July 2012 B.C. Economic Fundamentals
- Thread starter Ally
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Where are B.C.'s jobs?
By most accounts, B.C has a right to feel smug. The province is sitting pretty in the middle of what former premier Gordon Campbell, basking in the glow of his party`s victory in the 2009 provincial election, heralded as a `golden decade` of `great goals.` Between 2010 and 2020, Campbell audaciously predicted, B.C. would `create more jobs per capita than anywhere else in Canada.` While most of the world was still struggling to emerge from the recession, B.C. was boldly going where few jurisdictions could hope to go.
Three years on, the claims appear to be backed up by statistics: unemployment rates in the province have dropped steadily from the peaks hit during the recession, and job openings are climbing. But a closer look at the numbers shows that the growth hasn`t been uniform across the province. Rather, it`s very much a tale of three key regions: while the metropolitan centres of the southwest scramble to attract professionals and the northeast attracts an itinerant army of trades workers, through the vast swath of the province`s heartland people are wondering whether the jobs will ever come back.
Read the full article here.
By most accounts, B.C has a right to feel smug. The province is sitting pretty in the middle of what former premier Gordon Campbell, basking in the glow of his party`s victory in the 2009 provincial election, heralded as a `golden decade` of `great goals.` Between 2010 and 2020, Campbell audaciously predicted, B.C. would `create more jobs per capita than anywhere else in Canada.` While most of the world was still struggling to emerge from the recession, B.C. was boldly going where few jurisdictions could hope to go.
Three years on, the claims appear to be backed up by statistics: unemployment rates in the province have dropped steadily from the peaks hit during the recession, and job openings are climbing. But a closer look at the numbers shows that the growth hasn`t been uniform across the province. Rather, it`s very much a tale of three key regions: while the metropolitan centres of the southwest scramble to attract professionals and the northeast attracts an itinerant army of trades workers, through the vast swath of the province`s heartland people are wondering whether the jobs will ever come back.
Read the full article here.
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Vancouver a buyer's market
VANCOUVER -- The number of residential property sales in Metro Vancouver hit a 10-year low in June, prompting the Real Estate Board of Greater Vancouver to declare a buyers' market.
According to a board report released Wednesday, sales of houses, townhomes and apartments dropped to 2,362 last month, a 27.6-per-cent decline compared with 3,262 sales in June 2011.
"Overall conditions have trended in favour of buyers in our marketplace in recent months," said Eugen Klein, the board's president, in a news release. "This means buyers are facing less competition and have more selection to choose from compared to earlier in the year."
Read the full article here.
VANCOUVER -- The number of residential property sales in Metro Vancouver hit a 10-year low in June, prompting the Real Estate Board of Greater Vancouver to declare a buyers' market.
According to a board report released Wednesday, sales of houses, townhomes and apartments dropped to 2,362 last month, a 27.6-per-cent decline compared with 3,262 sales in June 2011.
"Overall conditions have trended in favour of buyers in our marketplace in recent months," said Eugen Klein, the board's president, in a news release. "This means buyers are facing less competition and have more selection to choose from compared to earlier in the year."
Read the full article here.
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Thrifty Foods opens store in Maple Ridge as part of expansion drive
Victoria-based Thrifty Foods is expanding its grocery chain with a new 24-hour Maple Ridge store scheduled to open Wednesday.
The 35,000-square-foot, $7.5-million store in Haney Place Mall ` Thrifty`s eighth 24-hour grocery store ` is meant to capture a growing demographic of families in the Fraser Valley community.
The opening, part of a major growth strategy by Thrifty, follows a recent announcement by Whole Foods Market that it will expand its operations throughout Metro Vancouver.
Read the full article here.
Victoria-based Thrifty Foods is expanding its grocery chain with a new 24-hour Maple Ridge store scheduled to open Wednesday.
The 35,000-square-foot, $7.5-million store in Haney Place Mall ` Thrifty`s eighth 24-hour grocery store ` is meant to capture a growing demographic of families in the Fraser Valley community.
The opening, part of a major growth strategy by Thrifty, follows a recent announcement by Whole Foods Market that it will expand its operations throughout Metro Vancouver.
Read the full article here.
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Vancouver-style rents a drag on national economy
Ian Patton recently rented a new place in Vancouver after months of looking for a good deal for himself, his wife and their two kids.
Although a four-bedroom house for $1,900 a month is considered a good deal in the city, Patton, 41, said he thinks Vancouver's low vacancy rate means the quality isn't what it should be.
"It is a really old house and it's falling apart," he said in a telephone interview. The land-lord is "not going to paint the place [and] they're not going to refinish the hardwood floors that have been walked on for 30 years and are starting to come apart. The [garage] roof is falling in - and [the landlord] just wrote into the lease that the garage is not to be used.
Read the full article here.
