May 2015 B.C. Economic Fundamentals

Ally

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#21

Ally

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#22
Metro Vancouver suburbs lure headquarters

Metro Vancouver suburbs are upping their game in a bid to attract company headquarters, sometimes from Vancouver’s downtown.

“A number of factors tend to drive these decisions in the suburbs,” said Avison Young principal Bill Elliott.” One of the most important factors is human resources — where staff live, [and] where clients located.”

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#24
Exodus of millennials threatens Metro Vancouver economy

When Sarah Norman got married two and a half years ago, she and her husband, an engineer, started to look for a home with a bit of green space where they could start a family. They quickly realized that wasn't possible in Vancouver.

"While you can find that in Vancouver, we certainly could not afford that in Vancouver," said Norman, a 30-year-old public relations professional. "We homed in on Squamish because of A) the lifestyle and B) it was way more affordable for what we were looking for."




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#25
Vancouver leading country in economic growth, sparking ever-more demand for housing

VANCOUVER — Vancouver’s robust economy will outpace that of every other sizable Canadian city over the next few years.

A recent Conference Board of Canada report examining the health of 13 Canadian metropolitan economies credits the region’s strong manufacturing and construction activity for GDP growth that is expected “to hum along,” averaging 3.1 per cent a year between 2015 and 2019.



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#26
Is $1,366 affordable for a studio? Vancouver's new max rents for developer perks

Renting is cheaper than buying, so the City of Vancouver wants to update its rules to encourage developers to build rental units instead of condos.

It’s a refresh of the December 2013 bylaws stating if developers keep rents below a certain level for an entire building of so-called “for profit affordable rental housing,” the city will waive the development cost levies that help pay for facilities and services such as parks, childcare and social housing.

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#27
Vancouver pledges new incentives for more family housing in new rental buildings

If you are having a hard time finding a place to rent in Vancouver, you aren’t alone.

The rental vacancy rate is at an all time low- just 0.5 percent.

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#28
British Columbia housing market outlook for 2015 and 2016

VICTORIA, BRITISH COLUMBIA--(Marketwired - May 25, 2015) - According to Canada Mortgage and Housing Corporation's (CMHC) Second Quarter Housing Market Outlook British Columbia Highlights report, housing starts in British Columbia are forecast to range between 26,400 and 29,800 units this year, rising to 26,100 to 30,500 units in 2016.

"Housing starts remain relatively stable this year and next, supported by growth in employment and population," noted Carol Frketich, CMHC's BC Regional Economist. "Multiple-family starts will be stable in 2015 and then pick up in 2016 as demand for denser housing forms increases and inventories of completed and unabsorbed units are drawn down. Single-detached home starts are expected to remain relatively unchanged over the forecast horizon."

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#29
Rental vacancy projected to increase in Kelowna

The rental vacancy rate in Kelowna is expected to move upwards thanks to purpose-built rental apartment starts in the community.

According to the spring Housing Market Outlook report by the Canada Mortgage and Housing Corporation, as of October 2014 the rental apartment vacancy rate in Kelowna was 1.0 per cent.

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#30
Real estate 'pandemonium' in Vancouver

Mortgage broker David Ford thinks he has found the right way to describe the Lower Mainland’s market for single-family homes.

“Detached housing is BANANAS.


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#31
Finance minister learned frugality on Fraser Valley farm

ABBOTSFORD — At a modest farmhouse in Matsqui, a man in a work shirt and dust-covered blue jeans tends a field of corn, tinkers with an aging tractor and watches the trains rumble down the CN mainline on the property he shares with his aging parents.

It’s not the image most British Columbians have of Finance Minister Mike de Jong, who’s better known for delivering budgets in a well-cut suit at the legislature than for farming in the Fraser Valley.


