July 2010 BC Economic Fundamentals
- Thread starter Ally
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B.C.`s digital media, visual effects industry could be hamstrung by changes
VANCOUVER - Vancouver has been busy promoting itself as a creative, digital hub. It`s part of a strategic effort to make the city a place where young, smart people want to work.
The arrival this year of Pixar and Digital Domain, the Venice, Calif.-based company behind Academy Award-winning films Titanic and The Curious Case of Benjamin Button, was a major coup. Both are rolling out large studios and hiring local staff.
The hope, of course, is that once these heavy-hitters settle in, more of their kind will follow. But just as there is some momentum, there is also a mini-snag on the horizon.
In a little known move by Ottawa, slated for this fall, there is a desire to protect jobs for Canadians, but the plan could backfire and hamstring the growth of hundreds of jobs in B.C.`s economy.
For years, going back to the late 1990s, high-tech companies have been able to nimbly usher in key talent from outside Canada by using a federal IT (information technology) worker category. Basically, it allowed companies based here to put together project teams on the fly.
"To deal with critical shortages, C.I.C. (Citizenship and Immigration Canada) and Service Canada (which issues temporary work visas) chose seven IT positions and exempted them," said Vancouver lawyer Craig Natsuhara, who advises several large digital media firms. "So if, say, EA (the video game maker with offices in Burnaby) has a new title, it could easily bring in three of these (designers, artists, programmers), or five of those."
Read full article here
VANCOUVER - Vancouver has been busy promoting itself as a creative, digital hub. It`s part of a strategic effort to make the city a place where young, smart people want to work.
The arrival this year of Pixar and Digital Domain, the Venice, Calif.-based company behind Academy Award-winning films Titanic and The Curious Case of Benjamin Button, was a major coup. Both are rolling out large studios and hiring local staff.
The hope, of course, is that once these heavy-hitters settle in, more of their kind will follow. But just as there is some momentum, there is also a mini-snag on the horizon.
In a little known move by Ottawa, slated for this fall, there is a desire to protect jobs for Canadians, but the plan could backfire and hamstring the growth of hundreds of jobs in B.C.`s economy.
For years, going back to the late 1990s, high-tech companies have been able to nimbly usher in key talent from outside Canada by using a federal IT (information technology) worker category. Basically, it allowed companies based here to put together project teams on the fly.
"To deal with critical shortages, C.I.C. (Citizenship and Immigration Canada) and Service Canada (which issues temporary work visas) chose seven IT positions and exempted them," said Vancouver lawyer Craig Natsuhara, who advises several large digital media firms. "So if, say, EA (the video game maker with offices in Burnaby) has a new title, it could easily bring in three of these (designers, artists, programmers), or five of those."
Read full article here
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Real estate sales sag in Greater Victoria
Falling mortgage rates fail to sway wary homebuyers
Home sales cooled and inventory continued to rise last month as some real estate buyers in Greater Victoria chose to take the time to shop around.
A total of 625 homes sold in June through the Victoria Real Estate Board`s Multiple Listing Service. That was down from 695 sales in May and about a third less than the 946 sales in June a year ago.
Meanwhile, for-sale signs continued to sprout as inventory levels rose to 4,730 properties, up 25 per cent from the 3,794 available a year earlier.
Major banks last month inched some mortgage rates down, but the small decreases didn`t create a rush into the market as potential buyers mulled over increasing inventories for better deals. Observers also note waning consumer confidence in the overall economy may be a factor in the softening market.
The real estate board said with overall prices showing little change and a larger selection for buyers to choose from, prices should remain stable in the near future.
The average price for single-family homes was $649,280 in June, up slightly from $646,483 in May. That list included 16 waterfront sales with an average of nearly $1.4 million. In all, there were 27 sales of over $1 million through the board, including two on the Gulf Islands.
The median price for single-family homes declined to $560,822. The six-month average showed little change at $635,893.
Read full article here
Falling mortgage rates fail to sway wary homebuyers
Home sales cooled and inventory continued to rise last month as some real estate buyers in Greater Victoria chose to take the time to shop around.
A total of 625 homes sold in June through the Victoria Real Estate Board`s Multiple Listing Service. That was down from 695 sales in May and about a third less than the 946 sales in June a year ago.
Meanwhile, for-sale signs continued to sprout as inventory levels rose to 4,730 properties, up 25 per cent from the 3,794 available a year earlier.
Major banks last month inched some mortgage rates down, but the small decreases didn`t create a rush into the market as potential buyers mulled over increasing inventories for better deals. Observers also note waning consumer confidence in the overall economy may be a factor in the softening market.
