March 2011 BC Economic Fundamentals
- Thread starter Ally
- Start date
- Joined
- Mar 24, 2009
- Messages
- 16,743
Western Canada lumber sales to China soar in 2010
VANCOUVER (Reuters) - Lumber sales to China from British Columbia skyrocketed last year and a top official in Canada's largest timber-exporting province believes it can continue to grow despite increasing U.S. competition.
Forestry firms in the western Canadian province shipped 4.6 million cubic meters of softwood lumber products to China in 2010, a 76 percent increase from 2009, according to figures from B.C.'s Ministry of Forests, Mines and Lands.
Total lumber sales to China were valued at C$687 million ($694 million) in 2010, more than double the 2009 level.
Forestry Minister Pat Bell believes the province can sell as much as 5 million cubic meters in 2011, although he expects the growth rate will tail off a bit from what was experienced in the fourth quarter of 2010.
Read the full article here.
VANCOUVER (Reuters) - Lumber sales to China from British Columbia skyrocketed last year and a top official in Canada's largest timber-exporting province believes it can continue to grow despite increasing U.S. competition.
Forestry firms in the western Canadian province shipped 4.6 million cubic meters of softwood lumber products to China in 2010, a 76 percent increase from 2009, according to figures from B.C.'s Ministry of Forests, Mines and Lands.
Total lumber sales to China were valued at C$687 million ($694 million) in 2010, more than double the 2009 level.
Forestry Minister Pat Bell believes the province can sell as much as 5 million cubic meters in 2011, although he expects the growth rate will tail off a bit from what was experienced in the fourth quarter of 2010.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Average B.C. home price could hit $517,000 this year
VANCOUVER - The average price of a home in British Columbia is forecast to increase two per cent to $517,000 this year, the B.C. Real Estate Association said in a news release this morning.
The BCREA housing forecast for the first quarter of 2011 also projects home prices will remain relatively unchanged in 2012, declining by 0.4 per cent to $515,400.
Image removed by sender.B.C. Multiple Listing Service residential sales are forecast to increase eight per cent from 74,640 units in 2010 to 80,900 units this year, and increase another 4 per cent to 83,950 units in 2012.
Read the full article here.
VANCOUVER - The average price of a home in British Columbia is forecast to increase two per cent to $517,000 this year, the B.C. Real Estate Association said in a news release this morning.
The BCREA housing forecast for the first quarter of 2011 also projects home prices will remain relatively unchanged in 2012, declining by 0.4 per cent to $515,400.
Image removed by sender.B.C. Multiple Listing Service residential sales are forecast to increase eight per cent from 74,640 units in 2010 to 80,900 units this year, and increase another 4 per cent to 83,950 units in 2012.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Chinese investment surge hits Metro Vancouver housing market
When real estate entrepreneur Cam Good hosted a group of predominantly mainland Chinese investors this Wednesday at a White Rock condo showing, he was tapping into a market that's surging across much of Metro Vancouver.
Good, president of The Key, a Vancouver-based sales and marketing firm that's focusing on a new wave of Chinese buyers, figures he's sold more than 500 homes to mainland Chinese investors and immigrants in January and February in Vancouver and Toronto.
He's also opened an office in Beijing's business district -The Key China -where Chinese buyers can purchase Canadian condos from a presentation centre and view videos that showcase various condo developments and the virtues of Canada.
Read the full article here.
When real estate entrepreneur Cam Good hosted a group of predominantly mainland Chinese investors this Wednesday at a White Rock condo showing, he was tapping into a market that's surging across much of Metro Vancouver.
Good, president of The Key, a Vancouver-based sales and marketing firm that's focusing on a new wave of Chinese buyers, figures he's sold more than 500 homes to mainland Chinese investors and immigrants in January and February in Vancouver and Toronto.
