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November 2012 Maritime Economic Fundamentals

Ally

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News articles for November 2012.
 

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Housing demand in Halifax to stabilize






HALIFAX, NOVA SCOTIA`(Marketwire ` Nov. 5, 2012) -
According to Canada Mortgage and Housing Corporation`s (CMHC`s) Fall Housing Market Outlook ` Halifax report, moderate economic growth and positive net migration will result in continued demand for housing in Halifax over the forecast period.




`Positive net migration, employment growth and moderate increases in economic activity will result in continued demand for all types of housing in the HRM over the forecast period,` said Matthew Gilmore, senior market analyst with CMHC`s Atlantic Business Centre.




`In the new home construction market, single-detached starts are expected to increase 11 per cent in 2012 to 1,000 units before climbing to 1,050 units in 2013. On the multiples side, coming off of a strong 2011, expect apartment starts to decline to 1,200 units this year before increasing to 1,300 in 2013,` said Gilmore.





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St. John's housing market to remain stable



ST. JOHN'S, NEWFOUNDLAND AND LABRADOR -- (Marketwire) -- 11/05/12 -- According to Canada Mortgage and Housing Corporation's (CMHC's) Fall Housing Market Outlook - St. John's report, steady house prices and an adequate supply of new and existing homes will see housing activity remain stable this year and in 2013.





"Low mortgage rates, income growth, full-time employment gains and positive migration will support the local housing market for the remainder of this year and next," said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador.





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Housing starts to decline in New Brunswick







MONCTON, NEW BRUNSWICK`(Marketwire ` Nov. 5, 2012) -
According to Canada Mortgage and Housing Corporation`s (CMHC`s) Fall Housing Market Outlook ` Saint John, Moncton and Fredericton report, residential construction in New Brunswick`s large urban centres is expected to decline in both 2012 and 2013.




`A reduction in demand for new homes, particularly single-detached homes, in New Brunswick`s three large urban centres, will produce fewer total housing starts in 2012, with a further moderate decline in 2013,` said Claude Gautreau, CMHC`s Senior Market Analyst for New Brunswick. The decline in demand and resulting decrease in residential construction activity will stem, in part, from muted economic growth over the forecast period combined with weakening employment.





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Calgary firm to hire in Halifax




Instead of hiring Nova Scotia engineering graduates for jobs out west, Projex Technologies Ltd. of Calgary is bringing the work here, says the president and CEO.




Projex, an Alberta oilpatch engineering specialist, received a provincial payroll rebate Wednesday potentially worth about $11.4 million to encourage the hiring of about 440 engineers over five years in Halifax.




`We`ve already received, with minimal advertising, 1,200 applications for the 100 positions we plan to fill in Halifax this year, which is remarkable,` Barry Brad said in an interview.





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October 2012 Halifax housing starts






HALIFAX, NOVA SCOTIA`(Marketwire ` Nov. 8, 2012) -
Housing starts in Halifax, Census Metropolitan Area (CMA) were trending at 3,742 units in October, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)(1) of housing starts. The standalone monthly SAAR was 7,063 units in October, up from 4,702 in September.




`Total residential housing starts in Halifax posted a significant increase last month as builders broke ground on 597 actual units,` said Matthew Gilmore, CMHC`s Senior Market Analyst for Halifax. `The increase is largely attributed to a high level of multiple starts in October, specifically apartment-style rental unit construction,` said Gilmore. `Real wage growth, positive net migration patterns and steady levels of employment continue to support demand for all types of housing in the city,` added Gilmore.





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IMB plans global delivery centre in Halifax



Halifax could be home to another 500 IBM employees in eight years, in a deal Premier Darrell Dexter trumpeted Thursday as an `extraordinary opportunity` for Nova Scotians.





The province will be the anchor client of the international information technology giant`s new Halifax global delivery centre, its only one in Canada.





IBM Canada will be taking over support of the province`s SAP computer system in an untendered deal. The system includes payroll, procurement, human resources and other information from government departments, district health authorities, school boards, housing authorities and some municipal bodies.





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Nova Scotia lags behind most of Canada in job vacancies




Nova Scotia`s labour market is lagging the rest of the country as job vacancies increase faster in other parts of Canada, a new report says.




While the number of unfilled private-sector jobs increased slightly across the country to 2.4 per cent, new job openings in Nova Scotia hovered at 1.9 per cent, the Canadian Federation of Independent Business said Tuesday.





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Location, location is what it's about




Some commercial operators are coming to Halifax to check out how Nova Scotia might help them benefit from megaprojects underway in Newfoundland and Labrador or proposed for Canada`s North.




`It`s really important we get particular companies here to show them what`s happening in the background here,` Nancy Phillips, executive director of the Halifax Gateway, said Tuesday.




