March 2010
- Thread starter Ally
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Harper, Campbell announces 15 new B.C. transportation projects
Fifteen new transportation infrastructure projects in B.C. worth $33 million were announced in Vancouver Monday by Prime Minister Stephen Harper and Premier Gordon Campbell.
The projects include $13 million for a Highway 99 rapid bus lane in Surrey, $4.8 million for an overpass on Highway 17 in Delta at 28th Avenue, $3.1 million for a Knight Street bridge seismic upgrade, and about $1 million for the Florence Lake forest service road in the Mission area.
The projects will provide a "safer, more efficient transportation network," Harper said at a news conference. "It`s a tribute to the outstanding cooperation of the local, provincial and federal governments."
The projects across the province will improve highways and provide benefits to businesses and communities, the prime minister added.
Campbell said that the investment is important because it will enhance critical transportation infrastructure across B.C. and "put people back to work, creating about 220 more direct jobs and building confidence in our communities."
Read the full article here.
Fifteen new transportation infrastructure projects in B.C. worth $33 million were announced in Vancouver Monday by Prime Minister Stephen Harper and Premier Gordon Campbell.
The projects include $13 million for a Highway 99 rapid bus lane in Surrey, $4.8 million for an overpass on Highway 17 in Delta at 28th Avenue, $3.1 million for a Knight Street bridge seismic upgrade, and about $1 million for the Florence Lake forest service road in the Mission area.
The projects will provide a "safer, more efficient transportation network," Harper said at a news conference. "It`s a tribute to the outstanding cooperation of the local, provincial and federal governments."
The projects across the province will improve highways and provide benefits to businesses and communities, the prime minister added.
Campbell said that the investment is important because it will enhance critical transportation infrastructure across B.C. and "put people back to work, creating about 220 more direct jobs and building confidence in our communities."
Read the full article here.
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B.C. budget keeps tight lid on all spending except health and education
VICTORIA — British Columbia will return to balanced budgets within three years by clamping down on virtually all spending except that on healthcare and education, Finance Minster Colin Hansen announced Tuesday.
With the province anticipating a return to modest growth this year, Hansen introduced a no-surprises budget that increases spending on healthcare this year by $750 million, and on education by $140 million.
But to make good on the province`s promise of emerging from the red by 2013-14, the government has imposed a virtual freeze on other spending, has introduced no new tax cuts and is projecting a more than 10 per cent reduction in the civil service over the next three years.
"Unlike other provinces that, in these past few months have seen their budget deficits increase significantly, we have approached the development of this budget with the determination that we are going to get this province back out of the red ink at the earliest opportunity," Hansen said Tuesday.
Hansen added that despite continued uncertainty, he is sure that a full economic recovery can be achieved through a mix of "prudent planning and careful management."
Read the full article here.
VICTORIA — British Columbia will return to balanced budgets within three years by clamping down on virtually all spending except that on healthcare and education, Finance Minster Colin Hansen announced Tuesday.
With the province anticipating a return to modest growth this year, Hansen introduced a no-surprises budget that increases spending on healthcare this year by $750 million, and on education by $140 million.
But to make good on the province`s promise of emerging from the red by 2013-14, the government has imposed a virtual freeze on other spending, has introduced no new tax cuts and is projecting a more than 10 per cent reduction in the civil service over the next three years.
"Unlike other provinces that, in these past few months have seen their budget deficits increase significantly, we have approached the development of this budget with the determination that we are going to get this province back out of the red ink at the earliest opportunity," Hansen said Tuesday.
Hansen added that despite continued uncertainty, he is sure that a full economic recovery can be achieved through a mix of "prudent planning and careful management."
Read the full article here.
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B.C. budget highlights
News alert: The B.C. government plans to spend more on education and health and less on their ministries, notably the Ministry of Forests
THE ECONOMY:
• The B.C. government is using conservative economic growth numbers of 2.2 per cent for 2010, 2.3 in 2011 and 2.8 in 2012-2014. The province`s economic forecast council has predicted higher rates of growth in gross domestic product of 2.9, 3.1 and 3.0 per cent, respectively.