The real estate board said with overall prices showing little change and a larger selection for buyers to choose from, prices should remain stable in the near future.
The average price for single-family homes was $649,280 in June, up slightly from $646,483 in May. That list included 16 waterfront sales with an average of nearly $1.4 million. In all, there were 27 sales of over $1 million through the board, including two on the Gulf Islands.
The median price for single-family homes declined to $560,822. The six-month average showed little change at $635,893.
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Surrey`s new city hall to be built in Whalley
A new $50-million city hall and plaza in north Surrey is expected to revitalize the city`s commercial centre.
The city hired Kasian-Moriyama Architects to design the city hall building and the civic plaza in Whalley, an area which has had a poor reputation for crime and underdevelopment.
Architectural renderings show the 180,000-square -foot city hall will be built on the south side of 104th Avenue, east of east of University Boulevard.
The adjoining civic plaza will have the capacity for gatherings of about 5,000 people.
Mayor Dianne Watts unveiled the designs last week and said the buildings will add to "a vibrant and pedestrian-friendly downtown core."
Watts said the centre will be a hub of activity and a great place to enjoy festivals and outdoor events.
Construction is set to begin sometime in early 2011 and complete by the fall of 2013.
The buildings are part of what the city calls the Build Surrey program, which will see a series of large-scale projects built across the city over the next six years.
Read full article here
A new $50-million city hall and plaza in north Surrey is expected to revitalize the city`s commercial centre.
The city hired Kasian-Moriyama Architects to design the city hall building and the civic plaza in Whalley, an area which has had a poor reputation for crime and underdevelopment.
Architectural renderings show the 180,000-square -foot city hall will be built on the south side of 104th Avenue, east of east of University Boulevard.
The adjoining civic plaza will have the capacity for gatherings of about 5,000 people.
Mayor Dianne Watts unveiled the designs last week and said the buildings will add to "a vibrant and pedestrian-friendly downtown core."
Watts said the centre will be a hub of activity and a great place to enjoy festivals and outdoor events.
Construction is set to begin sometime in early 2011 and complete by the fall of 2013.
The buildings are part of what the city calls the Build Surrey program, which will see a series of large-scale projects built across the city over the next six years.
Read full article here
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Metro Vancouver housing market holds steady in June, survey reports
Vancouver sales down, Fraser Valley sales up
Metro Vancouver`s housing market experienced steady activity in June despite sales that were 30 per cent lower than the same time last year, according to the Real Estate Board of Greater Vancouver (REBGV).
In the Fraser Valley, activity was stronger with June sales up 23 per cent from May and just eight per cent lower than June 2009.
"This is what we`d expect for this time of year," REBGV president Jake Moldowan said in an interview. "I`d call it a stable summer market."
Moldowan said that activity in June marked a "healthy balance" between the near-record setting pace of June 2009 and the much slower sales activity in June 2008 during the recession.
According to data released Monday, residential sales in Metro Vancouver totalled 2,972 in June, a decline of 30.2 per cent compared to the 4,259 sales in June 2009, the second highest selling June on record.
Compared to June 2008, last month`s sales also represented a 22.6-per-cent increase over the 2,425 sales recorded that month, but are 30 per cent less than the 4,244 sales in June 2007. June 2010 sales were also 5.8 per cent lower than May`s sales totals, according to the survey.
"If you look at the last seven or eight years, the average year is 36,000 to 40,000 sales," Moldowan said. "June sales are 2,972, so we`re right within that realm."
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Vancouver sales down, Fraser Valley sales up
Metro Vancouver`s housing market experienced steady activity in June despite sales that were 30 per cent lower than the same time last year, according to the Real Estate Board of Greater Vancouver (REBGV).
In the Fraser Valley, activity was stronger with June sales up 23 per cent from May and just eight per cent lower than June 2009.
"This is what we`d expect for this time of year," REBGV president Jake Moldowan said in an interview. "I`d call it a stable summer market."
Moldowan said that activity in June marked a "healthy balance" between the near-record setting pace of June 2009 and the much slower sales activity in June 2008 during the recession.
According to data released Monday, residential sales in Metro Vancouver totalled 2,972 in June, a decline of 30.2 per cent compared to the 4,259 sales in June 2009, the second highest selling June on record.
Compared to June 2008, last month`s sales also represented a 22.6-per-cent increase over the 2,425 sales recorded that month, but are 30 per cent less than the 4,244 sales in June 2007. June 2010 sales were also 5.8 per cent lower than May`s sales totals, according to the survey.
