June 2013 B.C. Economic Fundamentals
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'Slim possibility' province will approve pipeline, minister says
B.C. Environment Minister Terry Lake said the pathway to yes still exists for the proposed Northern Gateway pipeline, but it's a narrow one.
In Friday's final written argument, the province declared the project in its current form isn't up to its standards and the draft conditions set out by the National Energy Board (NEB) aren't sufficient. Lake said the door is still open for the province to give its blessing if the Joint Review Panel adopts some of his government's recommendations.
Read the full article here.
B.C. Environment Minister Terry Lake said the pathway to yes still exists for the proposed Northern Gateway pipeline, but it's a narrow one.
In Friday's final written argument, the province declared the project in its current form isn't up to its standards and the draft conditions set out by the National Energy Board (NEB) aren't sufficient. Lake said the door is still open for the province to give its blessing if the Joint Review Panel adopts some of his government's recommendations.
Read the full article here.
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Pipeline still in the cards for BC: Minister Olive
OTTAWA ` The Conservative government and NDP opposition are fighting over who loves B.C. Premier Christy Clark more, now that her government has stated Enbridge hasn't satisfied environmental concerns over the Northern Gateway pipeline proposal.
NDP Leader Thomas Mulcair took Clark's position as an endorsement of his view that the streamlined approval process for the project guts environmental reviews.
Read the full article here.
OTTAWA ` The Conservative government and NDP opposition are fighting over who loves B.C. Premier Christy Clark more, now that her government has stated Enbridge hasn't satisfied environmental concerns over the Northern Gateway pipeline proposal.
NDP Leader Thomas Mulcair took Clark's position as an endorsement of his view that the streamlined approval process for the project guts environmental reviews.
Read the full article here.
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Average non-mortgage debt grows in BC
While the rest of the country is paying off their non-mortgage debt at a pace not seen in nearly a decade, B.C. continues to buck the trend, adding on more debt.
TransUnion`s analysis shows that on the West Coast, the average adult`s personal debt has reached $38,619 per person and is growing again after falling between the third and fourth quarters of last year.
Read the full article here.
While the rest of the country is paying off their non-mortgage debt at a pace not seen in nearly a decade, B.C. continues to buck the trend, adding on more debt.
TransUnion`s analysis shows that on the West Coast, the average adult`s personal debt has reached $38,619 per person and is growing again after falling between the third and fourth quarters of last year.
Read the full article here.
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10 things you should know about the near-record breaking $25 million condo sale in Vancouver
Not to mention $68,063 in annual taxes, according to 2011 records. Owners of the penthouse ` which sits atop the Fairmont Pacific Rim Hotel in Vancouver`s Coal Harbour neighbourhood ` have access to a fitness centre, pool, hot tub, sauna, spa, valet parking and 24-hour concierge service.
Read the full article here.
Not to mention $68,063 in annual taxes, according to 2011 records. Owners of the penthouse ` which sits atop the Fairmont Pacific Rim Hotel in Vancouver`s Coal Harbour neighbourhood ` have access to a fitness centre, pool, hot tub, sauna, spa, valet parking and 24-hour concierge service.
Read the full article here.
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Vancouver home sales up 1% from last year
VANCOUVER - The Real Estate Board of Greater Vancouver says sales for May were up one per cent from a year ago.
The board says sales on the Multiple Listing Service in the Vancouver region totalled 2,882, up from 2,853 a year ago and 2,627 sales in April this year
Read the full article here.
VANCOUVER - The Real Estate Board of Greater Vancouver says sales for May were up one per cent from a year ago.
The board says sales on the Multiple Listing Service in the Vancouver region totalled 2,882, up from 2,853 a year ago and 2,627 sales in April this year
Read the full article here.
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A postcard from Fort Nelson, BC
I'm not sure what I expect a boom town to look like, but Fort Nelson isn't it. Only the low industrial buildings make a visible human dent on the wide, forested plains of British Columbia. The town is coated in record snows at the time of my visit in late October, and few pedestrians are about in temperatures that already exceed 25 Celsius below. Only the abundance of huge trucks rumbling through the town hint at something big humming beneath the surface. That something is spread throughout the rocks underlying a huge swath of British Columbia: natural gas.
Read the full article here.
I'm not sure what I expect a boom town to look like, but Fort Nelson isn't it. Only the low industrial buildings make a visible human dent on the wide, forested plains of British Columbia. The town is coated in record snows at the time of my visit in late October, and few pedestrians are about in temperatures that already exceed 25 Celsius below. Only the abundance of huge trucks rumbling through the town hint at something big humming beneath the surface. That something is spread throughout the rocks underlying a huge swath of British Columbia: natural gas.
