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September 2012 Maritime Economic Fundamentals

Ally

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News articles for September 2012.
 

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Development permits in Halifax region may hit $1 billion by year's end




Halifax is on pace to issue nearly $1 billion in development permits by the end of the year, according to numbers released by the municipality this week.




Mayor Peter Kelly said Halifax Regional Municipality has issued about $650.5 million in development permits to date, an increase of $116 million over the same period last year.




The breakdown is as follows: $385 million on the residential side, an increase of $36 million; $170 million in commercial permits, a jump of $30 million; $80.65 million in institutional permits, compared with $42.65 million last year; and $7 million on the industrial side.




`Almost all categories of development are up significantly, especially residential, commercial and industrial,` Kelly said in a news release.





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Costs hit confidence of Nova Scotia small businesses




Fuel and energy costs are making Nova Scotia`s small-business owners among the least confident in the country, says the Canadian Federation of Independent Business.




`One of the factors driving confidence down is fuel and energy cost pressures,` Leanne Hachey, the federation`s Atlantic vice-president, said Wednesday.




`The number of Nova Scotia small-business owners reporting fuel and energy costs as one of their main concerns is among the highest in Canada, and with energy costs projected to increase in the next few years, small businesses see no relief in sight.`





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Small company exploring potentially huge shale oil find in western Newfoundland



CALGARY - A long, narrow stretch of shale rock that runs along western Newfoundland's coastline might be home to North America's next big oil find.





So believes the junior oil explorer that's snapped up virtually all of the land in the Green Point shale.





But Shoal Point Energy Ltd. (CNSX:SHP) hasn't quite figured out how to economically draw the crude ` some 23 billion barrels of it in place, according to one estimate ` from the uneven, broken-up rock.





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$26 million Halifax TD centre renovation to begin next week




Work on renovating and expanding the TD Centre in Halifax will begin Monday, but don`t expect to see construction crews just yet.




Workers will be placing concrete safety barriers down the middle of Granville Street from George Street north to the end of the Macara-Barnstead building and CIBC property line. The barriers will separate vehicular traffic on the east from construction material deliveries and related activity on the west.




`Once they`re in place, and that`s probably going to take a couple of days, so mid-week, the first phase is going to be the structural stabilizing and the partial removal of pieces on the Macara-Barnstead building,` Chris Andrea, vice-president of Compass Commercial Realty, the building`s property manager, said in a telephone interview Friday.





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The Maritimes' challenge: Jobs vs. Productivity





This month`s Labour Force Survey brought more bad news for the Maritime Provinces. The unemployment rate in the region is up in all three provinces over August of last year. New Brunswick and Nova Scotia have been particularly challenged in the area of job growth since the end of the recession.




From August, 2009, to August, 2012, the Canadian economy added more than 740,000 new jobs (on a seasonally adjusted basis) ` a solid growth rate of 4.4 per cent. Nova Scotia, by contrast, has added a net 5,300 jobs or a growth rate of only 1.2 per cent.






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Halifax company forms partnership with Canadian real estate giant




Canada`s biggest corporate real estate advisory and brokerage business formally announced its move into the Atlantic Canadian market Monday.






Newmark Knight Frank Devencore, headquartered in Montreal, and represents corporate, industrial and retail space users, said it is hanging out its shingle in Halifax and in Moncton in a new partnership with the former principals of DTZ Barnicke.







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Development begins on WM Fares-Banc in Halifax




Ground will be turned on a joint downtown mixed-use development project before the year is out, says one of the developers.






WM Fares Group and Banc Developments Ltd. purchased two parking lots on Clyde Street, divided by Birmingham Street, in 2011 for $14.7 million.




They plan to build two nine-storey buildings ` one floor of commercial retail space and the rest residential ` with each having three levels of underground parking.





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Renters in P.E.I. to see a 5% hike in 2013




Renters on P.E.I. are bracing for increases as the Island Regulatory and Appeals Commission has approved a rental hike for 2013.




The commission said Island landlords can now charge five per cent more in rent every month for heated units, or an additional charge of three per cent for unheated units. The commission also approved a 1.5 per cent rent increase for mobile homes.





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Changes coming to Nova Scotia's Landlord Tenancy Act





Upcoming revisions to the Residential Tenancies Act will, on the whole, benefit both landlords and tenants, says an executive with the region`s biggest landlord.




But some changes, notably the removal of a five-year tenure period for tenants, `may be short-sighted and, in fact, may hurt more tenants than it helps,` says Jeremy Jackson, a vice-president at Killam Properties Inc., and president of the Investment Property Owners Association of Nova Scotia.




The legislation to amend the Act, Bill 119, was passed by the Nova Scotia Legislature in December 2010, but those changes will officially take effect on Nov. 15.





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A closer look at Nova Scotia's housing numbers




Last week, the Canadian Real Estate Association (CREA) released its latest figures on the national housing market. A series of alarming and foreboding headlines followed, adding to speculation that a Canadian `housing bubble` is a pin-prick away from the fate of the housing market in the United States.




But each market has its own story to tell. The story here in Nova Scotia mirrors the typical summer slowdown.





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