January 2013 B.C. Economic Fundamentals

[Ally]

Abbotsford new investor hot spot




When acquisitive Calgary landlord Mainstreet Equities swooped into B.C. last year its major focus was Abbotsford. In a matter of weeks, Mainstreet bought 11 buildings with 731 suites in the Fraser Valley community and is looking for more. "We now control about one-third of the Abbotsford market," said Mainstreet founder and president Bob Dhillon, calling it "one of the best rental investment markets in Canada."





Read the full article here.

 

[Ally]

Undervalued Maple Ridge




Active town centre emerging in downtown Maple Ridge: housing costs are the lowest in Metro Vancouver.







Sandy Blue remembers less than two years ago trying to give directions for getting to Maple Ridge, one of B.C.`s largest municipalities, from the U.S. border.





Read the full article here.

 

[Ally]

China growth sets Vancouver home prices




Vancouver`s housing market may depend on the strength of China`s economy as much as anything that happens in Canada.




The CHART OF THE DAY shows the relationship between growth in China`s gross domestic product and home prices in metropolitan Vancouver, Canada`s most expensive city, where Statistics Canada data show 15 percent of the population has a first language that`s a Chinese dialect.





Read the full article here.

 

[Ally]

Small-house philosophy attracts big interest




For a man who thinks small, Ross Chapin is in big demand.




The American architect and author from Whidbey Island, Wash., has been busy fielding calls from around the world, from Japan and Australia to Spain, England and right next door in Canada.





Read the full article here.

 

[Ally]

BC hydro submits information on impact of Site C dam




BC Hydro says its proposed $7.9-billion Site C hydroelectric dam in northeastern British Columbia will flood agricultural land and force some landowners off their property, but overall, the project should proceed because it's in the best interests of the province.




The Crown-owned public utility submitted its environmental impact statement Monday to federal and provincial review bodies that must now conduct a joint environmental review process that includes public hearings and will be followed by a decision on the future of the project, likely sometime next year.





Read the full article here.

 

[Ally]

Mineral exploration expands by 47% in BC in 2012




Mineral exploration in British Columbia set a second consecutive year of record investments with $680 million spent during 2012, said Premier Christy Clark today in a public announcement.




"British Columbia is blessed with an abundant supply of the resources the world needs and the most innovative mining and exploration sectors," said Clark. "This past year, we've seen the confidence [companies] have in B.C. as exploration is up 47 per cent."





Read the full article here.

 

[Ally]

Vancouver rent prices won't fall: Expert




VANCOUVER (NEWS1130) ` With Vancouver`s record in new rental units, can renters expect prices to fall?




A real estate expert says don`t count on first of the month payments to change.




The city says having a little over 1,000 new units in supply will make rent cheaper over time.





Read the full article here.

 

[Ally]

Natural gas processing plant in Dawson Creek prepares for next step



Montney natural gas producers are about to enjoy greater processing capacity with Phase 2 of Spectra Energy`s Dawson Processing Plant coming online at the end of January.





The plant, located approximately 16 kilometres west of Dawson Creek, began processing natural gas from operations in the South Peace in the spring of 2012 at a Phase 1 capacity of 100 million cubic feet (mmcf) per day. Phase 2 adds another 100 mmcf per day of processing capacity to the facility, bringing the total processing capacity in the area to 1.6 billion cubic feet (bcf) per day.





Read the full article here.

 

[Ally]

Mining company in B.C. suffers setbacks to plan for using 'temporary' foreign workers




The union movement in British Columbia has scored a victory with the decision by a mining company to halt plans to create an open-pit coal mine in the north of the province using temporary foreign workers.




As reported Tuesday, HD Mining has reluctantly decided to send home the first 16 of hundreds of workers from China that it intended to bring into the province for its mine project using Canada's temporary foreign worker program.





Read the full article here.

 

[Ally]

Can you afford to live in Coquitlam? How about your kids?




Can you afford to live in Coquitlam? Maybe now, but perhaps not in 10 years, predicts a new affordable housing discussion paper now being circulated in the city.










Coquitlam's housing gap ` the difference between housing costs and income ` is getting so wide that renters and first-time homebuyers won't be able to afford to live here unless some creative approaches are found to make housing more affordable.





Read the full article here.