November 2009
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Housing Starts for Single-Family Units rise by 38%
Single-family housing starts in October continued to be a relative bright spot for British Columbia`s residential construction industry.
Housing start numbers released by Canada Mortgage and Housing Corporation show construction of single detached homes rose 38 per cent last month in the Vancouver census metropolitan area compared to October 2008 -- and an average 26 per cent in urban centres across the province.
Victoria and Prince George saw the biggest jumps on a percentage basis, both recording single family housing start increases in excess of 80 per cent for the month.
The single family starts echo improvements that CMHC noted in September 2009.
Multiple family unit starts were down 68.3 per cent in the Vancouver area, and 57.7 per cent in urban B.C. compared to October 2008.
For starts in all housing types combined, October finished with the second-highest month tally in the year to date, with 892 starts, including 383 in Surrey and 139 in Coquitlam.
Read the full article here.
Single-family housing starts in October continued to be a relative bright spot for British Columbia`s residential construction industry.
Housing start numbers released by Canada Mortgage and Housing Corporation show construction of single detached homes rose 38 per cent last month in the Vancouver census metropolitan area compared to October 2008 -- and an average 26 per cent in urban centres across the province.
Victoria and Prince George saw the biggest jumps on a percentage basis, both recording single family housing start increases in excess of 80 per cent for the month.
The single family starts echo improvements that CMHC noted in September 2009.
Multiple family unit starts were down 68.3 per cent in the Vancouver area, and 57.7 per cent in urban B.C. compared to October 2008.
For starts in all housing types combined, October finished with the second-highest month tally in the year to date, with 892 starts, including 383 in Surrey and 139 in Coquitlam.
Read the full article here.
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B.C. Lumber a part of China`s Stimulus Package
B.C. took a step forward to open up the Chinese market to the province`s wood products with a memorandum of understanding signed here Monday by Forests Minister Pat Bell. The memorandum with the Shanghai Housing Bureau is aimed at hitching B.C. and Canada to a $141-billion urban housing initiative that`s part of China`s $586-billion stimulus package.
Also Monday, the Shanghai civic government officially adopted a wood-frame housing building code.
B.C. and Canadian agencies have been aiding Chinese officials in developing a building code that provides assurances that wood products meet specified building standards.
The Chinese government is committed to building six million new affordable housing units by 2012.
The B.C.-Canada contribution is small in terms of the scale of the Chinese housing program -- $800,000 from Natural Resources Canada -- but significant. It marks the first time B.C. wood products will be used in the Chinese program.
Read the full article here.
B.C. took a step forward to open up the Chinese market to the province`s wood products with a memorandum of understanding signed here Monday by Forests Minister Pat Bell. The memorandum with the Shanghai Housing Bureau is aimed at hitching B.C. and Canada to a $141-billion urban housing initiative that`s part of China`s $586-billion stimulus package.
Also Monday, the Shanghai civic government officially adopted a wood-frame housing building code.
B.C. and Canadian agencies have been aiding Chinese officials in developing a building code that provides assurances that wood products meet specified building standards.
The Chinese government is committed to building six million new affordable housing units by 2012.
The B.C.-Canada contribution is small in terms of the scale of the Chinese housing program -- $800,000 from Natural Resources Canada -- but significant. It marks the first time B.C. wood products will be used in the Chinese program.
Read the full article here.
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Higher Home sales, smaller Inventories posted in Vancouver for October
Lower Mainland home sales continued riding high in October, with prices continuing to rise, according to reports from the region`s major real estate boards Tuesday.
In Metro Vancouver, covered by the Real Estate Board of Vancouver, realtors recorded 3,704 sales through the Multiple Listing Service, up 172 per cent from the doldrums of October 2008 and 22 per cent above sales levels in October 2007.
The benchmark price, the average price for a typical home sold, hit $749,808 in October, which was almost eight-per-cent higher than the same month a year ago, though not quite up to the pre-correction peak.
In the Fraser Valley, including Surrey, realtors saw 1,704 sales through the Multiple Listing Service in October, a 122-per-cent increase from the same month a year ago.
The benchmark price for detached homes was $491,128 in October, 0.4-per-cent higher than the benchmark of October 2008.
Read the full article here.
Lower Mainland home sales continued riding high in October, with prices continuing to rise, according to reports from the region`s major real estate boards Tuesday.
In Metro Vancouver, covered by the Real Estate Board of Vancouver, realtors recorded 3,704 sales through the Multiple Listing Service, up 172 per cent from the doldrums of October 2008 and 22 per cent above sales levels in October 2007.