He's also opened an office in Beijing's business district -The Key China -where Chinese buyers can purchase Canadian condos from a presentation centre and view videos that showcase various condo developments and the virtues of Canada.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
New Port Mann Bridge assumes more drivers will pay to cross
Despite growing evidence motorists will drive out of their way to avoid tolls, the provincial government is counting on many more drivers paying to cross the tolled Port Mann Bridge than it currently carries for free.
And if that optimistic forecast fails to materialize, the pricey project may gush red ink for years to come.
The new 10-lane bridge is expected to rake in $175 million in tolls in its first full year of operations in 2013, according to numbers tabled this month with the provincial budget.
That's based on a traffic forecast of 150,000 daily users paying tolls ` 20 per cent more than the 125,000 who crossed for free in 2007 and about seven per cent more than the 140,000 the bridge is expected to carry this year.
But even at that level, the Port Mann Bridge is expected to lose money because toll revenues won't yet match the province's annual costs of debt servicing and paying the private operators.
Read the full article here.
Despite growing evidence motorists will drive out of their way to avoid tolls, the provincial government is counting on many more drivers paying to cross the tolled Port Mann Bridge than it currently carries for free.
And if that optimistic forecast fails to materialize, the pricey project may gush red ink for years to come.
The new 10-lane bridge is expected to rake in $175 million in tolls in its first full year of operations in 2013, according to numbers tabled this month with the provincial budget.
That's based on a traffic forecast of 150,000 daily users paying tolls ` 20 per cent more than the 125,000 who crossed for free in 2007 and about seven per cent more than the 140,000 the bridge is expected to carry this year.
But even at that level, the Port Mann Bridge is expected to lose money because toll revenues won't yet match the province's annual costs of debt servicing and paying the private operators.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
B.C. commercial real estate to continue strengthening trend in 2011: BCREA
VANCOUVER - B.C.``s commercial real estate market should continue to strengthen through 2011, according to a new report released Monday by the B.C. Real Estate Association.
The BCREA`s Commercial Leading Indicator (CLI) rose 2.3 per cent in the fourth quarter of 2010 to an index level of 110.5, marking seven straight quarters of improvement.
The CLI also peaked at a level of 115.9 in the second quarter of 2007 before the onset of the financial crisis pushed it to a low of 100.1 in the first half of 2009.
Read the full article here.
VANCOUVER - B.C.``s commercial real estate market should continue to strengthen through 2011, according to a new report released Monday by the B.C. Real Estate Association.
The BCREA`s Commercial Leading Indicator (CLI) rose 2.3 per cent in the fourth quarter of 2010 to an index level of 110.5, marking seven straight quarters of improvement.
The CLI also peaked at a level of 115.9 in the second quarter of 2007 before the onset of the financial crisis pushed it to a low of 100.1 in the first half of 2009.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Soft landing for Canadian real estate market, but Vancouver could outperform: Report
VANCOUVER - Low interest rates and steady employment growth are underpinning Canadian housing demand, but the market will soften later this year and into 2012, according to Scotiabank Group.
Scotiabank expects sales volumes to edge down modestly in 2011, which places sales 15 per cent below the 2007 peak but in line with the 10-year average.
B.C. housing starts have picked up compared to 2009, but are projected to be flat through 2012, at levels below those of 2006 to 2008. Housing starts are projected to number 28,200 units this year, compared to 39,200 units in 2007.
Read the full article here.
VANCOUVER - Low interest rates and steady employment growth are underpinning Canadian housing demand, but the market will soften later this year and into 2012, according to Scotiabank Group.
Scotiabank expects sales volumes to edge down modestly in 2011, which places sales 15 per cent below the 2007 peak but in line with the 10-year average.
B.C. housing starts have picked up compared to 2009, but are projected to be flat through 2012, at levels below those of 2006 to 2008. Housing starts are projected to number 28,200 units this year, compared to 39,200 units in 2007.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Vancouver Island monthly real estate sales up in February, but trail numbers a year ago
VICTORIA ` Real estate sales picked up in Greater Victoria and Vancouver Island last month compared with January but still lagged behind February of last year.