Ian Patton recently rented a new place in Vancouver after months of looking for a good deal for himself, his wife and their two kids.
Although a four-bedroom house for $1,900 a month is considered a good deal in the city, Patton, 41, said he thinks Vancouver's low vacancy rate means the quality isn't what it should be.
"It is a really old house and it's falling apart," he said in a telephone interview. The land-lord is "not going to paint the place [and] they're not going to refinish the hardwood floors that have been walked on for 30 years and are starting to come apart. The [garage] roof is falling in - and [the landlord] just wrote into the lease that the garage is not to be used.
Read the full article here.
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Vancouver home sales plunge to 10-year low in June
Sales in Canada`s most expensive housing market continue to plummet with the Greater Vancouver area hitting a 10-year low in June for activity.
The Real Estate Board of Greater Vancouver said there were 2,362 property sales in June, a 27.6% drop from a year earlier and a 17.2% decline from May.
One economist says it`s a trend that might soon be making its way right across the country. `The best view of Toronto right now is really from Vancouver Island,` said Benjamin Tal, deputy economist with CIBC World Markets. `Toronto will follow but it won`t be as significant as Vancouver.`
Read the full article here.
Sales in Canada`s most expensive housing market continue to plummet with the Greater Vancouver area hitting a 10-year low in June for activity.
The Real Estate Board of Greater Vancouver said there were 2,362 property sales in June, a 27.6% drop from a year earlier and a 17.2% decline from May.
One economist says it`s a trend that might soon be making its way right across the country. `The best view of Toronto right now is really from Vancouver Island,` said Benjamin Tal, deputy economist with CIBC World Markets. `Toronto will follow but it won`t be as significant as Vancouver.`
Read the full article here.
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Tepid sales numbers in Metro Vancouver spur calls to cash out
The last person you might expect to be talking up a real estate crash is your realtor.
But that`s exactly what Keith Roy of MacDonald Realty is doing. Mr. Roy is not only telling people it`s time to cash out of Vancouver housing, he`s doing it. He sold his townhouse four weeks ago.
This week, as Vancouver posted another set of dismal results for sales, the realtor blogged about why he made the decision to exit the housing market.
Read the full article here.
The last person you might expect to be talking up a real estate crash is your realtor.
But that`s exactly what Keith Roy of MacDonald Realty is doing. Mr. Roy is not only telling people it`s time to cash out of Vancouver housing, he`s doing it. He sold his townhouse four weeks ago.
This week, as Vancouver posted another set of dismal results for sales, the realtor blogged about why he made the decision to exit the housing market.
Read the full article here.
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Vancouver's housing task force both worthy, worrisome
The Mayor`s Task Force on Affordable Housing released a report that as urban economists we find to be a mix of very good and very worrisome proposals. The intention of the report, to increase the supply of housing in Vancouver without compromising the high level of urban and environmental amenities that make our region so appealing, deserves applause.
The recommendations that charge the city with finding ways to speed up the development process, reduce fees and red tape, standardize procedures and encourage the market to provide more diverse housing forms are most welcome.
Read the full article here.
The Mayor`s Task Force on Affordable Housing released a report that as urban economists we find to be a mix of very good and very worrisome proposals. The intention of the report, to increase the supply of housing in Vancouver without compromising the high level of urban and environmental amenities that make our region so appealing, deserves applause.
The recommendations that charge the city with finding ways to speed up the development process, reduce fees and red tape, standardize procedures and encourage the market to provide more diverse housing forms are most welcome.
Read the full article here.
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A buyer's market in Vancouver, or wishful thinking?
A buyer`s market is loosely defined as a market condition in which supply exceeds demand.
So, the Real Estate Board of Greater Vancouver was technically correct in declaring Vancouver a buyer`s market this week. Sales of houses, townhomes and apartments dropped 27.6 per cent last month to 2,362, units from 3,262 in June 2011.
While it may be true that buyers were presented with more choice and faced fewer rival bidders than a year ago, the fact that sales volumes were down is meaningless without an accompanying downward adjustment in price. And that hasn`t happened.
Read the full article here.
A buyer`s market is loosely defined as a market condition in which supply exceeds demand.
So, the Real Estate Board of Greater Vancouver was technically correct in declaring Vancouver a buyer`s market this week. Sales of houses, townhomes and apartments dropped 27.6 per cent last month to 2,362, units from 3,262 in June 2011.
While it may be true that buyers were presented with more choice and faced fewer rival bidders than a year ago, the fact that sales volumes were down is meaningless without an accompanying downward adjustment in price. And that hasn`t happened.
Read the full article here.
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Home sales and prices up in Northern BC in June
The number of homes sold through the MLSÂ System of the BC Northern Real Estate Board, as well as the average price of those sales, were both up again from year earlier levels in June 2012; however the rate of increase has slowed considerably compared to earlier in the year.