The benchmark price, the average price for a typical home sold, hit $749,808 in October, which was almost eight-per-cent higher than the same month a year ago, though not quite up to the pre-correction peak.
In the Fraser Valley, including Surrey, realtors saw 1,704 sales through the Multiple Listing Service in October, a 122-per-cent increase from the same month a year ago.
The benchmark price for detached homes was $491,128 in October, 0.4-per-cent higher than the benchmark of October 2008.
Read the full article here.
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Real Estate Prices in Fraser Valley continue to soar
Fraser Valley home sales continued riding at a lofty peak in October, with prices still rising, compared with their doldrums of a year ago, the valley`s real estate board reported Tuesday.
Valley realtors saw 1,704 sales through the Multiple Listing Service in October, a 122-per-cent increase from the same month a year ago.
The benchmark price for detached homes, the average price for a typical house sold in the month, was $491,128 in October, some 0.4 per cent higher than the benchmark of October 2008.
Read the full article here.
Fraser Valley home sales continued riding at a lofty peak in October, with prices still rising, compared with their doldrums of a year ago, the valley`s real estate board reported Tuesday.
Valley realtors saw 1,704 sales through the Multiple Listing Service in October, a 122-per-cent increase from the same month a year ago.
The benchmark price for detached homes, the average price for a typical house sold in the month, was $491,128 in October, some 0.4 per cent higher than the benchmark of October 2008.
Read the full article here.
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2010 B.C. Resales Housing Market will lead to construction boost: CMHC
VANCOUVER — A tight housing resale market is good news for B.C.`s new residential construction sector in 2010, according to a report released Monday by the Canada Mortgage and Housing Corporation.
"In terms of the resale market, conditions have improved in the second half of 2009 and they`ll continue to be strong in 2010," Carol Frketich, CMHC`s regional economist for B.C., said in an interview. "In 2010, a pickup in home sales, a stronger domestic economy with income growth and low mortgage rates will lead to an increase in new home construction.
"Greater Vancouver tends to lead the other markets and that`s what we`re now seeing. In 2010, it will spread to the rest of the province. This will prompt builders to start more homes to meet a growing need for housing."
According to CMHC`s Housing Market Outlook Report, total housing starts in B.C. next year will be about 23,400, which represents an increase of about 54 per cent from the projected 2009 total of 15,200 — itself a 56-per-cent decline from 2008`s 34,321.
However, Frketich also said their projected numbers for B.C. starts in 2010 could rise as high as 26,800 or fall to 20,200 if economic circumstances change.
Read the full article here.
VANCOUVER — A tight housing resale market is good news for B.C.`s new residential construction sector in 2010, according to a report released Monday by the Canada Mortgage and Housing Corporation.
"In terms of the resale market, conditions have improved in the second half of 2009 and they`ll continue to be strong in 2010," Carol Frketich, CMHC`s regional economist for B.C., said in an interview. "In 2010, a pickup in home sales, a stronger domestic economy with income growth and low mortgage rates will lead to an increase in new home construction.
"Greater Vancouver tends to lead the other markets and that`s what we`re now seeing. In 2010, it will spread to the rest of the province. This will prompt builders to start more homes to meet a growing need for housing."
According to CMHC`s Housing Market Outlook Report, total housing starts in B.C. next year will be about 23,400, which represents an increase of about 54 per cent from the projected 2009 total of 15,200 — itself a 56-per-cent decline from 2008`s 34,321.
However, Frketich also said their projected numbers for B.C. starts in 2010 could rise as high as 26,800 or fall to 20,200 if economic circumstances change.
Read the full article here.
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B.C. Real Estate Sales driven higher by Consumer `Momentum`
VANCOUVER — The consumer-driven momentum in British Columbia`s real estate markets rolled through September and into October, the B.C. Real Estate Association reported Thursday, though there are expectations the pace of sales will slow in step with the province`s sluggishly recovering economy.
The association reported 8,576 sales through the realtor-controlled Multiple Listing Service across B.C. in September, a 68-per-cent increase from the same month a year ago, the busiest September since 2005 and third busiest on record.
And for the first nine months of 2009, the 63,521 MLS sales realtors recorded was 6.3 per cent higher than the first nine months of 2008.
"There is still enough momentum in the marketplace to continue elevated sales for a number of months yet," Cameron Muir, chief economist for the B.C. Real Estate Association, said in an interview.
