January 2013 B.C. Economic Fundamentals
- Thread starter Ally
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Debating the Vancouver effect and predicting more Surrey development in 2013
Vancouver, where rapidly rising home prices were credited with skewing national house prices a couple of years ago, is now being blamed for casting a cloud over the national picture.
This shouldn`t be any surprise to astute observers; a dramatic increase easily becomes an equally dramatic drop, or at least a drop dramatic enough to have the same outsized impact as upward movements earlier in the market cycle.
Read the full article here.
Vancouver, where rapidly rising home prices were credited with skewing national house prices a couple of years ago, is now being blamed for casting a cloud over the national picture.
This shouldn`t be any surprise to astute observers; a dramatic increase easily becomes an equally dramatic drop, or at least a drop dramatic enough to have the same outsized impact as upward movements earlier in the market cycle.
Read the full article here.
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Rural residents in B.C. stand to lose fire protection services after city reneges on deal
The Cariboo Regional District says thousands of rural B.C. residents are in danger of losing fire protection services after the City of Williams Lake reneged on a deal.
The district now has 120 days to either pursue further legal action or find another solution after winning a B.C. Supreme Court injunction that will keep those citizens covered for fire protection in the meantime.
Read the full article here.
The Cariboo Regional District says thousands of rural B.C. residents are in danger of losing fire protection services after the City of Williams Lake reneged on a deal.
The district now has 120 days to either pursue further legal action or find another solution after winning a B.C. Supreme Court injunction that will keep those citizens covered for fire protection in the meantime.
Read the full article here.
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BC real estate market pauses
Assessed values for high-end homes and recreational properties have declined in pockets of the Vancouver region, but new data shows that the B.C. housing market has avoided a widespread downturn.
Most B.C. homeowners, who have watched their property values steadily rise over the past dozen years, will see little change when they receive their assessment notices in the mail this month, according to BC Assessment. The provincial Crown corporation estimates values on behalf of B.C. municipalities, which in turn use the data to determine tax rolls.
Read the full article here.
Assessed values for high-end homes and recreational properties have declined in pockets of the Vancouver region, but new data shows that the B.C. housing market has avoided a widespread downturn.
Most B.C. homeowners, who have watched their property values steadily rise over the past dozen years, will see little change when they receive their assessment notices in the mail this month, according to BC Assessment. The provincial Crown corporation estimates values on behalf of B.C. municipalities, which in turn use the data to determine tax rolls.
Read the full article here.
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Metro Vancouver suburbs continue to attract homebuyers at a slow and steady pace
Derek Love is gearing up for another busy year selling real estate in suburban Vancouver.
After a brief lull in business in the latter half of 2012, when properties lingered on the market a little longer than usual and prices stalled, activity is once again starting to pick up.
Read the full article here.
Derek Love is gearing up for another busy year selling real estate in suburban Vancouver.
After a brief lull in business in the latter half of 2012, when properties lingered on the market a little longer than usual and prices stalled, activity is once again starting to pick up.
Read the full article here.
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Delta approves 37-storey highrise in bid to bring density to Scott Road
Delta council has unanimously approved a proposal to build a 37-storey apartment tower on busy Scott Road to spur densification in a commercial area it says is well-equipped with amenities.
Coun. Bruce McDonald said council approved Blexo Developments` 114-metre-tall proposed highrise at 11941 80th Ave. in a meeting last month because the development will be a good fit for seniors wanting to downsize, but remain in Delta.
Read the full article here.
Delta council has unanimously approved a proposal to build a 37-storey apartment tower on busy Scott Road to spur densification in a commercial area it says is well-equipped with amenities.
Coun. Bruce McDonald said council approved Blexo Developments` 114-metre-tall proposed highrise at 11941 80th Ave. in a meeting last month because the development will be a good fit for seniors wanting to downsize, but remain in Delta.
Read the full article here.
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B.C.'s unemployment rate falls in December
British Columbia's unemployment rate dropped last month, as the Canadian economy created more jobs than economists expected in December.
Statistics Canada says while employment numbers stayed the same in B.C., the unemployment rate declined 0.3 percentage points to 6.5 per cent..
Read the full article here.
British Columbia's unemployment rate dropped last month, as the Canadian economy created more jobs than economists expected in December.
Statistics Canada says while employment numbers stayed the same in B.C., the unemployment rate declined 0.3 percentage points to 6.5 per cent..
Read the full article here.
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Could Chevron jumpstart the North American natural gas sector?
The natural gas sector ended the year on a high note following the announcement that one of the world`s leading energyhttp://http://energyinvestingnews.com/[sup]6 firms has agreed to operate ` and buy a partial stake in ` a proposed liquefied natural gas (LNG) project on Canada`s British Columbia coast.
Kitimat LNG`s project moved a step closer to reality last week when Chevron (NYSE:CVX[sup]7) announced[sup]8[/sup] that it will buy out the minority positions that Encana (TSX:ECA9[/sup],NYSE:ECA) and EOG Resources (NYSE:EOG10[/sup]) hold in the endeavor. In doing so, Chevron has established itself as a 50-percent owner in a project that is ready for construction, but has fallen victim to a number of delays amid uncertainty surrounding sales contracts.
