October 2011 B.C. Economic Fundamentals
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Evergreen Line gets the green light! Say hello to rapid transit connecting Coquitlam and Vancouver
The votes are in! Metro Vancouver mayors have voted in favour of a transit plan that allows the Evergreen Line to proceed.
Unfamiliar with the Evergreen Line? Well here's the scoop!
The Evergreen Line is a planned 10.9 kilometre long rapid transit line. The hope is that congestion and air quality will be improved by through the construction of this new line.
It will connect Coquitlam City Centre through Port Moody to Lougheed Town Centre in only 15 minutes. Evergreen will connect without transfer to the SkyTrain network at Lougheed Town Centre Station and will integrate with West Coast Express and regional bus networks. It should also prove to be good for the BC economy as 8,000 direct and indirect jobs will be created during construction.
here.
The votes are in! Metro Vancouver mayors have voted in favour of a transit plan that allows the Evergreen Line to proceed.
Unfamiliar with the Evergreen Line? Well here's the scoop!
The Evergreen Line is a planned 10.9 kilometre long rapid transit line. The hope is that congestion and air quality will be improved by through the construction of this new line.
It will connect Coquitlam City Centre through Port Moody to Lougheed Town Centre in only 15 minutes. Evergreen will connect without transfer to the SkyTrain network at Lougheed Town Centre Station and will integrate with West Coast Express and regional bus networks. It should also prove to be good for the BC economy as 8,000 direct and indirect jobs will be created during construction.
here.
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New housing sales stall over transition out of HST
Metro Vancouver`s new home industry is hurting badly over the absence of any transition rules to the return of the provincial sales tax since the harmonized sales tax was defeated in a referendum Aug. 26, three property experts to The Vancouver Board of Trade Friday.
`We are really choked that we don`t have any transition rules yet and are absolutely amazed that our provincial government ` who probably most of you voted for ` thought that this thing was fait accompli and there was no Plan B,` said Ward McAllister, president of Ledingham McAllister Properties. `What is amazing to me is that it took them three days to bring this new tax in and now they are telling us it is going to take up to 18 months to unravel. This is really hurting us in the new home business just because of the uncertainty.
Read the full article here.
Metro Vancouver`s new home industry is hurting badly over the absence of any transition rules to the return of the provincial sales tax since the harmonized sales tax was defeated in a referendum Aug. 26, three property experts to The Vancouver Board of Trade Friday.
`We are really choked that we don`t have any transition rules yet and are absolutely amazed that our provincial government ` who probably most of you voted for ` thought that this thing was fait accompli and there was no Plan B,` said Ward McAllister, president of Ledingham McAllister Properties. `What is amazing to me is that it took them three days to bring this new tax in and now they are telling us it is going to take up to 18 months to unravel. This is really hurting us in the new home business just because of the uncertainty.
Read the full article here.
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Home sellers keep an eye on the competition
The months of September and October continued to propel Vancouver's housing market, and the strong market and high prices have not gone unnoticed among property owners.
This fall season, however, can also see an increase in listings as the selection of available houses and condos on the market rises. What does this mean if you are planning to sell in the near future?
Competition.
Read the full article here.
The months of September and October continued to propel Vancouver's housing market, and the strong market and high prices have not gone unnoticed among property owners.
This fall season, however, can also see an increase in listings as the selection of available houses and condos on the market rises. What does this mean if you are planning to sell in the near future?
Competition.
Read the full article here.
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B.C. home sales rise nearly 9% compared to last year
B.C. home sales rose nearly nine per cent in September compared to the same month last year, with the average price increasing six per cent to $524,000, the B.C. Real Estate Association said Friday.
The BCREA reports that multiple listing service sales in the province rose 8.8 per cent to 5,995 units and that sales edged up three per cent in September compared to August on a seasonally adjusted basis. A total of 55,616 homes were listed on the multiple listing service at the end of September.
Read the full article here.
B.C. home sales rose nearly nine per cent in September compared to the same month last year, with the average price increasing six per cent to $524,000, the B.C. Real Estate Association said Friday.
The BCREA reports that multiple listing service sales in the province rose 8.8 per cent to 5,995 units and that sales edged up three per cent in September compared to August on a seasonally adjusted basis. A total of 55,616 homes were listed on the multiple listing service at the end of September.
Read the full article here.
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B.C. economic snapshot
VANCOUVER, BC, Oct. 22, 2011/Troy Media/ ` Annual growth in the consumer price index (CPI) sped up in September, rising to 2.4 per cent from 2.1 per cent in August.
While month-to-month price changes have been mild in recent months, September`s 0.2 per cent seasonally-adjusted increase was the highest since March.
