October 2011 B.C. Economic Fundamentals
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Fewer sales, more listings keep lid on home prices in the Fraser Valley, report says
A combination of fewer sales and more listings is putting the lid on home price increases in the Fraser Valley, according to the latest real estate numbers released Tuesday.
`This is the third month in a row based on the 10-year average where we've seen lower sales combined with a higher influx of new listings,` Sukh Sidhu, president of the Fraser Valley Real Estate Board, said in a statement.
`This trend is stabilizing home prices in the Fraser Valley, resulting in the price of a typical detached home in September being only slightly higher than it was in May.`
Read the full article here.
A combination of fewer sales and more listings is putting the lid on home price increases in the Fraser Valley, according to the latest real estate numbers released Tuesday.
`This is the third month in a row based on the 10-year average where we've seen lower sales combined with a higher influx of new listings,` Sukh Sidhu, president of the Fraser Valley Real Estate Board, said in a statement.
`This trend is stabilizing home prices in the Fraser Valley, resulting in the price of a typical detached home in September being only slightly higher than it was in May.`
Read the full article here.
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Confronting home affordability in Metro Vancouver head on
I spent a day-and-a-half last week at SFU's Wosk Centre for Dialogue participating in HousingNow, a workshop that focused on practical solutions for our housing affordability crisis in Metro Vancouver.
I've sat through a lot of these "talk shops" over the years and heard people theorize about things. Often the theory is disconnected from the practices of the real world, but this time the effort seemed to be a little different and quite a bit more productive.
First, all the discussion and sharing of ideas was focused around one central challenge: figuring out how to provide affordable housing for single and family buyers and renters with household incomes between $35,000 and $80,000.
Read the full article here.
I spent a day-and-a-half last week at SFU's Wosk Centre for Dialogue participating in HousingNow, a workshop that focused on practical solutions for our housing affordability crisis in Metro Vancouver.
I've sat through a lot of these "talk shops" over the years and heard people theorize about things. Often the theory is disconnected from the practices of the real world, but this time the effort seemed to be a little different and quite a bit more productive.
First, all the discussion and sharing of ideas was focused around one central challenge: figuring out how to provide affordable housing for single and family buyers and renters with household incomes between $35,000 and $80,000.
Read the full article here.
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B.C.'s new northen industries will need twice the electricity that was forecast by B.C. Hydro
The rapid industrialization of northern B.C. is going to create almost double the demand for electricity estimated by BC Hydro, making it virtually impossible for the province to meet its greenhouse gas reduction targets, according to the Canadian Wind Energy Association.
Citing a report to be released today on new industrial demand for electricity, Nicholas Heap, the association's policy manager for B.C., said the pending demand is "quite extraordinary," but much of it is not included in Hydro's December 2010 industrial electricity load forecast. The association is holding its annual convention in Vancouver this week and is focusing on this province's wind power potential.
Read the full article here.
The rapid industrialization of northern B.C. is going to create almost double the demand for electricity estimated by BC Hydro, making it virtually impossible for the province to meet its greenhouse gas reduction targets, according to the Canadian Wind Energy Association.
Citing a report to be released today on new industrial demand for electricity, Nicholas Heap, the association's policy manager for B.C., said the pending demand is "quite extraordinary," but much of it is not included in Hydro's December 2010 industrial electricity load forecast. The association is holding its annual convention in Vancouver this week and is focusing on this province's wind power potential.
Read the full article here.
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Kamloops fastest growing small business community in BC
Kamloops is the fastest growing small business community in B.C. , followed by significantly lower growth in Victoria, Penticton, Vancouver, Abbotsford, then Kelowna, according to Small Business BC`s Small Business Pulse for September.
Kamloops grew by almost six per cent or 412 new businesses to total 7,499 between June 2010 and June 2011.
Not surprisingly, real estate agents led the charge with 93 new locations over the 12 months, but 83 had no employees. Retail stores increased by 49, for a total of 718 locations by June 2011. Retail stores with fewer than five employees grew by 21 to reach 176. Other growing sectors in Kamloops include health care, agriculture, forestry, fishing, hunting, business services, accommodation, food services, finance and insurance.
Read the full article here.
Kamloops is the fastest growing small business community in B.C. , followed by significantly lower growth in Victoria, Penticton, Vancouver, Abbotsford, then Kelowna, according to Small Business BC`s Small Business Pulse for September.
