May 2012 B.C. Economic Fundamentals
- Thread starter Ally
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Wage disparity between different newcomers that come to B.C. from different immigration programs
When it comes to earning potential, not all immigrants to British Columbia are equal, according to a new study by author Haimin Zhang.
Zhang, a PhD student of economics at the University of B.C., found a "surprising" wage gap between newcomers who immigrated as federal skilled workers between 2002 and 2008 and those selected under the B.C. Provincial Nomination Program (BCPNP).
Read the full article here.
When it comes to earning potential, not all immigrants to British Columbia are equal, according to a new study by author Haimin Zhang.
Zhang, a PhD student of economics at the University of B.C., found a "surprising" wage gap between newcomers who immigrated as federal skilled workers between 2002 and 2008 and those selected under the B.C. Provincial Nomination Program (BCPNP).
Read the full article here.
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B.C. growth will slow in 2012: BMO
A cooling housing market, slower Asian demand and slow growth in the United States will keep the brakes on the British Columbia economy this year, according to a report released Monday by BMO Capital Markets.
But Vancouver, while also cooling, will outperform the province in general, the report said.
Read the full article here.
A cooling housing market, slower Asian demand and slow growth in the United States will keep the brakes on the British Columbia economy this year, according to a report released Monday by BMO Capital Markets.
But Vancouver, while also cooling, will outperform the province in general, the report said.
Read the full article here.
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Traffic increases slightly on Golden Ears bridge
METRO VANCOUVER - The number of drivers choosing the tolled Golden Ears Bridge increased slightly by 12 per cent in the first quarter of 2012, but still falls short of budget targets, according to a TransLink report.
TransLink says bridge traffic jumped to just under 2.5 million crossings, compared to the same period in 2011, or 260,000 more vehicles.
The increase translates to about $750,000 more raised through tolls than the same three-month period last year, according to the report released late Wednesday.
Read the full article here.
METRO VANCOUVER - The number of drivers choosing the tolled Golden Ears Bridge increased slightly by 12 per cent in the first quarter of 2012, but still falls short of budget targets, according to a TransLink report.
TransLink says bridge traffic jumped to just under 2.5 million crossings, compared to the same period in 2011, or 260,000 more vehicles.
The increase translates to about $750,000 more raised through tolls than the same three-month period last year, according to the report released late Wednesday.
Read the full article here.
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Metro Vancouver housing market remains balanced despite sharp sales drop: Report
Local homes sales are in a balanced state despite the lowest April sales numbers since 2001, according to a report by the Real Estate Board of Greater Vancouver.
`Although April sales were below what`s typical for the month, we continue to see, with a sales-to-active listing ratio of nearly 17 per cent, a balanced relationship between buyer demand and seller supply in our marketplace,` Eugen Klein, REBGV president said in a statement.
`Recent activity has had a stabilizing effect on home prices at the regional level, although pricing can vary depending on area and property type.`
Read the full article here.
Local homes sales are in a balanced state despite the lowest April sales numbers since 2001, according to a report by the Real Estate Board of Greater Vancouver.
`Although April sales were below what`s typical for the month, we continue to see, with a sales-to-active listing ratio of nearly 17 per cent, a balanced relationship between buyer demand and seller supply in our marketplace,` Eugen Klein, REBGV president said in a statement.
`Recent activity has had a stabilizing effect on home prices at the regional level, although pricing can vary depending on area and property type.`
Read the full article here.
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Developers ride the rails east to Columbia
HAIL, COLUMBIA: You`d think Salient Group president Robert Fung and Rennie Marketing Systems chief Bob Rennie might have found somewhere closer for their first project together. After all, only three blocks separate Fung`s Gastown and Rennie`s Chinatown headquarters. Still, their handshake gig is a two-zone, 11-station ride away by SkyTrain to New Westminster, should either choose to travel there the way they expect buyers will.
What Fung and Rennie have conspired on is a $71-million, 190-unit tower to rise 20 floors on the site of Columbia Street`s 1899-built Trapp Block and adjacent Holbrook Buildings, of which only the facades will remain. Renovation was ruled out by the structures being vacant and derelict for decades, and by inevitable foundation settlement on the one-time riverbank site.
Read the full article here.
