June 2013 B.C. Economic Fundamentals

[REIN]

Burnaby and New West multi-family units selling best




Burnaby and New Westminster have the multi-family housing markets that Colliers International is most upbeat about in Metro Vancouver, according to a report the real-estate firm released May 17.










Those cities were the only ones in Metro Vancouver to receive what Colliers calls a `green light.` Every other city in the region received a `yellow light,` implying that participants proceed with more caution.





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[REIN]

BC, Alberta working together to create jobs



KELOWNA - Meeting on areas of common interest on economic growth and job creation, British Columbia Premier Christy Clark and Alberta Premier Alison Redford agreed to work together for the benefit of British Columbians and Albertans.





"Both Alberta and British Columbia benefit when we work together to grow the economy and create jobs," said Premier Clark. "As the economic powerhouses of Canada, it's in the national interest for us to succeed."





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[REIN]

Vancouver home resale numbers, prices were up in May




VANCOUVER (NEWS1130) ` Vancouver`s housing market correction might or might not be over, but May was a strong month for home resales and prices.




The Canadian Real Estate Association says May`s activity in Greater Vancouver boosted the national average resale home price for the first time since 2011. It says Vancouver had `exerted a downward pull` for almost two years.





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[REIN]

City commercial real estate rent controls pushed




Small-business owners want B.C.`s new Christy Clark government to intervene in the marketplace and limit rent increases on commercial properties.










The proposed changes to the province`s Commercial Tenancy Act would kick in when leases for small-business owners expire and would be aimed at providing property rent stability for independent businesses.





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[REIN]

Coal fight is classic BC battle




While those two oil pipeline proposals from Enbridge and Kinder Morgan have been hogging the limelight in recent months, another part of the energy debate is about to elbow its way onto the public stage.




That would be the issue of increased coal shipments through Metro Vancouver for export to Asia. It's a subject that is just heating up, as environmentalists turn their sights on a vital part of B.C.'s natural resource-based economy.





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[REIN]

Luxury Trump tower to rise above Vancouver



VANCOUVER ` Vancouver has become the next stop for real estate tycoon and reality television icon Donald Trump`s international hotel chain.




The 63-storey tower`s twisting design by now-deceased architect Arthur Erickson was originally meant for the cancelled Ritz-Carlton Hotel in the city`s downtown core.






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[REIN]

BC losing people to other provinces




VICTORIA ` More people continue to move from B.C. to other provinces than migrate west, according to the latest Statistics Canada estimates.










Quarterly Statistics Canada figures show a net loss of 1,611 people from B.C. to other provinces from January to March this year. That is the seventh straight quarter of net out-migration from B.C., with the last net increase of 73 people recorded in the April-June quarter of 2011.





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[REIN]

BC's economic growth to stagnate this year




B.C.`s economic growth in 2013 will not rise above its 2012 performance, RBC is reporting today.










B.C. and Alberta are the only provinces that RBC does not expect to see growth in provincial GDP. For B.C., RBC is forecasting provincial real growth of 1.6% in 2013, down from 1.8% in 2012.





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[REIN]

CMHC spring rental vacancy rates in BC





According to Canada Mortgage and Housing Corporation's (CMHC) spring Rental Market Survey(1), the British Columbia apartment vacancy rate was 3.5 per cent in April 2013.




"This spring rental market was stable compared to last spring. Vacancy rates at a provincial level, as well as in half of the centres surveyed, were mostly unchanged from last year," noted Carol Frketich, CMHC's BC Regional Economist.





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[REIN]

Vernon vacancy rate increases, but rents still expensive




The Canada Mortgage and Housing Corporation reports Vernon`s apartment vacancy rate went from 6.3 to 7.7 per cent from April 2012 to April 2013.










But the average monthly rent has gone from $709 to $714, and that is a concern for a city politician.





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[REIN]

Exxon joins LNG race in BC




The world`s largest energy company is joining the race to export liquefied natural gas from B.C. with a monster proposal that would process the equivalent of nearly one-third of Canada`s current daily production.




Exxon Mobil Corp. revealed its plans ` which include a capacity to export up to 30 million tonnes of LNG a year ` in an export application made this week to the National Energy Board.





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[REIN]

Vancouver's house prices won't tank




Don`t worry about alarmist economists ` those at the Organization for Economic Cooperation and Development, for example, or Nobel Prize-winner Paul Krugman ` who are predicting a real estate crash.




Because house prices in Canada are poised to edge up, not plunge down, according to a new analysis from the Conference Board of Canada. And Vancouver ` despite having the highest real estate prices in the country, and despite being the target of incessant warnings from worrywarts who see a bubble poised to pop ` will turn out to be one of the most resilient markets of all.





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