September 2012 B.C. Economic Fundamentals
- Thread starter Ally
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Coming soon to a suburb near you: Highrise development
Highrise towers are no longer solely a downtown Vancouver phenomenon.
Developers are building and proposing highrise buildings along transit corridors in Burnaby and Surrey.
In fact, the highest building in B.C. could some day be in Burnaby if an ambitious plan by Shape Properties at Brentwood Town Centre is approved.
Read the full article here.
Highrise towers are no longer solely a downtown Vancouver phenomenon.
Developers are building and proposing highrise buildings along transit corridors in Burnaby and Surrey.
In fact, the highest building in B.C. could some day be in Burnaby if an ambitious plan by Shape Properties at Brentwood Town Centre is approved.
Read the full article here.
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Start of school makes for tighter rental market in Kamloops
The fuel gauge on the local rental market will move from empty to full this weekend, as hundreds of university students fill rooms on campus, basement suites and even hotel rooms.
"The parking lot will be jam packed this weekend with trucks and trailers," said Jordan Piper, general manager of Thompson Rivers University's student residence building.
Piper estimated about 200 students are now in the building, including Caley Craven, who just moved in from Coquitlam.
Read the full article here.
The fuel gauge on the local rental market will move from empty to full this weekend, as hundreds of university students fill rooms on campus, basement suites and even hotel rooms.
"The parking lot will be jam packed this weekend with trucks and trailers," said Jordan Piper, general manager of Thompson Rivers University's student residence building.
Piper estimated about 200 students are now in the building, including Caley Craven, who just moved in from Coquitlam.
Read the full article here.
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Jobs and affordable housing draw young people away from BC
Vancouver and British Columbia are often cited as being among the best places in the world to live.
But lately it appears a growing number of British Columbians aren't buying it.
Recent numbers from BC Stats reveal that nearly 2,600 people left B.C. and moved to other provinces in the first quarter of 2012 - up from 1,900 just one year earlier.
That's a lot of people, representing a group equivalent in size to the entire population of Lillooet or Burns Lake.
Read the full article here.
Vancouver and British Columbia are often cited as being among the best places in the world to live.
But lately it appears a growing number of British Columbians aren't buying it.
Recent numbers from BC Stats reveal that nearly 2,600 people left B.C. and moved to other provinces in the first quarter of 2012 - up from 1,900 just one year earlier.
That's a lot of people, representing a group equivalent in size to the entire population of Lillooet or Burns Lake.
Read the full article here.
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South island home prices dip more than 10%
VICTORIA ` What a difference a year makes ` and some strategic changes to Canada`s mortgage lending laws.
Recent adjustments to allowable amortization rates are forcing prices down. On the South Island, prices have dipper more than 11 percent in the last 12 months ` even though the number of homes on the market is virtually the same.
While this is good news for buyers ` people looking to sell their homes are frustrated and upset. The average price for a single family home has dipped nearly 62 thousand dollars and that isn`t sitting well with sellers.
Read the full article here.
VICTORIA ` What a difference a year makes ` and some strategic changes to Canada`s mortgage lending laws.
Recent adjustments to allowable amortization rates are forcing prices down. On the South Island, prices have dipper more than 11 percent in the last 12 months ` even though the number of homes on the market is virtually the same.
While this is good news for buyers ` people looking to sell their homes are frustrated and upset. The average price for a single family home has dipped nearly 62 thousand dollars and that isn`t sitting well with sellers.
Read the full article here.
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Young British Columbians head to Alberta for jobs, affordable homes
It's called the "Alberta Advantage" for a reason.
The Vancouver Sun is reporting that British Columbia's 20-something residents are leaving the province in droves, many of them coming to resource-rich Alberta for a chance at jobs and affordable housing.
A look at the numbers recently released by B.C. Stats shows that close to 2,600 people left B.C. for other provinces in 2012's first quarter; almost 700 more than had left the province just one year earlier.
Read the full article here.
It's called the "Alberta Advantage" for a reason.
The Vancouver Sun is reporting that British Columbia's 20-something residents are leaving the province in droves, many of them coming to resource-rich Alberta for a chance at jobs and affordable housing.
A look at the numbers recently released by B.C. Stats shows that close to 2,600 people left B.C. for other provinces in 2012's first quarter; almost 700 more than had left the province just one year earlier.
Read the full article here.
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Aerospace contract extension means B.C.'s industry is 'flying high'
B.C company Avcorp Industries have extended a contract with Boeing worth $80 million - proof the aerospace industry is 'flying high', said Pat Bell, Minister of Jobs, Tourism, and Innovation.
"It serves me well to know the airplanes I fly in are going to keep me in the air, and get me to land safely," he said laughing.
All joking aside, B.C.'s aerospace sector generates more than $1.2 billion in revenue per year, and directly employs about 5,000 people in Delta, Kelowna, and Abbotsford.
