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March 2013 B.C. Economic Fundamentals

Ally

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News articles for March 2013.
 

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Metro Vancouver real estate sales well below 10-year average, prices stable




The slowdown in the Metro Vancouver real estate market continued in February, with sales nearly one-third below the 10-year average, the Real Estate Board of Greater Vancouver reported Monday.




Home sales in the region have been trending below historical averages for a full year now and February 2013 had the second-lowest number of sales in any February since 2001, the REBGV said. `Sales in February followed recent trends and were below seasonal averages, though our members tell us they saw more traffic at open houses last month compared to the previous six to eight months, said Eugen Klein, REBGV president.





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Calling Kitimat




These days, when the phone rings at ReMax Kitimat Realty, there's a good chance there's an Albertan on the line.




Cited by Census Canada in 2007 as the community with the greatest population decline in Canada, the coastal city of Kitimat is now at the forefront of B.C.'s energy boom. House prices are rising, residential assessments are up 25 to 30 per cent, and investors are noticing.





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Alberta aboriginals oppose BC hydro's site C dam, says it needs more study




EDMONTON - Alberta aboriginals are lining up against an energy project deemed crucial to the B.C. economy.




At least six bands in the northern part of the province ` supported by the Alberta government ` have registered major concerns with B.C. Hydro's plans to build another dam on the Peace River, saying the utility still hasn't understood the effects of previous projects on the Athabasca Delta and refuses to study them.





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Vancouver home sales plunge 29% in February, prices fall





VANCOUVER ` The number of homes sold in the Vancouver area was down 29.4 per cent last month compared with February last year, continuing a trend of below-average activity and declining prices.




The Real Estate Board of Greater Vancouver says there were 1,797 residential properties sold last month through its members ` 30.9 per cent below the 10-year average for February sales.




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Financing found for refinery





B.C. newspaper mogul David Black says a group of investors has committed financing for his plan to build a $25-billion oil refinery project on the province's northern coast in a deal that would be one of the largest private developments in B.C. history if it goes through.




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Jobs up in city, down in region



Kamloops made significant employment gains in the past year while the Thompson-Okanagan as a whole lost jobs.





The varied economic performance was part of a mixed bag of employment indicators released on Friday by Stats Can, showing modest gains for B.C. while the provincial unemployment rate remains static at 6.3 per cent.





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February 2013 Vancouver housing starts




VANCOUVER, BRITISH COLUMBIA`(Marketwire ` March 8, 2013) ` Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 16,912 units in February, 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.




`Total starts were below trend in February due to a decline in multiple-family starts, despite an increase in single-family detached construction,` said Lance Jakubec, CMHC`s Senior Market Analyst.





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February 2013 Housing starts in BC




VICTORIA, BRITISH COLUMBIA`(Marketwire ` March 8, 2013) ` Housing starts in British Columbia`s urban areas[sup]1 were trending at 23,295 units in February, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)2[/sup] of housing starts.




`Housing starts trended lower in February compared to January due to a lower level of apartment starts. The trend level of single-detached housing starts continued higher for the fourth consecutive month, reaching just over 7,000 units at a seasonally-adjusted annual rate,` said Carol Frketich, CMHC`s British Columbia Regional Economist.





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B.C. economic forecast 2013-2017: Economic analysis of B.C.




Slow growth conditions in 2012 will extend into 2013 but will transition to firmer growth later in 2013 and beyond. A growth up-shit in the U.S. economy during 2014 to 2017 will help lift B.C.`s economy to higher growth rates later in 2013. Other key players in the global economy will also perform better during that time and provide a boost to the province`s exports and investment spending.




Domestic developments will also shape the province`s economy and in particular, the reversion to the PST tax system from the HST will lift consumer spending and provide some price inflation relief though this will add business costs. The upcoming provincial election

this year is expected to bring some policy changes. During the next five years, government decisions on large energy, pipeline, and mining projects will be made and impact the economy.