September gains largely reflected higher energy costs (particularly gasoline) with drivers paying 17.3 per cent more on fuel than a year before. Meanwhile the price index for public transportation was up 6.8 per cent. On a month-to- month basis, the seasonally-adjusted gasoline price index was up 3 per cent from August, following a three-month easing from April`s high. On a positive note for consumers, natural gas was down 3 per cent from the previous year.
Read the full article here.
VANCOUVER, BC, Oct. 22, 2011/Troy Media/ ` Annual growth in the consumer price index (CPI) sped up in September, rising to 2.4 per cent from 2.1 per cent in August.
While month-to-month price changes have been mild in recent months, September`s 0.2 per cent seasonally-adjusted increase was the highest since March.
September gains largely reflected higher energy costs (particularly gasoline) with drivers paying 17.3 per cent more on fuel than a year before. Meanwhile the price index for public transportation was up 6.8 per cent. On a month-to- month basis, the seasonally-adjusted gasoline price index was up 3 per cent from August, following a three-month easing from April`s high. On a positive note for consumers, natural gas was down 3 per cent from the previous year.
Read the full article here.
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Mining generates $8.9 billion boost to B.C. economy
VANCOUVER - The strong performance of the B.C. mining industry in 2010 produced an $8.9-billion economic impact throughout the province, according to a report released Tuesday by the Mining Association of B.C.
The report, by accounting consultants PwC, details for the first time the effect of mining expenditures on the economy, association president Karina Brino said.
`We were trying to get a better sense of mining`s contribution to the economy and the communities where these activities are taking place. It`s an important report because we have never before looked at this level of detail,` Brino said in an interview. `Until now, we have not taken our analysis to this level of detail. Our interest is in sharing information about the contributions of the industry.
Read the full article here.
VANCOUVER - The strong performance of the B.C. mining industry in 2010 produced an $8.9-billion economic impact throughout the province, according to a report released Tuesday by the Mining Association of B.C.
The report, by accounting consultants PwC, details for the first time the effect of mining expenditures on the economy, association president Karina Brino said.
`We were trying to get a better sense of mining`s contribution to the economy and the communities where these activities are taking place. It`s an important report because we have never before looked at this level of detail,` Brino said in an interview. `Until now, we have not taken our analysis to this level of detail. Our interest is in sharing information about the contributions of the industry.
Read the full article here.
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Evergreen Line construction to begin next summer: Transportation Minister
METRO VANCOUVER -- Construction on the long-awaited $1.2 billion Evergreen Line is expected to start at the end of next summer, Transportation Minister Blair Lekstrom announced today.
But the minister, who met with Metro Vancouver mayors at TransLink this morning, said there has been no decision yet on how mayors will raise additional funds for transit without raising property taxes.
He expects a decision on alternative funding sources will be made within the year.
Read the full article here.
METRO VANCOUVER -- Construction on the long-awaited $1.2 billion Evergreen Line is expected to start at the end of next summer, Transportation Minister Blair Lekstrom announced today.
But the minister, who met with Metro Vancouver mayors at TransLink this morning, said there has been no decision yet on how mayors will raise additional funds for transit without raising property taxes.
He expects a decision on alternative funding sources will be made within the year.
Read the full article here.
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Vancouver Winter Olympics add $2.3 billion to B.C. GDP
VANCOUVER - The final report on the economic impact of the 2010 Winter Olympics says the Games contributed $2.3 billion to the provincial GDP with 70 per cent of all Games-related contracts going to B.C. companies.
The report, by consultants PricewaterhouseCoopers (PwC), covers the period 2003 to 2010, focusing on eight key areas of the Games and the Paralympic Games, including employment, sport development, tourism and the arts. It also measures intangibles like national pride.
The report is the seventh and final PwC report on the 2010 Games and provides the best snapshot to date on impacts the Games had on the economy and on communities, according to PwC. It not only covers the lead-up to the Games but the 10-month period after.
Read the full article here.
VANCOUVER - The final report on the economic impact of the 2010 Winter Olympics says the Games contributed $2.3 billion to the provincial GDP with 70 per cent of all Games-related contracts going to B.C. companies.
The report, by consultants PricewaterhouseCoopers (PwC), covers the period 2003 to 2010, focusing on eight key areas of the Games and the Paralympic Games, including employment, sport development, tourism and the arts. It also measures intangibles like national pride.
The report is the seventh and final PwC report on the 2010 Games and provides the best snapshot to date on impacts the Games had on the economy and on communities, according to PwC. It not only covers the lead-up to the Games but the 10-month period after.
Read the full article here.