November 2012 B.C. Economic Fundamentals

[Ally]

'Serious interest' in refinery




Companies in China and Japan were receptive to B.C. community newspaper publisher David Black's recent pitch to export refined oil products such as gasoline from a concept-stage $13-billion refinery in Kitimat, the businessman says.




Black met with 12 companies in Beijing and Tokyo last week to test the waters there for his idea, which he acknowledges has met with a cool reception among Alberta oilsands producers.



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[Ally]

Fraser Perimeter Road driving Delta development




The $1 billion South Fraser Perimeter Road (SFPR) is fuelling real-estate investment decisions and pushing down industrial vacancy rates one year before its scheduled fall 2013 completion date.










Avison Young noted earlier this year that industrial vacancy in Delta tightened to 7.5% in spring 2012 from 8.5% six months earlier.










"Delta's industrial vacancy rate has dropped below 7% as of today," Avison Young industrial broker Ryan Kerr told Business in Vancouver November 6.





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[Ally]

B.C.'s forest industry woos back workers as demand booms




It`s the perfect storm for B.C.`s forest industry.




A rebounding U.S. housing market, demand in China, and now Hurricane Sandy, which destroyed billions of dollars worth of homes and infrastructure in the Northeastern U.S. that must be rebuilt.




Skilled labourers have abandoned the long-dormant industry, and now massive labour shortages are predicted as mills and logging camps get back to work.





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[Ally]

Housing outlook positive for BC; rental starts on the rise in Vancouver





We`re well into the season of forecasts, and the numbers can all start flowing together after a few presentations, leaving only a trend as a final impression. And the trend, if nothing else, indicates that housing markets around the province have every reason to stay strong this year despite some weakness relative to the past two years.










The impression was reinforced last week at the Canada Mortgage and Housing Corp.`s (CMHC) annual housing outlook conference. While often more bullish than other outlooks, CMHC presenters frequently used terms like `modest` and variations on `stable` to indicate the direction of the market. Recent peaks wouldn`t be met, but the outlook for the province`s housing markets is positive, and more so than other forecasts predict.





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[Ally]

Condo approval reignites city rental debate




THERE'S a new seven-seven storey mixed-use condo building coming to the Lower Lonsdale neighbourhood.




City of North Vancouver council moved ahead with rezoning 127 and 133 East Third St. Monday night after a public hearing that saw mostly positive comments from nearby business owners, and residents.





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[Ally]

Economists take wait and see attitude to BC's forecast




Thomas Carlyle famously dubbed economics the dismal science, but watching a dozen economists dole out budget-making advice to Finance Minister Mike de Jong on Friday I noticed that not only was the exercise not entirely dismal, it was also not really science. It seems to have at least as much in common with fortune-telling The headline story from the 13th annual session of the B.C. Economic Forecast Council is that these leading economists have downgraded their slightly cheerier predictions of 10 months ago.




They now expect B.C.'s growth to come in at 2.1 per cent this year, 2.2 per cent next year and 2.6 per cent in 2013. That's down from a forecast of 2.2 per cent, 2.5 per cent and 2.7 per cent, but better than what is expected for most of the country.





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[Ally]

BC loggers sharpening their axes to keep sawmills supplied with wood




At Clusko Logging Enterprises in British Columbia`s central Interior, winter freeze-up has already hardened the ground enough for logging crews to move in with their heavy equipment and the company`s northern division operations manager, Jared Bremner, talks about a winter plan that will deliver logs to Prince George sawmills that are hungry for wood.




For the first time in half a decade, there is no shortage of work in B.C. forests.





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[Ally]

B.C. approves resort municipality status for jumbo ski proposal




VANCOUVER ` The B.C. government has approved the incorporation of the Jumbo ski project as a mountain resort municipality, opening the way for a controversial new recreational development high in the wilderness of the Purcell Mountains.




Minister of Community, Sport and Cultural Development Bill Bennett said Tuesday the designation sets up the civic framework for the development of a $450-million high-elevation ski resort. He also appointed a mayor and two councillors.





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[Ally]

Metro Vancouver's industrial land squeeze cries out for bold solutions





VANCOUVER ` No one disputes that, without bold new strategies, Metro Vancouver will soon max out on use of its industrial land. According to the commercial real estate firm Avison Younghttp://phttp://www.avisonyoung.com/...easeFall12MetroVancouverIndustrialNov712.pdfp, the region`s industrial vacancy rate continues trending lower: 3.6 per cent compared with 4.2 per cent in spring 2012, and 4.6 per cent a year ago.




Overall prices aren`t expected to jump ` they pretty much hit a ceiling after the 2008 downturn. But current industrial-market conditions are putting pressure on our tightening industrial land base. There`s a forecasted expansion in port traffic, as well as billions of dollars` investment in transportation infrastructure. The big squeeze, in particular, is on large distribution spaces.





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[Ally]

Proposed exploration in the Panda Basin, Cranbrook-Kimberly, B.C.





Vancouver, British Columbia CANADA, November 26, 2012 /FSC/ - Sedex Mining Corp. (SDN - TSX Venture), has been offered by Klondike Gold Corp to sell the remaining interest in the Panda Basin property southwest of Cranbrook, B.C. The terms of this purchase by Klondike Gold Corp. are outlined in the news released by Klondike Gold dated November 19, 2012.







The sale of this property is subject to the approval of all the directors of Sedex Mining Corp, regulatory authorities and shareholder approval. This agreement may also require a fairness opinion.







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[Ally]

Don't give up our resources




It is hard to get excited about Enbridge`s controversial $6 billion dollar pipeline proposal in Northern British Columbia. Are a few short term jobs in the construction phase really worth the huge environmental impact for a life time?










On the other hand, the large multinational energy companies and state-owned petroleum companies such as Chinas three oil enterprises (CNOOC), (CNPC), Petro-Chine, Norways Stanoil, Koreas KOGAS, Japans JACOS, and others that have invested heavily into Canada`s oil and gas industry, need this pipeline.





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