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Data shows Vancouver's real estate market echoes Chinese economy's ups and downs





Vancouver`s housing market fortunes closely mirror trends in the Chinese economy, according to an analysis by an economist with the Conference Board of Canada.







Robin Wiebe says his number crunching has found that there are strong links between home sales, price growth and housing starts in Vancouver and the overall health of the economy in China.







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Vanouver housing markets cannot fully escape the Chinese dragon





The ebbs and flows of Chinese commerce have strongly affected housing markets around the Pacific Rim, including Vancouver`s. Although discussion of this relationship has focused on its recent behaviour, the bond stretches back much further. Moreover, casual observation and statistical tests both hint that China`s influence rivals that of three key domestic factors: Vancouver`s population growth, changes in its employment and Canadian mortgage interest rates. The chief implication is that observers need to pay attention to China`s economic health when assessing the outlook for Vancouver`s housing market.





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China home sales surge, tighter property rules seen




China`s home price inflation may be steeper than official data suggest, with a near quadrupling of home sales in the capital last week after the government unveiled tax plans to curb speculation, a sign that investors have giant gains to lock in.




Pre-owned home sales in Beijing soared 280 per cent year-on-year in the week of March 2-8, according to local government data, and were up 141 per cent on the previous week.



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3 Civic plaza in Surrey to finally bring credibility to downtown




Civic Hotel is part of Surrey`s first mixed-use hotel and residential project, 3 Civic Plaza, Surrey`s soon to be tallest, most ambitious undertaking.




Civic Hotel will be a much-needed addition to Surrey`s corporate and leisure market, and with 37,000-40,000 guests per year expected, it is estimated that more than $3.6 million in ancillary revenue will be injected into local businesses and services each year. The addition of Civic Hotel and the recent announcement that this area will be the future home of Coast Capital Savings` new head office, further strengthen King George Boulevard as a business corridor in the lower mainland. And 3 Civic Plaza`s 50,000 square feet of Class A office space will serve Surrey`s need for more transit-oriented office space. A recent report from Jones Lang LaSalle noted that this is more difficult to find in this market than any other.





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Kinder Morgan's pipeline ambitions on west coast raise oil tanker concerns



VANCOUVER ` An inky-blue dawn breaks across Burrard Inlet as the oil tanker British Beech glides into view.





On the bridge of the tugboat Raven, captain Don Westmoreland, 59, peers at a video monitor that registers the vessel`s bearing and speed. `That`s our ship right there,` he says. Two 2,500-horsepower engines barely gurgle as the Raven tethers to the tanker`s stern for the trip under Second Narrows Bridge.







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Real estate sales finally recovering




Federal Finance Minister Jim Flaherty pricked a tiny hole in the real estate bubble last summer by raising the bar for entry into the housing market with new requirements for government-backed mortgages. A month after the new rules came into effect, activity fell abruptly.




But six months later, the real-estate market is beginning to bounce back. In Vancouver, new-home buyers are once again stepping into display suites and pre-sale centres prepared to buy a new home, sales agents say.





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Falling Vancouver real estate drags down Canadian average


If sales from the Greater Vancouver area aren't included, the average Canadian home price would have shown an increase of 1.3 per cent during February, compared to a year ago.




But the latest figures from the Canadian Real Estate Association state that national average price for homes sold through its members in February has slid instead, down one per cent to $368,895.





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Facebook seeks workers for new office in Vancouver




VANCOUVER ` Facebook is looking to recruit up to 150 staff including a large group of software engineers to fill a temporary office it`s setting up in Vancouver.




The office, which is expected to open in May, will serve as a boot camp where the social media giant envisions training recent software engineering grads for potential full-time employment.





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Experts renew calls to solve foreign investment housing affordability puzzle




A popular cocktail party discussion is once again rearing its head: Is Vancouver`s housing the second least affordable in the world because of foreign investment?




The answer, according to three experts ` one of whom will present new data at a sold-out forum at SFU`s Vancity Office of Community Engagement this week ` is about as clear as mud.





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