After relatively weak growth in real gross domestic product (GDP) over the past three years, Nanaimo's economy will accelerate in 2014. The Conference Board of Canada's Mid-Sized Cities Outlook - 2014, expects Nanaimo's economic growth to reach 2.1 per cent this year.
"Nanaimo's economy has expanded only tepidly since the 2009 recession. But thanks to continued strength in the forestry sector and recoveries in manufacturing and construction, Nanaimo's economy will pick up steam this year," said Alan Arcand, Associate Director, Centre for Municipal Studies.
Drop in mortgage rates giving B.C. housing a boost
Another healthy jump in real estate sales across the Lower Mainland in June is putting some areas `on the cusp` of a seller`s market where demand outstrips supply and pushes prices higher, according to reports released Thursday by the region`s major real estate boards.
The most recent sales results fit with Central 1 Credit Union`s latest housing forecast, which estimates that the surprise cut in mortgage rates earlier this year will produce a modest, steady rise in housing demand even as interest rates move higher in coming years.
The recent Supreme Court of Canada ruling should give pause to Enbridge to consider that Port of Prince Rupert as a viable alternative of its plan to build two pipelines from Bruderheim, northeast of Edmonton, to Kitimat, B.C.
Certainly the ruling strengthens the hand of the many small native bands that fish the tributaries of Douglas Channel, the channel itself, and the many shoals and gravel beds that contain many types of shellfish that First Nations have harvested for eons. Even the bands that inhabit the Kitimat route in the B.C. Interior will now have arguable standing with respect to the current pipeline route as a result.
Demand for luxury real estate in Vancouver is booming and should increase through the year, according to a new report by Sotheby`s International Realty Canada. Eager buyers snapped up almost 40 per cent more million-dollar-plus condominiums and detached single-family homes in the first half of 2014 than they did during the same period in 2013, according to the luxury real estate report, a biannual study on market trends for pricey pads in Canada`s largest markets ` Vancouver, Toronto, Calgary and Montreal.
Some of the most expensive and densely developed land in Vancouver has been designated as flood plain, including a significant area around False Creek, a new map issued by the city Thursday reveals.
And an amended building bylaw raises by roughly one metre ` to 4.6 metres ` the level of construction for new homes within the flood plain, anticipating impacts of climate change such as rising sea levels.
Housing market still going strong in Fort St. John
Described as British Columbia's Oil and Gas capital by the Real Estate Insider, Fort St. John has ranked third in the province on the Real Estate Investment Network's top 10 list of cities to invest in for residential development in 2013.
And As LNG continues to expand in the Peace region and more money is invested into the development of the industry so too does development expand within the Energetic City.
Greater Vancouver home sales reach highest level in three years
Home sales in Greater Vancouver increased 6.4% in June compared with one month prior, bringing the total number of sales to 2,921 ` the highest level in more than three years ` according to the Canadian Real Estate Association.
Greater Vancouver home sales comprised more than 40% of the provincial total of 7,221 sales, which was an increase of 2.8% compared with May. Nationally, prices increased 0.8%, with total here.
Vancouver-area home sales led nationwide gains in June
METRO VANCOUVER (NEWS1130) ` Metro Vancouver led the nation in home sales gains last month, according to an industry group.
The Canadian Real Estate Association says the nationwide increase was 11.2 per cent compared to a year earlier, led by Greater Vancouver (29.4%), the Fraser Valley (27%), Calgary, Toronto and Hamilton-Burlington.
Vancouver and Toronto home prices start to percolate again
Back when former finance minister Jim Flaherty moved to take some steam out of the market in mid-2012, he and economists expressed an especially high level of concern about two key areas: Vancouver, which had the most overvalued home prices in the country, and condos in Toronto, which were rapidly multiplying.
The cautionary comments from Mr. Flaherty and others, coupled with mortgage insurance rule changes that he imposed, fuelled a deceleration in both areas. But, as Bank of Montreal economist Robert Kavcic writes in a research note, they`re back.
The British Columbia Real Estate Association (BCREA) reports that a total of 8,989 residential sales were recorded by the Multiple Listing ServiceÂ (MLSÂ in June, up 24.9 per cent from June 2013.
Total sales dollar volume was $5 billion, an increase of 30.5 per cent compared to a year ago. The average MLSÂ residential price in the province rose to $556,977, up 4.5 per cent from the same month last year.
Controversial Vancouver highrise moves closer to breaking ground
A controversial condo development planned for Mount Pleasant is one step closer to reality after it was conditionally approved by the Vancouver development permit board.
Rize Alliance`s 21-storey tower at Kingsway and Broadway was given the green light after a meeting of the three-member board on Monday. The developer still needs to meet the board`s conditions and receive final council approval before it receives a building permit.