Continuing low interest rates and national job growth are credited with supporting Canadian housing demand, but the market will likely soften this year and into 2012, Scotiabank Group said in a Tuesday report.
The number of properties sold last month in the capital region rose by 44 per cent to 488 in February compared with 339 in January, the Victoria Real Estate Board said Tuesday.
Read the full article here.
VICTORIA ` Real estate sales picked up in Greater Victoria and Vancouver Island last month compared with January but still lagged behind February of last year.
Continuing low interest rates and national job growth are credited with supporting Canadian housing demand, but the market will likely soften this year and into 2012, Scotiabank Group said in a Tuesday report.
The number of properties sold last month in the capital region rose by 44 per cent to 488 in February compared with 339 in January, the Victoria Real Estate Board said Tuesday.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Market normalization for VIREB area
Multiple Listing Service (MLSÂ
sales summary data released by the Vancouver Island Real Estate Board (VIREB) for February 2011 shows a three per cent decline in unit sales compared to February 2010 but a 36 per cent increase over last month.
Likewise the average price of a single family home sold in February 2011 through the VIREB MLSÂ system was $338,882 down one per cent from the $342,047 posted in February 2010, but up 5.4 per cent from Januarys` $321,489 Jim Stewart, president of VIREB says; `We are seeing the market returning to normal conditions with sales and listings trending toward balanced conditions. Homes that are properly priced are seeing quite a bit of action and selling in a reasonable length of time. Relying on the advice of a REALTORÂ is very important to be properly informed on how the market conditions might affect an individual situation,` he adds.
There were 806 single family homes listed in February, bringing the active single family homes available through the VIREB MLSÂ system to 2,388 up almost 12 per cent from this time last year.
Read the full article here.
Multiple Listing Service (MLSÂ
sales summary data released by the Vancouver Island Real Estate Board (VIREB) for February 2011 shows a three per cent decline in unit sales compared to February 2010 but a 36 per cent increase over last month.Likewise the average price of a single family home sold in February 2011 through the VIREB MLSÂ system was $338,882 down one per cent from the $342,047 posted in February 2010, but up 5.4 per cent from Januarys` $321,489 Jim Stewart, president of VIREB says; `We are seeing the market returning to normal conditions with sales and listings trending toward balanced conditions. Homes that are properly priced are seeing quite a bit of action and selling in a reasonable length of time. Relying on the advice of a REALTORÂ is very important to be properly informed on how the market conditions might affect an individual situation,` he adds.
There were 806 single family homes listed in February, bringing the active single family homes available through the VIREB MLSÂ system to 2,388 up almost 12 per cent from this time last year.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
B.C.'s median home price to hit a record high of $402,000 this year: Forecast
VANCOUVER - A three-year housing forecast says Metro Vancouver and northern B.C. will stay hot, while the Okanagan and Kootenays will be weaker.
Central 1 Credit Union's B.C. Housing Forecast 2011-2013, which was released Wednesday, concluded that the median price of a home in B.C. will rise three per cent and set a new record of $402,000 in 2011, largely because of the higher price levels in Metro Vancouver, while home sales across the province will rise about seven per cent in the year.
The median price is expected to rise another one per cent in 2012 and another four per cent in 2013, on higher demand.
Read the full article here.
VANCOUVER - A three-year housing forecast says Metro Vancouver and northern B.C. will stay hot, while the Okanagan and Kootenays will be weaker.
Central 1 Credit Union's B.C. Housing Forecast 2011-2013, which was released Wednesday, concluded that the median price of a home in B.C. will rise three per cent and set a new record of $402,000 in 2011, largely because of the higher price levels in Metro Vancouver, while home sales across the province will rise about seven per cent in the year.
The median price is expected to rise another one per cent in 2012 and another four per cent in 2013, on higher demand.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Avison Young releases its year-end BC Real Estate Investment review
VANCOUVER, Feb. 24 /CNW/ ` Building on the record-setting first half of 2010, dollar volume in British Columbia`s commercial real estate investment market reached $1.946 billion for the year ` a new high-water mark for the province.