HAIL, COLUMBIA: You`d think Salient Group president Robert Fung and Rennie Marketing Systems chief Bob Rennie might have found somewhere closer for their first project together. After all, only three blocks separate Fung`s Gastown and Rennie`s Chinatown headquarters. Still, their handshake gig is a two-zone, 11-station ride away by SkyTrain to New Westminster, should either choose to travel there the way they expect buyers will.
What Fung and Rennie have conspired on is a $71-million, 190-unit tower to rise 20 floors on the site of Columbia Street`s 1899-built Trapp Block and adjacent Holbrook Buildings, of which only the facades will remain. Renovation was ruled out by the structures being vacant and derelict for decades, and by inevitable foundation settlement on the one-time riverbank site.
Read the full article here.
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Greater Vancouver housing market maintains steady spring pace
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,799 on the Multiple Listing Service (MLSÂ
in April 2012. This represents a 13.2 per cent decline compared to the 3,225 sales recorded in April 2011 and a decline of 2.6 per cent compared to the 2,874 sales in March 2012.
April sales were the lowest total for the month in the region since 2001 and 16.9 per cent below the 10-year April sales average of 3,369.
`Although April sales were below what`s typical for the month, we continue to see, with a sales-to-active listing ratio of nearly 17 per cent, a balanced relationship between buyer demand and seller supply in our marketplace,` Eugen Klein, REBGV president said.
Read the full article here.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,799 on the Multiple Listing Service (MLSÂ
in April 2012. This represents a 13.2 per cent decline compared to the 3,225 sales recorded in April 2011 and a decline of 2.6 per cent compared to the 2,874 sales in March 2012. April sales were the lowest total for the month in the region since 2001 and 16.9 per cent below the 10-year April sales average of 3,369.
`Although April sales were below what`s typical for the month, we continue to see, with a sales-to-active listing ratio of nearly 17 per cent, a balanced relationship between buyer demand and seller supply in our marketplace,` Eugen Klein, REBGV president said.
Read the full article here.
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A West Coast LNG plant possible for Imperial, CEO says
Imperial Oil Ltd. (IMO-T44.45-0.69-1.53%) has joined the list of energy companies exploring whether liquefied natural gas will help make their landlocked gas fields in Alberta and British Columbia more profitable as the commodity trades around its lowest point in a decade.
While some of Imperial`s competitors have secured export permits, Bruce March, Imperial`s chief executive officer, said his company has only taken baby steps when it comes to LNG. He also outlined a number of difficulties with developing LNG in Canada, noting proposed projects to ferry gas out of the western provinces cannot be compared with successful facilities elsewhere in the world.
Read the full article here.
Imperial Oil Ltd. (IMO-T44.45-0.69-1.53%) has joined the list of energy companies exploring whether liquefied natural gas will help make their landlocked gas fields in Alberta and British Columbia more profitable as the commodity trades around its lowest point in a decade.
While some of Imperial`s competitors have secured export permits, Bruce March, Imperial`s chief executive officer, said his company has only taken baby steps when it comes to LNG. He also outlined a number of difficulties with developing LNG in Canada, noting proposed projects to ferry gas out of the western provinces cannot be compared with successful facilities elsewhere in the world.
Read the full article here.
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Vancouver housing slows to a crawl
The spring housing market has slowed to a crawl in Vancouver, with April seeing the fewest monthly sales in more than a decade and the number of unsold houses piling up.
The Real Estate Board of Greater Vancouver said Wednesday there were 2,799 sales in the region in April, down 13.2 per cent from a year ago and 2.6 per cent lower than a weaker-than-usual March. The spring market is key for buyers and sellers, as families try and arrange summer moves.
Read the full article here.
The spring housing market has slowed to a crawl in Vancouver, with April seeing the fewest monthly sales in more than a decade and the number of unsold houses piling up.
The Real Estate Board of Greater Vancouver said Wednesday there were 2,799 sales in the region in April, down 13.2 per cent from a year ago and 2.6 per cent lower than a weaker-than-usual March. The spring market is key for buyers and sellers, as families try and arrange summer moves.
Read the full article here.
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North Vancouver city council kills plan to subsidize city landlords
PLANS for a pilot project that would see taxpayers subsidizing landlords have been emphatically halted by City of North Vancouver council.