Kamloops grew by almost six per cent or 412 new businesses to total 7,499 between June 2010 and June 2011.
Not surprisingly, real estate agents led the charge with 93 new locations over the 12 months, but 83 had no employees. Retail stores increased by 49, for a total of 718 locations by June 2011. Retail stores with fewer than five employees grew by 21 to reach 176. Other growing sectors in Kamloops include health care, agriculture, forestry, fishing, hunting, business services, accommodation, food services, finance and insurance.
Read the full article here.
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Households in Victoria feel the pinch
Cost of living issues loom large in the minds of Greater Victorians, according to the Victoria Foundation's sixth annual Vital Signs report.
The annual community report card combines public opinion and statistics to provide a snapshot of livability and well-being in the community.
More than 300 people participated in an online survey and, for the first time, cost of living moved ahead of homelessness as the most important issue.
Addictions, housing and mental illness followed as areas of concern.
Read the full article here.
Cost of living issues loom large in the minds of Greater Victorians, according to the Victoria Foundation's sixth annual Vital Signs report.
The annual community report card combines public opinion and statistics to provide a snapshot of livability and well-being in the community.
More than 300 people participated in an online survey and, for the first time, cost of living moved ahead of homelessness as the most important issue.
Addictions, housing and mental illness followed as areas of concern.
Read the full article here.
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Vancouver home prices lead nation, survey finds
Big sale prices on homes in Vancouver`s most expensive neighbourhoods pushed the city`s average prices up steeply on realty firm Royal LePage`s third-quarter survey of Canadian home values.
Royal LePage said Wednesday the average price for a detached bungalow in Vancouver rose 17 per cent to $1.02 million in the third quarter compared with the same period a year ago, which the firm noted is nearly three times the national average of $349,974 for that type of property.
For the purposes of the survey, Royal LePage said Vancouver is defined as including Vancouver`s west side and east side, West Vancouver and North Vancouver.
Read the full article here.
Big sale prices on homes in Vancouver`s most expensive neighbourhoods pushed the city`s average prices up steeply on realty firm Royal LePage`s third-quarter survey of Canadian home values.
Royal LePage said Wednesday the average price for a detached bungalow in Vancouver rose 17 per cent to $1.02 million in the third quarter compared with the same period a year ago, which the firm noted is nearly three times the national average of $349,974 for that type of property.
For the purposes of the survey, Royal LePage said Vancouver is defined as including Vancouver`s west side and east side, West Vancouver and North Vancouver.
Read the full article here.
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B.C. job growth surges in September
British Columbia's full time employment surged in September pulling the province's unemployment rate down to 6.7 per cent, the first notable employment gain since July 2010.
Employment rose by 32,000 positions in B.C., according to the latest labour figures from Statistics Canada.
All of the gains in B.C. were in full time work, as part time employment fell by 8 per cent, month over month.
Read the full article here.
British Columbia's full time employment surged in September pulling the province's unemployment rate down to 6.7 per cent, the first notable employment gain since July 2010.
Employment rose by 32,000 positions in B.C., according to the latest labour figures from Statistics Canada.
All of the gains in B.C. were in full time work, as part time employment fell by 8 per cent, month over month.
Read the full article here.
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Value of building permits dips in Metro, but climbs across province
The value of building permits issued in Metro Vancouver dropped 4.9 per cent from July to August to $494 million, and declined almost 10 per cent from $528 million in August 2010, Statistics Canada said Thursday.
The report on permit values, a key indicator of construction activity expected in coming months, also found that the numbers climbed across B.C. from July to August, but dropped year-over-year.
`There is some uncertainty in the marketplace regarding the HST transition rules,` Greater Vancouver Home Builders` Association president and CEO Peter Simpson said, adding that he`d like the provincial government to help neutralize the tax because many buyers are forgoing purchases while it`s still in effect.
Read the full article here.
The value of building permits issued in Metro Vancouver dropped 4.9 per cent from July to August to $494 million, and declined almost 10 per cent from $528 million in August 2010, Statistics Canada said Thursday.
The report on permit values, a key indicator of construction activity expected in coming months, also found that the numbers climbed across B.C. from July to August, but dropped year-over-year.
`There is some uncertainty in the marketplace regarding the HST transition rules,` Greater Vancouver Home Builders` Association president and CEO Peter Simpson said, adding that he`d like the provincial government to help neutralize the tax because many buyers are forgoing purchases while it`s still in effect.