"[However] by the time we get into the new year, home sales in [Metro Vancouver] will start to ebb and reflect more the underlying fundamentals of the economy around wage growth, job growth, that kind of thing."
Read the full article here.
VANCOUVER — The consumer-driven momentum in British Columbia`s real estate markets rolled through September and into October, the B.C. Real Estate Association reported Thursday, though there are expectations the pace of sales will slow in step with the province`s sluggishly recovering economy.
The association reported 8,576 sales through the realtor-controlled Multiple Listing Service across B.C. in September, a 68-per-cent increase from the same month a year ago, the busiest September since 2005 and third busiest on record.
And for the first nine months of 2009, the 63,521 MLS sales realtors recorded was 6.3 per cent higher than the first nine months of 2008.
"There is still enough momentum in the marketplace to continue elevated sales for a number of months yet," Cameron Muir, chief economist for the B.C. Real Estate Association, said in an interview.
"[However] by the time we get into the new year, home sales in [Metro Vancouver] will start to ebb and reflect more the underlying fundamentals of the economy around wage growth, job growth, that kind of thing."
Read the full article here.
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Vancouver`s Resale Real Estate Rebound `too much, too fast`
The recent whipsaw rebound in Metro Vancouver`s resale housing markets was likely "too much, too fast," according to the estimate of TD Economics` latest housing outlook.
After collapsing by just over one-third in 2008 compared with the previous year, the number of home sales in Metro so far in 2009 is 19 per cent higher than a year ago, TD said in the report.
And while average resale values dropped by about one-third to $436,000 between last October and this April, TD said prices recovered to an average $608,000 by August, a mere eight per cent from their previous peak.
However, for Metro Vancouver, Gauthier said TD Economics` estimate is that the pent-up demand that welled up during the uncertainty of last fall`s financial crisis was largely met by June.
"The current sales rally will probably wane in the months ahead," said report author, economist Pascal Gauthier, "and more listings have started to come on tap, a trend we expect to continue."
Read the full article here.
The recent whipsaw rebound in Metro Vancouver`s resale housing markets was likely "too much, too fast," according to the estimate of TD Economics` latest housing outlook.
After collapsing by just over one-third in 2008 compared with the previous year, the number of home sales in Metro so far in 2009 is 19 per cent higher than a year ago, TD said in the report.
And while average resale values dropped by about one-third to $436,000 between last October and this April, TD said prices recovered to an average $608,000 by August, a mere eight per cent from their previous peak.
However, for Metro Vancouver, Gauthier said TD Economics` estimate is that the pent-up demand that welled up during the uncertainty of last fall`s financial crisis was largely met by June.
"The current sales rally will probably wane in the months ahead," said report author, economist Pascal Gauthier, "and more listings have started to come on tap, a trend we expect to continue."
Read the full article here.
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Forestry Leaders pumped on Chinese Lumber demand
BEIJING - Chief executive officers from the province`s largest forest companies ended a trade mission to China with new sales orders that Forests Minister Pat Bell said will push exports to China to another record year.
The four-day mission – the largest ever to China with over 40 delegates – ended in Beijing Wednesday and moves on to Tokyo before returning to Vancouver.
At one of the stops, a warehouse at Taicang outside Shanghai, Bell and the CEOs were told that demand for wood products from B.C. was climbing. They also toured mills using both B.C. wood and Russian logs for remanufacturing and a housing development outside Beijing built as second homes for wealthy Chinese.
A key advantage the B.C. wood has over its Russian counterpart is that it is certiifed to specific standards, planed and kiln-dried as opposed to the generally rough-cut Russian wood, which leaves splinters in workers` hands.
Canfor CEO Jim Shepard said it is clear to him that China`s demand for lumber is taking off dramatically. He described Chinese economic growth as "the U.S. on steroids."
Tour delegates also participated in the launch a new wood-frame construction building code for Shanghai, the country`s economic flagship, and the signing of a memorandum of understanding with Shanghai to use wood frame construction in affordable housing.
Read the full article here.
BEIJING - Chief executive officers from the province`s largest forest companies ended a trade mission to China with new sales orders that Forests Minister Pat Bell said will push exports to China to another record year.
The four-day mission – the largest ever to China with over 40 delegates – ended in Beijing Wednesday and moves on to Tokyo before returning to Vancouver.