Read the full article here.
The natural gas sector ended the year on a high note following the announcement that one of the world`s leading energyhttp://http://energyinvestingnews.com/[sup]6 firms has agreed to operate ` and buy a partial stake in ` a proposed liquefied natural gas (LNG) project on Canada`s British Columbia coast.
Kitimat LNG`s project moved a step closer to reality last week when Chevron (NYSE:CVX[sup]7) announced[sup]8[/sup] that it will buy out the minority positions that Encana (TSX:ECA9[/sup],NYSE:ECA) and EOG Resources (NYSE:EOG10[/sup]) hold in the endeavor. In doing so, Chevron has established itself as a 50-percent owner in a project that is ready for construction, but has fallen victim to a number of delays amid uncertainty surrounding sales contracts.
Read the full article here.
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Vancouver's housing bubble to slowly deflate
A TD Economics report released yesterday confirms what many of us already know ` the Canadian housing market is significantly overvalued, especially here in Vancouver.
TD estimates the national market, which experienced growth of 7.5 per cent in 2011, is about 10 per cent overvalued, and will soon soften due to increases in interest rates and recent economic instability (please refer to the European debt crisis).
Read the full article here.
A TD Economics report released yesterday confirms what many of us already know ` the Canadian housing market is significantly overvalued, especially here in Vancouver.
TD estimates the national market, which experienced growth of 7.5 per cent in 2011, is about 10 per cent overvalued, and will soon soften due to increases in interest rates and recent economic instability (please refer to the European debt crisis).
Read the full article here.
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Tech sector labour shortage looming for Okanagan industry
California is the technology capital of the world. It also happens not to have winter.
The Okanagan is an up-and-coming tech region, and we definitely get winter.
So, can the Okanagan's tech sector recruit workers from sunny California to fill a labour shortage that's happening in the local industry?
Read the full article here.
California is the technology capital of the world. It also happens not to have winter.
The Okanagan is an up-and-coming tech region, and we definitely get winter.
So, can the Okanagan's tech sector recruit workers from sunny California to fill a labour shortage that's happening in the local industry?
Read the full article here.
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New jobs see BC's unemployment rate drop
British Columbia's unemployment rate dropped last month, as the Canadian economy created more jobs than expected in December.
Statistics Canada says while employment numbers stayed the same in B.C., the unemployment rate declined 0.3 percentage points to 6.5 per cent.
The employment rate in the province remained unchanged at 60.4 per cent, with 4,300 full-time positions gained, while 3,700 part-time jobs were lost.
Read the full article here.
British Columbia's unemployment rate dropped last month, as the Canadian economy created more jobs than expected in December.
Statistics Canada says while employment numbers stayed the same in B.C., the unemployment rate declined 0.3 percentage points to 6.5 per cent.
The employment rate in the province remained unchanged at 60.4 per cent, with 4,300 full-time positions gained, while 3,700 part-time jobs were lost.
Read the full article here.
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Northeast B.C. sees rise in employment
The unemployment rate in Northeast B.C. was so low at the end of 2012 that Statistics Canada wasn`t able to apply a number to it.
Helping this phenomenon along was the addition of 300 jobs in the Northeast in December, according to the Labour Force Survey released by Statistics Canada.
Read the full article here.
The unemployment rate in Northeast B.C. was so low at the end of 2012 that Statistics Canada wasn`t able to apply a number to it.
Helping this phenomenon along was the addition of 300 jobs in the Northeast in December, according to the Labour Force Survey released by Statistics Canada.
Read the full article here.
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Rental market tight despite rise in Vancouver vacancies
Vancouver apartment vacancies increased in 2012, according to the latest Canada Mortgage and Housing Corp. (CMHC) report issued last month with figures compiled in October.
The development would be good news if vacancies weren`t still so low compared with demand. CMHC pegs vacancies in purpose-built rental apartments in the Vancouver CMA ` the census area approximately the same as Metro Vancouver ` at 1.8% in October 2012, up from 1.4% in October 2011. (For condos, the vacancy rate edged up to a mere 1%.)
Read the full article here.
Vancouver apartment vacancies increased in 2012, according to the latest Canada Mortgage and Housing Corp. (CMHC) report issued last month with figures compiled in October.
The development would be good news if vacancies weren`t still so low compared with demand. CMHC pegs vacancies in purpose-built rental apartments in the Vancouver CMA ` the census area approximately the same as Metro Vancouver ` at 1.8% in October 2012, up from 1.4% in October 2011. (For condos, the vacancy rate edged up to a mere 1%.)
Read the full article here.
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Fast facts on B.C. Assessment
BC Assessment (BCA) is a provincial Crown corporation incorporated in 1974 under the Assessment Authority Act. The mandate is to establish and maintain an independent, uniform and efficient real property assessment system throughout B.C. in accordance with the Assessment Act.