For the first time in the province`s history, commercial real estate investment volume approached $2 billion in a 12-month period as 99 sales transactions completed. In the second half of 2010, the total volume of office, retail and industrial property sales was $920 million, almost matching the record dollar volume of $1.026 billion set in the first half. Total 2010 dollar volume easily surpassed 2009 and 2008 dollar volumes of $1.36 billion and $1.27 billion, respectively. The previous record was $1.53 billion in 2004.
These are some of the key trends noted in Avison Young`s Year-End 2010 British Columbia Real Estate Investment Review, released today. The semi-annual report tracks office, retail and industrial investment property sales in BC greater than $5 million.
Read the full article here.
VANCOUVER, Feb. 24 /CNW/ ` Building on the record-setting first half of 2010, dollar volume in British Columbia`s commercial real estate investment market reached $1.946 billion for the year ` a new high-water mark for the province.
For the first time in the province`s history, commercial real estate investment volume approached $2 billion in a 12-month period as 99 sales transactions completed. In the second half of 2010, the total volume of office, retail and industrial property sales was $920 million, almost matching the record dollar volume of $1.026 billion set in the first half. Total 2010 dollar volume easily surpassed 2009 and 2008 dollar volumes of $1.36 billion and $1.27 billion, respectively. The previous record was $1.53 billion in 2004.
These are some of the key trends noted in Avison Young`s Year-End 2010 British Columbia Real Estate Investment Review, released today. The semi-annual report tracks office, retail and industrial investment property sales in BC greater than $5 million.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Revitalization to transform Whalley into new city centre
A string of old low-rise shops on Surrey`s 104th Avenue sits shuttered, waiting for the wrecking ball. Across the lane, work continues on a gleaming, yacht-like glass-and-concrete library complex.
Beyond, the glass-fronted Simon Fraser University glints in the sun. Nearby, youth loiter around the Surrey Central SkyTrain station.
Welcome to Whalley ` Surrey`s least desirable neighbourhood ` soon to be transformed into a new city centre.
It`s been joked about, ridiculed and even dubbed the bane of Surrey`s existence. Past attempts to clean up the neighbourhood through police programs have had marginal success.
But the revitalization is finally starting to take shape.
Read the full article here.
A string of old low-rise shops on Surrey`s 104th Avenue sits shuttered, waiting for the wrecking ball. Across the lane, work continues on a gleaming, yacht-like glass-and-concrete library complex.
Beyond, the glass-fronted Simon Fraser University glints in the sun. Nearby, youth loiter around the Surrey Central SkyTrain station.
Welcome to Whalley ` Surrey`s least desirable neighbourhood ` soon to be transformed into a new city centre.
It`s been joked about, ridiculed and even dubbed the bane of Surrey`s existence. Past attempts to clean up the neighbourhood through police programs have had marginal success.
But the revitalization is finally starting to take shape.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
B.C. housing starts fall 5.9% in February
OTTAWA ` Home construction edged up more than expected in February, but those gains are unlikely to be matched in the coming months as tighter mortgage rules and higher lending rates could begin to dampen building activity.
Canada Mortgage and Housing Corp. said Tuesday that the seasonally adjusted annual rate of housing starts was 181,900 units during the month, led mainly by condominium construction in Ontario and the Prairie provinces.
Economists had expected between 174,000 and 175,000 housing starts in February, after 170,600 units the previous month.
Read the full article here.
OTTAWA ` Home construction edged up more than expected in February, but those gains are unlikely to be matched in the coming months as tighter mortgage rules and higher lending rates could begin to dampen building activity.
Canada Mortgage and Housing Corp. said Tuesday that the seasonally adjusted annual rate of housing starts was 181,900 units during the month, led mainly by condominium construction in Ontario and the Prairie provinces.