With a 6-1 vote April 23, councillors refused a staff recommendation to discuss the idea further at a council housing workshop.
Read the full article here.
PLANS for a pilot project that would see taxpayers subsidizing landlords have been emphatically halted by City of North Vancouver council.
With a 6-1 vote April 23, councillors refused a staff recommendation to discuss the idea further at a council housing workshop.
Read the full article here.
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Vancouver laneway housing eases path to ownership
Alexis Lum is building a laneway house in his parents` backyard for three reasons: It`s more affordable than a two-bedroom apartment; he can rent it out if he decides not to live there; and he can have privacy and independence from his parents, while being close enough for regular family dinners.
`I do love mama`s cooking,` he said, adding that he`s sharing the investment with his brother, Antoine, 31. Lum, 28, is a French secondary school teacher at Southpointe Academy in Tsawwassen.
Read the full article here.
Alexis Lum is building a laneway house in his parents` backyard for three reasons: It`s more affordable than a two-bedroom apartment; he can rent it out if he decides not to live there; and he can have privacy and independence from his parents, while being close enough for regular family dinners.
`I do love mama`s cooking,` he said, adding that he`s sharing the investment with his brother, Antoine, 31. Lum, 28, is a French secondary school teacher at Southpointe Academy in Tsawwassen.
Read the full article here.
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'Potential huge' after Royal Bay sale on Vancouver Island
VICTORIA -- Growth in the West Shore shows no signs of slowing with plans finally moving ahead to develop the massive Royal Bay property in Colwood.
B.C. Investment Management Corp. bought the 170 hectare property, part of the former Producers Pit gravel operation, from Lehigh Heidelberg Ltd. on Tuesday for an undisclosed price.
The sale represents potentially significant growth for Colwood as the new owner plans development that will likely resemble current mixed-use designs already laid out in the municipality's official community plan.
Read the full article here.
VICTORIA -- Growth in the West Shore shows no signs of slowing with plans finally moving ahead to develop the massive Royal Bay property in Colwood.
B.C. Investment Management Corp. bought the 170 hectare property, part of the former Producers Pit gravel operation, from Lehigh Heidelberg Ltd. on Tuesday for an undisclosed price.
The sale represents potentially significant growth for Colwood as the new owner plans development that will likely resemble current mixed-use designs already laid out in the municipality's official community plan.
Read the full article here.
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Partnering with like-minded people makes Alture Properties a success
Immigrating to Canada can be a turbulent period for many. In addition to adjusting to a new culture and language, new immigrants often face obstacles when starting a new career and trying to succeed financially. `A lot of new immigrants figure they can come over here [with] some capital, invest in a business and just work there seven days a week, 10 hours a day,` says Rinco Chan, a real estate investor and award-winning realtor. `Oftentimes it works, but it`s a very difficult lifestyle.`
Chan, his wife Wendy Cheung and brother-in-law Peter Cheung, know all too well about difficulties faced by new immigrants. Originally from Vietnam, siblings Peter and Wendy spent a year in a refugee camp in Hong Kong before being sponsored by a church mission and arriving in Canada in 1980. They met Chan here in high school, who is originally from Hong Kong. `We didn`t choose Canada. Canada chose us,` Chan says. `We are glad our parents made the choice to come to Canada, and are so grateful for their decisions and sacrifices.` In 1982, they all moved to Vancouver, and over the next two decades worked hard in the business, investment and technology industries. `We learned from our parents that work ethics are important,` says Wendy. `Our expectation of ourselves is high.`
Read the full article here.
Immigrating to Canada can be a turbulent period for many. In addition to adjusting to a new culture and language, new immigrants often face obstacles when starting a new career and trying to succeed financially. `A lot of new immigrants figure they can come over here [with] some capital, invest in a business and just work there seven days a week, 10 hours a day,` says Rinco Chan, a real estate investor and award-winning realtor. `Oftentimes it works, but it`s a very difficult lifestyle.`
Chan, his wife Wendy Cheung and brother-in-law Peter Cheung, know all too well about difficulties faced by new immigrants. Originally from Vietnam, siblings Peter and Wendy spent a year in a refugee camp in Hong Kong before being sponsored by a church mission and arriving in Canada in 1980. They met Chan here in high school, who is originally from Hong Kong. `We didn`t choose Canada. Canada chose us,` Chan says. `We are glad our parents made the choice to come to Canada, and are so grateful for their decisions and sacrifices.` In 1982, they all moved to Vancouver, and over the next two decades worked hard in the business, investment and technology industries. `We learned from our parents that work ethics are important,` says Wendy. `Our expectation of ourselves is high.`
Read the full article here.