Read the full article here.
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Sears reveals big plans for Metrotown site
Cranes might be a long-term addition to Metrotown's skyline with yet another big rezoning development being pursued, this time by Sears Canada Inc.
Sears has applied to Burnaby council for a rezoning amendment, which seeks to make a dramatic transformation at its Metrotown department store, with five mixed-use, high-density residential towers on a podium of commercial-retail space and two office towers.
Read the full article here.
Cranes might be a long-term addition to Metrotown's skyline with yet another big rezoning development being pursued, this time by Sears Canada Inc.
Sears has applied to Burnaby council for a rezoning amendment, which seeks to make a dramatic transformation at its Metrotown department store, with five mixed-use, high-density residential towers on a podium of commercial-retail space and two office towers.
Read the full article here.
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Vancouver considers making it illegal for landlords to ban pets
A Vancouver city councillor is hoping to make it easier for renters with pets to find a home by making it illegal for landlords to ban pets or restrict their size.
For renters with pets, finding a home can be a stressful and frustrating process.
Under B.C. law, landlords are allowed to ban pets or restrict their size, but Vancouver city councillor Tim Stevenson is lobbying for to change that.
Read the full article here.
A Vancouver city councillor is hoping to make it easier for renters with pets to find a home by making it illegal for landlords to ban pets or restrict their size.
For renters with pets, finding a home can be a stressful and frustrating process.
Under B.C. law, landlords are allowed to ban pets or restrict their size, but Vancouver city councillor Tim Stevenson is lobbying for to change that.
Read the full article here.
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Has Vancouver's housing market hit rock bottom?
Sales declines in Vancouver`s beaten-up resale housing market may finally be cresting, but recovery in the sector has a long way to go.
The Real Estate Board of Greater Vancouver said they were 2,882 sales in May, a 1% increase from a year ago and a 9.7% jump from April. But sales are still 19.4% below the 10-year average for the month.
Read the full article here.
Sales declines in Vancouver`s beaten-up resale housing market may finally be cresting, but recovery in the sector has a long way to go.
The Real Estate Board of Greater Vancouver said they were 2,882 sales in May, a 1% increase from a year ago and a 9.7% jump from April. But sales are still 19.4% below the 10-year average for the month.
Read the full article here.
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Rise in Vancouver monthly home sales signal stabilizing trend
Home sales increased in May for the first time since September 2011, the Real Estate Board of Greater Vancouver reported Tuesday.
The year-over-year increase is small at just one per cent, and the number of sales is still 19.4 per cent below the 10-year average, but sales jumped 9.7 per cent when compared to April, the board reported.
Read the full article here.
Home sales increased in May for the first time since September 2011, the Real Estate Board of Greater Vancouver reported Tuesday.
The year-over-year increase is small at just one per cent, and the number of sales is still 19.4 per cent below the 10-year average, but sales jumped 9.7 per cent when compared to April, the board reported.
Read the full article here.
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BC loses jobs while rest of country records gains
While Canada as a whole recorded the highest monthly job gains in 11 years, B.C.`s employment numbers were slightly down in May, Statistics Canada reported today in its Labour Force Survey.
After seeing only modest job gains in April, Canada added 95,000 jobs in May. The increase lowered the national unemployment rate from 7.2% to 7.1%.
Read the full article here.
While Canada as a whole recorded the highest monthly job gains in 11 years, B.C.`s employment numbers were slightly down in May, Statistics Canada reported today in its Labour Force Survey.
After seeing only modest job gains in April, Canada added 95,000 jobs in May. The increase lowered the national unemployment rate from 7.2% to 7.1%.
Read the full article here.
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Victoria unemployment rate increases in May
Canada created more jobs last month than we have in over a decade -- except in Victoria, where the unemployment rate went up.
Statistics Canada says the economy added 95,000 jobs in May. The gains are the first major increase this year and greater than economists predicted.
Read the full article here.
Canada created more jobs last month than we have in over a decade -- except in Victoria, where the unemployment rate went up.
Statistics Canada says the economy added 95,000 jobs in May. The gains are the first major increase this year and greater than economists predicted.
Read the full article here.
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Christy Clark's new cabinet all smiles, but BC outlook not so rosy
Christy Clark`s waterfront cabinet-a-palooza was packaged with a now-familiar strong-economy theme ` down to the setting, the speech, the cabinet lineup and even the corporate sponsors.
