January 2012 Maritime Economic Fundamentals
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National jobless rate up, dips in Nova Scotia
OTTAWA ` Employment in Canada began rising again in December after declines the previous two months, but details in the latest jobs report pointed to an economy struggling to achieve lift, particularly in the country`s two biggest provinces.
Statistics Canada said the economy created 17,500 jobs in December, slightly below expectations, with every province except Quebec registering gains.
Read the full article here.
OTTAWA ` Employment in Canada began rising again in December after declines the previous two months, but details in the latest jobs report pointed to an economy struggling to achieve lift, particularly in the country`s two biggest provinces.
Statistics Canada said the economy created 17,500 jobs in December, slightly below expectations, with every province except Quebec registering gains.
Read the full article here.
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Admiral's growth in step with Halifax's bright employment future
Alex MacDonald doesn`t need the number crunchers at Statistics Canada to tell him that the employment picture in Halifax Regional Municipality is brightening.
Five years ago, he was Admiral Insurance`s first employee in Nova Scotia. Now the Welsh outfit, one of Britain`s fastest growing insurers, has 409 other employees in its Halifax operation handling telephone calls from customers in the United Kingdom.
Read the full article here.
Alex MacDonald doesn`t need the number crunchers at Statistics Canada to tell him that the employment picture in Halifax Regional Municipality is brightening.
Five years ago, he was Admiral Insurance`s first employee in Nova Scotia. Now the Welsh outfit, one of Britain`s fastest growing insurers, has 409 other employees in its Halifax operation handling telephone calls from customers in the United Kingdom.
Read the full article here.
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Construction boom: Cranes busy in Halifax
HALIFAX Mayor Peter Kelly, like any politician seeking re-election, knows the value of getting out in front of a good-looking parade.
So Mr. Kelly, who faces municipal elections this fall, certainly wasn`t shy about issuing a news release last week predicting Halifax will likely issue $1 billion in development permits in 2012, which would be more than 20 per cent above last year.
The Halifax mayor based his prediction not on staff reports but on his own optimism, he said in an interview.
Read the full article here.
HALIFAX Mayor Peter Kelly, like any politician seeking re-election, knows the value of getting out in front of a good-looking parade.
So Mr. Kelly, who faces municipal elections this fall, certainly wasn`t shy about issuing a news release last week predicting Halifax will likely issue $1 billion in development permits in 2012, which would be more than 20 per cent above last year.
The Halifax mayor based his prediction not on staff reports but on his own optimism, he said in an interview.
Read the full article here.
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Halifax area shows biggest jump in building permits
Talk about conflicting cross-currents.
The value of building permits in Nova Scotia dropped by 14 per cent during the first 11 months of 2011, compared to the same period a year earlier.
But the picture could have looked far grimmer were it not for a nearly 54 per cent increase in the value of permits taken out in November compared to a month earlier.
Read the full article here.
Talk about conflicting cross-currents.
The value of building permits in Nova Scotia dropped by 14 per cent during the first 11 months of 2011, compared to the same period a year earlier.
But the picture could have looked far grimmer were it not for a nearly 54 per cent increase in the value of permits taken out in November compared to a month earlier.
Read the full article here.
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Survey: Halifax housing prices see healthy increase
The sooner Ships Start Here, the happier Halifax homeowners are likely to be.
But anyone who wants to buy a house in Halifax Regional Municipality may beg to differ.
The latest Royal LePage House Price Survey shows that housing prices in the municipality outpaced the national average in the last 12 months.
The hottest local market, said Royal LePage broker Matt Honsberger, is peninsular Halifax, where demand is strong enough that bidding wars are breaking out over duplexes and other rental properties.
Read the full article here.
The sooner Ships Start Here, the happier Halifax homeowners are likely to be.
But anyone who wants to buy a house in Halifax Regional Municipality may beg to differ.
The latest Royal LePage House Price Survey shows that housing prices in the municipality outpaced the national average in the last 12 months.
The hottest local market, said Royal LePage broker Matt Honsberger, is peninsular Halifax, where demand is strong enough that bidding wars are breaking out over duplexes and other rental properties.
Read the full article here.
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Home Depot to hire up to 120 across Nova Scotia
Home Depot stores in Nova Scotia will hire up to 120 people across the province as part of an annual late-winter hiring binge that will see the home improvement chain hire thousands of people across North America before spring.
`We`re beginning to ramp up for what is our busiest season and we are embarking on an intensive hiring program across Canada,` spokesman Michael Langdon said Friday.