• The government still aims for a balanced budget by 2013-2014. In the meantime, expect deficits of $2.8 billion in 2009-2010, $1.7 billion in 2010-2011, $945 million in 2011-2012 and $145 million in 2012-2013
• The total provincial debt is forecast to be $47.8 billion in 2010-2011, $52.4 billion in 2011-2012 and $55.9 billion in 2012-13.
• Total revenue is forecast to be $39.2 billion in 2010-11, $41 billion in 2011-12 and $42.8 billion in 2012-2013.
Read the full article here.
News alert: The B.C. government plans to spend more on education and health and less on their ministries, notably the Ministry of Forests
THE ECONOMY:
• The B.C. government is using conservative economic growth numbers of 2.2 per cent for 2010, 2.3 in 2011 and 2.8 in 2012-2014. The province`s economic forecast council has predicted higher rates of growth in gross domestic product of 2.9, 3.1 and 3.0 per cent, respectively.
• The government still aims for a balanced budget by 2013-2014. In the meantime, expect deficits of $2.8 billion in 2009-2010, $1.7 billion in 2010-2011, $945 million in 2011-2012 and $145 million in 2012-2013
• The total provincial debt is forecast to be $47.8 billion in 2010-2011, $52.4 billion in 2011-2012 and $55.9 billion in 2012-13.
• Total revenue is forecast to be $39.2 billion in 2010-11, $41 billion in 2011-12 and $42.8 billion in 2012-2013.
Read the full article here.
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The new HST comes with some side effects
When the provincial government introduces its harmonized sales tax in July, it will come with some side effects.
For example, those thinking they may get a break on their liquor bills -- liquor is now taxed at 10 per cent -- will be disappointed.
To cover the difference between the current rate and the province`s seven-per-cent portion of the HST, provincial markups on liquor will be increased so shelf prices remain the same, along with government revenues from liquor.
People selling cars or boats or even planes through Craigslist or other means rather than through a dealer will be taxed at 12 per cent starting July 1, up from the current rate of seven per cent.
While private sales of vehicles, boats and aircraft now are subject to the provincial sales tax, they aren`t subject to the federal goods and services tax and so under the new combined HST would have been tax-exempt.
Read the full article here.
When the provincial government introduces its harmonized sales tax in July, it will come with some side effects.
For example, those thinking they may get a break on their liquor bills -- liquor is now taxed at 10 per cent -- will be disappointed.
To cover the difference between the current rate and the province`s seven-per-cent portion of the HST, provincial markups on liquor will be increased so shelf prices remain the same, along with government revenues from liquor.
People selling cars or boats or even planes through Craigslist or other means rather than through a dealer will be taxed at 12 per cent starting July 1, up from the current rate of seven per cent.
While private sales of vehicles, boats and aircraft now are subject to the provincial sales tax, they aren`t subject to the federal goods and services tax and so under the new combined HST would have been tax-exempt.
Read the full article here.
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Owners with children can defer property taxes
As announced in the throne speech last month, homeowners with children under 18 will be allowed to defer their property taxes, an option that people over 55 or in financial hardship already have.
Under the program, a homeowner can postpone paying property tax if he or she financially supports at least one child under the age of 18 and there is at least 15 per cent equity in the home. The owner must have lived in the province for at least a year before applying and must have fire insurance on the home
Read the full article here.
As announced in the throne speech last month, homeowners with children under 18 will be allowed to defer their property taxes, an option that people over 55 or in financial hardship already have.
Under the program, a homeowner can postpone paying property tax if he or she financially supports at least one child under the age of 18 and there is at least 15 per cent equity in the home. The owner must have lived in the province for at least a year before applying and must have fire insurance on the home
Read the full article here.
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Lower Mainland markets balance out
Lower Mainland real estate markets were busier in February than realtors expected, considering the distraction of the Olympic Games.
Reports from the region`s major real estate boards also indicate that what had been sellers` markets eased into a balanced state or even buyers` markets. Metro Vancouver`s key real estate board recorded 2,473 sales in February, nearly 30-per-cent higher than January and dramatically higher than the 1,480 sales seen in February a year ago.
Metro Vancouver`s market slid solidly into balanced territory in February for the first time since last spring, when considering sales both as a proportion of new February listings and as a proportion of overall inventory, Robyn Adamache, a senior market analyst for Canada Mortgage and Housing Corp, said in an interview.