Yes, sponsors. For the first time in B.C. history, private-sector partners were invited to sponsor a cabinet unveiling ceremony.
Read the full article here.
Christy Clark`s waterfront cabinet-a-palooza was packaged with a now-familiar strong-economy theme ` down to the setting, the speech, the cabinet lineup and even the corporate sponsors.
Yes, sponsors. For the first time in B.C. history, private-sector partners were invited to sponsor a cabinet unveiling ceremony.
Read the full article here.
British Columbians fear expanding coal industry poses health hazards
The expanding coal industry in B.C. is a classic battle between economic benefits and environmental concerns.
With 10 existing coal mines in B.C. and eight proposed mining projects, the debate is not going away anytime soon. So, health officials and local governments are working with mining companies to provide more information to the public on air and water pollution and existing safeguards.
Read the full article here.
The expanding coal industry in B.C. is a classic battle between economic benefits and environmental concerns.
With 10 existing coal mines in B.C. and eight proposed mining projects, the debate is not going away anytime soon. So, health officials and local governments are working with mining companies to provide more information to the public on air and water pollution and existing safeguards.
Read the full article here.
May 2013 BC housing starts
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 10, 2013) - Housing starts in British Columbia's urban areas[sup]1 were trending at 21,980 units in May compared to 22,093 in April according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)2[/sup] of housing starts.
"The housing starts trend in British Columbia recorded little change in May compared to April. The trend has been stable during the past few months with slightly higher levels of single-detached construction offsetting fewer multiple-family starts," said Carol Frketich, CMHC's Regional Economist for British Columbia.
Read the full article here.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 10, 2013) - Housing starts in British Columbia's urban areas[sup]1 were trending at 21,980 units in May compared to 22,093 in April according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)2[/sup] of housing starts.
"The housing starts trend in British Columbia recorded little change in May compared to April. The trend has been stable during the past few months with slightly higher levels of single-detached construction offsetting fewer multiple-family starts," said Carol Frketich, CMHC's Regional Economist for British Columbia.
Read the full article here.
Fraser Institute says BC should balance its budget, reduce taxes, and harness natural resources
With her Cabinet unveiled, the reality of governing now takes hold for Premier Christy Clark. In setting the government`s post-election agenda, the focus should squarely be on economic (income) and job growth, priorities Premier Clark clearly established during the election campaign.
If the Liberals are to deliver on a sound economy with strong employment growth, the first task should be ensuring a balanced budget this year. Doing so will then allow for an aggressive, purposeful plan for reduction in taxes in Budget 2014.
Read the full article here.
With her Cabinet unveiled, the reality of governing now takes hold for Premier Christy Clark. In setting the government`s post-election agenda, the focus should squarely be on economic (income) and job growth, priorities Premier Clark clearly established during the election campaign.
If the Liberals are to deliver on a sound economy with strong employment growth, the first task should be ensuring a balanced budget this year. Doing so will then allow for an aggressive, purposeful plan for reduction in taxes in Budget 2014.
Read the full article here.
Petronas expects to invest up to $16 billion in LNG export facility in BC
VICTORIA ` Global energy corporations are "dead serious" about investing in British Columbia's potential as a world supplier of liquefied natural gas, said provincial Natural Gas Development Minister Rich Coleman after a $16 billion announcement on Tuesday.
Malaysian national oil company Petronas said the investment would go towards a natural pipeline, LNG plants and an export terminal near Prince Rupert, on B.C.'s northern coast.
Read the full article here.
VICTORIA ` Global energy corporations are "dead serious" about investing in British Columbia's potential as a world supplier of liquefied natural gas, said provincial Natural Gas Development Minister Rich Coleman after a $16 billion announcement on Tuesday.
Malaysian national oil company Petronas said the investment would go towards a natural pipeline, LNG plants and an export terminal near Prince Rupert, on B.C.'s northern coast.
Read the full article here.
Vancouver Council gives Oakridge centre plans thumbs up
The City of Vancouver has endorsed a plan to radically redevelop the aging Oakridge Centre into a high-density retail and residential hub.
The massive project will now proceed to a public hearing, where area residents worried their quiet corner of Vancouver will be lost in a sea of glass towers and chic new shops and cafÃs will be able to voice their objections.
Read the full article here.
The City of Vancouver has endorsed a plan to radically redevelop the aging Oakridge Centre into a high-density retail and residential hub.
The massive project will now proceed to a public hearing, where area residents worried their quiet corner of Vancouver will be lost in a sea of glass towers and chic new shops and cafÃs will be able to voice their objections.
Read the full article here.