According to the Board`s statistics home sales totaled 422 units in June. This was up one per cent from June 2011 and stood above the June 2010 figure as well.
A total of 2,126 homes have traded hands so far this year. This is running 14 per cent ahead of levels reported in the first half of 2011, and marks the best start to any year since 2008.
Read the full article here.
The number of homes sold through the MLSÂ System of the BC Northern Real Estate Board, as well as the average price of those sales, were both up again from year earlier levels in June 2012; however the rate of increase has slowed considerably compared to earlier in the year.
According to the Board`s statistics home sales totaled 422 units in June. This was up one per cent from June 2011 and stood above the June 2010 figure as well.
A total of 2,126 homes have traded hands so far this year. This is running 14 per cent ahead of levels reported in the first half of 2011, and marks the best start to any year since 2008.
Read the full article here.
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In Vancouver, the seller's market recedes
Vancouver`s housing market is cooling to the point that the balance appears to be shifting in favour of buyers for the first time in years.
Prices in the country`s most-expensive real estate market remain stable, but activity has dropped sharply.
The number of sales in June, normally one of the busiest months of the year for home deals, dropped more than 17 per cent from May and 27.6 per cent below June, 2011, the Real Estate Board of Greater Vancouver said Wednesday.
Read the full article here.
Vancouver`s housing market is cooling to the point that the balance appears to be shifting in favour of buyers for the first time in years.
Prices in the country`s most-expensive real estate market remain stable, but activity has dropped sharply.
The number of sales in June, normally one of the busiest months of the year for home deals, dropped more than 17 per cent from May and 27.6 per cent below June, 2011, the Real Estate Board of Greater Vancouver said Wednesday.
Read the full article here.
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B.C. issues highest number of building permits since 2007
British Columbia municipalities issued building permits in the first five months of 2012 at levels not seen since before the global recession.
Up to May of this year, permits reached $4.4 billion in B.C., a level not seen since the same period in 2007 when permits were more than $5 billion, according to Statistics Canada figures.
Building permits ` which indicate an intent to build, not actual construction ` sunk to $2.4 billion in the first five months of 2009.
Read the full article here.
British Columbia municipalities issued building permits in the first five months of 2012 at levels not seen since before the global recession.
Up to May of this year, permits reached $4.4 billion in B.C., a level not seen since the same period in 2007 when permits were more than $5 billion, according to Statistics Canada figures.
Building permits ` which indicate an intent to build, not actual construction ` sunk to $2.4 billion in the first five months of 2009.
Read the full article here.
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Kamloops nets new jobs, but growth remains modest
The region`s unemployment rate is down nearly one per cent from last year and the labour force grew slightly.
But a B.C. economist said he expects a relatively unchanging economy over the short term.
The Thompson-Okanagan jobless rate dropped from 8.1 per cent in June last year to 7.2 per cent last month. The figures are contained in the latest Statistics Canada labour force report.
Nationally, the unemployment rate inched down, also to 7.2 per cent. Canada`s employers added 7,300 jobs overall.
Read the full article here.
The region`s unemployment rate is down nearly one per cent from last year and the labour force grew slightly.
But a B.C. economist said he expects a relatively unchanging economy over the short term.
The Thompson-Okanagan jobless rate dropped from 8.1 per cent in June last year to 7.2 per cent last month. The figures are contained in the latest Statistics Canada labour force report.
Nationally, the unemployment rate inched down, also to 7.2 per cent. Canada`s employers added 7,300 jobs overall.
Read the full article here.
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Prince George approaching historic job numbers
Prince George is on pace to break an employment record.
For only the fourth time in history and never before 2011, there are more than 50,000 people with a job in Prince George, and the usual summer employment peak is yet to come.
"We gained 500 net jobs in Prince George last month," said Minister of Jobs, Tourism and Innovation Pat Bell, the MLA for Prince George-Mackenzie. "I don't know yet what sector was driving that, but across the province our biggest job growth is in the manufacturing sector."
Read the full article here.
Prince George is on pace to break an employment record.
For only the fourth time in history and never before 2011, there are more than 50,000 people with a job in Prince George, and the usual summer employment peak is yet to come.
"We gained 500 net jobs in Prince George last month," said Minister of Jobs, Tourism and Innovation Pat Bell, the MLA for Prince George-Mackenzie. "I don't know yet what sector was driving that, but across the province our biggest job growth is in the manufacturing sector."
Read the full article here.
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BC ranks second in Canada for job gains
B.C. ranks behind only Alberta in job growth since June 2011, according to new Statistics Canada figures.
B.C. created 53,000 jobs in the past year, whereas Alberta added 55,400 jobs, StatsCan reported.
The new jobs helped the province`s unemployment rate fall 0.8 percentage points to 6.6%.