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B.C. housing starts rise 6.3% in April
OTTAWA ` Housing construction starts blew past expectations in April, according to data released Tuesday.
Canada Mortgage and Housing Corp. said there was a seasonally adjusted annual rate of 244,900 housing starts last month. That was up 14 per cent from the previous month, and well ahead of the 204,000 housing starts that economists polled by Bloomberg had been predicting.
"While unseasonably warm weather has been helping starts in recent months, April's return to more normal seasonal temperatures still saw home building soar," CIBC World Markets economist Emanuella Enenajor said in a research note.
Read the full article here.
OTTAWA ` Housing construction starts blew past expectations in April, according to data released Tuesday.
Canada Mortgage and Housing Corp. said there was a seasonally adjusted annual rate of 244,900 housing starts last month. That was up 14 per cent from the previous month, and well ahead of the 204,000 housing starts that economists polled by Bloomberg had been predicting.
"While unseasonably warm weather has been helping starts in recent months, April's return to more normal seasonal temperatures still saw home building soar," CIBC World Markets economist Emanuella Enenajor said in a research note.
Read the full article here.
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The British Columbia labour market
British Columbia (B.C.) is one of Canada`s largest provincial economies and also one of the country`s most populous provinces and therefore, like other large Canadian provinces, is recovering steadily from the economic downturn of 2008 which had a significant impact on the region. While gross domestic product (GDP) dropped significantly during the start of the Global Economic Crisis in B.C., real GDP has increased ever since to $154 billion in 2010 ` better than pre-recession GDP.
Along with the economy, labour market conditions have also been improving gradually over time since 2008. Total employment in the province stood at 2.3 million in 2010, almost back to pre-recession levels. However, today a decline in employment is occurring throughout the province. In March 2012, B.C. employment decreased by 1700 jobs where the decline in full-time employment was only partially offset by the gains in part-time employment. Still, compared to last year, employment in B.C. has increased by a little over 36,000 jobs (full-time and part-time) or 1.6%
Read the full article here.
British Columbia (B.C.) is one of Canada`s largest provincial economies and also one of the country`s most populous provinces and therefore, like other large Canadian provinces, is recovering steadily from the economic downturn of 2008 which had a significant impact on the region. While gross domestic product (GDP) dropped significantly during the start of the Global Economic Crisis in B.C., real GDP has increased ever since to $154 billion in 2010 ` better than pre-recession GDP.
Along with the economy, labour market conditions have also been improving gradually over time since 2008. Total employment in the province stood at 2.3 million in 2010, almost back to pre-recession levels. However, today a decline in employment is occurring throughout the province. In March 2012, B.C. employment decreased by 1700 jobs where the decline in full-time employment was only partially offset by the gains in part-time employment. Still, compared to last year, employment in B.C. has increased by a little over 36,000 jobs (full-time and part-time) or 1.6%
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Canada surpasses Russia as China's biggest lumber supplier
Led by British Columbia, Canada emerged as the largest exporter of lumber in the world to China in 2011, surpassing Russia as the Middle Kingdom's No. 1 source for lumber.
"We are king of the hill," Gerry Van Leeuwen, of the Vancouver consultants International Wood Markets Group, said Tuesday. "We are No. 1 in total lumber imports into China."
Read the full article here.
Led by British Columbia, Canada emerged as the largest exporter of lumber in the world to China in 2011, surpassing Russia as the Middle Kingdom's No. 1 source for lumber.
"We are king of the hill," Gerry Van Leeuwen, of the Vancouver consultants International Wood Markets Group, said Tuesday. "We are No. 1 in total lumber imports into China."
Read the full article here.
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Panel to asses environmental impact of revised BC mine plan
OTTAWA ` Environment Minister Peter Kent announced Wednesday the establishment of a federal panel to determine whether Vancouver-based Taseko Mines Ltd.`s proposed gold-copper mine in the B.C. interior will cause unjustified environmental harm.
