June 2012 Maritime Economic Fundamentals
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North-end Halifax group loses appeal of nine-story condo project
The provincial regulator has dismissed an appeal by neighbours opposed to a nine-storey condominium building proposed for the site of a former north-end Halifax church.
The Nova Scotia Utility and Review Board has cleared the way for a condo project on the former St. Joseph`s Church site, which fronts Gottingen Street and borders Kaye and Russell streets.
To succeed in the appeal, longtime area residents John and Andrea Murphy and Rob and Lois Randall needed to prove the development didn`t comply with a section of the Municipal Planning Strategy which deals with neighbourhood stability.
Read the full article here.
The provincial regulator has dismissed an appeal by neighbours opposed to a nine-storey condominium building proposed for the site of a former north-end Halifax church.
The Nova Scotia Utility and Review Board has cleared the way for a condo project on the former St. Joseph`s Church site, which fronts Gottingen Street and borders Kaye and Russell streets.
To succeed in the appeal, longtime area residents John and Andrea Murphy and Rob and Lois Randall needed to prove the development didn`t comply with a section of the Municipal Planning Strategy which deals with neighbourhood stability.
Read the full article here.
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Nova Scotia poised to make economic case for immigration changes
[SYDNEY, NS] ` The provincial government`s ambitious plans to double the number of settled immigrants in Nova Scotia by 2020 won`t materialize without restrictions being lifted by the federal government.
Provincial and territorial ministers of immigration will meet with their federal counterpart Jason Kenney later this month in Toronto.
While there, Nova Scotia`s minister Marilyn More will press her case to have Ottawa remove the cap on the number of applications from immigrants wanting access to the provincial nominee program.
Read the full article here.
[SYDNEY, NS] ` The provincial government`s ambitious plans to double the number of settled immigrants in Nova Scotia by 2020 won`t materialize without restrictions being lifted by the federal government.
Provincial and territorial ministers of immigration will meet with their federal counterpart Jason Kenney later this month in Toronto.
While there, Nova Scotia`s minister Marilyn More will press her case to have Ottawa remove the cap on the number of applications from immigrants wanting access to the provincial nominee program.
Read the full article here.
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Canada's massive shipbuilding plan heading for stormy seas
On a warm but cloudy afternoon at the beginning of May, Prime Minister Stephen Harper participated in the unveiling of a new monument for the Royal Canadian Navy. Erected within sight of Parliament Hill and symbolically surrounded on three sides by the Ottawa River, the monument was being dedicated to the hundreds of thousands of sailors who have served in the navy during its 112-year history.
"Surrounded as we are by three oceans, it can truly be said that Canada and its economy float on salt water," the prime minister said. "Such a nation must have a navy. A navy that serves, a navy that protects."
The Conservative government has committed $35 billion over 20 years to the largest and most extensive overhaul of Canada's navy and Coast Guard in more than a generation.
Read the full article here.
On a warm but cloudy afternoon at the beginning of May, Prime Minister Stephen Harper participated in the unveiling of a new monument for the Royal Canadian Navy. Erected within sight of Parliament Hill and symbolically surrounded on three sides by the Ottawa River, the monument was being dedicated to the hundreds of thousands of sailors who have served in the navy during its 112-year history.
"Surrounded as we are by three oceans, it can truly be said that Canada and its economy float on salt water," the prime minister said. "Such a nation must have a navy. A navy that serves, a navy that protects."
The Conservative government has committed $35 billion over 20 years to the largest and most extensive overhaul of Canada's navy and Coast Guard in more than a generation.
Read the full article here.
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Nova Scotia unemployment level spikes again
Nova Scotia's unemployment rate surged to 9.2 per cent in May, the highest level since July 2009 and the third month in a row the province`s jobless rate has worsened.
Statistics Canada`s latest labour force survey released Friday painted a bleak picture of Nova Scotia`s job market.
The unemployment rate remained stuck above the national average, which stayed steady at 7.3 per cent in May after two months of strong gains.
And while the jobless rate in Nova Scotia continues to be the lowest in the Atlantic region, both New Brunswick and Newfoundland and Labrador posted job gains last month.
Charles Cirtwill, president and CEO of the Atlantic Institute for Market Studies, said the modest growth in other Atlantic provinces reflects a friendlier business environment and lower taxes.
Read the full article here.
Nova Scotia's unemployment rate surged to 9.2 per cent in May, the highest level since July 2009 and the third month in a row the province`s jobless rate has worsened.
