November 2011 B.C. Economic Fundamentals
- Thread starter Ally
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Surrey to get largest share of $353 million to build new B.C. schools
British Columbia will spend $353 million to build six elementary schools, one middle school, two secondary schools and four school additions while also purchasing six new school sites, Premier Christy Clark announced today.
Surrey, the province's fastest-growing school district, will get two new elementary schools, in South Newton and East Clayton, and additions at Fraser Heights and Panorama Ridge secondary schools. The province is also purchasing four school sites for future construction in the Clayton and Grandview Heights neighbourhoods.
Vancouver, the second largest district, will get one new elementary school in the International Village near False Creek.
Read the full article here.
British Columbia will spend $353 million to build six elementary schools, one middle school, two secondary schools and four school additions while also purchasing six new school sites, Premier Christy Clark announced today.
Surrey, the province's fastest-growing school district, will get two new elementary schools, in South Newton and East Clayton, and additions at Fraser Heights and Panorama Ridge secondary schools. The province is also purchasing four school sites for future construction in the Clayton and Grandview Heights neighbourhoods.
Vancouver, the second largest district, will get one new elementary school in the International Village near False Creek.
Read the full article here.
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Lumber sales to China topping out: Canfor
China`s appetite for Canadian lumber has reached a peak, according to new figures from Canfor Corp. (CFP-T9.92-0.16-1.59%), the Vancouver company that pioneered sales of British Columbia wood in the country.
Canfor said late Thursday that its sales to China in the fourth quarter are `projected to ease somewhat` from the third quarter, its best-ever period of sales to China. The October-December fourth-quarter is normally the busiest period of the year.
Read the full article here.
China`s appetite for Canadian lumber has reached a peak, according to new figures from Canfor Corp. (CFP-T9.92-0.16-1.59%), the Vancouver company that pioneered sales of British Columbia wood in the country.
Canfor said late Thursday that its sales to China in the fourth quarter are `projected to ease somewhat` from the third quarter, its best-ever period of sales to China. The October-December fourth-quarter is normally the busiest period of the year.
Read the full article here.
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Abbotsford vital corridor leads to airport, key lands
The potential for more than one million square feet of floor space awaits future business owners in the Peardonville Industrial Area of Abbotsford.
And part of the beauty of this project is that the enhancements to Marshall Road from Clearbrook to Townline were paid for by surplus funds from the Clearbrook Interchange project.
`Marshall Road wasn`t even part of the initial plan but now that we had some funds to access, we said hey . . . this is a critical artery to us,` said Ken Baerg, City of Abbotsford`s director of economic development.
Read the full article here.
The potential for more than one million square feet of floor space awaits future business owners in the Peardonville Industrial Area of Abbotsford.
And part of the beauty of this project is that the enhancements to Marshall Road from Clearbrook to Townline were paid for by surplus funds from the Clearbrook Interchange project.
`Marshall Road wasn`t even part of the initial plan but now that we had some funds to access, we said hey . . . this is a critical artery to us,` said Ken Baerg, City of Abbotsford`s director of economic development.
Read the full article here.
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Almost half of China's richest want to emigrate: Survey
Nearly half of China's wealthiest citizens are considering emigrating, with the United States and Canada the most popular destinations, according to a new report from the authors of China's rich list.
The survey by the Bank of China and the Hurun Report, which publishes luxury magazines and runs a research institute, found that 46 percent of Chinese with assets worth more than 10 million yuan ($1.6 million) were considering moving abroad.
Another 14 percent had already begun the process, it said. Many said they were seeking a better education for their children and cited concerns about the security of their assets in China.
Read the full article here.
Nearly half of China's wealthiest citizens are considering emigrating, with the United States and Canada the most popular destinations, according to a new report from the authors of China's rich list.
The survey by the Bank of China and the Hurun Report, which publishes luxury magazines and runs a research institute, found that 46 percent of Chinese with assets worth more than 10 million yuan ($1.6 million) were considering moving abroad.