With an inventory of 11,346 unsold homes in February, the proportion of sales compared with total listings puts Metro Vancouver into balanced-market territory.
"The number of sales [in February], on a seasonally adjusted basis, trended lower," Adamache said. "That would be the second month we`ve seen that."
Read the full article here.
Lower Mainland real estate markets were busier in February than realtors expected, considering the distraction of the Olympic Games.
Reports from the region`s major real estate boards also indicate that what had been sellers` markets eased into a balanced state or even buyers` markets. Metro Vancouver`s key real estate board recorded 2,473 sales in February, nearly 30-per-cent higher than January and dramatically higher than the 1,480 sales seen in February a year ago.
Metro Vancouver`s market slid solidly into balanced territory in February for the first time since last spring, when considering sales both as a proportion of new February listings and as a proportion of overall inventory, Robyn Adamache, a senior market analyst for Canada Mortgage and Housing Corp, said in an interview.
With an inventory of 11,346 unsold homes in February, the proportion of sales compared with total listings puts Metro Vancouver into balanced-market territory.
"The number of sales [in February], on a seasonally adjusted basis, trended lower," Adamache said. "That would be the second month we`ve seen that."
Read the full article here.
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Rig activity on the mend in Western Canada
CALGARY - Dire predictions of low drilling activity in Western Canada to start the year have faded, with rig utilization averaging a strong 60 per cent for January and February, according to an industry association.
Last fall, the Canadian Association of Oilwell Drilling Contractors had forecast a rather bleak 40 per cent utilization rate for the first quarter, traditionally the busiest time of the year for drilling.
But a surge in crude prices last year pushed up activity in the oilpatch and spilled into 2010. The number of active rigs peaked at the beginning of February at 520 out of 802 rigs, or 64.5 per cent, compared with a year prior, when rates were around 47 per cent.
"This is starting to look a lot more like a typical year," said association president Don Herring. "We can expect to go into breakup any time now, but it won`t be a premature break up like last year that came solely as a result of financial issues."
Poor prices and soft demand due to the recession pulled down drilling to decade-low levels in 2009. In addition to the continental and global factors pressuring activity in Alberta, new royalty rates were instituted that hit producers in already hurting pockets.
Read the full article here.
CALGARY - Dire predictions of low drilling activity in Western Canada to start the year have faded, with rig utilization averaging a strong 60 per cent for January and February, according to an industry association.
Last fall, the Canadian Association of Oilwell Drilling Contractors had forecast a rather bleak 40 per cent utilization rate for the first quarter, traditionally the busiest time of the year for drilling.
But a surge in crude prices last year pushed up activity in the oilpatch and spilled into 2010. The number of active rigs peaked at the beginning of February at 520 out of 802 rigs, or 64.5 per cent, compared with a year prior, when rates were around 47 per cent.
"This is starting to look a lot more like a typical year," said association president Don Herring. "We can expect to go into breakup any time now, but it won`t be a premature break up like last year that came solely as a result of financial issues."
Poor prices and soft demand due to the recession pulled down drilling to decade-low levels in 2009. In addition to the continental and global factors pressuring activity in Alberta, new royalty rates were instituted that hit producers in already hurting pockets.
Read the full article here.
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HST will create 113,000 new jobs
The introduction of a harmonized sales tax in British Columbia will lead to the creation of 113,000 jobs within the next decade, a government-commissioned report to be released today has found.
"The tax reforms about to be implemented in British Columbia will have a profound effect on capital investment, jobs, and incomes in the province, representing a giant leap toward its becoming one of the most competitive economies in the world," read an advance copy of the report provided to The Vancouver Sun.
The report was done for the provincial government by Jack Mintz, chair in public policy at the University of Calgary, an independent fiscal and tax policy specialist and a former president of the C.D. Howe Institute.
It comes amid public backlash over the new tax -- which will come into effect on July 1, and will combine the seven-per-cent PST with the five-percent GST -- and just days after the government announced plans to link money collected from the HST with that spent on health care.
In the report, Mintz said the move to an HST will significantly lower barriers to investment and, by the end of the decade, will account for an extra $11.5 billion in capital investment by companies in B.C.
