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June 2014 B.C. Economic Fundamentals

Discussion in 'BC News' started by Ally, Jun 1, 2014.

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    News articles for June 2014.
     
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    Prince Rupert and Exxon Mobile Canada explore potential development of LNG Export Facility





    PRINCE RUPERT
    - The City of Prince Rupert has entered into an option agreement for City-owned land with ExxonMobil Canada/Imperial Oil that will enable investigation of a potential LNG export facility on a large parcel of property on the Prince Rupert harbor north of the present town site.






    The City is pleased to work with major corporations interested in the possibility of investing directly in the City of Prince Rupert. The City, as land owner, will benefit greatly if the proponents` investigative results are positive.





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    Metro Vancouver industrial market spooked by growing glut





    Metro Vancouver`s industrial here.
     
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    Lower Mainland real estate sales trend continues to rise





    Property sales across the Lower Mainland continued at a rising pace in May, extending a trend of strengthening demand that began in the earlier months of 2013.





    In Metro Vancouver, excluding Surrey, realtors recorded 3,286 sales through the Multiple Listing Service in May, a 14-per-cent increase from the same month a year ago making it `the most active marketplace since the spring of 2011,` according to Real Estate Board of Greater Vancouver president Ray Harris.










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    Don't be shocked if Harper kills Northern Gateway





    Is Prime Minister Stephen Harper about to toss Enbridge under the bus? With a federal cabinet decision on the Northern Gateway pipeline project due any day, many British Columbians believe federal approval is inevitable. Yet signs now point to the Tories turning away from Enbridge`s troubled oil export proposal, in the hope it dies quietly before the next federal election.





    The Enbridge saga has been a long, costly lesson for the energy industry and the Conservative party. Sacrificing Northern Gateway would certainly annoy the state-owned Chinese oil companies that have bankrolled the proposal. However, the consequences of forcing it through could be worse, for the Canadian oilpatch, and for Conservative MPs seeking re-election in B.C.





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    Home buyer demand increases across Great Vancouver housing market





    The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,286 on the Multiple Listing Service (MLSÂ) in May 2014. This represents a 14 per cent increase compared to the 2,882 sales recorded in May 2013, and a 7.7 per cent increase compared to the 3,050 sales in April 2014. Last month`s sales were 6.5 per cent below the 10-year sales average for May of 3,514.





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    The high cost of housing in Northern BC





    Fort St. John has experienced a slight decrease in the affordability of homes since last year, according to a new report.





    The B.C. Northern Real Estate Board recently issued its annual affordable housing index. It indicated that the average home cost over $350,000, and that the percentage of household income when compared to the median income spent on homes was about 34.6 per cent.





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    BC mining industry climbing out of a dark hole





    While B.C. miners face an uncertain future, it pales in comparison with the challenges of the global industry, which saw its profits crushed in 2013, according to a new report from accounting and consulting firm PwC.





    The world`s top 40 mining companies lost $280 billion in capital value on stock markets last year and profits, at $20 billion, down 72 per cent, representing the lowest level in a decade, the report states.












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    Vancouver realtors say there hasn't been this much buyer demand in 3 years








    Vancouver sales jumped 14% last month compared to a year ago but still remain 6.5% below the 10-year sales average for the month of May.





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    Demand for Okanagan housing growing





    KELOWNA ` It is the kind of demand we haven`t seen in years. Driven by employment growth and an increasing population, demand for housing in BC is growing.





    In the Okanagan, builders are ramping up efforts to keep up.





    `We`re booming. We have not seen numbers like this since 2006 and 2007,` says Renee Wasylyk, CEO of Troika Group.





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    More looking for work leads to rise in Kamloop's unemployment rate





    The city`s jobless picture worsened in May, in part because more people are looking for work.





    Statistic Canada`s labour-force survey, released on Friday, June 6, pegged the unemployment rate in May at 7.4 per cent in Kamloops, which is up from 5.5 per cent in May 2013.





