September 2012 B.C. Economic Fundamentals

[Ally]

BC property prices a lesson for provinces





The slump in British Columbia`s real estate market serves as a cautionary note for other provinces that are bracing for bumps in economic growth.




When homes slip in price, consumers rein in spending, producing a ripple effect on local merchants and slowing down the broader economy.




Jacques Marcil, senior economist at Toronto-Dominion Bank, points to British Columbia as a signpost that the rest of the country should pay attention to because the province`s average resale home prices have fallen this year ` the only province experiencing a decrease from last year`s average.






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[Ally]

UBC approves plans for affordable housing for faculty, staff




Housing is so expensive in Vancouver, even university professors can't afford a roof over their heads.




It's a problem the University of British Columbia is hoping to fix by becoming one of the few universities in the world to offer below-market rentals, non-profit housing, and ownership to faculty, staff, and students.




In the works for over a year now, The University Community on Campus ` the UBC Housing Action Plan has been approved by the University's board of governors. Promising to keep up to 30 per cent of new housing on the University's endowment lands for faculty and staff, the plan pledges up to two-third of new those new units will be "restricted rentals," charging less than 25 per cent of the market rent for West Vancouver.





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[Ally]

'Thin streets' could boost affordability





The Vancouver communities of Grandview-Woodland, Marpole and the West End could soon become the first in the country to see houses, duplexes and row housing built on under-used neighbourhood streets and lanes.




The so-called "thin streets" housing strategy is among the top four priorities recommended by city staff as a means to boost housing affordability for both renters and buyers in Canada's priciest real-estate market.




The staff report, which is slated to be received by mayor and council on Tuesday, arises from the findings of an 18-member city task force on housing affordability that was co-chaired by Mayor Gregor Robertson and former B.C. cabinet minister Olga Ilich.






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[Ally]

Vancouver affordable housing strategy aims to add rental units, ease rates





Renters could be among the first to feel the effects of a city housing strategy that aims to make Vancouver more affordable for low and middle-income earners.




Coun. Geoff Meggs, who served as council liaison on an 18-member task force formed last December to examine the affordability issue, said he`s optimistic rental prices in the city will ease over the next year or two as more rental units become available.




`It may not be enough to resolve some of the issues out there, but it would be great if we saw our vacancy rates creep up a little bit so that our rents were more modest and people have more access to newer buildings,` he said.






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[Ally]

Massey Tunnel replacement pledged, but no word on tolls




Premier Christy Clark is pledging to begin work to replace the George Massey tunnel and ease intense traffic congestion on Highway 99 in Metro Vancouver.










But she said it's way too early to say if the new bridge or tunnel ` to be built over 10 years ` will be tolled.










"I don't know the answer to that," Clark told reporters. "We don't even know what the replacement would look like."










Some people in the region prefer a tunnel, while others want a bridge, she said.










"We are just beginning the planning process."





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