October 2012 B.C. Economic Fundamentals
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Okanagan real estate
The Okanagan is bucking the provincial and national trends of softening house sales and prices amid tough new mortgage rules.
British Columbia as a whole was the hardest hit with an 18 per cent plunge in homes sales in August to 5,300, due mostly to sagging activity in metropolitan Vancouver.
"August was the first full month under stricter mortgage rules that took effect July 9 and softening in sales is hardly a surprise," said Bank of Montreal economist Robert Kavcic.
A Canadian Real Estate Association report shows home sales in August nationally were down 5.8 per cent compared to the same month last year.
Overall, sales in 20 of the 26 communities surveyed were down.
But they were not down in the Valley
Read the full article here.
The Okanagan is bucking the provincial and national trends of softening house sales and prices amid tough new mortgage rules.
British Columbia as a whole was the hardest hit with an 18 per cent plunge in homes sales in August to 5,300, due mostly to sagging activity in metropolitan Vancouver.
"August was the first full month under stricter mortgage rules that took effect July 9 and softening in sales is hardly a surprise," said Bank of Montreal economist Robert Kavcic.
A Canadian Real Estate Association report shows home sales in August nationally were down 5.8 per cent compared to the same month last year.
Overall, sales in 20 of the 26 communities surveyed were down.
But they were not down in the Valley
Read the full article here.
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Premiers meeting on Northern Gateway pipeline turns 'frosty'
CALGARY ` Christy Clark and Alison Redford both described a brief Monday meeting in Calgary as `frosty,` but that`s where agreement between the two western premiers ended.
For the first time since a testy exchange this summer, the two premiers met for about 20 minutes to discuss Clark`s five demands regarding the proposed Northern Gateway pipeline project.
Based on the leaders` comments to reporters following the meeting, no resolution is in sight.
The British Columbia premier insisted her ultimatum for a `fair share of the fiscal and economic benefits` from any oilsands pipeline that travels across her province isn`t as rigid as it`s been made out to be.
Read the full article here.
CALGARY ` Christy Clark and Alison Redford both described a brief Monday meeting in Calgary as `frosty,` but that`s where agreement between the two western premiers ended.
For the first time since a testy exchange this summer, the two premiers met for about 20 minutes to discuss Clark`s five demands regarding the proposed Northern Gateway pipeline project.
Based on the leaders` comments to reporters following the meeting, no resolution is in sight.
The British Columbia premier insisted her ultimatum for a `fair share of the fiscal and economic benefits` from any oilsands pipeline that travels across her province isn`t as rigid as it`s been made out to be.
Read the full article here.
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Vancouver's housing market posts slight year-over-year price decreases
VANCOUVER, Oct. 3, 2012 /CNW/ - The Royal LePage House Price Survey released today showed modest year-over-year price decreases for all three housing types surveyed as inventory started to climb.
Detached bungalows posted a decrease of 0.9 per cent to $1,013,500, while standard two-storey homes decreased 1.5 per cent year-over-year to $1,125,750. Standard condominiums posted the largest decrease, slipping 3.0 per cent year-over-year to $498,000.
Read the full article here.
VANCOUVER, Oct. 3, 2012 /CNW/ - The Royal LePage House Price Survey released today showed modest year-over-year price decreases for all three housing types surveyed as inventory started to climb.
Detached bungalows posted a decrease of 0.9 per cent to $1,013,500, while standard two-storey homes decreased 1.5 per cent year-over-year to $1,125,750. Standard condominiums posted the largest decrease, slipping 3.0 per cent year-over-year to $498,000.
Read the full article here.
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Vancouver home sales in September plunge 32.5% from a year ago
VANCOUVER - Vancouver home sales fell 32.5 per cent in September compared with a year ago, says the Real Estate Board of Greater Vancouver.
Sales of residential properties totalled 1,516 for the month, down from 1,649 in August and 2,246 in September 2011, according to the board.
"There's been a clear reduction in buyer demand in the three months since the federal government eliminated the availability of a 30-year amortization on government-insured mortgages," board president Eugen Klein said.
Read the full article here.
VANCOUVER - Vancouver home sales fell 32.5 per cent in September compared with a year ago, says the Real Estate Board of Greater Vancouver.
Sales of residential properties totalled 1,516 for the month, down from 1,649 in August and 2,246 in September 2011, according to the board.
"There's been a clear reduction in buyer demand in the three months since the federal government eliminated the availability of a 30-year amortization on government-insured mortgages," board president Eugen Klein said.
Read the full article here.
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The one way BC will get a 'fair share' of the pipeline
Following the U.S. government's delay in approving the much-hyped Keystone XL pipeline, many pundits turned their attention to the possibility of a new pipeline from the oilsands to B.C.'s west coast that would allow Canada to ship larger amounts of oil to world markets, which currently offer a premium price relative to the U.S. Midwest.