Statistics Canada`s latest labour force survey released Friday painted a bleak picture of Nova Scotia`s job market.
The unemployment rate remained stuck above the national average, which stayed steady at 7.3 per cent in May after two months of strong gains.
And while the jobless rate in Nova Scotia continues to be the lowest in the Atlantic region, both New Brunswick and Newfoundland and Labrador posted job gains last month.
Charles Cirtwill, president and CEO of the Atlantic Institute for Market Studies, said the modest growth in other Atlantic provinces reflects a friendlier business environment and lower taxes.
Read the full article here.
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Investing in Inverness, Cape Breton, Nova Scotia
"This was a pretty tough town in the past," says Sherry MacLeod, broker/ owner of Cape Breton Realty and Centum Causeway Mortgages Beautiful Shorelines. "With the closing of the steel plant and the fall in the fisheries, this community has been deeply depressed for several years. Plywood on many businesses in the community is still visible although there is constant work going on along the lovely shoreline in the village.
The surrounding area of Inverness was farms years ago, and is mostly vacant land which is treed today." Since that time various attempts have been made to revitalize the economy.
The base economy in the area is lobster and crab fishing and the seasonal tourism industry. In recent years, the area has also seen some new infrastructure, including its local hospital, which has undergone a $23-million upgrade, a new full-care facility for seniors, a new high school, new recreation facilities like a first-class ball field, a community cultural and arts centre as well as new street lighting and sidewalks. "The quaint little village will be popular, as well as its surroundings along the coast," says MacLeod.
Read the full article here.
"This was a pretty tough town in the past," says Sherry MacLeod, broker/ owner of Cape Breton Realty and Centum Causeway Mortgages Beautiful Shorelines. "With the closing of the steel plant and the fall in the fisheries, this community has been deeply depressed for several years. Plywood on many businesses in the community is still visible although there is constant work going on along the lovely shoreline in the village.
The surrounding area of Inverness was farms years ago, and is mostly vacant land which is treed today." Since that time various attempts have been made to revitalize the economy.
The base economy in the area is lobster and crab fishing and the seasonal tourism industry. In recent years, the area has also seen some new infrastructure, including its local hospital, which has undergone a $23-million upgrade, a new full-care facility for seniors, a new high school, new recreation facilities like a first-class ball field, a community cultural and arts centre as well as new street lighting and sidewalks. "The quaint little village will be popular, as well as its surroundings along the coast," says MacLeod.
Read the full article here.
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The marvel of Moncton
Located at the hub of the Maritime provinces, Moncton, New Brunswick, enjoys a strategic position in the centre of the Atlantic Trade Gateway.
That spot has helped the region become a transportation and distribution hub for road, rail and air cargo. In fact, in the 70s and 80s, CN Rail called Moncton home and set up its headquarters in the pretty province, which was a huge driver in the area's economy and vitality.
So when CN closed its doors, the city of Moncton was hit hard.
Read the full article here.
Located at the hub of the Maritime provinces, Moncton, New Brunswick, enjoys a strategic position in the centre of the Atlantic Trade Gateway.
That spot has helped the region become a transportation and distribution hub for road, rail and air cargo. In fact, in the 70s and 80s, CN Rail called Moncton home and set up its headquarters in the pretty province, which was a huge driver in the area's economy and vitality.
So when CN closed its doors, the city of Moncton was hit hard.
Read the full article here.
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43-unit apartment building proposed for Primrose Street in Dartmouth
A new four-storey apartment building is being proposed in Dartmouth.
An application to consolidate 72 and 74 Primrose St., which are currently vacant lots at the Crystal Drive intersection near Albro Lake, and build a 43-unit building has been submitted to the city.
The building would feature primarily one-bedroom apartments, with five appliances, larger balconies and larger windows than currently exist in the area, said K.J. Gandhi, of Innovation Architects, who worked on the project.
Read the full article here.
A new four-storey apartment building is being proposed in Dartmouth.
An application to consolidate 72 and 74 Primrose St., which are currently vacant lots at the Crystal Drive intersection near Albro Lake, and build a 43-unit building has been submitted to the city.
The building would feature primarily one-bedroom apartments, with five appliances, larger balconies and larger windows than currently exist in the area, said K.J. Gandhi, of Innovation Architects, who worked on the project.
Read the full article here.
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Shipyard project may shrink
Ottawa`s budgetary crunch could mean a scaled-back Halifax shipbuilding project, defence analysts say.
The federal government`s austerity measures, which are forcing the Department of National Defence to shed $2-billion from its budget, could translate into fewer dollars for the federal shipbuilding strategy.