Read the full article here.
BC Assessment (BCA) is a provincial Crown corporation incorporated in 1974 under the Assessment Authority Act. The mandate is to establish and maintain an independent, uniform and efficient real property assessment system throughout B.C. in accordance with the Assessment Act.
Read the full article here.
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Slower pace of housing sales will reduce growth: Royal LePage
TORONTO - The latest Royal LePage report on Canadian real-estate shows average housing prices were up between two and four per cent in the fourth quarter of 2012 compared with the same time last year.
However, the same survey shows average prices for the three main categories of housing were down from the third quarter of 2012 ` a period that included new mortgage rules that have discouraged many first-time buyers.
Read the full article here.
TORONTO - The latest Royal LePage report on Canadian real-estate shows average housing prices were up between two and four per cent in the fourth quarter of 2012 compared with the same time last year.
However, the same survey shows average prices for the three main categories of housing were down from the third quarter of 2012 ` a period that included new mortgage rules that have discouraged many first-time buyers.
Read the full article here.
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Largely uneventful year for Northern BC real estate market
She argues that shows the market here is fairly stable.
In total, 4,696 properties were sold in northern B.C. in 2012, valued at $1.08 billion. That's up from 4,456 sales last year worth $951.6 million.
Fort St. John property sales continued to grow, with 825 properties changing hands last year, worth $264.2 million, compared to 773 worth $223.3 million in 2011. Along with that, the average cost for a single family residential property in this city has risen substantially over both 2010 and 2011, at $357,846. The average cost at the end of 2011 was $323,608.
Read the full article here.
She argues that shows the market here is fairly stable.
In total, 4,696 properties were sold in northern B.C. in 2012, valued at $1.08 billion. That's up from 4,456 sales last year worth $951.6 million.
Fort St. John property sales continued to grow, with 825 properties changing hands last year, worth $264.2 million, compared to 773 worth $223.3 million in 2011. Along with that, the average cost for a single family residential property in this city has risen substantially over both 2010 and 2011, at $357,846. The average cost at the end of 2011 was $323,608.
Read the full article here.
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Condos lowering Vancouver home prices
Vancouver condos have lowered housing price averages in the city, according to a new Royal LePage real estate survey.
Housing prices have decreased across the board, but condos fell the furthest ` dropping an average of 3.6 per cent to $481,000 in the last year, a quarterly survey released today by real estate firm Royal LePage shows.
Read the full article here.
Vancouver condos have lowered housing price averages in the city, according to a new Royal LePage real estate survey.
Housing prices have decreased across the board, but condos fell the furthest ` dropping an average of 3.6 per cent to $481,000 in the last year, a quarterly survey released today by real estate firm Royal LePage shows.
Read the full article here.
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Unprecedented development in Maple Ridge
Improved access to Maple Ridge, together with our relative afford ability and forecast population and job growth are among the reasons cited by the Real Estate Investment Network (REIN) when naming us '2010 - 2015 # 5 Top Canadian Investment City' REIN
The Town Centre Investment Incentive was a major contributor to the accelerated growth, we have experienced. 40 mixed-use, commercial and 4 and 5 storey multifamily projects are underway in the Town Centre Area since its launch in January 2011. The incentive projects map provides details of many projects. Here is an example of one of the developments. Increased awareness among inventors helped generate close to 500 projects in other areas of Maple Ridge as well.
Read the full article here.
Improved access to Maple Ridge, together with our relative afford ability and forecast population and job growth are among the reasons cited by the Real Estate Investment Network (REIN) when naming us '2010 - 2015 # 5 Top Canadian Investment City' REIN
The Town Centre Investment Incentive was a major contributor to the accelerated growth, we have experienced. 40 mixed-use, commercial and 4 and 5 storey multifamily projects are underway in the Town Centre Area since its launch in January 2011. The incentive projects map provides details of many projects. Here is an example of one of the developments. Increased awareness among inventors helped generate close to 500 projects in other areas of Maple Ridge as well.
Read the full article here.
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Coal helps fuel the BC economy
Most of us know the important role that steel plays in our daily lives, whether it`s the steel used to construct our homes, to make our household appliances, or to build the transit we ride to work. But what is not as well-known is that British Columbia`s metallurgical coal ` or steelmaking coal ` plays a critical role in producing that steel.
Steelmaking coal is required for steel production, and B.C. has been producing among the best quality steelmaking coal in the world for decades. This quality product accounts for the vast majority of coal production in B.C. and has made our province one of the world`s most important suppliers.
Read the full article here.
Most of us know the important role that steel plays in our daily lives, whether it`s the steel used to construct our homes, to make our household appliances, or to build the transit we ride to work. But what is not as well-known is that British Columbia`s metallurgical coal ` or steelmaking coal ` plays a critical role in producing that steel.
Steelmaking coal is required for steel production, and B.C. has been producing among the best quality steelmaking coal in the world for decades. This quality product accounts for the vast majority of coal production in B.C. and has made our province one of the world`s most important suppliers.
Read the full article here.