"If you look at the last seven or eight years, the average year is 36,000 to 40,000 sales," Moldowan said. "June sales are 2,972, so we`re right within that realm."
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First-time buyers in B.C. more likely to buy a condo than a house
And they do their financial homework
First-time homebuyers in British Columbia are opting for condominiums, not houses, unlike their counterparts in much of the rest of the country, according to a report by TD Canada Trust.
Thirty-seven per cent of British Columbians who had either bought a home in the past two years or planned to buy in the next two years said they had bought or intended to buy a condo, while there were only 21 per cent of respondents across the country who had bought or were looking at condos.
In B.C. 36 per cent of respondents had bought or hoped to buy a detached home, while across the country 58 per cent expected their first home to be a detached house.
"In B.C. it`s all about lifestyle and affordability," said Barry Rathburn, manager of mobile mortgage specialists with TD Canada Trust on Vancouver Island.
People who want a condo often want to be near work or have a water view, or other amenities that might not come with a house, Rathburn said. And the price of houses in places like Vancouver -where the benchmark price for a detached home in June was close to $800,000 -puts buying a house out of reach for many families.
Rathburn believes, however, that outside the major urban centres more homebuyers would be looking for houses. In Nanaimo, for example, first-time homebuyers are buying an equal mix of town houses and condos, and some are buying small houses, he said.
Read full article here
And they do their financial homework
First-time homebuyers in British Columbia are opting for condominiums, not houses, unlike their counterparts in much of the rest of the country, according to a report by TD Canada Trust.
Thirty-seven per cent of British Columbians who had either bought a home in the past two years or planned to buy in the next two years said they had bought or intended to buy a condo, while there were only 21 per cent of respondents across the country who had bought or were looking at condos.
In B.C. 36 per cent of respondents had bought or hoped to buy a detached home, while across the country 58 per cent expected their first home to be a detached house.
"In B.C. it`s all about lifestyle and affordability," said Barry Rathburn, manager of mobile mortgage specialists with TD Canada Trust on Vancouver Island.
People who want a condo often want to be near work or have a water view, or other amenities that might not come with a house, Rathburn said. And the price of houses in places like Vancouver -where the benchmark price for a detached home in June was close to $800,000 -puts buying a house out of reach for many families.
Rathburn believes, however, that outside the major urban centres more homebuyers would be looking for houses. In Nanaimo, for example, first-time homebuyers are buying an equal mix of town houses and condos, and some are buying small houses, he said.
Read full article here
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Job prospects slip in Vancouver, Victoria, conference board says
Short-term job prospects are down in Vancouver and Victoria, the only cities in eight western Canadian cities to show a decline, according to a report released Monday.
The Conference Board of Canada`s Metro Help-Wanted Index-June 2010 looked at 27 census metropolitan areas (CMAs) across Canada, including the eight in Western Canada.
However, a Conference Board economist said the monthly results aren`t too concerning for Vancouver and Victoria.
"It`s mainly a little bit disappointing, but not concerning," Alan Arcand said in an interview about the survey, which was based on May`s results. "We`re still upbeat about the medium-term outlook for Vancouver and Victoria. This is probably a case of a bump in the road.
"In the short term, we expect Vancouver and Victoria job gains to be weak or down in the coming/forthcoming [Statistics Canada] labour survey."
While prospects are upbeat or stable in most Canadian metropolitan areas, they are down in eight.
Eight of 11 Ontario CMAs recorded positive or stable prospects with three being down, while three of five Quebec CMAs were the same and two were down.
Of the other Western Canada metropolitan areas, prospects are stable in Regina and up in Abbotsford, Winnipeg, Saskatoon, Edmonton and Calgary.
Read full article here
Short-term job prospects are down in Vancouver and Victoria, the only cities in eight western Canadian cities to show a decline, according to a report released Monday.
The Conference Board of Canada`s Metro Help-Wanted Index-June 2010 looked at 27 census metropolitan areas (CMAs) across Canada, including the eight in Western Canada.
However, a Conference Board economist said the monthly results aren`t too concerning for Vancouver and Victoria.
"It`s mainly a little bit disappointing, but not concerning," Alan Arcand said in an interview about the survey, which was based on May`s results. "We`re still upbeat about the medium-term outlook for Vancouver and Victoria. This is probably a case of a bump in the road.
"In the short term, we expect Vancouver and Victoria job gains to be weak or down in the coming/forthcoming [Statistics Canada] labour survey."