Defence experts say that could take some wind out of the sails of Halifax`s Irving Shipbuilding yard. Last fall it won the combatant portion of the navy`s 30-year shipbuilding program, once valued at $25 billion.
`Something has to give,` said defence expert Dan Middlemiss, a former Dalhousie University professor. `There`s less money. We`re going to see a delay or fewer of them (warships).`
Read the full article here.
Ottawa`s budgetary crunch could mean a scaled-back Halifax shipbuilding project, defence analysts say.
The federal government`s austerity measures, which are forcing the Department of National Defence to shed $2-billion from its budget, could translate into fewer dollars for the federal shipbuilding strategy.
Defence experts say that could take some wind out of the sails of Halifax`s Irving Shipbuilding yard. Last fall it won the combatant portion of the navy`s 30-year shipbuilding program, once valued at $25 billion.
`Something has to give,` said defence expert Dan Middlemiss, a former Dalhousie University professor. `There`s less money. We`re going to see a delay or fewer of them (warships).`
Read the full article here.
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Uncertainty over taxes, wood fibre keeps paper plant in limbo
The wait continues for a definitive decision on the future of the NewPage Port Hawkesbury paper plant.
So far, the would-be owner of the paper mill, Pacific West Commercial Corp., has negotiated a tough new tentative contract with the Communications, Energy and Paperworkers, Local 972, ` contingent upon the plant reopening.
Pacific West, a subsidiary of Stern Partners of Vancouver, has also reached an arrangement with Nova Scotia Power whereby the power company would receive about $1 billion in tax losses, currently held by the paper mill, in exchange for a discount on its electricity bill for the next 10 years.
Read the full article here.
The wait continues for a definitive decision on the future of the NewPage Port Hawkesbury paper plant.
So far, the would-be owner of the paper mill, Pacific West Commercial Corp., has negotiated a tough new tentative contract with the Communications, Energy and Paperworkers, Local 972, ` contingent upon the plant reopening.
Pacific West, a subsidiary of Stern Partners of Vancouver, has also reached an arrangement with Nova Scotia Power whereby the power company would receive about $1 billion in tax losses, currently held by the paper mill, in exchange for a discount on its electricity bill for the next 10 years.
Read the full article here.
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Ottawa: Ship deal isn't leaking
OTTAWA ` The value of the Halifax Shipyard`s shipbuilding contract will absolutely not decrease, the federal government insists.
Some military analysts have speculated the $35-billion shipbuilding procurement strategy ` of which the largest contract, $25 billion, was awarded to Halifax in October ` has hit a wall. No final contracts have been signed.
This, combined with $2 billion being cut from the Defence Department budget, has fuelled speculation that the shipbuilding project will be scaled back.
Read the full article here.
OTTAWA ` The value of the Halifax Shipyard`s shipbuilding contract will absolutely not decrease, the federal government insists.
Some military analysts have speculated the $35-billion shipbuilding procurement strategy ` of which the largest contract, $25 billion, was awarded to Halifax in October ` has hit a wall. No final contracts have been signed.
This, combined with $2 billion being cut from the Defence Department budget, has fuelled speculation that the shipbuilding project will be scaled back.
Read the full article here.
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Apartment vacancy rates rise in Nova Scotia, expcept in Truro area
Apartment vacancy rates remained relatively stable in Halifax this spring.
They went up almost everywhere else, with the exception of Truro.
According to the spring 2012 rental market survey, released Tuesday by the Canada Mortgage and Housing Corp., the vacancy rate in the Halifax census metropolitan area was 3.2 per cent in April, statistically unchanged from the 2.8 per cent rate in April 2011.
With 41,010 units as of April, Halifax represents 84 per cent of the provincial rental market.
Read the full article here.
Apartment vacancy rates remained relatively stable in Halifax this spring.
They went up almost everywhere else, with the exception of Truro.
According to the spring 2012 rental market survey, released Tuesday by the Canada Mortgage and Housing Corp., the vacancy rate in the Halifax census metropolitan area was 3.2 per cent in April, statistically unchanged from the 2.8 per cent rate in April 2011.
With 41,010 units as of April, Halifax represents 84 per cent of the provincial rental market.
Read the full article here.
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Halifax rents could rise with building challenge
Rents in Halifax could rise as the city`s booming construction industry grapples with a labour shortage, industry experts say.
John Volcko, vice-president and district manager for PCL Constructors Canada Inc., said the shortage of skilled workers is `extraordinarily serious` for the construction industry.
