pick up in single-detached home starts and stable level of multiple-family starts narrowed the gap,` said Carol Frketich, CMHC`s British Columbia Regional Economist.
Read the full article here.
VICTORIA, BRITISH COLUMBIA`(Marketwire ` Feb. 8, 2013) - Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 17,896 units in January, 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.
`Although January starts were below trend, a pick up in single-detached home starts and stable level of multiple-family starts narrowed the gap,` said Carol Frketich, CMHC`s British Columbia Regional Economist.
Read the full article here.
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January 2013 BC housing starts
VICTORIA, BRITISH COLUMBIA`(Marketwire ` Feb. 8, 2013) - Housing starts in British Columbia were trending at 24,320 units in January, 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.
`Although single-detached and multiple-family home starts edged higher in January compared to December, the six-month trend remained relatively unchanged,` said Carol Frketich, CMHC`s British Columbia Regional Economist.
Read the full article here.
VICTORIA, BRITISH COLUMBIA`(Marketwire ` Feb. 8, 2013) - Housing starts in British Columbia were trending at 24,320 units in January, 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.
`Although single-detached and multiple-family home starts edged higher in January compared to December, the six-month trend remained relatively unchanged,` said Carol Frketich, CMHC`s British Columbia Regional Economist.
Read the full article here.
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Kelowna jobless numbers all over the place
It comes as no surprise to Kevin Renwick that Kelowna's unemployment rate is lower.
After all, he's helped a lot of people find jobs lately in the city's recovering economy.
"So far, in the first six weeks of this year, we've seen a 28-per-cent increase in placements over the same time last year," said Renwick, president of Okanagan Staffing Services.
Read the full article here.
It comes as no surprise to Kevin Renwick that Kelowna's unemployment rate is lower.
After all, he's helped a lot of people find jobs lately in the city's recovering economy.
"So far, in the first six weeks of this year, we've seen a 28-per-cent increase in placements over the same time last year," said Renwick, president of Okanagan Staffing Services.
Read the full article here.
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Gaze into a crystal ball to see Vancouver as a suburb of Surrey
If you think it is far-fetched to compare Surrey to Brooklyn - that born-again and ultra-trendy New York City suburb that has become synonymous with hipster funk and gentrification - think again.
Because if ever there was an analogy between Canada's fastest-growing city and the poor-boy-on-the block borough that was Brooklyn, it is this.
Read the full article here.
If you think it is far-fetched to compare Surrey to Brooklyn - that born-again and ultra-trendy New York City suburb that has become synonymous with hipster funk and gentrification - think again.
Because if ever there was an analogy between Canada's fastest-growing city and the poor-boy-on-the block borough that was Brooklyn, it is this.
Read the full article here.
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Job opportunities expected to grow in Vancouver
Human resources agency Randstad Canada is predicting a respectable job market for skilled workers in Vancouver this year.
The company said in a news release on Tuesday that it is anticipating significant pent-up demand for workers, particularly in the technology and industrial sectors.
Read the full article here.
Human resources agency Randstad Canada is predicting a respectable job market for skilled workers in Vancouver this year.
The company said in a news release on Tuesday that it is anticipating significant pent-up demand for workers, particularly in the technology and industrial sectors.
Read the full article here.
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Victoria rental market softens
Victoria, once the Canadian city with the lowest rental vacancy rate, has seen a sharp increase in vacancies and a flatlining of rent increases over the past year, according to Colliers International.
Noting the overall vacancy rate in the Capital Region has risen to 2.7 per cent, up from 2.1 per cent a year ago, Colliers adds that some markets are seeing much higher vacancies. These include Esquimalt, where vacancies are now 5.5 per cent and Fairfield and Oak Bay, now both at 2.4 per cent, up from 1.5 per cent and 1.9 per cent a year ago, respectively.
Read the full article here.
Victoria, once the Canadian city with the lowest rental vacancy rate, has seen a sharp increase in vacancies and a flatlining of rent increases over the past year, according to Colliers International.
Noting the overall vacancy rate in the Capital Region has risen to 2.7 per cent, up from 2.1 per cent a year ago, Colliers adds that some markets are seeing much higher vacancies. These include Esquimalt, where vacancies are now 5.5 per cent and Fairfield and Oak Bay, now both at 2.4 per cent, up from 1.5 per cent and 1.9 per cent a year ago, respectively.
Read the full article here.
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Victoria rental market softens
Victoria, once the Canadian city with the lowest rental vacancy rate, has seen a sharp increase in vacancies and a flatlining of rent increases over the past year, according to Colliers International.
Noting the overall vacancy rate in the Capital Region has risen to 2.7 per cent, up from 2.1 per cent a year ago, Colliers adds that some markets are seeing much higher vacancies. These include Esquimalt, where vacancies are now 5.5 per cent and Fairfield and Oak Bay, now both at 2.4 per cent, up from 1.5 per cent and 1.9 per cent a year ago, respectively.
Read the full article here.
Victoria, once the Canadian city with the lowest rental vacancy rate, has seen a sharp increase in vacancies and a flatlining of rent increases over the past year, according to Colliers International.
Noting the overall vacancy rate in the Capital Region has risen to 2.7 per cent, up from 2.1 per cent a year ago, Colliers adds that some markets are seeing much higher vacancies. These include Esquimalt, where vacancies are now 5.5 per cent and Fairfield and Oak Bay, now both at 2.4 per cent, up from 1.5 per cent and 1.9 per cent a year ago, respectively.
Read the full article here.