While prospects are upbeat or stable in most Canadian metropolitan areas, they are down in eight.
Eight of 11 Ontario CMAs recorded positive or stable prospects with three being down, while three of five Quebec CMAs were the same and two were down.
Of the other Western Canada metropolitan areas, prospects are stable in Regina and up in Abbotsford, Winnipeg, Saskatoon, Edmonton and Calgary.
Read full article here
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Vancouver home sales drop sharply
Vancouver`s housing market
slowed considerably in June, with 30 per cent fewer sales than a year ago.
Still, the 2,972 sales made it the second-busiest June on record for the West Coast city. The sharp drop is further evidence that the real estate
market is beginning to cool after its sharp post-recession runup after a similar drop in May.
Observers have been projecting a slower market, though not one that will come crashing down, in the face of higher mortgage rates and tighter mortgage rules.
National numbers are released by the Canadian Real Estate Association in the middle of the month, but individual real estate boards around the country often release their sales data earlier.
In May, buyers backed away from Canada`s housing market, driving sales lower in what is traditionally the busiest month of the year for the country`s real estate agents.
Sales fell to 8.5 per cent to 40,393 units in May compared with April. Sales remain elevated by historical markers, but are 15 per lower than last fall`s peak.
The housing market has been key to Canada`s economic recovery, as low interest rates and pent-up demand drove buyers into the market after months of stagnation in 2008. But with interest rates likely heading higher in the second half of the year, many buyers who would have preferred to buy in the fall or early winter chose to buy sooner.
Read full article here
Vancouver`s housing market
slowed considerably in June, with 30 per cent fewer sales than a year ago.Still, the 2,972 sales made it the second-busiest June on record for the West Coast city. The sharp drop is further evidence that the real estate
market is beginning to cool after its sharp post-recession runup after a similar drop in May.Observers have been projecting a slower market, though not one that will come crashing down, in the face of higher mortgage rates and tighter mortgage rules.
National numbers are released by the Canadian Real Estate Association in the middle of the month, but individual real estate boards around the country often release their sales data earlier.
In May, buyers backed away from Canada`s housing market, driving sales lower in what is traditionally the busiest month of the year for the country`s real estate agents.
Sales fell to 8.5 per cent to 40,393 units in May compared with April. Sales remain elevated by historical markers, but are 15 per lower than last fall`s peak.
The housing market has been key to Canada`s economic recovery, as low interest rates and pent-up demand drove buyers into the market after months of stagnation in 2008. But with interest rates likely heading higher in the second half of the year, many buyers who would have preferred to buy in the fall or early winter chose to buy sooner.
Read full article here
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Rural Renaissance: B.C`s Small Town Economy
How B.C.`s regional economies can capitalize on growing global demands
Changes in the global economy, and how we approach that economy, mean that rural and small-town B.C. is poised for community and economic renewal.

Before we can truly mobilize that renewal, however, we have to understand two fundamentals about B.C.`s economy. The first is that rural and small-town places make money; they generate the bulk of B.C.`s export wealth, which is key to the province`s past, present and future success. The second is that B.C.`s metropolitan and non-metropolitan regions function within a single integrated economy, where the success of one supports and reinforces the success of the other. 

Creating vibrant rural and small-town communities in the new economy depends on approaching development in three integrated ways. The first centres on the economic shift from comparative to competitive advantage. Whether in resource commodities or in other sectors, increased production from low-cost regions means that we need to focus on investments and policies that help us compete locally, regionally, nationally and internationally. We can no longer simply rely on the bounty of our natural resources.

The second way we should approach rural development involves recognizing that in a fast-paced and changing global economy, our rural and small-town places must be similarly adaptable. We need to invest more in our community services, infrastructure and human and community capacity. Only then will communities be able to respond quickly to economic challenges and opportunities.
Read full article here
How B.C.`s regional economies can capitalize on growing global demands
Changes in the global economy, and how we approach that economy, mean that rural and small-town B.C. is poised for community and economic renewal.

Before we can truly mobilize that renewal, however, we have to understand two fundamentals about B.C.`s economy. The first is that rural and small-town places make money; they generate the bulk of B.C.`s export wealth, which is key to the province`s past, present and future success. The second is that B.C.`s metropolitan and non-metropolitan regions function within a single integrated economy, where the success of one supports and reinforces the success of the other. 

Creating vibrant rural and small-town communities in the new economy depends on approaching development in three integrated ways. The first centres on the economic shift from comparative to competitive advantage. Whether in resource commodities or in other sectors, increased production from low-cost regions means that we need to focus on investments and policies that help us compete locally, regionally, nationally and internationally. We can no longer simply rely on the bounty of our natural resources.