Read the full article here.
B.C. ranks behind only Alberta in job growth since June 2011, according to new Statistics Canada figures.
B.C. created 53,000 jobs in the past year, whereas Alberta added 55,400 jobs, StatsCan reported.
The new jobs helped the province`s unemployment rate fall 0.8 percentage points to 6.6%.
Read the full article here.
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Vancouver: Canada's most congested city
Vancouver is the most congested city in Canada and the second most congested in North America behind only Los Angeles, says a report by an Amsterdam-based company that produces vehicle-navigation systems.
The first quarterly congestion index by TomTom, which covers 26 major North American cities, found that on average, journey times in Vancouver take 30 per cent longer during peak congestion periods than when traffic is flowing freely.
Read the full article here.
Vancouver is the most congested city in Canada and the second most congested in North America behind only Los Angeles, says a report by an Amsterdam-based company that produces vehicle-navigation systems.
The first quarterly congestion index by TomTom, which covers 26 major North American cities, found that on average, journey times in Vancouver take 30 per cent longer during peak congestion periods than when traffic is flowing freely.
Read the full article here.
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The cost of housing in the Fraser Valley is changing
Housing sales are steady in the Fraser Valley, even as they seem to be in a bit more of a decline in Metro Vancouver.
That`s the story of June real estate sales from the two real estate boards ` Fraser Valley, which covers Langley, and Greater Vancouver.
Declines in sales activity and prices are more marked in Greater Vancouver, but as neighbourhoods and Lower Mainland cities are so different, it is hard to paint with too broad a brush.
Read the full articlec here.
Housing sales are steady in the Fraser Valley, even as they seem to be in a bit more of a decline in Metro Vancouver.
That`s the story of June real estate sales from the two real estate boards ` Fraser Valley, which covers Langley, and Greater Vancouver.
Declines in sales activity and prices are more marked in Greater Vancouver, but as neighbourhoods and Lower Mainland cities are so different, it is hard to paint with too broad a brush.
Read the full articlec here.
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Chilly June for home sales in Chilliwack
The normally hot June real estate market ran cold this year with residential sales down 17 per cent over 2011 and 15 per cent over 2010.
Single family home sales saw a particular drop, down from 148 in June 2011 to 111 last month.
Realtor Stephen Mullock, who comments on monthly sales on his blog, said June saw an "uncharacteristic softening of sales in the single family housing market."
Read the full article here.
The normally hot June real estate market ran cold this year with residential sales down 17 per cent over 2011 and 15 per cent over 2010.
Single family home sales saw a particular drop, down from 148 in June 2011 to 111 last month.
Realtor Stephen Mullock, who comments on monthly sales on his blog, said June saw an "uncharacteristic softening of sales in the single family housing market."
Read the full article here.
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Vancouver suffers condo leak crisis of Olympic proportions
VANCOUVER ` It`s called the Creekside Community Recreation Centre. Like much of the billion-dollar extravagance formerly known as Vancouver`s Olympic Village, it`s beautiful, and flawed. Floor-to-ceiling glass windows face lovely False Creek and the city`s downtown core. There`s a children`s day-care centre. Fitness facilities. A green roof that harvests rainwater, used for irrigation and toilet flushing.
Alas, the Creekside leaks.
Read the full article here.
VANCOUVER ` It`s called the Creekside Community Recreation Centre. Like much of the billion-dollar extravagance formerly known as Vancouver`s Olympic Village, it`s beautiful, and flawed. Floor-to-ceiling glass windows face lovely False Creek and the city`s downtown core. There`s a children`s day-care centre. Fitness facilities. A green roof that harvests rainwater, used for irrigation and toilet flushing.
Alas, the Creekside leaks.
Read the full article here.
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Is B.C.'s government now leaning against backing the Northern Gateway pipeline?
A damning report over Enbridge Inc.'s handling of a massive U.S. oil-pipeline spill may be giving B.C. Premier Christy Clark the pretext she needs to climb off the fence on the Calgary firm's controversial Northern Gateway project.
Clark slammed Enbridge on Wednesday after the U.S. National Transportation Safety Board concluded pipeline operators waited more than 17 hours before shutting down a pipeline that dumped more than 20,000 barrels of crude oil into a tributary of the Kalamazoo River in southern Michigan.
Read the full article here.
A damning report over Enbridge Inc.'s handling of a massive U.S. oil-pipeline spill may be giving B.C. Premier Christy Clark the pretext she needs to climb off the fence on the Calgary firm's controversial Northern Gateway project.
Clark slammed Enbridge on Wednesday after the U.S. National Transportation Safety Board concluded pipeline operators waited more than 17 hours before shutting down a pipeline that dumped more than 20,000 barrels of crude oil into a tributary of the Kalamazoo River in southern Michigan.
Read the full article here.