Read the full article here.
The introduction of a harmonized sales tax in British Columbia will lead to the creation of 113,000 jobs within the next decade, a government-commissioned report to be released today has found.
"The tax reforms about to be implemented in British Columbia will have a profound effect on capital investment, jobs, and incomes in the province, representing a giant leap toward its becoming one of the most competitive economies in the world," read an advance copy of the report provided to The Vancouver Sun.
The report was done for the provincial government by Jack Mintz, chair in public policy at the University of Calgary, an independent fiscal and tax policy specialist and a former president of the C.D. Howe Institute.
It comes amid public backlash over the new tax -- which will come into effect on July 1, and will combine the seven-per-cent PST with the five-percent GST -- and just days after the government announced plans to link money collected from the HST with that spent on health care.
In the report, Mintz said the move to an HST will significantly lower barriers to investment and, by the end of the decade, will account for an extra $11.5 billion in capital investment by companies in B.C.
Read the full article here.
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Aaron: Victory for non-smoking condo couple in B.C.
A decision of the British Columbia Human Rights Tribunal late last year could have an enormous effect on owners and occupants of condominiums and rental apartments across Canada in the coming months.
Paul and Rose Kabatoff live in a suite in an attractive three-storey condominium building in Langley, B.C. They both have a number of health problems including respiratory illnesses and allergies that are negatively affected by second-hand cigarette smoke.
In August 2008, smokers moved into the suite below their own. The Kabatoffs appealed for help to their condominium corporation (known in B.C. as a strata corporation), claiming that the second-hand smoke coming from their neighbours downstairs worsened their health problems. They provided a letter from their doctor supporting their request.
Ideally, the Kabatoffs wanted the condominium to adopt a no smoking bylaw, which it would not do.
Eventually, they filed a claim with the B.C. Human Rights Tribunal, asserting that the condominium failed to provide them with a housing environment free of second-hand smoke. They alleged that the condominium refused to do anything about the smoke issue, and that they were told that if they had a problem with the smokers they should move.
Read the full article here.
A decision of the British Columbia Human Rights Tribunal late last year could have an enormous effect on owners and occupants of condominiums and rental apartments across Canada in the coming months.
Paul and Rose Kabatoff live in a suite in an attractive three-storey condominium building in Langley, B.C. They both have a number of health problems including respiratory illnesses and allergies that are negatively affected by second-hand cigarette smoke.
In August 2008, smokers moved into the suite below their own. The Kabatoffs appealed for help to their condominium corporation (known in B.C. as a strata corporation), claiming that the second-hand smoke coming from their neighbours downstairs worsened their health problems. They provided a letter from their doctor supporting their request.
Ideally, the Kabatoffs wanted the condominium to adopt a no smoking bylaw, which it would not do.
Eventually, they filed a claim with the B.C. Human Rights Tribunal, asserting that the condominium failed to provide them with a housing environment free of second-hand smoke. They alleged that the condominium refused to do anything about the smoke issue, and that they were told that if they had a problem with the smokers they should move.
Read the full article here.
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Housing starts bounce back from 2009 lows
February housing starts in Vancouver continued to bounce back from lows reached in 2009, with the number of new units breaking ground doubling last year`s tally, according to the Canada Mortgage and Housing Corporation on Monday.
"Of course, last February in 2009, we were still in the darkest point before anything
started turning around. So you have to keep in mind that when you see that increase, it`s back up from there," said CMHC senior market analyst Robyn Adamache. "But we are back up to a decent level of housing starts."
The CMHC pinned the February boost in the Vancouver area specifically to a few large-scale multiple-unit residential projects, plus continued strength in the number of new, single-detached residential homes. As well, more than 800 apartment homes were started.
"The important thing about what`s going on is that we are seeing a level of absorption with sales of new units," said Adamache. "Builders see that not only the resale market is back, but now there are [sales] in new units. It`s giving them the confidence to start new projects."
Read the full article here.
February housing starts in Vancouver continued to bounce back from lows reached in 2009, with the number of new units breaking ground doubling last year`s tally, according to the Canada Mortgage and Housing Corporation on Monday.