Securing higher prices for oilsands oil would bring tremendous economic benefits to Canada. However, as is often the case in a federalist country, domestic provincial considerations have complicated the viability of the proposed Northern Gateway pipeline project, which would bring oil from northern Alberta to Kitimat on the B.C. coast.
Read the full article here.
Following the U.S. government's delay in approving the much-hyped Keystone XL pipeline, many pundits turned their attention to the possibility of a new pipeline from the oilsands to B.C.'s west coast that would allow Canada to ship larger amounts of oil to world markets, which currently offer a premium price relative to the U.S. Midwest.
Securing higher prices for oilsands oil would bring tremendous economic benefits to Canada. However, as is often the case in a federalist country, domestic provincial considerations have complicated the viability of the proposed Northern Gateway pipeline project, which would bring oil from northern Alberta to Kitimat on the B.C. coast.
Read the full article here.
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Victoria house prices post decreases in third quarter of 2012
Price softening witnessed across all housing types
The Royal LePage House Price Survey released today showed year-over-year price decreases among all housing types surveyed in Victoria.
Prices for detached bungalows saw the largest decline decreasing an average of 6.3 per cent year-over-year to $450,000, while standard two-storey homes posted a decline of 2.2 per cent year-over-year to $455,000. Standard condominiums posted a slight price decrease, falling 0.7 per cent year-over-year to $275,000.
Read the full article here.
Price softening witnessed across all housing types
The Royal LePage House Price Survey released today showed year-over-year price decreases among all housing types surveyed in Victoria.
Prices for detached bungalows saw the largest decline decreasing an average of 6.3 per cent year-over-year to $450,000, while standard two-storey homes posted a decline of 2.2 per cent year-over-year to $455,000. Standard condominiums posted a slight price decrease, falling 0.7 per cent year-over-year to $275,000.
Read the full article here.
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Council improves Vancouver's affordable housing plan
There were plenty of voices opposing the city`s new plan on housing affordability as it went to council Wednesday, but Sam Sullivan`s wasn`t among them.
The former mayor and father of the term `ecodensity` instead passed on his congratulations to the folks at city hall, who he believes are furthering the ambitious planning work he initiated six years ago.
`I think they are moving in the right direction,` Sullivan said in a telephone interview shortly before council agreed to move forward on a series of controversial actions that aim to make Vancouver more affordable for its residents.
Read the full article here.
There were plenty of voices opposing the city`s new plan on housing affordability as it went to council Wednesday, but Sam Sullivan`s wasn`t among them.
The former mayor and father of the term `ecodensity` instead passed on his congratulations to the folks at city hall, who he believes are furthering the ambitious planning work he initiated six years ago.
`I think they are moving in the right direction,` Sullivan said in a telephone interview shortly before council agreed to move forward on a series of controversial actions that aim to make Vancouver more affordable for its residents.
Read the full article here.
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Future workforce shortage looms
Now is a time of great risk and opportunity in British Columbia. We will need to fill 1.1 million jobs over the next decade with only about 650,000 workers predicted to be available to fill them. If we don't find a solution our economy will be in big trouble.
At the same time there's an unprecedented opportunity for young workers and workers willing to upgrade their skills to meet the looming demand.
The announcement in September of a $33-million project that will see the expansion and renovation of Okanagan College's trades training facility in Kelowna is part of a larger provincial strategy that addresses the risk and opportunity. It deserves acknowledgment and attention.
Read the full article here.
Now is a time of great risk and opportunity in British Columbia. We will need to fill 1.1 million jobs over the next decade with only about 650,000 workers predicted to be available to fill them. If we don't find a solution our economy will be in big trouble.
At the same time there's an unprecedented opportunity for young workers and workers willing to upgrade their skills to meet the looming demand.
The announcement in September of a $33-million project that will see the expansion and renovation of Okanagan College's trades training facility in Kelowna is part of a larger provincial strategy that addresses the risk and opportunity. It deserves acknowledgment and attention.
Read the full article here.
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BC employment growth steady in September
British Columbia's job growth remained steady in September, as Canada`s domestic economy turned in one of the strongest job creation months of the year, adding an eye-popping 52,100 new jobs that was five times more than economists expected.
B.C.'s employment rate stayed relatively the same while the unemployment rate edged up 0.3 percentage points to 7 per cent, according to Statistics Canada.
The overall gain in Canada, however, was the third biggest of the year and surprised the experts, which had expected a 10,000 pick-up.
Read the full article here.
British Columbia's job growth remained steady in September, as Canada`s domestic economy turned in one of the strongest job creation months of the year, adding an eye-popping 52,100 new jobs that was five times more than economists expected.