The second way we should approach rural development involves recognizing that in a fast-paced and changing global economy, our rural and small-town places must be similarly adaptable. We need to invest more in our community services, infrastructure and human and community capacity. Only then will communities be able to respond quickly to economic challenges and opportunities.
Read full article here
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UBC Sauder Intern explores real estate needs for business attraction, retention and expansion
May 26, 2010 Maple Ridge, BC: This summer the Economic Development Offices (EDOs) in Maple Ridge, Mission and Pitt Meadows are partnering together to fund a unique research project aimed at attracting and retaining high value jobs.
These neighbouring communities north of the Fraser River are forecast for unparalleled growth in the coming years. As their population grows, they`re seeking to attract commercial and industrial investment to balance the economic base, and to create high value local jobs. As a result, how and where businesses locate and their impaction the local economy is of high interest to these communities.
Mr. Kevin Moroso, a 2011 MBA Candidate from the Sauder School of Business at UBC, has been chosen for this assignment that begins June 1 and is slated for completion at the end of August 2010. He`ll be working from the Maple Ridge office of Strategic Economic Initiatives. His work will culminate in a report to the EDOs outlining his findings and recommendations.
Read full article here
May 26, 2010 Maple Ridge, BC: This summer the Economic Development Offices (EDOs) in Maple Ridge, Mission and Pitt Meadows are partnering together to fund a unique research project aimed at attracting and retaining high value jobs.
These neighbouring communities north of the Fraser River are forecast for unparalleled growth in the coming years. As their population grows, they`re seeking to attract commercial and industrial investment to balance the economic base, and to create high value local jobs. As a result, how and where businesses locate and their impaction the local economy is of high interest to these communities.
Mr. Kevin Moroso, a 2011 MBA Candidate from the Sauder School of Business at UBC, has been chosen for this assignment that begins June 1 and is slated for completion at the end of August 2010. He`ll be working from the Maple Ridge office of Strategic Economic Initiatives. His work will culminate in a report to the EDOs outlining his findings and recommendations.
Read full article here
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Marketing campaign for BC business park
A marketing campaign for a business park in Pitt Meadows will go national.
Colliers International, which has been promoting the 95-acre (37 hectares) Golden Ears Business Centre for Onni, believes the site is just the right spot for clients from across Canada looking to relocate or set up shop on the West Coast.
By September, the company intends to advertise the park across the country.
"It`s the biggest park to be in," said Collier`s associate vice-president Chris MacCaulay. "There are not many other options out there."
Read full article here
A marketing campaign for a business park in Pitt Meadows will go national.
Colliers International, which has been promoting the 95-acre (37 hectares) Golden Ears Business Centre for Onni, believes the site is just the right spot for clients from across Canada looking to relocate or set up shop on the West Coast.
By September, the company intends to advertise the park across the country.
"It`s the biggest park to be in," said Collier`s associate vice-president Chris MacCaulay. "There are not many other options out there."
Read full article here
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Surrey and Maple Ridge make the list of top places to invest in Canada
National Independent Real Estate Research Company Releases for the First Time the Best Canadian Cities for Real Estate Investment. The research analyzes current and future prospects for real estate investment opportunities and names the best 11 cities; cities that will outperform the rest in the coming decade.
The Top Canadian Investment Cities are:
1. Calgary, AB
2. Kitchener-Waterloo-Cambridge, ON
3. Edmonton, AB
4. Surrey, BC
5. Maple Ridge, BC
6. Hamilton, ON
7. St. Albert, AB
8. Simcoe Shores (Barrie-Orillia), ON
9. Red Deer, AB
10. Winnipeg, MB
11. Saskatoon, SK
Read full article here
National Independent Real Estate Research Company Releases for the First Time the Best Canadian Cities for Real Estate Investment. The research analyzes current and future prospects for real estate investment opportunities and names the best 11 cities; cities that will outperform the rest in the coming decade.
The Top Canadian Investment Cities are:
1. Calgary, AB
2. Kitchener-Waterloo-Cambridge, ON
3. Edmonton, AB
4. Surrey, BC
5. Maple Ridge, BC
6. Hamilton, ON
7. St. Albert, AB
8. Simcoe Shores (Barrie-Orillia), ON
9. Red Deer, AB
10. Winnipeg, MB
11. Saskatoon, SK
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B.C. building permit values soar, StatCan says
Jump in contrast to nationwide drop
VANCOUVER - B.C. has recorded one of the country`s largest increases in the value of building permits over the past year, according to a Statistics Canada report released Tuesday.