Home Depot has stores in Halifax, Dartmouth, Sydney and New Minas. It anticipates hiring up to 30 people at each location.
Read the full article here.
Home Depot stores in Nova Scotia will hire up to 120 people across the province as part of an annual late-winter hiring binge that will see the home improvement chain hire thousands of people across North America before spring.
`We`re beginning to ramp up for what is our busiest season and we are embarking on an intensive hiring program across Canada,` spokesman Michael Langdon said Friday.
Home Depot has stores in Halifax, Dartmouth, Sydney and New Minas. It anticipates hiring up to 30 people at each location.
Read the full article here.
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Halifax housing starts see 30-year high
Housing starts in the Halifax region increased fivefold in December to levels of activity not seen in more than three decades.
There were 508 starts across all types in December compared to 106 during the corresponding period in 2010, according to the Canada Mortgage and Housing Corp.
The bulk of that increase came from starts of multiple-unit dwellings, jumping to 445 in December 2011 from 16 in December 2010. That number included 383 starts on apartment-style units, the highest level in decades, according to Matthew Gilmore, senior market analyst with corporation`s Atlantic business centre.
Read the full article here.
Housing starts in the Halifax region increased fivefold in December to levels of activity not seen in more than three decades.
There were 508 starts across all types in December compared to 106 during the corresponding period in 2010, according to the Canada Mortgage and Housing Corp.
The bulk of that increase came from starts of multiple-unit dwellings, jumping to 445 in December 2011 from 16 in December 2010. That number included 383 starts on apartment-style units, the highest level in decades, according to Matthew Gilmore, senior market analyst with corporation`s Atlantic business centre.
Read the full article here.
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Harper heralds 'new era in shipbuilding' in Halifax
Prime Minister Stephen Harper on Thursday announced the federal government and Irving Shipbuilding Inc. have reached an agreement in principle, which the government said will pave the way for the construction of Canada's combat fleet.
"We are moving quickly to put in place the contracts required to build the ships that our country needs to defend its waters and do its share on the international stage," the prime minister said at an event in Halifax.
Read the full article here.
Prime Minister Stephen Harper on Thursday announced the federal government and Irving Shipbuilding Inc. have reached an agreement in principle, which the government said will pave the way for the construction of Canada's combat fleet.
"We are moving quickly to put in place the contracts required to build the ships that our country needs to defend its waters and do its share on the international stage," the prime minister said at an event in Halifax.
Read the full article here.
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Halifax home prices to see 'healthy' rise
The Halifax area is on the cusp of a real estate renaissance that will see average rents and home prices begin a slow and long-lasting rise, real estate guru Don R. Campbell said Monday.
`It`s going to be a slow and healthy sort of increase in real estate values, and not the boom-and-bust sort of cycle that we`ve seen in some western communities in the past,` said Campbell, president of the Real Estate Investment Network of Vancouver.
A heated Halifax real estate market will be one of the first notable spinoffs of the $25-billion deal that Irving Shipbuilding Inc. has secured with the federal government.
Read the full article here.
The Halifax area is on the cusp of a real estate renaissance that will see average rents and home prices begin a slow and long-lasting rise, real estate guru Don R. Campbell said Monday.
`It`s going to be a slow and healthy sort of increase in real estate values, and not the boom-and-bust sort of cycle that we`ve seen in some western communities in the past,` said Campbell, president of the Real Estate Investment Network of Vancouver.
A heated Halifax real estate market will be one of the first notable spinoffs of the $25-billion deal that Irving Shipbuilding Inc. has secured with the federal government.
Read the full article here.
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UPS delivers jobs to Atlantic Canada
United Parcel Service is expanding into eastern Canada to capitalize on an expected rise in exports.
The company announced late last week it will be setting up eight depots across Atlantic Canada. The expansion will create about 250 jobs in the region.
Shelley Gares, the new operations manager for Eastern Canada, said UPS will do residential pick-ups and deliveries, but it's the business growth potential that the company is really interested in.
Read the full article here.
United Parcel Service is expanding into eastern Canada to capitalize on an expected rise in exports.
The company announced late last week it will be setting up eight depots across Atlantic Canada. The expansion will create about 250 jobs in the region.
Shelley Gares, the new operations manager for Eastern Canada, said UPS will do residential pick-ups and deliveries, but it's the business growth potential that the company is really interested in.
Read the full article here.
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Values up 6% across Nova Scotia
Total property values in Nova Scotia are up six per cent from last year, which means homeowners should expect a hike on their tax bills.