At one of the stops, a warehouse at Taicang outside Shanghai, Bell and the CEOs were told that demand for wood products from B.C. was climbing. They also toured mills using both B.C. wood and Russian logs for remanufacturing and a housing development outside Beijing built as second homes for wealthy Chinese.
A key advantage the B.C. wood has over its Russian counterpart is that it is certiifed to specific standards, planed and kiln-dried as opposed to the generally rough-cut Russian wood, which leaves splinters in workers` hands.
Canfor CEO Jim Shepard said it is clear to him that China`s demand for lumber is taking off dramatically. He described Chinese economic growth as "the U.S. on steroids."
Tour delegates also participated in the launch a new wood-frame construction building code for Shanghai, the country`s economic flagship, and the signing of a memorandum of understanding with Shanghai to use wood frame construction in affordable housing.
Read the full article here.
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Canada`s dirty Oil needed a Market: UN Report
The world needs Canada`s so-called dirty oil, the International Energy Agency said Tuesday even as it called on leaders to make decisive moves to slash greenhouse gas emissions at a United Nations-sponsored negotiating session next month.
"World leaders gathering in Copenhagen next month for the UN Climate Summit have a historic opportunity to avert the worst effects of climate change," IEA executive director Nobuo Tanaka said in a statement after releasing the agency`s annual World Energy Outlook analysis.
The IEA, which is funded by and provides advice to Canada and 27 other industrialized countries, said lower emissions are needed not only to protect the environment but also to enhance energy security during a period of soaring demand.
Without concrete actions to limit emissions, primarily through efficiency measures and new technology, energy demand will jump by 40 per cent between now and 2030, the IEA said in its report.
Canada, with 178 billion barrels of proven oil reserves that ranks second only to Saudi Arabia, plays an important role on the supply side, the IEA said.
The "vast bulk" of those reserves come from oilsands deposits, which are more costly to extract than conventional oil, require a huge amount of water, and produce 20 per cent higher carbon dioxide emissions
Read the full article here.
The world needs Canada`s so-called dirty oil, the International Energy Agency said Tuesday even as it called on leaders to make decisive moves to slash greenhouse gas emissions at a United Nations-sponsored negotiating session next month.
"World leaders gathering in Copenhagen next month for the UN Climate Summit have a historic opportunity to avert the worst effects of climate change," IEA executive director Nobuo Tanaka said in a statement after releasing the agency`s annual World Energy Outlook analysis.
The IEA, which is funded by and provides advice to Canada and 27 other industrialized countries, said lower emissions are needed not only to protect the environment but also to enhance energy security during a period of soaring demand.
Without concrete actions to limit emissions, primarily through efficiency measures and new technology, energy demand will jump by 40 per cent between now and 2030, the IEA said in its report.
Canada, with 178 billion barrels of proven oil reserves that ranks second only to Saudi Arabia, plays an important role on the supply side, the IEA said.
The "vast bulk" of those reserves come from oilsands deposits, which are more costly to extract than conventional oil, require a huge amount of water, and produce 20 per cent higher carbon dioxide emissions
Read the full article here.
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Recession bites Lower Mainland Industrial Property Market
The recession took a 25-to-30-per-cent bite out of Lower Mainland industrial land values over the last year, according to the latest report from commercial realtor Avison Young.
Economic contraction quelled the demand for new industrial buildings, which put pressure on the speculators who bought land at the peak of market cycle to sell.
The consequence was industrial land values fell to $400,000 to $1 million an in 2009 from $600,000 to $2 million an acre in 2008.
"If there is no demand to build, it iis no surprise vacant land is the first asset to be disposed of," Aviason Young principal Rob Gritten said in a news release.
"Speculators who entered this market in the late stages of the bubble, and with no income to support carrying costs, have been forced to discount significantly to attract bids."
The Avison Young report noted that Metro Vancouver`s industrial-property vacancy rate rose to 4.4 per cent in the third quarter of 2009 from 3.2 per cent in the spring, and an absolute low of two per cent between early 2006 and mid 2008.
Read the full article here.
The recession took a 25-to-30-per-cent bite out of Lower Mainland industrial land values over the last year, according to the latest report from commercial realtor Avison Young.
Economic contraction quelled the demand for new industrial buildings, which put pressure on the speculators who bought land at the peak of market cycle to sell.
The consequence was industrial land values fell to $400,000 to $1 million an in 2009 from $600,000 to $2 million an acre in 2008.
"If there is no demand to build, it iis no surprise vacant land is the first asset to be disposed of," Aviason Young principal Rob Gritten said in a news release.