B.C.'s employment rate stayed relatively the same while the unemployment rate edged up 0.3 percentage points to 7 per cent, according to Statistics Canada.
The overall gain in Canada, however, was the third biggest of the year and surprised the experts, which had expected a 10,000 pick-up.
Read the full article here.
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Kamloops regional jobless rate falls to 5.2%
The regional unemployment rate dropped to 5.2 per cent in October, nearing levels not seen since boom years prior to the last recession.
The jobless rate in Thompson-Okanagan is down from 7.3 per cent in September last year. Other positive numbers in the Statistics Canada report were seen in the regional labour force, which grew by several thousand people either working for search for work.
Pat Bell, B.C.`s Minister of Jobs, Tourism and Skills Training, said Friday the city gained 200 jobs last month
Read the full article here.
The regional unemployment rate dropped to 5.2 per cent in October, nearing levels not seen since boom years prior to the last recession.
The jobless rate in Thompson-Okanagan is down from 7.3 per cent in September last year. Other positive numbers in the Statistics Canada report were seen in the regional labour force, which grew by several thousand people either working for search for work.
Pat Bell, B.C.`s Minister of Jobs, Tourism and Skills Training, said Friday the city gained 200 jobs last month
Read the full article here.
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Kitimat vies with Prince Rupert as LNG port
As companies like Apache and Shell plan to send millions of tonnes of liquefied natural gas (LNG) to Asian markets from British Columbia`s shores, two West Coast ports are coming into focus.
The northern B.C. coastal communities of Kitimat and Prince Rupert could be bustling with oil and gas activity later this decade, as the sector eyes them as locations for multibillion-dollar export terminals that could turn Canada into an LNG exporter.
Read the full article here.
As companies like Apache and Shell plan to send millions of tonnes of liquefied natural gas (LNG) to Asian markets from British Columbia`s shores, two West Coast ports are coming into focus.
The northern B.C. coastal communities of Kitimat and Prince Rupert could be bustling with oil and gas activity later this decade, as the sector eyes them as locations for multibillion-dollar export terminals that could turn Canada into an LNG exporter.
Read the full article here.
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Vancouver job market flat while BC regional economies see growth
The Metro Vancouver labour market stayed pretty much flat in September, with a decline of 800 jobs in Vancouver proper and a gain of 700 in the outer reaches of the Lower Mainland.
B.C.`s unemployment rate held relatively steady at 7 per cent in September, up from 6.7 per cent in August and 6.8 per cent last September.
B.C. Jobs Minister Pat Bell said Friday the sectors that saw the biggest gains were food services, forestry, mining, natural gas, agriculture, education, accommodation, tourism and transportation.
Read the full article here.
The Metro Vancouver labour market stayed pretty much flat in September, with a decline of 800 jobs in Vancouver proper and a gain of 700 in the outer reaches of the Lower Mainland.
B.C.`s unemployment rate held relatively steady at 7 per cent in September, up from 6.7 per cent in August and 6.8 per cent last September.
B.C. Jobs Minister Pat Bell said Friday the sectors that saw the biggest gains were food services, forestry, mining, natural gas, agriculture, education, accommodation, tourism and transportation.
Read the full article here.
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Nanaimo real estate numbers better than other island cities
Nanaimo real estate sales are down 25 per cent from a year ago, but average selling prices are flat from last September.
Nanaimo fared better than some Island cities, according to September sales figures from the Vancouver Island Real Estate Board, based on sales made through the industry's proprietary Multiple Listing Service.
The number of properties sold fell 18 per cent, while average selling prices dropped five per cent across the Island north of the Malahat, the MLS data indicate.
Read the full article here.
Nanaimo real estate sales are down 25 per cent from a year ago, but average selling prices are flat from last September.
Nanaimo fared better than some Island cities, according to September sales figures from the Vancouver Island Real Estate Board, based on sales made through the industry's proprietary Multiple Listing Service.
The number of properties sold fell 18 per cent, while average selling prices dropped five per cent across the Island north of the Malahat, the MLS data indicate.
Read the full article here.
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Chinese nationals brought in to fill B.C. coal miner shortage
OTTAWA ` The first of a group of 200 temporary Chinese workers approved by the federal government will start arriving in B.C. in coming weeks to work in the burgeoning northeast coal industry, a mine project spokeswoman confirmed Tuesday.
In total, anywhere from 1,600 to just under 2,000 Chinese nationals could find full-time work in four projects being proposed in coming years for the region, due to the shortage of underground mining skills in Canada, according to industry officials.
The four projects could create an estimated 480 to 800 full-time mining jobs for Canadians.
Read the full article here.
OTTAWA ` The first of a group of 200 temporary Chinese workers approved by the federal government will start arriving in B.C. in coming weeks to work in the burgeoning northeast coal industry, a mine project spokeswoman confirmed Tuesday.