Property Valuation Services Corp. sent out 590,000 assessment notices Monday, totalling $89.6 billion in residential and commercial properties.
Since the appraisals are based on 2010 market values, the economic boost attached to Irving`s $25-billion shipbuilding contract is not reflected.
Read the full article here.
Total property values in Nova Scotia are up six per cent from last year, which means homeowners should expect a hike on their tax bills.
Property Valuation Services Corp. sent out 590,000 assessment notices Monday, totalling $89.6 billion in residential and commercial properties.
Since the appraisals are based on 2010 market values, the economic boost attached to Irving`s $25-billion shipbuilding contract is not reflected.
Read the full article here.
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Notting Park site ready for phase 2
Work on the final phase of a $25-million redevelopment project in Dartmouth could begin in the spring, depending on community council approval Tuesday.
Kassner Goodspeed Architects Ltd. has applied to the Harbour East community council to amend an existing development agreement on a mixed-use commercial and residential project with 100 high-end rental units at the former Notting Park school site in the Wyse Road-Boland Road neighbourhood.
Read the full article here.
Work on the final phase of a $25-million redevelopment project in Dartmouth could begin in the spring, depending on community council approval Tuesday.
Kassner Goodspeed Architects Ltd. has applied to the Harbour East community council to amend an existing development agreement on a mixed-use commercial and residential project with 100 high-end rental units at the former Notting Park school site in the Wyse Road-Boland Road neighbourhood.
Read the full article here.
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$25B contract draws Ontario, Alberta, BC property investors
`Halifax is now in the sightlines of real estate investors from coast to coast,` said Scott Bentley, a mortgage market specialist with Verico Premiere Mortgage in Halifax. `There are a lot of investors in other provinces, both with and without Halifax roots, now eyeballing, the Halifax market since the announcement.`
That interest is expected to steadily grow in the next year, with REIN head Don Campbell suggesting price growth will follow the same kind of trajectory and not the boom-bust of some Western markets coming to terms with their newfound economic wealth.
`If people are interested in getting into the market, they probably have about an 18-month window before the impact of the job and population growth first begins to be felt,` he told The Chronicle Herald.
Read the full article here.
`Halifax is now in the sightlines of real estate investors from coast to coast,` said Scott Bentley, a mortgage market specialist with Verico Premiere Mortgage in Halifax. `There are a lot of investors in other provinces, both with and without Halifax roots, now eyeballing, the Halifax market since the announcement.`
That interest is expected to steadily grow in the next year, with REIN head Don Campbell suggesting price growth will follow the same kind of trajectory and not the boom-bust of some Western markets coming to terms with their newfound economic wealth.
`If people are interested in getting into the market, they probably have about an 18-month window before the impact of the job and population growth first begins to be felt,` he told The Chronicle Herald.
Read the full article here.
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Halifax scores near top of economic activity index
The Halifax Regional Municipality came in fourth in CIBC`s latest ranking of metropolitan economic activity.
HRM scored 16.8 on CIBC World Market`s Metropolitan Economic Activity Index, placing just behind Kitchener (18.0), Edmonton (20.0), and Toronto (23.0).
The ranking takes into account indicators such as population growth, employment and unemployment, housing starts and bankruptcy rates.
Read the full article here.
The Halifax Regional Municipality came in fourth in CIBC`s latest ranking of metropolitan economic activity.
HRM scored 16.8 on CIBC World Market`s Metropolitan Economic Activity Index, placing just behind Kitchener (18.0), Edmonton (20.0), and Toronto (23.0).
The ranking takes into account indicators such as population growth, employment and unemployment, housing starts and bankruptcy rates.
Read the full article here.
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Shell wins $970m bid for offshore exploration licenses
Shell Canada Ltd. could begin looking for oil on Nova Scotia`s offshore as early as 2014, a company spokesman said Friday.
The subsidiary of the global energy giant is seeking exploration licences for four deepwater parcels, which are located 200 kilometres southwest of Halifax.
Shell has committed to spending $970 million on exploration over the next six years ` a record high for the East Coast offshore industry.
Read the full article here.
Shell Canada Ltd. could begin looking for oil on Nova Scotia`s offshore as early as 2014, a company spokesman said Friday.
The subsidiary of the global energy giant is seeking exploration licences for four deepwater parcels, which are located 200 kilometres southwest of Halifax.
Shell has committed to spending $970 million on exploration over the next six years ` a record high for the East Coast offshore industry.
Read the full article here.