Another 14 percent had already begun the process, it said. Many said they were seeking a better education for their children and cited concerns about the security of their assets in China.
Read the full article here.
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Vernon in search of an answer
Annette Sharkey`s comments were almost prophetic.
The Social Planning Council executive director recently told Vernon council of how the homeless situation has gone from `chaos` to almost manageable since 2006 through a multi-agency approach.
But as she wrapped up her report, Sharkey warned that Vernon isn`t out of the woods yet when it comes to tent cities popping up.
`We need to keep working around the affordable housing issue,` she said.
Read the full article here.
Annette Sharkey`s comments were almost prophetic.
The Social Planning Council executive director recently told Vernon council of how the homeless situation has gone from `chaos` to almost manageable since 2006 through a multi-agency approach.
But as she wrapped up her report, Sharkey warned that Vernon isn`t out of the woods yet when it comes to tent cities popping up.
`We need to keep working around the affordable housing issue,` she said.
Read the full article here.
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Surrey best place to invest in the west: Report
The City of Surrey is the best place in Western Canada to invest in real estate, according to a report published by Western Investor Magazine.
According to the company, Surrey took the top award because the city has implemented innovative incentive programs for investors, initiatives to cut red tape and is creating a new city centre, which has resulted in a number of large private and public real estate projects being built in the area.
Read the full article here.
The City of Surrey is the best place in Western Canada to invest in real estate, according to a report published by Western Investor Magazine.
According to the company, Surrey took the top award because the city has implemented innovative incentive programs for investors, initiatives to cut red tape and is creating a new city centre, which has resulted in a number of large private and public real estate projects being built in the area.
Read the full article here.
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Low taxes, job opportunities fuel Surrey's growth
I've always believed that a core responsibility for any elected official is finding innovative ways and new approaches to build consensus in the day-to-day business of government. Over the past three years, I've been working to raise issues that are important to all of our residents and to speak plainly about common sense solutions.
I believe strongly that our focus has to be not on where ideas come from, but on which ideas will work best for our residents. That's why the Surrey First team is independent and nonpartisan, representing every part of Surrey.
Read the full article here.
I've always believed that a core responsibility for any elected official is finding innovative ways and new approaches to build consensus in the day-to-day business of government. Over the past three years, I've been working to raise issues that are important to all of our residents and to speak plainly about common sense solutions.
I believe strongly that our focus has to be not on where ideas come from, but on which ideas will work best for our residents. That's why the Surrey First team is independent and nonpartisan, representing every part of Surrey.
Read the full article here.
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Vancouver property tax assessment system needs overhaul
There'll be about a dozen winners and many more losers - some of them big losers - in the 2012 version of assessment roulette that's playing out along the business part of north Cambie Street within a dozen blocks either side of city hall.
The outcome won't be random chance. There's a clear pattern in which some properties are likely to see one-to-12 per cent reductions in the taxable value of their premises, and some can expect to be hit with doubledigit increases - mostly in the 15-30 per cent range.
The short story is that, unless the city sharply changes its policy, those who can afford newish, upscale premises will see their assessments hold steady or drop, and those occupying the older one-storey structures that typify the neighbourhood will be hammered.
Read the full article here.
There'll be about a dozen winners and many more losers - some of them big losers - in the 2012 version of assessment roulette that's playing out along the business part of north Cambie Street within a dozen blocks either side of city hall.
The outcome won't be random chance. There's a clear pattern in which some properties are likely to see one-to-12 per cent reductions in the taxable value of their premises, and some can expect to be hit with doubledigit increases - mostly in the 15-30 per cent range.
The short story is that, unless the city sharply changes its policy, those who can afford newish, upscale premises will see their assessments hold steady or drop, and those occupying the older one-storey structures that typify the neighbourhood will be hammered.
Read the full article here.
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Metro Vancouver prices up 7.5%
Benchmark home prices in Metro Vancouver have increased 7.5 per cent to $622,955 in October 2011 from $579,349 in October 2010, according to the latest monthly report from the Real Estate Board of Greater Vancouver.