The province posted a 53-per-cent increase in May compared with May 2009, to $754 million from $494 million. That included an 11.9-per-cent increase since April 2010.
At the national level, Canada as a whole recorded a 13.9-per-cent increase in values to $5.98 billion from May 2009, as well as a 10.8-per-cent decrease since April. The decline from April follows two consecutive monthly increases.
All numbers are seasonally adjusted.
Only Prince Edward Island saw a higher percentage increase than B.C. in the value of residential and non-residential permits since May 2009.
In a separate survey of census metropolitan areas, Metro Vancouver recorded a 78-per-cent increase in building permit values in May over May 2009 to $448 million from $252 million. That included a 28.5-per-cent increase since April.
Read full article here
Jump in contrast to nationwide drop
VANCOUVER - B.C. has recorded one of the country`s largest increases in the value of building permits over the past year, according to a Statistics Canada report released Tuesday.
The province posted a 53-per-cent increase in May compared with May 2009, to $754 million from $494 million. That included an 11.9-per-cent increase since April 2010.
At the national level, Canada as a whole recorded a 13.9-per-cent increase in values to $5.98 billion from May 2009, as well as a 10.8-per-cent decrease since April. The decline from April follows two consecutive monthly increases.
All numbers are seasonally adjusted.
Only Prince Edward Island saw a higher percentage increase than B.C. in the value of residential and non-residential permits since May 2009.
In a separate survey of census metropolitan areas, Metro Vancouver recorded a 78-per-cent increase in building permit values in May over May 2009 to $448 million from $252 million. That included a 28.5-per-cent increase since April.
Read full article here
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Not enough future workers for B.C. construction sector, industry warns
VANCOUVER — B.C.`s construction sector anticipates daunting labour needs over the next decade, notwithstanding that it is still recovering from the downturn of 2008/09.
The sector will need to replace and recruit some 59,000 workers between now and 2018 in an estimate couched as a "best-case scenario" by the industry-sponsored Construction Sector Council.
The forecast depends on government stimulus spending bridging the industry into increasing private-sector investments in pipelines, in a upgrade and expansion of the Rio Tinto Alcan aluminum smelter in Kitimat, and a steady increase of housing starts from the near collapse of residential construction in 2009.
Read full article here
VANCOUVER — B.C.`s construction sector anticipates daunting labour needs over the next decade, notwithstanding that it is still recovering from the downturn of 2008/09.
The sector will need to replace and recruit some 59,000 workers between now and 2018 in an estimate couched as a "best-case scenario" by the industry-sponsored Construction Sector Council.
The forecast depends on government stimulus spending bridging the industry into increasing private-sector investments in pipelines, in a upgrade and expansion of the Rio Tinto Alcan aluminum smelter in Kitimat, and a steady increase of housing starts from the near collapse of residential construction in 2009.
Read full article here
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Maple Ridge on the Rise
The mayor of Maple Ridge, Ernie Daykin, isn`t shy about talking up his community, which lies at the northeastern edge of the Lower Mainland past Port Coquitlam and Pitt Meadows. Not surprisingly, the real estate is less expensive there.
According to the Real Estate Board of Greater Vancouver, the benchmark price for a detached house in Maple Ridge was $464,125 last month. That`s compared to $795,025 across the entire area served by the REBGV and nearly $1.6 million on the West Side of Vancouver.
In a recent phone interview with the Georgia Straight, Daykin said a person can still find a single-family dwelling built in the 1950s or 1960s—a "fixer-upper" is his term—for less than $400,000. He knows this because his daughter and son-in-law paid $365,000 for a 1,350-square-foot home on an 8,000-square-foot lot. "We gutted it—new kitchen, new mouldings, new doors," Daykin said.
According to Langley-based real-estate researcher Don R. Campbell, Maple Ridge is one of the best places in Canada to invest in property. Campbell, president of the Real Estate Investment Network, is not an agent and professes to provide "independent research". Last month, he ranked Maple Ridge as the fifth-best city in Canada to invest in real estate over the next five years. (Calgary ranked first, followed by Kitchener-Waterloo-Cambridge and Edmonton. Surrey was the only other B.C. community in the top 10, ranking fourth.)
Read full article here
The mayor of Maple Ridge, Ernie Daykin, isn`t shy about talking up his community, which lies at the northeastern edge of the Lower Mainland past Port Coquitlam and Pitt Meadows. Not surprisingly, the real estate is less expensive there.