Read the full article here.
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Enbridge to buy Encana's 52% stake in Horn River Basin gas plant
Enbridge Inc. said it would buy a majority stake in the Cabin gas plant in British Columbia`s Horn River Basin from Encana Corp. and some other sellers for $250 million Cdn, as it looks to strengthen its Canadian midstream business.
The pipeline operator will buy a 57.6 per cent interest in phases 1 and 2 of the Cabin Gas plant, which together will be capable of processing 800 million cubic feet per day (Mmcf/d) of natural gas.
Enbridge`s total investment in the plant is expected to be about $900 million, after phases 1 and 2 are completed.
Read the full article here.
Enbridge Inc. said it would buy a majority stake in the Cabin gas plant in British Columbia`s Horn River Basin from Encana Corp. and some other sellers for $250 million Cdn, as it looks to strengthen its Canadian midstream business.
The pipeline operator will buy a 57.6 per cent interest in phases 1 and 2 of the Cabin Gas plant, which together will be capable of processing 800 million cubic feet per day (Mmcf/d) of natural gas.
Enbridge`s total investment in the plant is expected to be about $900 million, after phases 1 and 2 are completed.
Read the full article here.
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More full-time jobs expected as B.C. leads employment growth
B.C. is leading the country creating new jobs according to the latest numbers from Statistics Canada.
The province added 31,600 new positions in September, all of them were full-time. That dropped the unemployment rate here nearly a full percentage point compared to August, from 7.5 percent to 6.7.
Stats Can Analyst Vincent Ferrao says, "That's an (job creation) increase of 1.4 percent. So it's quite strong. British Columbia saw increases in agriculture, retail and wholesale trade, transportation and warehousing, as well as educational services."
Read the full article here.
B.C. is leading the country creating new jobs according to the latest numbers from Statistics Canada.
The province added 31,600 new positions in September, all of them were full-time. That dropped the unemployment rate here nearly a full percentage point compared to August, from 7.5 percent to 6.7.
Stats Can Analyst Vincent Ferrao says, "That's an (job creation) increase of 1.4 percent. So it's quite strong. British Columbia saw increases in agriculture, retail and wholesale trade, transportation and warehousing, as well as educational services."
Read the full article here.
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North Okanagan home sales drop
The North Okanagan`s real estate market continues to experience some challenges.
Overall sales for September 2011 slipped by 26 per cent compared to 2010 (146 to 108), while there was a 6.48 per cent dip from the 115 units sold in August. Sales volumes went from $56 million last year to $33.9 million last month.
Residential sales for September were down by 26.3 per cent compared to last year (from 133 to 98), and single-family sales fell 39.47 per cent over 2010 (from 76 to 46 units).
Read the full article here.
The North Okanagan`s real estate market continues to experience some challenges.
Overall sales for September 2011 slipped by 26 per cent compared to 2010 (146 to 108), while there was a 6.48 per cent dip from the 115 units sold in August. Sales volumes went from $56 million last year to $33.9 million last month.
Residential sales for September were down by 26.3 per cent compared to last year (from 133 to 98), and single-family sales fell 39.47 per cent over 2010 (from 76 to 46 units).
Read the full article here.
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B.C. beats out nation in job growth
B.C.'s jobless rate dropped sharply last month as the province added a nation-leading 31,600 jobs - but one observer warned against indulging in unjustified euphoria.
B.C.'s unemployment rate fell to 6.7 per cent in September from 7.5 per cent in August as the province notched its strongest job gains in more than seven years, Statistics Canada's latest labourforce data shows.
All of the jobs gained last month were full-time.
But sluggish economic conditions in B.C.at the moment "do not warrant such a sharp jump in employment levels," Central 1 Credit Union cautioned in a commentary. "While part of this jump in employment makes up for weak performance in recent quarters, it is likely that a portion reflects statistical sampling variability," it said.
Read the full article here.
B.C.'s jobless rate dropped sharply last month as the province added a nation-leading 31,600 jobs - but one observer warned against indulging in unjustified euphoria.
B.C.'s unemployment rate fell to 6.7 per cent in September from 7.5 per cent in August as the province notched its strongest job gains in more than seven years, Statistics Canada's latest labourforce data shows.