In total, anywhere from 1,600 to just under 2,000 Chinese nationals could find full-time work in four projects being proposed in coming years for the region, due to the shortage of underground mining skills in Canada, according to industry officials.
The four projects could create an estimated 480 to 800 full-time mining jobs for Canadians.
Read the full article here.
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September 2012 housing starts in Vancouver
Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 20,000 units in September, 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 20,239 units in September, compared to 20,465 in August.
(1) All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR) - that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.
Read the full article here.
Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 20,000 units in September, 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 20,239 units in September, compared to 20,465 in August.
(1) All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR) - that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.
Read the full article here.
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Metro Vancouver housing starts strong despite low sales
Construction is going strong in Metro Vancouver, even though home resale prices are dropping slightly and sales activity is significantly below historical levels.
Metro Vancouver housing starts in were on pace in September to reach 20,000 units by year`s end, mostly driven by multi-family developments, Canada Mortgage and Housing Corporation reported Tuesday.
There were 293 single-detached housing starts and 1,423 multi-family housing starts in September 2012 ` numbers similar to last year`s. Year-to-date, total starts have reached 14,828 units, compared to 13,260 for the same time period last year, CMHC reported
Read the full article here.
Construction is going strong in Metro Vancouver, even though home resale prices are dropping slightly and sales activity is significantly below historical levels.
Metro Vancouver housing starts in were on pace in September to reach 20,000 units by year`s end, mostly driven by multi-family developments, Canada Mortgage and Housing Corporation reported Tuesday.
There were 293 single-detached housing starts and 1,423 multi-family housing starts in September 2012 ` numbers similar to last year`s. Year-to-date, total starts have reached 14,828 units, compared to 13,260 for the same time period last year, CMHC reported
Read the full article here.
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Chinese interests will import Chinese miners for their Canadian projects
Canadians run mines all over the world using local miners. But that principle won`t apply to Chinese interests who want to open four coal mines in British Columbia. Instead, the mines will employ workers from China. That fact has raised concerns about the loss of Canadian jobs and a question regarding which safety standards will prevail`Canada`s or China`s.
Within weeks 200 Chinese will arrive at the Murray River coal project in northwestern B.C. to begin a 100,000-tonne underground bulk sampling. Should permits and approvals fall into place, the mine will begin production in 2015, employing approximately 600 workers. Between 400 and 480 will be Chinese nationals on two-year visas. The mine is slated to rely on Chinese underground workers until about 2025, one-third of its projected 30-year lifespan. The rationale is that Canadians don`t know longwall mining.
Read the full article here.
Canadians run mines all over the world using local miners. But that principle won`t apply to Chinese interests who want to open four coal mines in British Columbia. Instead, the mines will employ workers from China. That fact has raised concerns about the loss of Canadian jobs and a question regarding which safety standards will prevail`Canada`s or China`s.
Within weeks 200 Chinese will arrive at the Murray River coal project in northwestern B.C. to begin a 100,000-tonne underground bulk sampling. Should permits and approvals fall into place, the mine will begin production in 2015, employing approximately 600 workers. Between 400 and 480 will be Chinese nationals on two-year visas. The mine is slated to rely on Chinese underground workers until about 2025, one-third of its projected 30-year lifespan. The rationale is that Canadians don`t know longwall mining.
Read the full article here.
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B.C. coal mine's temprary workers from China may be here for years, decades
The hundreds of `temporary` foreign workers coming from China starting this autumn to work in northeastern B.C. coal mines will end up staying for years, if not decades, predicts the president of a B.C.-based employment agency.
And some of them may end up getting ripped off and even going home in caskets if the B.C. government doesn`t ensure proper regulation, said Kael Campbell, president of the Red Seal Group, a Victoria firm that helps match companies with skilled tradespeople across Canada.
`There is a true shortage of workers in northern B.C.,` said Campbell, a former employment standards officer in the B.C. Labour Ministry. `These Chinese workers are not going to be replaced by Canadians in this current economy. They will likely be nominated by the company for permanent residency and work in northern B.C. for years, if not decades.`
Read the full article here.
The hundreds of `temporary` foreign workers coming from China starting this autumn to work in northeastern B.C. coal mines will end up staying for years, if not decades, predicts the president of a B.C.-based employment agency.
And some of them may end up getting ripped off and even going home in caskets if the B.C. government doesn`t ensure proper regulation, said Kael Campbell, president of the Red Seal Group, a Victoria firm that helps match companies with skilled tradespeople across Canada.
`There is a true shortage of workers in northern B.C.,` said Campbell, a former employment standards officer in the B.C. Labour Ministry. `These Chinese workers are not going to be replaced by Canadians in this current economy. They will likely be nominated by the company for permanent residency and work in northern B.C. for years, if not decades.`
Read the full article here.