July 2014 B.C. Economic Fundamentals

Ally

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#2
Economic growth accelerates in Nanaimo





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.





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Ally

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#3
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.












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Ally

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#4
Terrace on verge of $12 million land deal with Chinese industrial interests





The City of Terrace has announced it intends to sell two sections of land at the Skeena Industrial Development Park for almost $12 million to Chinese industrial interests.





According to Terrace mayor Dave Pernarowski, negotiations are coming to a head with business officials from the economic zone called Qinhuangdao on the east coast of China.





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Ally

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#5
BC is producing jobs, but too many of them are temporary





Job hunting just isn`t what it used to be ` temporary positions made up 40% of all jobs created in B.C. from 2009 to 2013, according to a new report from the Canadian Centre for Policy Alternatives.





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Ally

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#6
Stronger sales, higher prices expected in Lower Mainland and BC housing market





The housing market in British Columbia will post stronger sales and increasing prices over the next few years, according to here.
 

Ally

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#7
Opinion: Mark Prince Ruper the terminus





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.





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Ally

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#8
Boom times for Vancouver high-end real estate





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.









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#9
Prime Vancouver property designated flood plain





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.










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Ally

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#10
Aboriginal group on Vancouver Island signs deal for LNG project










A self-governing aboriginal group on Vancouver Island has signed a deal with a fledgling liquefied natural gas company in hopes of developing a massive project to export LNG to Asia.





Members of the Huu-ay-aht First Nations say they are eager to work with project leader Steelhead LNG Corp. to build an export terminal near Bamfield on the southwest side of Vancouver Island.





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Ally

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#11
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.





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Ally

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#12
More accountability wanted in real estate transactions





Critics are calling on the B.C. government to do a better job of protecting real estate buyers in light of the results of an investigation into here.
 

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#13
Fort St. John will need 'more of everything'





The recent Fort St. John Energy Expo gave an indication of an emerging northern B.C. boom town in the midst of the here.
 

Ally

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#14
50-Acre housing development underway in Chilliwack





When a stretch of trail through the woods near the Vedder River is completed in a couple weeks, it will be the most scenic detour in Chilliwack.





Frequent Rotary Trail users`and there are thousands of them`will have already noticed work in the forest near the river on a stretch east of Peach Road.





The work underway is being done by Canada Lands Company who are developing River's Edge, a 50-acre mixed housing development on a piece of untouched federal land along the Vedder River.





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Ally

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#15
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.
 

Ally

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#16
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.





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Ally

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#17
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.





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Ally

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#18
BC home sales higher in June





The British Columbia Real Estate Association (BCREA) reports that a total of 8,989 residential sales were recorded by the Multiple Listing Service (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.





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Ally

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#19
Buyer's market emerges in Metro Vancouver office market





Tenants are taking the driver`s seat in Metro Vancouver`s office sector as vacancy rates hit a nine-year high and lease rates fall, according to a report from here.
 

Ally

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#20
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.







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