All of the jobs gained last month were full-time.
But sluggish economic conditions in B.C.at the moment "do not warrant such a sharp jump in employment levels," Central 1 Credit Union cautioned in a commentary. "While part of this jump in employment makes up for weak performance in recent quarters, it is likely that a portion reflects statistical sampling variability," it said.
Read the full article here.
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Great Victoria's unemployment rate bucks B.C. trend
Greater Victoria`s unemployment rate inched higher in September to 6.3 per cent ` a contrast to the surge of jobs created overall in British Columbia.
Employment rose by 32,000 positions in B.C., pulling the province's unemployment rate down to 6.7 per cent in what is the first notable employment gain since July 2010.
According to the latest labour figures from Statistics Canada, all of the gains in B.C. were in full time work, as part time employment fell by eight per cent, month over month.
Read the full article here.
Greater Victoria`s unemployment rate inched higher in September to 6.3 per cent ` a contrast to the surge of jobs created overall in British Columbia.
Employment rose by 32,000 positions in B.C., pulling the province's unemployment rate down to 6.7 per cent in what is the first notable employment gain since July 2010.
According to the latest labour figures from Statistics Canada, all of the gains in B.C. were in full time work, as part time employment fell by eight per cent, month over month.
Read the full article here.
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Suburban Vancouver office market driven by rapid transit: Report
METRO VANCOUVER - Proximity to rapid transit is increasingly a key factor in where new offices locate in the suburbs and Vancouver`s outlying areas, according to a report by commercial real estate services firm Jones Lang LaSalle.
`The closer, the better,` the company`s executive vice-president Ray Ahrens said in an interview after Monday`s release of the Rapid Transit Office Index. `The office buildings close to SkyTrain stations are enjoying much lower vacancies. While [it makes sense that] they [are] better occupied, we didn`t know the extent of this until we did the study.`
Ahrens said that transit is becoming increasingly popular in Metro Vancouver and `our [report] shows clear evidence that office developments located within walking distance of rapid transit have a significant advantage with less vacancy and higher rents.` More people are now commuting from downtown Vancouver to the suburbs for work, he noted.
Read the full article here.
METRO VANCOUVER - Proximity to rapid transit is increasingly a key factor in where new offices locate in the suburbs and Vancouver`s outlying areas, according to a report by commercial real estate services firm Jones Lang LaSalle.
`The closer, the better,` the company`s executive vice-president Ray Ahrens said in an interview after Monday`s release of the Rapid Transit Office Index. `The office buildings close to SkyTrain stations are enjoying much lower vacancies. While [it makes sense that] they [are] better occupied, we didn`t know the extent of this until we did the study.`
Ahrens said that transit is becoming increasingly popular in Metro Vancouver and `our [report] shows clear evidence that office developments located within walking distance of rapid transit have a significant advantage with less vacancy and higher rents.` More people are now commuting from downtown Vancouver to the suburbs for work, he noted.
Read the full article here.
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Kitimat LNG terminal wins export license
Kitimat LNG has been granted a licence to export liquefied natural gas from British Columbia, clearing the way for new trade with Asia that stands to significantly alter Canada`s energy geography.
The National Energy Board granted the 20-year licence Thursday.
`The board recognizes that forecast demand growth for LNG in the Asia Pacific region provides a new opportunity for Canadian producers to diversify their export markets,` it wrote in awarding its approval. `The board also recognizes that long-term oil-indexed sales contracts could provide for higher netbacks to Canadian producers.`
Read the full article here.
Kitimat LNG has been granted a licence to export liquefied natural gas from British Columbia, clearing the way for new trade with Asia that stands to significantly alter Canada`s energy geography.
The National Energy Board granted the 20-year licence Thursday.
`The board recognizes that forecast demand growth for LNG in the Asia Pacific region provides a new opportunity for Canadian producers to diversify their export markets,` it wrote in awarding its approval. `The board also recognizes that long-term oil-indexed sales contracts could provide for higher netbacks to Canadian producers.`
Read the full article here.
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Lumber shipments rise this year
British Columbia has eclipsed its last year's record softwoodlumber shipments to China in the first eight months of 2011.
The value of shipments to China (including Hong Kong) to August reached $746 million, above the record $687 million shipped in 2010, according to figures released by the B.C. government on Sunday. The volume of lumber shipped in the first eight months of 2011 topped three-billion board feet, also surpassing the record 2.8billion board feet shipped in 2010.