"Of course, last February in 2009, we were still in the darkest point before anything
started turning around. So you have to keep in mind that when you see that increase, it`s back up from there," said CMHC senior market analyst Robyn Adamache. "But we are back up to a decent level of housing starts."
The CMHC pinned the February boost in the Vancouver area specifically to a few large-scale multiple-unit residential projects, plus continued strength in the number of new, single-detached residential homes. As well, more than 800 apartment homes were started.
"The important thing about what`s going on is that we are seeing a level of absorption with sales of new units," said Adamache. "Builders see that not only the resale market is back, but now there are [sales] in new units. It`s giving them the confidence to start new projects."
Read the full article here.
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B.C. home hunters feeling more motivated
Sentiment among would-be homebuyers continues to improve in B.C., according to an annual RBC home ownership study released on Monday.
The study reported that 36 per cent of B.C. residents in a recent survey conducted by Ipsos Reid said they are likely to purchase a home in the next two years, up from 26 per cent last year.
B.C. residents outpaced respondents elsewhere in the country with plans to put down the largest average down payment
-- $92,676 -- citing good prices and low interest rates as motivators.
"What we are seeing in B.C. is cautious optimism, tempered by a healthy dose of reality," said Kevin Lutz, regional manager at RBC.
Tsur Somerville, a real estate expert at the University of B.C., welcomed the news, but added: "I tend to view `Are you planning to buy something?` as not the most useful kind of information because, `Am I planning to do something?` depends on what happens.
Read the full article here.
Sentiment among would-be homebuyers continues to improve in B.C., according to an annual RBC home ownership study released on Monday.
The study reported that 36 per cent of B.C. residents in a recent survey conducted by Ipsos Reid said they are likely to purchase a home in the next two years, up from 26 per cent last year.
B.C. residents outpaced respondents elsewhere in the country with plans to put down the largest average down payment
-- $92,676 -- citing good prices and low interest rates as motivators.
"What we are seeing in B.C. is cautious optimism, tempered by a healthy dose of reality," said Kevin Lutz, regional manager at RBC.
Tsur Somerville, a real estate expert at the University of B.C., welcomed the news, but added: "I tend to view `Are you planning to buy something?` as not the most useful kind of information because, `Am I planning to do something?` depends on what happens.
Read the full article here.
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Unions in talks to move Western Forest Products mill to Harmac site
Talks are underway that could see Nanaimo`s downtown Western Forest Products mill moved to the site of the Harmac pulp mill.
Arnold Bercov, president of the Pulp, Paper and Workers of Canada (PPWC), Local 8, which represents workers at Harmac, said the idea is to set up an employee-ownership model similar to Harmac`s and move the mill, which has been closed for more than a year, to Harmac`s 500 hectares of land at Duke Point.
Western Forest Products (WFP) leases the land for its downtown mill from the Nanaimo Port Authority.
But Bercov said the discussions are at an early stage and acknowledged there are many obstacles to overcome before the plan could become a reality, including the fact that workers at WFP`s mill are represented by the United Steelworkers and it`s expected employees at a mill located on Harmac property would be required to be members of the PPWC.
Darrel Wong, president of the United Steelworkers Local 1-1937, which represents WFP`s workers in Nanaimo, said there have been "some conversations" between his union and the PPWC on moving the downtown mill, in whole or in parts, to the Harmac site, but he agreed that there are a number of contentious issues that would have to be dealt with first, including union certification. He said that with all the issues involved there is only a "remote possibility" that the plan will move forward.
Read the full article here.
Talks are underway that could see Nanaimo`s downtown Western Forest Products mill moved to the site of the Harmac pulp mill.
Arnold Bercov, president of the Pulp, Paper and Workers of Canada (PPWC), Local 8, which represents workers at Harmac, said the idea is to set up an employee-ownership model similar to Harmac`s and move the mill, which has been closed for more than a year, to Harmac`s 500 hectares of land at Duke Point.
Western Forest Products (WFP) leases the land for its downtown mill from the Nanaimo Port Authority.
But Bercov said the discussions are at an early stage and acknowledged there are many obstacles to overcome before the plan could become a reality, including the fact that workers at WFP`s mill are represented by the United Steelworkers and it`s expected employees at a mill located on Harmac property would be required to be members of the PPWC.