The logistical infrastructure involved in handling megaprojects in Atlantic Canada has implications for businesses interested in transporting goods to and from the region, she said.





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Costs soar as construction boom continues in Halifax




Prices for materials and labour in Halifax have gone through the roof as the region experiences a construction boom not seen in years.




According to Statistics Canada figures released Tuesday, the non-residential building construction price index in Halifax had the highest jump in Canada from the second to third quarter.




The index, which measures selling prices for materials, labour and equipment and provincial sales tax in the commercial, industrial and institutional sectors, is at 144.4 (not seasonally adjusted) in Halifax, a 0.7 per cent increase from the previous quarter. The next highest increase was experienced in Edmonton, which saw a 0.3 per cent jump between quarters.





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Flaherty offers hope for New Brunswick's economy





Federal Finance Minister Jim Flaherty says New Brunswick should look to other provinces for development projects to boost its struggling economy.



The federal finance minister used Fredericton as the backdrop for his latest fiscal update on Tuesday where he outlined the pressures facing the federal government.




He also used the opportunity to discuss how New Brunswick should look beyond its borders for economic development opportunities, especially as megaprojects, such as the Point Lepreau refurbishment project, are winding down.





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Tenants, landlords have new rights in Nova Scotia




New legislation that changes the rights of tenants and landlords is now in effect in Nova Scotia.




Some of the amendments work in favour of residents, but some say overall the Tenancies Act still favours landlords, rather than tenants.




Dylan Hayward has been renting for a total of eight years and has spent the past four months in a Halifax apartment.




`Got a great landlord. Really lucky,` says Hayward. `Not everyone in Nova Scotia has a great landlord though.`





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BP, Shell team up to explore Nova Scotia offshore




A pair of oil industry giants plan to spend $1.08 billion exploring Nova Scotia`s offshore in the coming years, including one that just agreed to pay a record settlement over the oil spill in the Gulf of Mexico.




BP has successfully bid $1.04 billion for exploration rights on four parcels, the Canada-Nova Scotia Offshore Petroleum Board announced Friday. Shell has claimed another four leases by agreeing to ante up $31.8 million, the industry regulator said.





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Fate of downtown Halifax office market still dim




A spate of new development will not reverse the fortunes of the downtown Halifax office and industrial markets, according to a CBRE Ltd. forecast.




The current downtown office vacancy rate stands at 10.5 per cent, while the suburban market is at 8.2 per cent.




That gulf is expected to widen in 2013, with the downtown rate jumping to 13 per cent and the suburban rate to nine per cent.





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Council rejects bid by Skye Halifax to exceed height limit




The Halifax skyline will not include the 48-storey twin towers proposed by United Gulf Developments Ltd.






Regional council rejected
the firm`s request for an exception to HRM by Design`s height restrictions, which the Skye Halifax development would have exceeded by 106 metres.




The vote marked the first controversial decision the new council has faced since being sworn in two weeks ago. It also upheld the recommendation from the city`s design and review committee and from planning staff.





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Council rejects bid by Skye Halifax to exceed height limit




The Halifax skyline will not include the 48-storey twin towers proposed by United Gulf Developments Ltd.






Regional council rejected
the firm`s request for an exception to HRM by Design`s height restrictions, which the Skye Halifax development would have exceeded by 106 metres.




The vote marked the first controversial decision the new council has faced since being sworn in two weeks ago. It also upheld the recommendation from the city`s design and review committee and from planning staff.





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Nova Scotia needs entrepreneurial boost




Nova Scotia`s location is advantageous in reaching emerging markets, but a long-term skills-improvement strategy is needed to take advantage of it, an economist said Wednesday.




Warren Jestin, senior vice-president and chief economist at Scotiabank, said as a port city, Halifax has certain natural advantages in an evolving global marketplace.




He was speaking to students at the Sobey School of Business at Saint Mary`s University in Halifax.





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Nova Scotia rental rules get overhaul




It`s been a decade since the Residential Tenancies Act got a facelift, and on Nov. 15, changes took effect to the law that governs rentals.




Landlords and tenants should get acquainted with the tweaks to subletting rules, the process for rent increases, reasons for ending a lease, security deposit interest rates and late-rent

payments.




`In all these things, we`re trying to balance the rights and the obligations for both the landlord and the tenant,` says the director of residential tenancies at Service Nova Scotia & Municipal

Relations, Dean Johnston.





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New Brunswick to tackle dwindling economy





New Brunswick's lieutenant-governor outlined the province's plans to stimulate the cash-strapped province's economy in Tuesday's speech from the throne.



"As New Brunswickers, we have all lived through the effects of the global economic downturn of the past number of years. We have experienced job losses and other changes brought by slower economic growth here and around the world," said Graydon Nicholas.





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