B.C. Jobs, Tourism and Innovation Minister Pat Bell said the robust shipment figures to China show the province will deliver four-billion board feet of lumber to China this year, a target he set several years ago in the face of much skepticism.
Read the full article here.
British Columbia has eclipsed its last year's record softwoodlumber shipments to China in the first eight months of 2011.
The value of shipments to China (including Hong Kong) to August reached $746 million, above the record $687 million shipped in 2010, according to figures released by the B.C. government on Sunday. The volume of lumber shipped in the first eight months of 2011 topped three-billion board feet, also surpassing the record 2.8billion board feet shipped in 2010.
B.C. Jobs, Tourism and Innovation Minister Pat Bell said the robust shipment figures to China show the province will deliver four-billion board feet of lumber to China this year, a target he set several years ago in the face of much skepticism.
Read the full article here.
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Halifax, B.C. yards win shipbuilding work
Halifax's Irving Shipbuilding is getting the $25-billion contract to build 21 Canadian combat ships and Vancouver's Seaspan Marine has been awarded an $8-billion contract for seven non-combat vessels, the federal government announced Wednesday afternoon.
Defence Minister Peter MacKay said it was a very exciting day for the Royal Canadian Navy because the ships will help them prepare for the challenges of the 21st century.
He also congratulated Irving, which is based in his home province.
"They won this on their merit. They won this on hard work. They put forward a very competitive bid into a process that was merit-based, that was transparent, inclusive and open, and highly competitive," he said.
Read the full article here.
Halifax's Irving Shipbuilding is getting the $25-billion contract to build 21 Canadian combat ships and Vancouver's Seaspan Marine has been awarded an $8-billion contract for seven non-combat vessels, the federal government announced Wednesday afternoon.
Defence Minister Peter MacKay said it was a very exciting day for the Royal Canadian Navy because the ships will help them prepare for the challenges of the 21st century.
He also congratulated Irving, which is based in his home province.
"They won this on their merit. They won this on hard work. They put forward a very competitive bid into a process that was merit-based, that was transparent, inclusive and open, and highly competitive," he said.
Read the full article here.
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Deal with federal government pulls B.C. shipyard industry out of long slump
It was the news Jason Bresatz had been waiting to hear.
On Wednesday, Seaspan`s Vancouver Shipyards was awarded an $8-billion federal contract for construction of coast guard and other non-combat ships.
The contract is expected to breathe life back into a once-thriving West Coast industry, bringing with it 1,000 direct jobs to North Vancouver and an estimated job boom of more than 3,000 spinoff positions across the West Coast.
Read the full article here.
It was the news Jason Bresatz had been waiting to hear.
On Wednesday, Seaspan`s Vancouver Shipyards was awarded an $8-billion federal contract for construction of coast guard and other non-combat ships.
The contract is expected to breathe life back into a once-thriving West Coast industry, bringing with it 1,000 direct jobs to North Vancouver and an estimated job boom of more than 3,000 spinoff positions across the West Coast.
Read the full article here.
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Jubilation greets $8-billion shipbuilding contract for B.C.
VANCOUVER - British Columbia emerged as one of two big winners in a historic shipbuilding announcement Wednesday, as the federal government awarded North Vancouver-based Seaspan Marine Corp. an estimated $8-billion contract expected to create as many as 4,000 jobs in B.C.
Irving Shipbuilding Inc. of Halifax got the richest slice of the $33-billion federal program, winning the right to construct at least 21 military vessels.
Seaspan got the smaller piece of the pie, meaning the B.C. company will build seven non-combat vessels: one major icebreaker, two naval support ships, three fisheries vessels and one oceanographic vessel.
Read the full article here.
VANCOUVER - British Columbia emerged as one of two big winners in a historic shipbuilding announcement Wednesday, as the federal government awarded North Vancouver-based Seaspan Marine Corp. an estimated $8-billion contract expected to create as many as 4,000 jobs in B.C.
Irving Shipbuilding Inc. of Halifax got the richest slice of the $33-billion federal program, winning the right to construct at least 21 military vessels.
Seaspan got the smaller piece of the pie, meaning the B.C. company will build seven non-combat vessels: one major icebreaker, two naval support ships, three fisheries vessels and one oceanographic vessel.
Read the full article here.