Economists had expected between 174,000 and 175,000 housing starts in February, after 170,600 units the previous month.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Opinion: Alberta advantage not enough to overcome the B.C. effect
I just checked the weather in Calgary. It's partly cloudy, just like here in Victoria. But the temperature is just a tad colder.
It's -13 in the Alberta city, compared with six above here. The outlook in Calgary is for six above to 18 below over the next few days, while we count daffodils here.
I was not looking at the Alberta weather so I can gloat when I next speak with my son at the University of Alberta -fun though that is -but because, once again, a group in British Columbia that is demanding increased benefits is looking at what they could get next door in Canada's richest province.
Read the full article here.
I just checked the weather in Calgary. It's partly cloudy, just like here in Victoria. But the temperature is just a tad colder.
It's -13 in the Alberta city, compared with six above here. The outlook in Calgary is for six above to 18 below over the next few days, while we count daffodils here.
I was not looking at the Alberta weather so I can gloat when I next speak with my son at the University of Alberta -fun though that is -but because, once again, a group in British Columbia that is demanding increased benefits is looking at what they could get next door in Canada's richest province.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
B.C.'s Clark signals that lowering tax will be a priority
British Columbia`s premier-designate Christy Clark cast doubts on Monday on a planned increase to medical service premiums, saying her government needs to rethink the tax burden it places on families.
Ms. Clark also flagged concern with proposed rate hikes on electricity ` a strong hint that the Crown corporation, BC Hydro, may run into opposition with its plan to increase the price of power by 50 per cent over the next five years.
Read the full article here.
British Columbia`s premier-designate Christy Clark cast doubts on Monday on a planned increase to medical service premiums, saying her government needs to rethink the tax burden it places on families.
Ms. Clark also flagged concern with proposed rate hikes on electricity ` a strong hint that the Crown corporation, BC Hydro, may run into opposition with its plan to increase the price of power by 50 per cent over the next five years.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Early spring surge in sales and new listings in the Fraser Valley
The Fraser Valley Real Estate Board processed 1,279 sales on the Multiple Listing Service (MLS in February, an increase of six per cent compared with 1,204 sold during February 2010, and 53 per cent more than the 834 listings that sold last month.
Sukh Sidhu, Board president, confirms the market is more active earlier than expected. `Fraser Valley REALTORSÂ are busy. We sold 659 detached homes last month compared to 398 in January. We also saw the greatest amount of new inventory come on stream since last summer.
`We think one of the drivers is the change in mortgage rules that is coming up on March 18. Some clients have asked that their sale complete before that date. Plus, our REALTORSÂ are telling us that almost fifty per cent of their buyers paid less than 25 per cent as a down payment for their home purchases during the first half of February. A 35-year amortization could be more attractive to those buyers.`
Read the full article here.
The Fraser Valley Real Estate Board processed 1,279 sales on the Multiple Listing Service (MLSÂ
in February, an increase of six per cent compared with 1,204 sold during February 2010, and 53 per cent more than the 834 listings that sold last month.Sukh Sidhu, Board president, confirms the market is more active earlier than expected. `Fraser Valley REALTORSÂ are busy. We sold 659 detached homes last month compared to 398 in January. We also saw the greatest amount of new inventory come on stream since last summer.
`We think one of the drivers is the change in mortgage rules that is coming up on March 18. Some clients have asked that their sale complete before that date. Plus, our REALTORSÂ are telling us that almost fifty per cent of their buyers paid less than 25 per cent as a down payment for their home purchases during the first half of February. A 35-year amortization could be more attractive to those buyers.`
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
B.C. wood-culture push brings Chinese success
British Columbia`s foresters have made a long-awaited breakthrough in China by convincing the country of the merits of wood.
The effort has sent the value of B.C. lumber exports surging beyond expectations.
China is a bright spot in what remains a troubled industry. B.C. lumber sales to mainland China doubled in 2010 to $668-million, exceeding Japan for the first time. But Japan is still an extremely weak market while the United States ` the traditional No. 1 market for B.C. wood ` is mired in a housing recession.
Read the full article here.