According to the Real Estate Board of Greater Vancouver, the benchmark price for a detached house in Maple Ridge was $464,125 last month. That`s compared to $795,025 across the entire area served by the REBGV and nearly $1.6 million on the West Side of Vancouver.
In a recent phone interview with the Georgia Straight, Daykin said a person can still find a single-family dwelling built in the 1950s or 1960s—a "fixer-upper" is his term—for less than $400,000. He knows this because his daughter and son-in-law paid $365,000 for a 1,350-square-foot home on an 8,000-square-foot lot. "We gutted it—new kitchen, new mouldings, new doors," Daykin said.
According to Langley-based real-estate researcher Don R. Campbell, Maple Ridge is one of the best places in Canada to invest in property. Campbell, president of the Real Estate Investment Network, is not an agent and professes to provide "independent research". Last month, he ranked Maple Ridge as the fifth-best city in Canada to invest in real estate over the next five years. (Calgary ranked first, followed by Kitchener-Waterloo-Cambridge and Edmonton. Surrey was the only other B.C. community in the top 10, ranking fourth.)
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Abbotsford aims to build `city in the country`
Abbotsford is living up to its reputation as one of B.C.`s fastest growing cities as it heads into a building boom to serve a steady stream of migrants fleeing high-priced Metro Vancouver and points farther east.
The rampant growth in the Fraser Valley city was underscored in May by the latest building permit statistics, which showed Abbotsford issued 178 construction permits, worth $23.8 million - a 199-per-cent increase in values from the $6.9 million in same period last year.
More than half of those permits were for single family and multi-family homes, with the rest spread across agriculture, commercial and industrial projects. Metro Vancouver, by comparison, recorded a 78-per-cent increase in building permit values over May 2009, from $252 million to $448 million, according to Statistics Canada.
"We`ve certainly been on a hot roll," said David Hull, executive director of the Abbotsford Chamber of Commerce. "There`s no doubt the infill and saturation of Vancouver and Burnaby is pushing development out this way.
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Abbotsford is living up to its reputation as one of B.C.`s fastest growing cities as it heads into a building boom to serve a steady stream of migrants fleeing high-priced Metro Vancouver and points farther east.
The rampant growth in the Fraser Valley city was underscored in May by the latest building permit statistics, which showed Abbotsford issued 178 construction permits, worth $23.8 million - a 199-per-cent increase in values from the $6.9 million in same period last year.
More than half of those permits were for single family and multi-family homes, with the rest spread across agriculture, commercial and industrial projects. Metro Vancouver, by comparison, recorded a 78-per-cent increase in building permit values over May 2009, from $252 million to $448 million, according to Statistics Canada.
"We`ve certainly been on a hot roll," said David Hull, executive director of the Abbotsford Chamber of Commerce. "There`s no doubt the infill and saturation of Vancouver and Burnaby is pushing development out this way.
Read full article here
- Joined
- Oct 12, 2007
- Messages
- 586
B.C. building permit values soar, StatCan says
Jump in contrast to nationwide drop
VANCOUVER - B.C. has recorded one of the country`s largest increases in the value of building permits over the past year, according to a Statistics Canada report released Tuesday.
The province posted a 53-per-cent increase in May compared with May 2009, to $754 million from $494 million. That included an 11.9-per-cent increase since April 2010.
At the national level, Canada as a whole recorded a 13.9-per-cent increase in values to $5.98 billion from May 2009, as well as a 10.8-per-cent decrease since April. The decline from April follows two consecutive monthly increases.
All numbers are seasonally adjusted.
Only Prince Edward Island saw a higher percentage increase than B.C. in the value of residential and non-residential permits since May 2009.
Read full article here
Jump in contrast to nationwide drop
VANCOUVER - B.C. has recorded one of the country`s largest increases in the value of building permits over the past year, according to a Statistics Canada report released Tuesday.
The province posted a 53-per-cent increase in May compared with May 2009, to $754 million from $494 million. That included an 11.9-per-cent increase since April 2010.
At the national level, Canada as a whole recorded a 13.9-per-cent increase in values to $5.98 billion from May 2009, as well as a 10.8-per-cent decrease since April. The decline from April follows two consecutive monthly increases.
All numbers are seasonally adjusted.
Only Prince Edward Island saw a higher percentage increase than B.C. in the value of residential and non-residential permits since May 2009.
Read full article here
- Joined
- Oct 12, 2007
- Messages
- 586
Metro home prices will ease, but still beat 2009: report
Expect a slowing of property sales the rest of this year due to growing inventory, which has knocked down some of the price gains sellers experienced in the first part of 2010, realtor Royal LePage says.