Darrel Wong, president of the United Steelworkers Local 1-1937, which represents WFP`s workers in Nanaimo, said there have been "some conversations" between his union and the PPWC on moving the downtown mill, in whole or in parts, to the Harmac site, but he agreed that there are a number of contentious issues that would have to be dealt with first, including union certification. He said that with all the issues involved there is only a "remote possibility" that the plan will move forward.
Read the full article here.
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HST benefits may be overstated
An estimate that British Columbia`s harmonized sales tax will bring in $11.5 billion in new investment and create 113,000 jobs over 10 years is just that, an estimate that may or may not come about, according to an economist with the Canadian Centre for Policy Alternatives.
The numbers, set out in a report commissioned by the provincial government and written by Jack Mintz, chair in public policy at the University of Calgary, are based on theoretical modelling and "we know that sometimes these things don`t pan out," said Iglika Ivanova.
"All these studies come out and they model these thousands of jobs coming out and nobody`s following up afterwards to see if that actually happened," she said.
Under the harmonized sales tax, the province will add its seven-per-cent sales tax to the federal government`s five-per-cent goods and services tax to create one 12-per-cent value-added tax. Companies will benefit because they will get input tax credits for all the tax paid, and a refund if they pay more than they collect. Under the current system, input tax credits are available only for the GST, not the PST.
So investing in capital will be cheaper, as companies will no longer have to pay and swallow the PST. Mintz also said that a reduction in the cost of capital investment will mean an increase in incomes paid to workers.
Read the full article here.
An estimate that British Columbia`s harmonized sales tax will bring in $11.5 billion in new investment and create 113,000 jobs over 10 years is just that, an estimate that may or may not come about, according to an economist with the Canadian Centre for Policy Alternatives.
The numbers, set out in a report commissioned by the provincial government and written by Jack Mintz, chair in public policy at the University of Calgary, are based on theoretical modelling and "we know that sometimes these things don`t pan out," said Iglika Ivanova.
"All these studies come out and they model these thousands of jobs coming out and nobody`s following up afterwards to see if that actually happened," she said.
Under the harmonized sales tax, the province will add its seven-per-cent sales tax to the federal government`s five-per-cent goods and services tax to create one 12-per-cent value-added tax. Companies will benefit because they will get input tax credits for all the tax paid, and a refund if they pay more than they collect. Under the current system, input tax credits are available only for the GST, not the PST.
So investing in capital will be cheaper, as companies will no longer have to pay and swallow the PST. Mintz also said that a reduction in the cost of capital investment will mean an increase in incomes paid to workers.
Read the full article here.
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Major construction projects planned or underway in B.C. worth $187 billion
A record number of major construction projects are proposed in B.C., said Iain Black, Minister of Small Business, Technology and Economic Development in a news release.
The latest Major Projects Inventory shows the number of proposed major construction projects has risen to a record high of 516, while the value of the projects planned or underway is $187 billion, near the all-time high of $189 billion. Nine of the 10 top-valued projects focus on clean energy.
Read the full article here.
A record number of major construction projects are proposed in B.C., said Iain Black, Minister of Small Business, Technology and Economic Development in a news release.
The latest Major Projects Inventory shows the number of proposed major construction projects has risen to a record high of 516, while the value of the projects planned or underway is $187 billion, near the all-time high of $189 billion. Nine of the 10 top-valued projects focus on clean energy.
Read the full article here.
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Home resales decline in February, with the biggest drop in Vancouver
OTTAWA — Home resales in Canada fell in February from the previous month, with the biggest drop recorded in Vancouver, the Canadian Real Estate Association said Monday.
The February declined in Vancouver was offset by "an equally large gain" in Toronto, CREA said.
The industry group said 42,799 units sold on a seasonally adjusted basis in February, down 1.5 per cent from the previous month, reflecting how "national sales activity has slowed while new listings continue to rise, resulting in a more balanced national resale housing market."
Meanwhile, the average resales price of homes rose 18.2 per cent in February from a year earlier to $335,655, it said.
"The Olympic Winter Games may have impacted February sales activity in British Columbia, so activity for the province in March will be closely watched," said CREA president Dale Ripplinger.