British Columbia`s foresters have made a long-awaited breakthrough in China by convincing the country of the merits of wood.
The effort has sent the value of B.C. lumber exports surging beyond expectations.
China is a bright spot in what remains a troubled industry. B.C. lumber sales to mainland China doubled in 2010 to $668-million, exceeding Japan for the first time. But Japan is still an extremely weak market while the United States ` the traditional No. 1 market for B.C. wood ` is mired in a housing recession.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Surge in B.C. exports an encouraging sign
VANCOUVER - B.C.`s exports surged 21 per cent in January with the province`s forestry products helping to power a $410-million gain over the same month last year.
The province`s exports topped more than $2.4 billion in January, with forestry products accounting for $691 million of that, up 21 per cent from last January.
Economists say it reflects a steady increase in overall export volumes for many sectors, and serves as an encouraging sign for the lumber industry, which is still emerging from the worst market conditions it has faced in more than seven decades.
Read the full article here.
VANCOUVER - B.C.`s exports surged 21 per cent in January with the province`s forestry products helping to power a $410-million gain over the same month last year.
The province`s exports topped more than $2.4 billion in January, with forestry products accounting for $691 million of that, up 21 per cent from last January.
Economists say it reflects a steady increase in overall export volumes for many sectors, and serves as an encouraging sign for the lumber industry, which is still emerging from the worst market conditions it has faced in more than seven decades.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
'Underwhelming' employment growth for February sees B.C. gain 8,900 jobs
The number of people employed in British Columbia rose marginally in February by 8,900, up four per cent over the previous month's job figures, Statistics Canada reported Friday.
All the gains came in part-time work, which rose by 10,700, or 2.1 per cent, in February over January. That figure was slightly offset by a dip full-time employment in the province of 1,800 jobs.
B.C.'s unemployment rate increased 0.6 percentage points to 8.8 per cent ` the result of more people entering the labour force in search of work.
Read the full article here.
The number of people employed in British Columbia rose marginally in February by 8,900, up four per cent over the previous month's job figures, Statistics Canada reported Friday.
All the gains came in part-time work, which rose by 10,700, or 2.1 per cent, in February over January. That figure was slightly offset by a dip full-time employment in the province of 1,800 jobs.
B.C.'s unemployment rate increased 0.6 percentage points to 8.8 per cent ` the result of more people entering the labour force in search of work.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Law firm joins Whalley neighbourhood revitalization plan
OVER THE RIVER: Surrey Mayor Dianne Watts was to have greeted New Westminster Mayor Wayne Wright in her city`s Central City Tower tonight. Seems he can`t make it, but Watts will welcome the 27 lawyers and 50 support staff of the McQuarrie Hunter firm, which consolidated its Royal City head office and two Surrey satellites in the tower`s 17,000-square-foot 15th floor Dec. 13. Also on hand will be Bill Rempel, the Downtown Surrey Business Improvement Association president and VP/GM of Blackwood Partners Inc. That Toronto-based firm paid $245.75 million in 2007 for the Central City complex that devolved to ICBC after former premier Glen Clark`s plans for it to become the Technical University of B.C. foundered. Simon Fraser University occupies part of its one million square feet today.
Read the full article here.
OVER THE RIVER: Surrey Mayor Dianne Watts was to have greeted New Westminster Mayor Wayne Wright in her city`s Central City Tower tonight. Seems he can`t make it, but Watts will welcome the 27 lawyers and 50 support staff of the McQuarrie Hunter firm, which consolidated its Royal City head office and two Surrey satellites in the tower`s 17,000-square-foot 15th floor Dec. 13. Also on hand will be Bill Rempel, the Downtown Surrey Business Improvement Association president and VP/GM of Blackwood Partners Inc. That Toronto-based firm paid $245.75 million in 2007 for the Central City complex that devolved to ICBC after former premier Glen Clark`s plans for it to become the Technical University of B.C. foundered. Simon Fraser University occupies part of its one million square feet today.
Read the full article here.