In 2010, a previous federal panel rejected Taseko`s proposal to build a gold-copper mine 125 kilometres southwest of Williams Lake.
The company`s plan, which included the conversion of Fish Lake into a tailings dump, was rejected in a panel report described by then-environment minister Jim Prentice as scathing.
Read the full article here.
OTTAWA ` Environment Minister Peter Kent announced Wednesday the establishment of a federal panel to determine whether Vancouver-based Taseko Mines Ltd.`s proposed gold-copper mine in the B.C. interior will cause unjustified environmental harm.
In 2010, a previous federal panel rejected Taseko`s proposal to build a gold-copper mine 125 kilometres southwest of Williams Lake.
The company`s plan, which included the conversion of Fish Lake into a tailings dump, was rejected in a panel report described by then-environment minister Jim Prentice as scathing.
Read the full article here.
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Demographics make big city condos hot
On average, a home in Canada costs 84% more than in the United States right now. The national averages are $372,762 at home versus $203,100 south of the 49th parallel. One might argue that something has got to give.
By analyzing housing starts in Canada, we can get a good indication of future trends in real estate. Warm weather throughout most of Canada was credited with being the catalyst for a very strong month of March in new homes. April was expected to be lacklustre, but those expectations were blown out of the water with 244,900 housing starts last month, compared to an estimate of 204,000. This was the best month in about five years, well prior to the onset of the 2008 recession. These numbers have some questioning the sustainability of starts as well as eliciting further calls for a housing bubble here in Canada.
Read the full article here.
On average, a home in Canada costs 84% more than in the United States right now. The national averages are $372,762 at home versus $203,100 south of the 49th parallel. One might argue that something has got to give.
By analyzing housing starts in Canada, we can get a good indication of future trends in real estate. Warm weather throughout most of Canada was credited with being the catalyst for a very strong month of March in new homes. April was expected to be lacklustre, but those expectations were blown out of the water with 244,900 housing starts last month, compared to an estimate of 204,000. This was the best month in about five years, well prior to the onset of the 2008 recession. These numbers have some questioning the sustainability of starts as well as eliciting further calls for a housing bubble here in Canada.
Read the full article here.
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The gold in mining: B.C. sector thriving, thanks in large part to China
The head office is just one among 800-odd mining companies clustered in downtown Vancouver.
But even in a group so large it serves as the backbone of the city`s business district ` and the world`s centre of mining expertise ` Teck Resources stands out.
Teck is among the world`s top 20 mining companies, with 13 operations from northwest Alaska to Newfoundland to central Chile, and projects in Europe, Asia and Africa. President and chief executive officer Don Lindsay need only look out a northeast-facing window at Teck`s 33rd-floor office to remind himself of that.
Read the full article here.
The head office is just one among 800-odd mining companies clustered in downtown Vancouver.
But even in a group so large it serves as the backbone of the city`s business district ` and the world`s centre of mining expertise ` Teck Resources stands out.
Teck is among the world`s top 20 mining companies, with 13 operations from northwest Alaska to Newfoundland to central Chile, and projects in Europe, Asia and Africa. President and chief executive officer Don Lindsay need only look out a northeast-facing window at Teck`s 33rd-floor office to remind himself of that.
Read the full article here.
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Slow path back to profits for BC's wood products industry
After enduring five years of low prices and mounting costs to convert beetle-killed timber into lumber, B.C. forest companies are on a slow path back to profitability, according to industry consultants PwC.
Data released by PwC (formerly PricewaterhouseCoopers) at the firm`s annual Global Forest and Paper Industry Conference Thursday in Vancouver showed that most companies posted improved results during the first quarter of the year compared to the last quarter of 2012.
Read the full article here.
After enduring five years of low prices and mounting costs to convert beetle-killed timber into lumber, B.C. forest companies are on a slow path back to profitability, according to industry consultants PwC.
Data released by PwC (formerly PricewaterhouseCoopers) at the firm`s annual Global Forest and Paper Industry Conference Thursday in Vancouver showed that most companies posted improved results during the first quarter of the year compared to the last quarter of 2012.
Read the full article here.