"Activity is expected to remain elevated in Ontario and British Columbia over the first half of the year, with buyers looking to beat the introduction of the HST (harmonized sales tax) and expected interest rate hikes."
Read the full article here.
OTTAWA — Home resales in Canada fell in February from the previous month, with the biggest drop recorded in Vancouver, the Canadian Real Estate Association said Monday.
The February declined in Vancouver was offset by "an equally large gain" in Toronto, CREA said.
The industry group said 42,799 units sold on a seasonally adjusted basis in February, down 1.5 per cent from the previous month, reflecting how "national sales activity has slowed while new listings continue to rise, resulting in a more balanced national resale housing market."
Meanwhile, the average resales price of homes rose 18.2 per cent in February from a year earlier to $335,655, it said.
"The Olympic Winter Games may have impacted February sales activity in British Columbia, so activity for the province in March will be closely watched," said CREA president Dale Ripplinger.
"Activity is expected to remain elevated in Ontario and British Columbia over the first half of the year, with buyers looking to beat the introduction of the HST (harmonized sales tax) and expected interest rate hikes."
Read the full article here.
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Global natural gas glut sends price reeling as B.C. set to expand production
All of a sudden, there is so much natural gas available in North America that the International Energy Agency is speculating about an "acute" world-changing glut.
Prices are crashing, markets are shifting, and governments such as British Columbia that rely on gas royalty revenue are scrambling to keep the money coming in.
It is a textbook case of supply and demand, driven by technological innovation, and is expected to persist long beyond any presumed recovery of the global economy.
Whereas North American gas explorers traditionally drilled a single, vertical well into each shallow, conventional deposit in sandstone or limestone, they now drill as many as 20 horizontal offshoots from a single vertical drill into unconventional gas deposits two kilometres underground.
That innovation has eliminated the greatest obstacle — cost — to development of unconventional reserves such as gas locked into deposits of shale.
Jurisdictions such as Quebec are confronting for the first time the possibility that they have accessible gas reserves.
Read the full article here.
All of a sudden, there is so much natural gas available in North America that the International Energy Agency is speculating about an "acute" world-changing glut.
Prices are crashing, markets are shifting, and governments such as British Columbia that rely on gas royalty revenue are scrambling to keep the money coming in.
It is a textbook case of supply and demand, driven by technological innovation, and is expected to persist long beyond any presumed recovery of the global economy.
Whereas North American gas explorers traditionally drilled a single, vertical well into each shallow, conventional deposit in sandstone or limestone, they now drill as many as 20 horizontal offshoots from a single vertical drill into unconventional gas deposits two kilometres underground.
That innovation has eliminated the greatest obstacle — cost — to development of unconventional reserves such as gas locked into deposits of shale.
Jurisdictions such as Quebec are confronting for the first time the possibility that they have accessible gas reserves.
Read the full article here.
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Metro Vancouver real estate sales sail through Olympics month
VANCOUVER — The 2010 Winter Olympics did little to distract Metro Vancouverites from the region`s real estate markets with realtors racking up a reasonable number of sales in February, a month in which they hadn`t expected to be busy.
The Greater Vancouver Real Estate Board recorded 2,473 sales in February, nearly 30 per cent higher than January and dramatically higher than the 1,480 sales seen in February a year ago.
"We don`t know at this point what long-term impact the Olympics will have on our housing market, but we do know that activity in our market remained steady through all of the excitement and distraction of the last few weeks," board president Scott Russell said in a news release.
However, with an inventory of 11,346 unsold homes in February, the proportion of sales compared to total listings puts Metro Vancouver into balanced -market territory.
"Two months into 2010, we see the total number of homes listed for sale on the rise and demand in the market strong, but less frenzied than we saw in the latter part of 2009," Russell added.
Read the full article here.
VANCOUVER — The 2010 Winter Olympics did little to distract Metro Vancouverites from the region`s real estate markets with realtors racking up a reasonable number of sales in February, a month in which they hadn`t expected to be busy.
The Greater Vancouver Real Estate Board recorded 2,473 sales in February, nearly 30 per cent higher than January and dramatically higher than the 1,480 sales seen in February a year ago.
"We don`t know at this point what long-term impact the Olympics will have on our housing market, but we do know that activity in our market remained steady through all of the excitement and distraction of the last few weeks," board president Scott Russell said in a news release.