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    Facts and figures on the Northern Gateway Pipeline





    VANCOUVER ` Some facts about the Northern Gateway pipeline project:





    ` Its estimated cost is $7 billion and rising.





    `
    The 1,177-kilometre twin pipelines would run from Bruderheim, just outside Edmonton, to a tanker port in Kitimat, on the northern coast of B.C.





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    Aquilini Investment Group seeks to expand its empire to oil pipelines





    VANCOUVER ` In the bowels of the Standard Building on the edge of Vancouver`s trendy Gastown district, David Negrin and the Aquilini Investment Group Inc. are devising a way to accomplish what the Calgary-based energy industry has so far struggled to pull off: build an oil pipeline to Canada`s West Coast.





    It`s a quixotic plan that has elicited raised eyebrows in Canada`s oil capital next door.





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    May 2014 housing starts in Vancouver





    VANCOUVER, BRITISH COLUMBIA`(Marketwired ` June 9, 2014) -
    Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 19,001 units in May compared to 18,670 in April, 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.





    `Increased apartment construction in May contributed to a higher housing starts trend this month compared to April`s starts. The majority of May apartment starts were concentrated in the cities of Burnaby, Coquitlam and Richmond.` said Robyn Adamache, CMHC`s Senior Market Analyst for Vancouver.





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    Employment trends look good for Nanaimo





    Nanaimo job hunters could start to see more help wanted signs.





    That`s the view of Woody Hayes, spokesman for the Institute of Chartered Accountants of B.C., who is optimistic Nanaimo is on the cusp of a positive employment trend thanks to construction activity and foreign investment.





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    BC investing $2.14 million to put wood first





    The B.C. government is investing $2.14 million to advance the use of wood in British Columbia with a focus on expanding the use of wood in non-residential construction, strengthening manufacturing capabilities, and positioning B.C. as a global leader in wood design technologies.





    Funding is being provided to industry trade associations and research institutions with proven records in wood products marketing, training, wood products development and research. The funds are being distributed through the Wood First program, an initiative to grow the culture of wood throughout B.C. and to develop world-leading technologies and building systems that can be used to promote B.C. wood sales both at home and in foreign markets.





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    Prince George vacancy rate climbs





    Prince George, B.C. `It was easier to find a place to rent in Prince George in April of this compared to the same month a year ago.





    In April, the vacancy rate was 4.2%, up from the 2.6% rate recorded in April of 2013.





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    Rental vacancy rates move lower in BC





    According to Canada Mortgage and Housing Corporation's (CMHC) spring Rental Market Survey(1), the British Columbia apartment vacancy rate declined to 2.4 per cent in April 2014 from 3.5 per cent in April 2013.





    "In spring 2014, the downward pressure on vacancy rates came from a combination of increased rental demand which outpaced additions to rental supply," noted Carol Frketich, CMHC's BC Regional Economist. "This spring the rental market was significantly tighter than last spring as apartment vacancy rates moved lower in all but six of the province's 27 centres surveyed in April".





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    Vacancy rates in Fort St. John decline while Dawson Creek sees a rise





    The Canadian Mortgage and Housing Corporation has released their numbers from 2013-2014, showing a decline in apartment vacancy rates in Fort St. John and an increase in Dawson Creek.


    Here in Fort St. John, the vacancy rate dipped from 3.7 per cent to just 1.5 per cent, nearly a full percentage point below the provincial average of 2.4 per cent from 3.5 per cent.





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    Housing crunch continues in Terrace





    Just-released survey results from a federal housing agency continue to confirm what local residents have been sharing anecdotally for some time ` Terrace is still one of the toughest places in the province in which to find a rental.





    A report released June 11 by the Canadian Mortgage and Housing Corporation (CMHC) shows that Terrace has the second lowest vacancy rate in the province among communities with a population over 10,000.





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