However, since reaching its peak in June of $630,921, the benchmark price - that of a typical home - for all of the residential properties in the region has declined 1.3 per cent.
The report also said that sales of detached properties in October reached 974, which is about the same as October 2010.
Read the full article here.
Benchmark home prices in Metro Vancouver have increased 7.5 per cent to $622,955 in October 2011 from $579,349 in October 2010, according to the latest monthly report from the Real Estate Board of Greater Vancouver.
However, since reaching its peak in June of $630,921, the benchmark price - that of a typical home - for all of the residential properties in the region has declined 1.3 per cent.
The report also said that sales of detached properties in October reached 974, which is about the same as October 2010.
Read the full article here.
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Canada needs pipeline Plan B
As a steady stream of negative news leaks from the embattled Keystone XL pipeline proposal, the Canadian and Alberta governments are wise to turn up the volume as they extol the virtues of their most viable alternative.
That would be Enbridge Inc.'s Northern Gateway pipeline from Bruderheim to Kitimat, B.C., a $5.5-billion, 1,177-kilometre underground artery that would move 525,000 barrels of Alberta's oilsands bitumen daily to an ever hungrier market in China. While federal Natural Resources Minister Joe Oliver was careful not to endorse the Gateway project ahead of next year's public and government review process, he has made it clear in the past few days that a delay or outright rejection of Keystone XL by the American government would prompt a change of course. That he made his comments while in Houston at a meeting of the World Energy Council was all the more interesting and impactful.
Read the full article here.
As a steady stream of negative news leaks from the embattled Keystone XL pipeline proposal, the Canadian and Alberta governments are wise to turn up the volume as they extol the virtues of their most viable alternative.
That would be Enbridge Inc.'s Northern Gateway pipeline from Bruderheim to Kitimat, B.C., a $5.5-billion, 1,177-kilometre underground artery that would move 525,000 barrels of Alberta's oilsands bitumen daily to an ever hungrier market in China. While federal Natural Resources Minister Joe Oliver was careful not to endorse the Gateway project ahead of next year's public and government review process, he has made it clear in the past few days that a delay or outright rejection of Keystone XL by the American government would prompt a change of course. That he made his comments while in Houston at a meeting of the World Energy Council was all the more interesting and impactful.
Read the full article here.
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Vancouver housing market finally slowing
Canada`s most expensive housing market continues to slow down amid signs of weakening demand and increasing supply.
October sales in Vancouver were off 1% from a year ago, according to the Real Estate Board of Greater Vancouver. It was the second worst month for sales in October in the past decade.
At the same time new listings were up 18.3% in October from a year earlier. The so-called benchmark price for all residential properties in Greater Vancouver was $622,955, up 7.5% from a year earlier. Prices have dropped 1% from the peak of $630,921 reached in June.
Read the full article here.
Canada`s most expensive housing market continues to slow down amid signs of weakening demand and increasing supply.
October sales in Vancouver were off 1% from a year ago, according to the Real Estate Board of Greater Vancouver. It was the second worst month for sales in October in the past decade.
At the same time new listings were up 18.3% in October from a year earlier. The so-called benchmark price for all residential properties in Greater Vancouver was $622,955, up 7.5% from a year earlier. Prices have dropped 1% from the peak of $630,921 reached in June.
Read the full article here.
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City urges spectators to cool it as housing market heats up along Cambie corridor
The city of Vancouver is urging realtors and land holders not to speculate on land values along the Cambie corridor after ten homes were sold for nearly triple their value.
Ten houses on Cambie Street near 41st Avenue were recently sold for $3.4 million each as realtors anticipate construction of mid-to-high rises to begin next year. City council approved a plan in May to capitalize on the $2 billion Canada Line by transforming Cambie Street from 16th Avenue south to Marine Drive. Buildings up to 12 storeys high will be built near SkyTrain stations, and higher towers will be built near Marine Drive.