`The pace and number of projects that will be delivered is actually going to be limited by the amount of labour that is available so it`s a very serious issue,` he said following a presentation at the Atlantic Provinces Economic Council major projects conference Tuesday.
Volcko is optimistic there are solutions to the looming labour shortage, including encouraging more young people to take up a trade and expanding community college programs and apprenticeships.
Read the full article here.
Rents in Halifax could rise as the city`s booming construction industry grapples with a labour shortage, industry experts say.
John Volcko, vice-president and district manager for PCL Constructors Canada Inc., said the shortage of skilled workers is `extraordinarily serious` for the construction industry.
`The pace and number of projects that will be delivered is actually going to be limited by the amount of labour that is available so it`s a very serious issue,` he said following a presentation at the Atlantic Provinces Economic Council major projects conference Tuesday.
Volcko is optimistic there are solutions to the looming labour shortage, including encouraging more young people to take up a trade and expanding community college programs and apprenticeships.
Read the full article here.
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Nova Scotia economy to pick up in 2013, RBC forecasts
Nova Scotia will have one of the slowest-growing economies in Canada in 2012, according to Royal Bank.
But in its latest provincial forecast, which was released Tuesday, the bank predicts that Nova Scotia will outperform the national average in 2013 as a series of new megaprojects spur growth.
`2012 will be a bit of a transition year,` Robert Hogue, senior economist with RBC Economics, said in an interview Tuesday. `But we`re expecting things to improve.`
Read the full article here.
Nova Scotia will have one of the slowest-growing economies in Canada in 2012, according to Royal Bank.
But in its latest provincial forecast, which was released Tuesday, the bank predicts that Nova Scotia will outperform the national average in 2013 as a series of new megaprojects spur growth.
`2012 will be a bit of a transition year,` Robert Hogue, senior economist with RBC Economics, said in an interview Tuesday. `But we`re expecting things to improve.`
Read the full article here.
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Halifax housing market stays strong
The flurry of sales activity that followed the billion-dollar shipbuilding announcement may be cooling off, but Halifax`s housing market remains strong.
A new report by the Canada Mortgage and Housing Corp. says positive economic activity, a growing population and low interest rates will lead to solid housing demand throughout 2012.
`Increases in economic growth and employment, along with positive migration to the city, will support demand for all types of housing in Halifax over the forecast period,` said Matthew Gilmore, a senior market analyst with the national housing agency, in an interview Thursday.
Read the full article here.
The flurry of sales activity that followed the billion-dollar shipbuilding announcement may be cooling off, but Halifax`s housing market remains strong.
A new report by the Canada Mortgage and Housing Corp. says positive economic activity, a growing population and low interest rates will lead to solid housing demand throughout 2012.
`Increases in economic growth and employment, along with positive migration to the city, will support demand for all types of housing in Halifax over the forecast period,` said Matthew Gilmore, a senior market analyst with the national housing agency, in an interview Thursday.
Read the full article here.
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Executive action for Queens
LIVERPOOL ` A former executive with Emera and Aliant will lead the an economic transition initiative for Queens County in the wake of Bowater Mersey`s closure.
The appointment of Ron Smith, who also heads the Nova Scotia Jobs Fund board and serves on the Canada Pension Plan Investment Board, was announced Sunday afternoon.
His job will be to get Queens County residents talking about their ideas for economic opportunities, whether those possibilities be in the forestry sector or other industries. The goal is to keep people working and living in the area.
`I think it`s wonderful,` Doug Adams, deputy mayor of the Region of Queens Municipality, said after hearing of Smith`s accomplishments.
Read the full article here.
LIVERPOOL ` A former executive with Emera and Aliant will lead the an economic transition initiative for Queens County in the wake of Bowater Mersey`s closure.
The appointment of Ron Smith, who also heads the Nova Scotia Jobs Fund board and serves on the Canada Pension Plan Investment Board, was announced Sunday afternoon.
His job will be to get Queens County residents talking about their ideas for economic opportunities, whether those possibilities be in the forestry sector or other industries. The goal is to keep people working and living in the area.
`I think it`s wonderful,` Doug Adams, deputy mayor of the Region of Queens Municipality, said after hearing of Smith`s accomplishments.
Read the full article here.
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Brighton: Biomass plant faces green test
Until Saturday, the Bowater Mersey mill was Nova Scotia Power`s second-biggest customer.
Losing that load will force a major realignment of supply and demand and a reallocation of costs onto already burdened ratepayers.