"Speculators who entered this market in the late stages of the bubble, and with no income to support carrying costs, have been forced to discount significantly to attract bids."
The Avison Young report noted that Metro Vancouver`s industrial-property vacancy rate rose to 4.4 per cent in the third quarter of 2009 from 3.2 per cent in the spring, and an absolute low of two per cent between early 2006 and mid 2008.
Read the full article here.
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Industrial land crunch could hinder B.C. Gas boom
A looming industrial land crunch in Dawson Creek could see potential British Columbia jobs flow to Alberta.
Natural gas exploration companies have been warning for about five years that the northeast B.C. city, the hub of the province`s grain-farming industry, will be called upon to support a gas development boom that could last for 20 years.
The city has enough industrial land available right now to support conventional economic growth.
However, with most land around Dawson Creek locked up in the province`s Agricultural Land Reserve, or ALR, many observers doubt that the community will be able to free up enough industrial land in a timely fashion to support the boom.
Most gas-field service industry shops need about 20 acres (eight hectares) for shops, equipment and parking for the heavy rigs that support drill operations, and it takes up to two years working through the Agricultural Land Commission to get land excluded from the reserve for development.
Read the full article here.
A looming industrial land crunch in Dawson Creek could see potential British Columbia jobs flow to Alberta.
Natural gas exploration companies have been warning for about five years that the northeast B.C. city, the hub of the province`s grain-farming industry, will be called upon to support a gas development boom that could last for 20 years.
The city has enough industrial land available right now to support conventional economic growth.
However, with most land around Dawson Creek locked up in the province`s Agricultural Land Reserve, or ALR, many observers doubt that the community will be able to free up enough industrial land in a timely fashion to support the boom.
Most gas-field service industry shops need about 20 acres (eight hectares) for shops, equipment and parking for the heavy rigs that support drill operations, and it takes up to two years working through the Agricultural Land Commission to get land excluded from the reserve for development.
Read the full article here.
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Lumber trade grows in China
B.C. wood imports are lumbering into China at a faster pace than expected by those on either side of the Pacific Rim.
This was the observation made by B.C. Minister of Forests and Prince George MLA Pat Bell as he gazed over the campus of the Port of Taicang not far from Shanghai. Most of the wood products imported from British Columbia arrive in China at that spot, and Bell said every major forest products company in the province had their logos rolling off the ships and out into continental China.
"There was a lot of B.C. lumber on-site and moving quickly," he said. "It was quite exciting to see that volume moving."
One of the main importers of B.C.`s wood has a set of warehouses around China housing the wood for wholesale. Bell met with the company`s owner who said he set a goal for 2009 to have six such holding bays. Instead, he already has 11 with more in the plans, all for B.C. wood.
"The Chinese are moving up the value chain and we need to continue to build that," Bell said. "We sent about 720 million board feet to China last year, we are on pace now this year to send them 1.4 billion board feet, and pace has picked up. That`s about the equivalent of five or six major mills` combined output in the B.C. interior. Our goal for China is to send them 4 billion board feet a year by 2011, which represents about 30 per cent of B.C.`s lumber. That would give us the diversity we need in our dealings with the Americans going forward."
Bell said it was not lost on him or the rest of the B.C. contingent on the visit to the port that alongside masses of B.C. lumber were raw logs from Russia. Bell said it seemed like the Chinese wanted them to see they, too, had other options, but in a meeting with Bell, one major importer said it was cheaper to buy the spaghetti lumber from British Columbia that it was to buy the raw logs from Russia, mill them, deal with the bio-waste from the milling process, and get it all to market.
Read the full article here.
B.C. wood imports are lumbering into China at a faster pace than expected by those on either side of the Pacific Rim.
This was the observation made by B.C. Minister of Forests and Prince George MLA Pat Bell as he gazed over the campus of the Port of Taicang not far from Shanghai. Most of the wood products imported from British Columbia arrive in China at that spot, and Bell said every major forest products company in the province had their logos rolling off the ships and out into continental China.
"There was a lot of B.C. lumber on-site and moving quickly," he said. "It was quite exciting to see that volume moving."
One of the main importers of B.C.`s wood has a set of warehouses around China housing the wood for wholesale. Bell met with the company`s owner who said he set a goal for 2009 to have six such holding bays. Instead, he already has 11 with more in the plans, all for B.C. wood.