However, with an inventory of 11,346 unsold homes in February, the proportion of sales compared to total listings puts Metro Vancouver into balanced -market territory.
"Two months into 2010, we see the total number of homes listed for sale on the rise and demand in the market strong, but less frenzied than we saw in the latter part of 2009," Russell added.
Read the full article here.
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Vancouver leads decline in February housing sales
Home resales in Canada fell in February for a second straight month, with the biggest drop recorded in Vancouver, although purchases were still up significantly from a year ago, the Canadian Real Estate Association said Monday.
The February decline in Vancouver and other parts of B.C. was offset by "an equally large gain" in Toronto, CREA said.
The industry group said 42,799 units sold on a seasonally adjusted basis in February, down 1.5 per cent from the previous month, reflecting how "national sales activity has slowed while new listings continue to rise, resulting in a more balanced national resale housing market."
Sales in B.C. were down 13.3 per cent in February from a month earlier, while Ontario posted a 3.3-per-cent gain. There were 600 fewer houses sold in Vancouver in February than in January, a figure that was likely a reflection of a slowdown in activity due to the Winter Olympics.
Year-over-year, residential sales were up 44 per cent from 2009, with Ontario and Quebec setting new records, but national gains in sales activity were smaller than in the previous three months.
Read the full article here.
Home resales in Canada fell in February for a second straight month, with the biggest drop recorded in Vancouver, although purchases were still up significantly from a year ago, the Canadian Real Estate Association said Monday.
The February decline in Vancouver and other parts of B.C. was offset by "an equally large gain" in Toronto, CREA said.
The industry group said 42,799 units sold on a seasonally adjusted basis in February, down 1.5 per cent from the previous month, reflecting how "national sales activity has slowed while new listings continue to rise, resulting in a more balanced national resale housing market."
Sales in B.C. were down 13.3 per cent in February from a month earlier, while Ontario posted a 3.3-per-cent gain. There were 600 fewer houses sold in Vancouver in February than in January, a figure that was likely a reflection of a slowdown in activity due to the Winter Olympics.
Year-over-year, residential sales were up 44 per cent from 2009, with Ontario and Quebec setting new records, but national gains in sales activity were smaller than in the previous three months.
Read the full article here.
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B.C. entrepreneurs become less confident as optimism grows in the rest of Canada
Small-business owners` optimism is dropping in B.C. while it rises in the rest of Canada, but that`s no surprise to Steve Chan.
"Sales picked up in the fall, but it`s declined between 10 and 15 per cent [since then]," the owner of Vancouver produce and salad bar chain Hybar Naturally said in an interview. "Confidence is down quite a bit. But, generally, we`re doing all right."
The Canadian Federation of Independent Business recently reported that overall business optimism among B.C.`s small business owners dipped slightly from 70.1 in January to 68.7 in February on their optimism barometer.
While the drop is slight, it marks the third consecutive month that B.C. confidence has fallen since reaching a two-year high of 72.9 last November.
"That`s certainly a bit of a concern," Brian Bonney, CFIB`s director of provincial affairs, B.C., said in an interview. "In December, we were the most optimistic province in the country. Since then, we`ve slid to fifth. It`s something we have to keep an eye on."
Read the full article here.
Small-business owners` optimism is dropping in B.C. while it rises in the rest of Canada, but that`s no surprise to Steve Chan.
"Sales picked up in the fall, but it`s declined between 10 and 15 per cent [since then]," the owner of Vancouver produce and salad bar chain Hybar Naturally said in an interview. "Confidence is down quite a bit. But, generally, we`re doing all right."
The Canadian Federation of Independent Business recently reported that overall business optimism among B.C.`s small business owners dipped slightly from 70.1 in January to 68.7 in February on their optimism barometer.
While the drop is slight, it marks the third consecutive month that B.C. confidence has fallen since reaching a two-year high of 72.9 last November.
"That`s certainly a bit of a concern," Brian Bonney, CFIB`s director of provincial affairs, B.C., said in an interview. "In December, we were the most optimistic province in the country. Since then, we`ve slid to fifth. It`s something we have to keep an eye on."
Read the full article here.