Read the full article here.
B.C company Avcorp Industries have extended a contract with Boeing worth $80 million - proof the aerospace industry is 'flying high', said Pat Bell, Minister of Jobs, Tourism, and Innovation.
"It serves me well to know the airplanes I fly in are going to keep me in the air, and get me to land safely," he said laughing.
All joking aside, B.C.'s aerospace sector generates more than $1.2 billion in revenue per year, and directly employs about 5,000 people in Delta, Kelowna, and Abbotsford.
Read the full article here.
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Megaproject angst not new
Controversial megaprojects are as old as Canada itself, but their long-term benefits to the nation's growth are both undisputed and profound, the president of the proposed Northern Gate-way pipeline told a review panel on Tuesday.
In opening remarks to the panel, John Carruthers said his proposed $6-billion project to ship Alberta oilsands crude to Asia-bound tankers on B.C.'s west coast "is no different."
"Canada has witnessed this [controversy] as far back as 1871, when the Canadian Pacific Railway was constructed in return for British Columbia agreeing to enter Con-federation," Carruthers said.
Read the full article here.
Controversial megaprojects are as old as Canada itself, but their long-term benefits to the nation's growth are both undisputed and profound, the president of the proposed Northern Gate-way pipeline told a review panel on Tuesday.
In opening remarks to the panel, John Carruthers said his proposed $6-billion project to ship Alberta oilsands crude to Asia-bound tankers on B.C.'s west coast "is no different."
"Canada has witnessed this [controversy] as far back as 1871, when the Canadian Pacific Railway was constructed in return for British Columbia agreeing to enter Con-federation," Carruthers said.
Read the full article here.
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Vancouver condo prices expected to drop as average Canadian price rises
TORONTO ` A new condo report suggests first-time buyers, retirees and population growth will continue to fuel demand and price growth for the compact living spaces over the next few years.
The study by Genworth Canada found that average condo resale prices are expected to rise next year in seven of the eight metropolitan centres studied.
Prices in Toronto are projected to jump 2.5 per cent to $312,352.
The highest increase however, is expected to be in Edmonton where prices could rise 3.2 per cent.
Read the full article here.
TORONTO ` A new condo report suggests first-time buyers, retirees and population growth will continue to fuel demand and price growth for the compact living spaces over the next few years.
The study by Genworth Canada found that average condo resale prices are expected to rise next year in seven of the eight metropolitan centres studied.
Prices in Toronto are projected to jump 2.5 per cent to $312,352.
The highest increase however, is expected to be in Edmonton where prices could rise 3.2 per cent.
Read the full article here.
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Vancouver home sales plunge, posting second-worst August since 1988
Sales activity in the country`s most expensive housing market continues to tumble but the Real Estate Board of Greater Vancouver maintains prices are not being impacted.
The board says sales of detached, attached and apartment properties were 1,649 in August, a 30.7% drop compared to the 2,378 sales in August 2011 and a 21.4% decline compared to the 2,098 sales in July 2012. It was the second worst August since 1998 for sales and 39.2% below the 10-year average.
`Home sales this summer have been lower than we`ve seen for most of the past 10 years, yet we continue to see relative stability when it comes to prices,` Eugen Klein, REBGV president said.
Read the full article here.
Sales activity in the country`s most expensive housing market continues to tumble but the Real Estate Board of Greater Vancouver maintains prices are not being impacted.
The board says sales of detached, attached and apartment properties were 1,649 in August, a 30.7% drop compared to the 2,378 sales in August 2011 and a 21.4% decline compared to the 2,098 sales in July 2012. It was the second worst August since 1998 for sales and 39.2% below the 10-year average.
`Home sales this summer have been lower than we`ve seen for most of the past 10 years, yet we continue to see relative stability when it comes to prices,` Eugen Klein, REBGV president said.
Read the full article here.
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Prince George job numbers hit new high
For the second month in a row, Prince George has set a jobs record.
According to data announced Friday by local MLA Pat Bell, the province's Minister of Jobs, Tourism, Skills Training and Labour, the number of people employed in Prince George has never been higher in its history, despite the fact the population has at times been bigger.
"In Prince George it was another very good month," Bell said. "In July we set the record of 50,600 and we gained another 1,200 since then so again a new high. The typical levels Prince George was used to over the years was in the 44,000 or 45,000 range."
Read the full article here.
For the second month in a row, Prince George has set a jobs record.
According to data announced Friday by local MLA Pat Bell, the province's Minister of Jobs, Tourism, Skills Training and Labour, the number of people employed in Prince George has never been higher in its history, despite the fact the population has at times been bigger.
"In Prince George it was another very good month," Bell said. "In July we set the record of 50,600 and we gained another 1,200 since then so again a new high. The typical levels Prince George was used to over the years was in the 44,000 or 45,000 range."