"The Chinese are moving up the value chain and we need to continue to build that," Bell said. "We sent about 720 million board feet to China last year, we are on pace now this year to send them 1.4 billion board feet, and pace has picked up. That`s about the equivalent of five or six major mills` combined output in the B.C. interior. Our goal for China is to send them 4 billion board feet a year by 2011, which represents about 30 per cent of B.C.`s lumber. That would give us the diversity we need in our dealings with the Americans going forward."
Bell said it was not lost on him or the rest of the B.C. contingent on the visit to the port that alongside masses of B.C. lumber were raw logs from Russia. Bell said it seemed like the Chinese wanted them to see they, too, had other options, but in a meeting with Bell, one major importer said it was cheaper to buy the spaghetti lumber from British Columbia that it was to buy the raw logs from Russia, mill them, deal with the bio-waste from the milling process, and get it all to market.
Read the full article here.
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Home Inspector must pay $192,000
The B.C. Supreme Court has ordered a home inspector to pay nearly $200,000 in compensation to a North Vancouver couple for a faulty home inspection he performed.
The court found that Imre Toth of Aldergrove was negligent because he failed to inspect the entire home, and should have advised the couple to hire a structural engineer before they bought the $1.1-million house in September 2006.
Toth`s estimate of $20,000 to repair the house was less than one-tenth of the actual cost of $212,000.
The couple signed an agreement with Toth that limited the inspector`s liability to the cost of his service, which was $450.
But the judge found that Toth did not give the couple sufficient time to read the contract and did not do enough to highlight the clause limiting his liability.
The court ordered Toth to pay the $192,000 difference between his estimate and the final repair bill.
Read the full article here.
The B.C. Supreme Court has ordered a home inspector to pay nearly $200,000 in compensation to a North Vancouver couple for a faulty home inspection he performed.
The court found that Imre Toth of Aldergrove was negligent because he failed to inspect the entire home, and should have advised the couple to hire a structural engineer before they bought the $1.1-million house in September 2006.
Toth`s estimate of $20,000 to repair the house was less than one-tenth of the actual cost of $212,000.
The couple signed an agreement with Toth that limited the inspector`s liability to the cost of his service, which was $450.
But the judge found that Toth did not give the couple sufficient time to read the contract and did not do enough to highlight the clause limiting his liability.
The court ordered Toth to pay the $192,000 difference between his estimate and the final repair bill.
Read the full article here.
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Olympic Rental Scams on the rise: Warning
VANCOUVER — As the 2010 Winter Olympics approach and the accommodation crunch comes into its eleventh hour, the Better Business Bureau is warning renters to be aware of scams on Craigslist.
Numerous phony ads for rental properties are being listed on the popular online classifieds website aimed at stealing money from unsuspecting renters, said the BBB in a press release Thursday.
The consumer-rights bureau said one of the scams will see "landlords" asking for a deposit then vanishing without a trace.
Another scam sees real homeowners receive knocks at their door by would-be renters who think they are viewing their Olympic retreat. The only thing is, the homeowner never listed the property — however a photo of the home and address was provided to the renters by the fraudster.
Typing in the word `Olympics` into the Craigslist search tool reveals more than 1,000 entries in the housing section. Some people with places in Yaletown are asking for more than $1,000 per night for the entire condo.
Read the full article here.
VANCOUVER — As the 2010 Winter Olympics approach and the accommodation crunch comes into its eleventh hour, the Better Business Bureau is warning renters to be aware of scams on Craigslist.
Numerous phony ads for rental properties are being listed on the popular online classifieds website aimed at stealing money from unsuspecting renters, said the BBB in a press release Thursday.
The consumer-rights bureau said one of the scams will see "landlords" asking for a deposit then vanishing without a trace.
Another scam sees real homeowners receive knocks at their door by would-be renters who think they are viewing their Olympic retreat. The only thing is, the homeowner never listed the property — however a photo of the home and address was provided to the renters by the fraudster.
Typing in the word `Olympics` into the Craigslist search tool reveals more than 1,000 entries in the housing section. Some people with places in Yaletown are asking for more than $1,000 per night for the entire condo.
Read the full article here.
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B.C Economy will grow fastest in 2010, Report says
British Columbia will be the fastest-growing province in Canada in 2010, spurred on in part by hosting the Olympic Games, the Conference Board of Canada said in a report released Tuesday.
B.C.`s economy is expected to grow by 4.2 per cent in 2010, compared to a two-per-cent contraction in 2009. The next-best performing province, Saskatchewan, should grow 3.7 per cent.