Royal LePage, in its second-quarter forecast, said sales in Metro Vancouver were "front-loaded" into the first half of 2010, driving prices to new highs. However, a rise in inventory, should "temper" prices for the balance of the year, said Bill Binnie, owner of Royal LePage North Shore.
"I don`t know how much of the gains are going to be taken away, if any," Binnie said. "But [inventory] levels are certainly dampering and turning it back into a balanced market, or maybe even a little bit in favour of the buyer."
In its forecast, Royal LePage noted that Metro Vancouver had seen steep year-over-year increases in most property types in the second quarter, from 9.5 per cent on average West Vancouver condominiums to 24 per cent on Vancouver east-side detached homes.
Read full article here
Expect a slowing of property sales the rest of this year due to growing inventory, which has knocked down some of the price gains sellers experienced in the first part of 2010, realtor Royal LePage says.
Royal LePage, in its second-quarter forecast, said sales in Metro Vancouver were "front-loaded" into the first half of 2010, driving prices to new highs. However, a rise in inventory, should "temper" prices for the balance of the year, said Bill Binnie, owner of Royal LePage North Shore.
"I don`t know how much of the gains are going to be taken away, if any," Binnie said. "But [inventory] levels are certainly dampering and turning it back into a balanced market, or maybe even a little bit in favour of the buyer."
In its forecast, Royal LePage noted that Metro Vancouver had seen steep year-over-year increases in most property types in the second quarter, from 9.5 per cent on average West Vancouver condominiums to 24 per cent on Vancouver east-side detached homes.
Read full article here
- Joined
- Oct 12, 2007
- Messages
- 586
B.C. deficit $1 billion lower than projected for 2009-2010
No room to expand program funding, finance minister says
VICTORIA — Dramatic spending cuts have helped slash British Columbia`s deficit by $996 million for the last fiscal year, driving it down to $1.779 billion, Finance Minister Colin Hansen said Thursday.
In its post-election budget last September, the government projected a $2.775-billion deficit for the fiscal year ending March 31, 2010. The province has since cut $833 million in spending for 2009-10, and though revenues fell even more than anticipated, government used a contingency fund to chop that deficit by a further $163 million.
The total provincial debt for 2009-10 is $42 billion, up $3.9 billion from the previous year, an increase that includes the deficit and money spent on capital infrastructure projects.
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No room to expand program funding, finance minister says
VICTORIA — Dramatic spending cuts have helped slash British Columbia`s deficit by $996 million for the last fiscal year, driving it down to $1.779 billion, Finance Minister Colin Hansen said Thursday.
In its post-election budget last September, the government projected a $2.775-billion deficit for the fiscal year ending March 31, 2010. The province has since cut $833 million in spending for 2009-10, and though revenues fell even more than anticipated, government used a contingency fund to chop that deficit by a further $163 million.
The total provincial debt for 2009-10 is $42 billion, up $3.9 billion from the previous year, an increase that includes the deficit and money spent on capital infrastructure projects.
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- Joined
- Oct 12, 2007
- Messages
- 586
China opens the door to B.C. logs
Access to more Chinese ports expected to spark new logging activity in province`s hard-hit northwest sector
The Chinese and Canadian governments have reached a trade agreement that opens new doors into China`s growing wood products market for B.C. logs.
As of July 1, B.C. logs can be shipped year-round into China through two ports, Putian in the province of Fujian and Taicang near Shanghai, without being treated for pests, forest industry consultant Brian Zak said Thursday.
Access to more ports on a year-round basis is expected to boost log exports to China, particularly from B.C.`s northwest forests, he said.
Zak is the forestry sector representative for pest control issues in the log and lumber trade. He said the Canadian Food Inspection Agency notified him of the changes last week.
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Access to more Chinese ports expected to spark new logging activity in province`s hard-hit northwest sector
The Chinese and Canadian governments have reached a trade agreement that opens new doors into China`s growing wood products market for B.C. logs.
As of July 1, B.C. logs can be shipped year-round into China through two ports, Putian in the province of Fujian and Taicang near Shanghai, without being treated for pests, forest industry consultant Brian Zak said Thursday.
Access to more ports on a year-round basis is expected to boost log exports to China, particularly from B.C.`s northwest forests, he said.
Zak is the forestry sector representative for pest control issues in the log and lumber trade. He said the Canadian Food Inspection Agency notified him of the changes last week.
Read full article here