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July 2013 B.C. Economic Fundamentals

Ally

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News articles for July 2013.
 

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Vacancy rates drop in Prince George





There are fewer rental properties available in Prince George than this time last year. That`s according to Canada Mortgage and Housing Corporation which released its Spring Vacancy Rates. In Prince George, the vacancy rate has dropped from 4.6 per cent in April of 2012 to 2.6 per cent in April, 2013.







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Vancouver home sales rise as prices fall





Home sales in Vancouver were up 11.9 per cent in June from a year earlier, while prices fell, says the Real Estate Board of Greater Vancouver.




The average home price in the Greater Vancouver area ` Canada's priciest real estate market ` was $601,900 in June, according to the MLS home price index, a decrease of three per cent from the same month last year.





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Surrey - a creative city in progress




Canada Day celebrations are spreading out over the summer across the country, taking increasing poignancy in a period of extreme weather events, uncertain economic climate, and stories of municipal crisis in governance in two of Canada`s biggest cities. We all need stories to celebrate more than just survivorship. We need a sense of belonging.










One of the least well-known stories on our march to Canada`s 150th anniversary in 2017 is just how much of cultural, environmental, social and economic power is devolving to our cities and moving away from the core. Recently, more than 60 municipalities began exploring culture-led development as a key pillar in building livable communities positioned for the future, but proud of their pasts.





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Northern BC movin' on up





Fort St. John and Dawson Creek are cities on the rise.




The Energetic City shot up to number three, while Dawson Creek moved up to number four on the Real Estate Investment Network`s (REIN) 2013 list of top investment towns in British Columbia.




In 2011, Fort St. John was number six while Dawson Creek was number five.





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Building in west Victoria to complement new Johnson Street bridge





A six-storey office building with an eye-catching design will be one of three landmark developments near each end of the new Johnson Street bridge.



`We tried to match the building with the bridge ` very modern,` said developer Dan Fisher, owner of Victoria-based Mountain West Properties. `It will frame the bridge.`





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Vancouver home sales rise 11.9% from a year ago




VANCOUVER ` Home sales in the Vancouver area were up 11.9% in June compared with a year ago, according to the latest MLS figures.




The Real Estate Board of Greater Vancouver says there were 2,642 homes sold through its Multiple Listing Service last month, up from 2,362 sales in June 2012, but down from the 2,882 sales in May 2013.





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More full-time workers in June drove down BC's unemployment rate



While Canada's jobs numbers stayed flat at 7.1% in June, B.C. saw the largest drop in unemployment so far this year in month to month numbers.





Statistics Canada analyst Vincent Ferrao says B.C's unemployment rate was 6.3% in June, a drop from 6.8% percent in May.





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Kamloops unemployment rate dips to 4.5%





Fewer people are looking for work and counted among the unemployed in Kamloops, which a member of the Kamloops Chamber of Commerce attributes to the region`s diversified economy.




`When you have different areas of employment, it really does help any major movement up or down (in the economy),` past chamber president Maurice Hindle said Friday.





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Soaring home sales in Prince Rupert




The B-C Northern Real Estate Board says the north -- and especially the northwest -- are experiencing strong housing markets, according to the latest Multiple Listing Service figures for the first half of the year.




Board President Gisela Janzen says housing sales in Prince Rupert have nearly doubled compared to the first six months of last year, jumping from 83 properties sold to 153. Total value has MORE than doubled... from 14.2-million dollars to 33.2-million.





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Vancouver home prices continue to inch downward




VANCOUVER, July 9, 2013 /CNW/ - The Royal LePage House Price Survey and Market Survey Forecast released today showed year-over-year price decreases across all housing types surveyed in Vancouver.




Standard condominium prices decreased by 3.3 per cent year-over-year to $490,475, while detached bungalows decreased 3.2 per cent to $1,052,500. Standard two-storey home prices also saw a moderate drop of 2.3 per cent to $1,151,250. Interestingly, however, this represents an upward trend when compared to the first quarter of 2013, where price decreases were greater than 5.0 per cent across the board.





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June housing starts in Vancouver



VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 9, 2013) -
Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 17,575 units in June compared to 16,318 in May according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)[sup]1[/sup] of housing starts.





"The trend in housing starts moved up in June," said Lance Jakubec, CMHC's Senior Market Analyst for Vancouver. "Robust multiple-family housing starts, which included over 180 rental units, were recorded."





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June 2013 BC housing starts








VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 9, 2013) -
Housing starts in British Columbia's urban areas[sup]1 were trending at 23,398 units in June compared to 21,916 in May according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)2[/sup]of housing starts.






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Abbotsford-Mission ranked as highest level of workers without a diploma




Figures released from the 2011 National Household Survey indicate that in the Abbotsford-Mission Census Metropolitan Area (CMA) 15.3 per cent of the work force (age 25 to 64) have no certificate, diploma or degree.










That`s the highest percentage of any CMA in Canada. (A CMA is a region consisting of a populated urban core and less populated surrounding areas.)





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Population balloons to 90,000




Chilliwack's population has swelled to 90,240 residents as people continue to relocate here, according to the recently released 2011 National Household Survey data from Statistics Canada.










Also, following the provincial trend, more people in the city are stepping into offices to work at desk jobs than ever before.





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Mortgage changes not affecting Vancouver luxury home sales much




TORONTO -- Ottawa's tightened mortgage rules seem to have had less of an impact on high-end real estate than on the overall market, according to experts.




"Most people who are going to buy a $3-million to $5-million house usually have access to the funds," said Elli Davis, a sales representative with Royal LePage in Toronto. "They don't really care if they pay a touch more."




In July 2012, Finance Minister Jim Flaherty made changes to Canada's mortgage rules in a bid to cool down an overheated real estate market.





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Using much more natural gas only option for energy-hungry China




EDMONTON - Just how serious is the air pollution in China, a country that burns roughly as much coal as the rest of the world combined?




Consider this: According to a study published this month in a leading U.S. scientific journal, pollution from coal has reduced the average life expectancy of northern China`s 500 million citizens by a full five years.





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Premier Clark welcomes more flights to China to boost BC economy




VANCOUVER - Premier Christy Clark today welcomed increased passenger air service between Vancouver and Shanghai, China as China Eastern Airlines doubles its flights from once a day to twice daily.










Premier Clark was joined by Vancouver Airport Authority president and CEO Craig Richmond, China Eastern General Manager Margaret Meng, Minister of International Trade, Asia-Pacific Strategy and Multiculturalism and MLA for Richmond Centre Teresa Wat, Member of Parliament for Richmond Alice Wong and Consul General of China in Vancouver Liu Fei.





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A taste of New York in downtown Vancouver





Once, the heart of Vancouver`s downtown core, Gastown
fell on hard times in after the Great Vancouver Fire and the Great Depression. Around that time, cheap beer parlours and bawdy houses dominated the strip. Since being designated a National Historic Site in 2009, the area has really cleaned up and beyond the slew of touristy souvenir shops that have opened up, there are some really great restaurants with big patios, trendy designer boutiques and some really impressive and authentic loft conversions.







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Pipeline chances: Slim and narrow





Enbridge Inc. CEO Al Monaco told media June 5 that he retains hope his company's proposed $6 billion Northern Gateway pipeline will eventually get the go-ahead to carry Asia-bound oil from Alberta through British Columbia.




B.C. Environment Minister Terry Lake agreed the "pathway to yes" still exists for the proposed pipeline, but it's a narrow one.





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