The jump comes from a rebounding housing market in both the United States and B.C., rising commodity prices and the Olympics.
Housing starts in both the United States and B.C. are important contributors, Conference Board economist Alicia Macdonald said in an interview. With U.S. starts expected to rise, so too will the fortunes of the local forest industry, which sells much of its product to the U.S. The manufacturing industry, which includes sawmills, will also benefit.
Housing starts in B.C. fell dramatically in the latter part of 2008 and early 2009 as the Olympic infrastructure projects were completed, dragging down the construction sector, Macdonald said. But next year, housing starts are expected to return to more normal levels, and that, along with the government`s infrastructure program, will build up the construction industry.
Read the full article here.
British Columbia will be the fastest-growing province in Canada in 2010, spurred on in part by hosting the Olympic Games, the Conference Board of Canada said in a report released Tuesday.
B.C.`s economy is expected to grow by 4.2 per cent in 2010, compared to a two-per-cent contraction in 2009. The next-best performing province, Saskatchewan, should grow 3.7 per cent.
The jump comes from a rebounding housing market in both the United States and B.C., rising commodity prices and the Olympics.
Housing starts in both the United States and B.C. are important contributors, Conference Board economist Alicia Macdonald said in an interview. With U.S. starts expected to rise, so too will the fortunes of the local forest industry, which sells much of its product to the U.S. The manufacturing industry, which includes sawmills, will also benefit.
Housing starts in B.C. fell dramatically in the latter part of 2008 and early 2009 as the Olympic infrastructure projects were completed, dragging down the construction sector, Macdonald said. But next year, housing starts are expected to return to more normal levels, and that, along with the government`s infrastructure program, will build up the construction industry.
Read the full article here.
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Metro Home Builders ease off discounts in hot Market
METRO VANCOUVER - The rebound in Metro Vancouver`s resale real estate markets allowed new-home builders to take back a little bit more of the discounts they had to give buyers earlier in the year to make sales, recent figures from Statistics Canada show.
New-home prices edged up 1.4 per cent in September from August, according to Statistics Canada`s new housing price index, but are still some 6.4-per-cent lower than prices a year ago.
"What I tell people is that we were probably reducing prices 15 to 20 per cent across the board," Neil Chrystal, president of Polygon Homes Ltd. and president of the Urban Development Institute Pacific.
"So obviously, at six per cent [down, the discounting] is a lot less."
The 1.4-per-cent increase from August to September is the biggest mont-to-month jump among the urban markets that Statistics Canada surveys.
In its report, Statistics Canada said new-home prices rose in Vancouver as builders moved into new phases of development.
Read the full article here.
METRO VANCOUVER - The rebound in Metro Vancouver`s resale real estate markets allowed new-home builders to take back a little bit more of the discounts they had to give buyers earlier in the year to make sales, recent figures from Statistics Canada show.
New-home prices edged up 1.4 per cent in September from August, according to Statistics Canada`s new housing price index, but are still some 6.4-per-cent lower than prices a year ago.
"What I tell people is that we were probably reducing prices 15 to 20 per cent across the board," Neil Chrystal, president of Polygon Homes Ltd. and president of the Urban Development Institute Pacific.
"So obviously, at six per cent [down, the discounting] is a lot less."
The 1.4-per-cent increase from August to September is the biggest mont-to-month jump among the urban markets that Statistics Canada surveys.
In its report, Statistics Canada said new-home prices rose in Vancouver as builders moved into new phases of development.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Leaders pumped on Chinese Lumber demand
Chief executive officers from the province`s largest forest companies ended a trade mission to China with new sales orders that Forests Minister Pat Bell said will push exports to China to another record year.
The four-day mission -- which involved more than 40 delegates -- ended in Beijing Wednesday and moves on to Tokyo before returning to Vancouver.
At one of the stops, a warehouse at Taicang outside Shanghai, Bell and the CEOs were told that demand for wood products from B.C. is climbing. They also toured mills using both B.C. wood and Russian logs for remanufacturing and a housing development outside Beijing built as second homes for wealthy Chinese.
A key advantage the B.C. wood has over its Russian counterpart is that it is certified to specific standards, planed and kiln-dried, as opposed to the generally rough-cut Russian wood, which leaves splinters in workers` hands.
Canfor CEO Jim Shepard said it is clear to him that China`s demand for lumber is taking off dramatically. He described Chinese economic growth as "the U.S. on steroids."
Read the full article here.