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#32
BC set to lead provinces in economic growth this year

OTTAWA, May 28, 2015 /CNW/ - British Columbia's economy is building on the strength of 2014 and is expected to be the only province to advance by more than 3 per cent this year, according to The Conference Board of Canada's Provincial Outlook: Spring 2015.

"While some Western provinces are grappling with weak economic conditions, British Columbia is enjoying a period of strong growth. On the heels of a solid economic performance last year, B.C. is positioned to be the fastest-growing provincial economy this year," said Marie-Christine Bernard, Associate Director, Provincial Forecast. "The province's economy will remain strong in 2016, outpacing the national economy."

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#33
Vancouver landlords sitting pretty

Metro Vancouver multi-family landlords are basking in a confluence of factors that make owning old apartment buildings perhaps the best real estate play in Canada, a Vancouver real estate meeting was told April 9.

Most buildings are full, few new rentals are being built, landlords pay the lowest mortgage rates and the value of their properties have skyrocketed.

“We should all get up and do the watusi,” quipped Ward Jones, president of WIP Investment Corp., which specializes in buying, improving and renting some of the half-century old wood frame apartment buildings that make up 85 per cent of Metro Vancouver’s rental universe.

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#34
BC set to lead provinces in economic growth this year

Ottawa, May 28, 2015 - British Columbia’s economy is building on the strength of 2014 and is expected to be the only province to advance by more than 3 per cent this year, according to The Conference Board of Canada’s Provincial Outlook: Spring 2015.

“While some Western provinces are grappling with weak economic conditions, British Columbia is enjoying a period of strong growth. On the heels of a solid economic performance last year, B.C. is positioned to be the fastest-growing provincial economy this year,” said Marie-Christine Bernard, Associate Director, Provincial Forecast. “The province’s economy will remain strong in 2016, outpacing the national economy.”

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#35
Most British Columbians support tax against absentee homeowners

A new poll suggests most British Columbians support a tax on absentee homeowners.

An online survey conducted by Insights West suggests nearly three quarters of people in B.C. believe it’s a good idea to tax those who buy a home here but don’t live in it.

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#36
BC finance minister throws cold water on real estate speculation tax

While the clamour for action to combat the price of real estate in Metro Vancouver has reached new heights, the man holding the province’s purse strings has thrown cold water on a proposed “speculation tax.”

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#37
TransCanada pipeline reaches deals with three more B.C. First Nations for LNG pipeline

PRINCE RUPERT - TransCanada Corp. says it has reached project agreements with three more First Nations in northern British Columbia as part of efforts to build a pipeline across the province to a proposed liquefied natural gas terminal on the coast.

Specifics of the agreements weren't announced but TransCanada said they provide for annual legacy payments over the commercial life of the Prince Rupert Gas Transmission pipeline plus benefits upon signing and at other milestones.




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#38
B.C., Petronas sign deal toward proposed LNG project in province's northwest

VANCOUVER - The B.C. Liberal government announced Wednesday it will lock in natural gas royalties over decades and indemnify the Petronas-led LNG project from industry-specific tax increases.

Both are intended to provide certainty to the Petronas-led Pacific Northwest LNG project and encourage them to make a final investment decision to build a project in British Columbia.




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#39
Aquilini completes first downtown rental tower

Young tenants fed up with the half-century old, amenity-challenged apartments that make up 85% of Vancouver’s rental universe are expected to help Aquilini Development and Construction fill the first new rental apartment towers built in Vancouver in decades.

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#40
Top economist weighs in on B.C. issues

Interest rates, foreign ownership restrictions (or lack thereof), land-use policy and the effects of plunging oil prices are all these topics are on the minds of B.C. commercial real estate stakeholders.

Sherry Cooper is the chief economist at Dominion Lending Centres, Canada’s largest private mortgage and lending firm. Cooper, who is also a faculty member at the DeGroote School of Business at McMaster University in Hamilton, Ont., and the former executive vice-president and chief economist of BMO Financial Group, addressed these topics and more on in an interview.



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