Read the full article here.
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B.C. leads Canada's job growth
B.C.'s jobs minister is crowing that 51,700 new jobs were created in the past year, surpassing job growth in other provinces, including Alberta at second place with 43,300 new jobs.
When the province introduced its jobs plan a year ago, the target was to reach the No. 2 spot, Pat Bell, Minister of Jobs, Tourism and Skills Training, said Friday. "It clearly exceeds our expectations."
Gains have mainly been in resource industries, Bell said. "That typically leads to job growth like government services and other sectors."
Read the full article here.
B.C.'s jobs minister is crowing that 51,700 new jobs were created in the past year, surpassing job growth in other provinces, including Alberta at second place with 43,300 new jobs.
When the province introduced its jobs plan a year ago, the target was to reach the No. 2 spot, Pat Bell, Minister of Jobs, Tourism and Skills Training, said Friday. "It clearly exceeds our expectations."
Gains have mainly been in resource industries, Bell said. "That typically leads to job growth like government services and other sectors."
Read the full article here.
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Kelowna region struck by hiring boom
Tourists arrived, hotels and restaurants filled up, businesses felt more confident and workers retired.
This confluence of factors combined to push the region's unemployment rates to all-time lows.
In fact, new Statistics Canada figures pegged Kelowna's jobless rate at a rock-bottom 4.1 per cent in August - the lowest in the country.
The only cities with rates almost that low are Regina, at 4.2 per cent, Edmonton, with 4.5, and Guelph, Ont., and
Calgary, both at 4.6.
The Thompson-Okanagan's 4.7 per cent also puts it among the best in the country, with a jobless rate below the magical five-per-cent mark.
Read the full article here.
Tourists arrived, hotels and restaurants filled up, businesses felt more confident and workers retired.
This confluence of factors combined to push the region's unemployment rates to all-time lows.
In fact, new Statistics Canada figures pegged Kelowna's jobless rate at a rock-bottom 4.1 per cent in August - the lowest in the country.
The only cities with rates almost that low are Regina, at 4.2 per cent, Edmonton, with 4.5, and Guelph, Ont., and
Calgary, both at 4.6.
The Thompson-Okanagan's 4.7 per cent also puts it among the best in the country, with a jobless rate below the magical five-per-cent mark.
Read the full article here.
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Landlords will be able to raise rents by 3.8% in 2013
VANCOUVER (NEWS1130) - Apartment dwellers in BC are looking at a 3.8 per cent increase in rent come 2013.
While the maximum allowable increase is lower than this year's 4.3 per cent, it still represents hundreds of extra dollars renters will need to spend to keep a roof over their heads.
The rate is based on inflation plus two per cent.
Andrew Sakamoto of the Tenant Resource and Advisory Centre has crunched some numbers.
"For someone paying $1,000 a month in 2003, their rent would now be up 39 per cent, to $1,390 per month," he explains. Based on that scenario, rent is an additional $4,000 a year compared to ten years ago.
Read the full article here.
VANCOUVER (NEWS1130) - Apartment dwellers in BC are looking at a 3.8 per cent increase in rent come 2013.
While the maximum allowable increase is lower than this year's 4.3 per cent, it still represents hundreds of extra dollars renters will need to spend to keep a roof over their heads.
The rate is based on inflation plus two per cent.
Andrew Sakamoto of the Tenant Resource and Advisory Centre has crunched some numbers.
"For someone paying $1,000 a month in 2003, their rent would now be up 39 per cent, to $1,390 per month," he explains. Based on that scenario, rent is an additional $4,000 a year compared to ten years ago.
Read the full article here.
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Kitimat smelter project suffers skilled-labour shortage
Rio Tinto Alcan is short 1,500 workers for its $3.3 billion Kitimat smelter project and has embarked on a Western Canada-wide ad campaign in a bid to woo people north.
`Great jobs in the great outdoors` reads an ad that appeared in newspapers in B.C. and Alberta Friday.
The mining company is desperately short of employees, said Colleen Nice, Rio Tinto spokesperson at Kitimat.
Read the full article here.
Rio Tinto Alcan is short 1,500 workers for its $3.3 billion Kitimat smelter project and has embarked on a Western Canada-wide ad campaign in a bid to woo people north.
`Great jobs in the great outdoors` reads an ad that appeared in newspapers in B.C. and Alberta Friday.
The mining company is desperately short of employees, said Colleen Nice, Rio Tinto spokesperson at Kitimat.
Read the full article here.
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Slow B.C. real estate market spawns renovation revival
With resales falling and the new housing price index slipping, people appear to be staying put a bit longer and renovating their existing homes instead of moving.
Peter Simpson, president and CEO of the Greater Vancouver Home Builders Association, said he spoke with several renovators and very few are fixing up homes for resale.