Read the full article here.
The city of Vancouver is urging realtors and land holders not to speculate on land values along the Cambie corridor after ten homes were sold for nearly triple their value.
Ten houses on Cambie Street near 41st Avenue were recently sold for $3.4 million each as realtors anticipate construction of mid-to-high rises to begin next year. City council approved a plan in May to capitalize on the $2 billion Canada Line by transforming Cambie Street from 16th Avenue south to Marine Drive. Buildings up to 12 storeys high will be built near SkyTrain stations, and higher towers will be built near Marine Drive.
Read the full article here.
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Council approves three towers to begin development around south Cambie intersection
The city didn`t get enough out of Marine Gateway, the massive south Vancouver development approved after a public hearing Tuesday, says Vancouver COPE Councillor Ellen Woodsworth.
The proposal by PCI Developments is for three towers -- two residential and one for offices -- all on the southeast corner of Marine Drive and Cambie Street by the Canada Line station. There would also be retail space that will include food and drug stores, cinemas and medical towers in a development that is approximately 820,000 square feet.
The proposed building heights -- 208 feet for the office tower, with the residential buildings soaring 255 and 335 feet, respectively -- will make Marine Gateway the city`s tallest development outside the downtown core and central Broadway, the region`s No. 2 centre.
Read the full article here.
The city didn`t get enough out of Marine Gateway, the massive south Vancouver development approved after a public hearing Tuesday, says Vancouver COPE Councillor Ellen Woodsworth.
The proposal by PCI Developments is for three towers -- two residential and one for offices -- all on the southeast corner of Marine Drive and Cambie Street by the Canada Line station. There would also be retail space that will include food and drug stores, cinemas and medical towers in a development that is approximately 820,000 square feet.
The proposed building heights -- 208 feet for the office tower, with the residential buildings soaring 255 and 335 feet, respectively -- will make Marine Gateway the city`s tallest development outside the downtown core and central Broadway, the region`s No. 2 centre.
Read the full article here.
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Changes to the B.C. provincial nominee program promotes investent and jobs
The B.C provincial government's proposed immigration changes are further encouraging business immigrants to invest in communities in regional B.C. through the BC Provincial Nominee Program.
In order to attract entrepreneurs from other nations, British Columbia has instituted a plan called 'Canada Starts Here'. The goal is to fast-track the process of acquiring permanent resident status by supporting the creation of jobs regionally for entrepreneurs and qualified workers, based on labour market and development priorities. Over the next decade, British Columbia's Skills for Growth Strategy projects 1.1 million job openings due to economic growth and retirements.
Read the full article here.
The B.C provincial government's proposed immigration changes are further encouraging business immigrants to invest in communities in regional B.C. through the BC Provincial Nominee Program.
In order to attract entrepreneurs from other nations, British Columbia has instituted a plan called 'Canada Starts Here'. The goal is to fast-track the process of acquiring permanent resident status by supporting the creation of jobs regionally for entrepreneurs and qualified workers, based on labour market and development priorities. Over the next decade, British Columbia's Skills for Growth Strategy projects 1.1 million job openings due to economic growth and retirements.
Read the full article here.
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Report ranks Surrey as best place to in B.C. to invest in real estate
SURREY - Surrey's real estate market is on a tear.
The city is set to outperform other B.C. cities over the next three to five years in terms of real estate investment.
That's the word from the Real Estate Investment Network (REIN), the country's leading real estate research organization. Its latest report, Top British Columbia Investment Towns 2011, ranks Surrey No. 1 out of hundreds of cities and towns in B.C.
Read the full article here.
SURREY - Surrey's real estate market is on a tear.
The city is set to outperform other B.C. cities over the next three to five years in terms of real estate investment.
That's the word from the Real Estate Investment Network (REIN), the country's leading real estate research organization. Its latest report, Top British Columbia Investment Towns 2011, ranks Surrey No. 1 out of hundreds of cities and towns in B.C.