It will also require a rebalancing of the mix of fossil fuels and renewable energy sources used to generate electricity, as demand goes down and the supply of wind power goes up.
The biomass plant being readied at the Point Tupper mill is an essential part of this puzzle.
Read the full article here.
Until Saturday, the Bowater Mersey mill was Nova Scotia Power`s second-biggest customer.
Losing that load will force a major realignment of supply and demand and a reallocation of costs onto already burdened ratepayers.
It will also require a rebalancing of the mix of fossil fuels and renewable energy sources used to generate electricity, as demand goes down and the supply of wind power goes up.
The biomass plant being readied at the Point Tupper mill is an essential part of this puzzle.
Read the full article here.
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Saint John home sales edge back in May
Residential sales activity reported through the MLSÂ System of the Saint John Real Estate Board numbered 154 units in May 2012. This was a decrease of 11 per cent from the same month in 2011. Home sales in all of New Brunswick edged down half of one per cent compared to May 2011.
`The volatility that`s characterized the resale housing market in the region so far this year continued in May, with sales slowing back down following the strong gain posted in April.` said Jason Stephen, President of the Saint John Real Estate Board. `That said, the solid performances in February and April are keeping year-to-date activity ahead of last year`s levels. A total of 670 homes have traded hands so far this year. That`s still running four per cent ahead of the first five months of 2011.`
Read the full article here.
Residential sales activity reported through the MLSÂ System of the Saint John Real Estate Board numbered 154 units in May 2012. This was a decrease of 11 per cent from the same month in 2011. Home sales in all of New Brunswick edged down half of one per cent compared to May 2011.
`The volatility that`s characterized the resale housing market in the region so far this year continued in May, with sales slowing back down following the strong gain posted in April.` said Jason Stephen, President of the Saint John Real Estate Board. `That said, the solid performances in February and April are keeping year-to-date activity ahead of last year`s levels. A total of 670 homes have traded hands so far this year. That`s still running four per cent ahead of the first five months of 2011.`
Read the full article here.
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Downtown investment could be a huge boon for Halifax
Neptune Theatre played host to a lecture on the findings of a study initially released in May called `The Value of Investing in Canadian Downtowns,` which looked at 10 urban centres, including Halifax.
Katherine Morton who was one of the researchers for the study presented some of the findings to an audience of about 75, which included councillors, mayoral candidates and urban advocates.
`It`s such an urban nation, we really have to look at cities, what makes them great, what makes them successful and really thinking about them in detail,` said Morton.
Read the full article here.
Neptune Theatre played host to a lecture on the findings of a study initially released in May called `The Value of Investing in Canadian Downtowns,` which looked at 10 urban centres, including Halifax.
Katherine Morton who was one of the researchers for the study presented some of the findings to an audience of about 75, which included councillors, mayoral candidates and urban advocates.
`It`s such an urban nation, we really have to look at cities, what makes them great, what makes them successful and really thinking about them in detail,` said Morton.
Read the full article here.
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$25B Halifax contract attracts alternative lenders
Equitable has served borrowers in other parts of the country for more than 40 years and now it`s time to bring our specialized mortgage solutions to Atlantic Canada,` said company president and CEO Andrew Moor. `The reason to start now is clear: The Greater Halifax Area has enormous development potential. Not only is it an economic powerhouse today, it has the business, government and social assets that will drive the success of the entire province in the years ahead.`
He`s not only one looking at the HRM through a fresh set of eyes.
Mortgage brokers in the area are already grappling with an influx of property investors from outside Nova Scotia looking to ferret out opportunities stemming from a federal contract for the Irving family`s Halifax Shipyard.
The idea is to purchase and, in some cases, build single- and multi-family properties to accommodate the hundreds of workers needed to build the facility.
Read the full article here.
Equitable has served borrowers in other parts of the country for more than 40 years and now it`s time to bring our specialized mortgage solutions to Atlantic Canada,` said company president and CEO Andrew Moor. `The reason to start now is clear: The Greater Halifax Area has enormous development potential. Not only is it an economic powerhouse today, it has the business, government and social assets that will drive the success of the entire province in the years ahead.`
He`s not only one looking at the HRM through a fresh set of eyes.
Mortgage brokers in the area are already grappling with an influx of property investors from outside Nova Scotia looking to ferret out opportunities stemming from a federal contract for the Irving family`s Halifax Shipyard.
The idea is to purchase and, in some cases, build single- and multi-family properties to accommodate the hundreds of workers needed to build the facility.
Read the full article here.