`Some clients have moved in and want to renovate. The others are folks who have lived somewhere for a number of years and want to stay in the same neighbourhood. They`re renovating for their own use,` Simpson said. `They`re not nervous about spending the money either.`
Read the full article here.
With resales falling and the new housing price index slipping, people appear to be staying put a bit longer and renovating their existing homes instead of moving.
Peter Simpson, president and CEO of the Greater Vancouver Home Builders Association, said he spoke with several renovators and very few are fixing up homes for resale.
`Some clients have moved in and want to renovate. The others are folks who have lived somewhere for a number of years and want to stay in the same neighbourhood. They`re renovating for their own use,` Simpson said. `They`re not nervous about spending the money either.`
Read the full article here.
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Northern Gateway pipeline dispute follows feuding Alberta, B.C. premiers on China trade mission
Alison Redford and Christy Clark will be side by side in China this week but there will still be the issue of a 1,200 kilometre pipeline standing between them.
The premiers of Alberta and British Columbia - along with Saskatchewan Premier Brad Wall - are attending the World Economic Forum in Tianjin and will take part in a natural resources panel and New West Partnership reception together Tuesday.
Read the full article here.
Alison Redford and Christy Clark will be side by side in China this week but there will still be the issue of a 1,200 kilometre pipeline standing between them.
The premiers of Alberta and British Columbia - along with Saskatchewan Premier Brad Wall - are attending the World Economic Forum in Tianjin and will take part in a natural resources panel and New West Partnership reception together Tuesday.
Read the full article here.
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BG group inks pipeline deal for LNG terminal
CALGARY ` An 850-kilometre gas supply pipeline announced Monday is a key component in a proposed BG Group PLC liquefied natural gas (LNG) export facility at Prince Rupert, B.C., that could result in the investment of `tens of billions` of dollars.
Reached at his recently opened Vancouver office ` so new he had to look up the phone number ` Steve Swaffield, acting president of BG Canada, said the U.K.-based gas-handling major is actively studying the feasibility of constructing a two-train LNG export facility to open by 2019 on a site on Ridley Island with access to a deepwater port.
Read the full article here.
CALGARY ` An 850-kilometre gas supply pipeline announced Monday is a key component in a proposed BG Group PLC liquefied natural gas (LNG) export facility at Prince Rupert, B.C., that could result in the investment of `tens of billions` of dollars.
Reached at his recently opened Vancouver office ` so new he had to look up the phone number ` Steve Swaffield, acting president of BG Canada, said the U.K.-based gas-handling major is actively studying the feasibility of constructing a two-train LNG export facility to open by 2019 on a site on Ridley Island with access to a deepwater port.
Read the full article here.
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Unprecedented opposition may make British Columbia pipeline a non-starter
OTTAWA`More than 1,000 Canadians have spoken out at public hearings on whether to build the Northern Gateway oil pipeline through the British Columbia wilderness.
The information-gathering sessions, which resumed this week, will go on for months, with thousands of others waiting to give evidence.
But, even as corporate backers of the proposed $6-billion project began presenting their case, there was a growing conviction that the pipeline to carry oilsands-derived crude from Alberta to the B.C. coast had already become a non-starter.
Read the full article here.
OTTAWA`More than 1,000 Canadians have spoken out at public hearings on whether to build the Northern Gateway oil pipeline through the British Columbia wilderness.
The information-gathering sessions, which resumed this week, will go on for months, with thousands of others waiting to give evidence.
But, even as corporate backers of the proposed $6-billion project began presenting their case, there was a growing conviction that the pipeline to carry oilsands-derived crude from Alberta to the B.C. coast had already become a non-starter.
Read the full article here.
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Hiring expectations take steep drop in Vancouver
Hiring expectations are down sharply in Vancouver, ten percentage points from this time last year.
Just 14 per cent of employers expect to do new hiring in the last quarter of 2012 ` from October to December ` and eight per cent actually intend to cut their workforce, according the latest Manpower Employment Outlook Survey. Most employers surveyed, 76 per cent, plan to maintain their current employment levels and two per cent are unsure.
That leaves the `net employment outlook` at six per cent. In Canada the net employment outlook was 10 per cent, down 3 percentage points from last year.
Read the full article here.
Hiring expectations are down sharply in Vancouver, ten percentage points from this time last year.
Just 14 per cent of employers expect to do new hiring in the last quarter of 2012 ` from October to December ` and eight per cent actually intend to cut their workforce, according the latest Manpower Employment Outlook Survey. Most employers surveyed, 76 per cent, plan to maintain their current employment levels and two per cent are unsure.
That leaves the `net employment outlook` at six per cent. In Canada the net employment outlook was 10 per cent, down 3 percentage points from last year.
Read the full article here.