Read the full article here.
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Fort St. John's real estate market ranked 5th in the province
A report by the Real Estate Investment Network has Fort St. John as one of the top regions that will outperform others in B.C. over the next three to five years. Top British Columbia Investment Towns 2011 ranks Fort St. John's real estate market in fifth place, behind only Surrey, Maple Ridge and Pitt Meadows, Kamloops and Abbotsford.
The report analyzed real estate investment opportunities in cities across the province. Its criteria included growing population and what's being done to handle that growth, as well as employment levels.
Read the full article here.
A report by the Real Estate Investment Network has Fort St. John as one of the top regions that will outperform others in B.C. over the next three to five years. Top British Columbia Investment Towns 2011 ranks Fort St. John's real estate market in fifth place, behind only Surrey, Maple Ridge and Pitt Meadows, Kamloops and Abbotsford.
The report analyzed real estate investment opportunities in cities across the province. Its criteria included growing population and what's being done to handle that growth, as well as employment levels.
Read the full article here.
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Victoria new home prices flat in September: StatsCan
Victoria new home prices remained flat in September, but dropped slightly year-over-year, Statistics Canada said Wednesday.
The federal agency said prices of new homes remained the same compared to August, but dropped 1.6 per cent from September 2010 to September 2011.
In Metro Vancouver, new home prices were also flat in September compared to August, but rose 0.1 per cent year-over-year.
Nationally, new home prices edged up 0.2 per cent from August to September and 2.3 per cent from September 2010 to September 2011.
Read the full article here.
Victoria new home prices remained flat in September, but dropped slightly year-over-year, Statistics Canada said Wednesday.
The federal agency said prices of new homes remained the same compared to August, but dropped 1.6 per cent from September 2010 to September 2011.
In Metro Vancouver, new home prices were also flat in September compared to August, but rose 0.1 per cent year-over-year.
Nationally, new home prices edged up 0.2 per cent from August to September and 2.3 per cent from September 2010 to September 2011.
Read the full article here.
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Weak U.S. economy creates new rivals for B.C.
A weaker U.S. dollar is making it tougher for British Columbia to attract new jobs in one of North America`s hottest sectors.
It`s still cheaper to set up a medical technology company in Metro Vancouver than in markets such as Silicon Valley, Los Angeles, Boston or Toronto, according to new research from the Boyd Company.
But John Boyd Jr., a consultant based in Princeton, N.J., notes that jurisdictions including Florida, Texas and South Dakota are aggressive new competitors in the pursuit of med tech companies ` and they`re making offers that companies with a strict bottom-line focus are finding hard to ignore.
Read the full article here.
A weaker U.S. dollar is making it tougher for British Columbia to attract new jobs in one of North America`s hottest sectors.
It`s still cheaper to set up a medical technology company in Metro Vancouver than in markets such as Silicon Valley, Los Angeles, Boston or Toronto, according to new research from the Boyd Company.
But John Boyd Jr., a consultant based in Princeton, N.J., notes that jurisdictions including Florida, Texas and South Dakota are aggressive new competitors in the pursuit of med tech companies ` and they`re making offers that companies with a strict bottom-line focus are finding hard to ignore.
Read the full article here.
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Metro Vancouver new home prices flat in September: StatsCan
Metro Vancouver new home prices remained flat in September, while edging up slightly year-over-year, Statistics Canada said Wednesday.
The federal agency said prices of new homes remained the same compared to August, but rose 0.1 per cent from September 2010 to September 2011.
In Victoria, new home prices were also flat in September compared to August, but dropped 1.6 per cent year-over-year.
Read the full article here.
Metro Vancouver new home prices remained flat in September, while edging up slightly year-over-year, Statistics Canada said Wednesday.
The federal agency said prices of new homes remained the same compared to August, but rose 0.1 per cent from September 2010 to September 2011.
In Victoria, new home prices were also flat in September compared to August, but dropped 1.6 per cent year-over-year.
Read the full article here.