Chief executive officers from the province`s largest forest companies ended a trade mission to China with new sales orders that Forests Minister Pat Bell said will push exports to China to another record year.
The four-day mission -- which involved more than 40 delegates -- ended in Beijing Wednesday and moves on to Tokyo before returning to Vancouver.
At one of the stops, a warehouse at Taicang outside Shanghai, Bell and the CEOs were told that demand for wood products from B.C. is climbing. They also toured mills using both B.C. wood and Russian logs for remanufacturing and a housing development outside Beijing built as second homes for wealthy Chinese.
A key advantage the B.C. wood has over its Russian counterpart is that it is certified to specific standards, planed and kiln-dried, as opposed to the generally rough-cut Russian wood, which leaves splinters in workers` hands.
Canfor CEO Jim Shepard said it is clear to him that China`s demand for lumber is taking off dramatically. He described Chinese economic growth as "the U.S. on steroids."
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
B.C. Real Estate Sales surge 20% this Year
VANCOUVER - Consider what`s happening in British Columbia real estate a bounce back, but not a boom, according to the B.C. Real Estate Association`s latest forecast.
Though association chief economist Cameron Muir expects sales across B.C. to have risen 20 per cent over 2008 levels by the end of the 2009 to 82,900 units, that is still far off sales of the boom years of 2002 to 2007.
And it is a picture heavily influenced by near record low mortgage rates that have stimulated sales even during the recession, and by relatively higher levels of sales in the Lower Mainland.
"The expectation this time coming out of recession [is that] first, economic recovery is going to be a slow and gradual affair," Muir said in an interview.
"As a result, housing demand is going to be more in line with population growth and household growth number than it`s going to [repeat] the kinds of increases we experienced during the 2002 to 2007 period."
Muir`s assessment for the B.C. Real Estate Association is the latest forecast predicting a continuation of the province`s real-estate resurgence, albeit at below-peak levels.
Read the full article here.
VANCOUVER - Consider what`s happening in British Columbia real estate a bounce back, but not a boom, according to the B.C. Real Estate Association`s latest forecast.
Though association chief economist Cameron Muir expects sales across B.C. to have risen 20 per cent over 2008 levels by the end of the 2009 to 82,900 units, that is still far off sales of the boom years of 2002 to 2007.
And it is a picture heavily influenced by near record low mortgage rates that have stimulated sales even during the recession, and by relatively higher levels of sales in the Lower Mainland.
"The expectation this time coming out of recession [is that] first, economic recovery is going to be a slow and gradual affair," Muir said in an interview.
"As a result, housing demand is going to be more in line with population growth and household growth number than it`s going to [repeat] the kinds of increases we experienced during the 2002 to 2007 period."
Muir`s assessment for the B.C. Real Estate Association is the latest forecast predicting a continuation of the province`s real-estate resurgence, albeit at below-peak levels.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Six things you should know about HST
On July 1, 2010, the Ontario Government plans to introduce a new Harmonized Sales Tax (HST), which would combine Canada`s Goods and Services Tax and Ontario`s Provincial Sales Tax into a unified sales tax. The HST will directly increase the tax burden on middle-class Ontario families. Indirect impacts will drive up the cost of living further still.
What is most concerning are the hidden details about this tax that the current government seems content to obscure. Below, we have summarized the six things that Ontario taxpayers need to know about the HST before it is imposed by Dalton McGuinty`s Liberal government.
1. Under the HST, Ontario surrenders its constitutionally-granted taxation powers to the whims of future federal governments.
Right now, Ontario enjoys direct taxation powers granted under the Canadian constitution. However, under the HST plan, Ontario will give up its sales-tax powers to Ottawa through the federal Excise Tax Act. Once the HST is enacted, fundamental decisions about what is, and is not, subject to sales taxes will not be made in the Ontario legislature but will instead be made in Ottawa. It is not hard to foresee the day when a federal Minister of Finance could decide the fate of Ontario businesses when there is a tax dispute. It is also possible that the federal Excise Tax Act will be amended, regulations will be passed or administrative practice will change without Ontario`s input or approval, in which case Ontarians will become victims of taxation without representation.
2. Under the HST, it is likely that tax-included pricing, or hidden taxation, will come to Ontario.
Read the full article here.
On July 1, 2010, the Ontario Government plans to introduce a new Harmonized Sales Tax (HST), which would combine Canada`s Goods and Services Tax and Ontario`s Provincial Sales Tax into a unified sales tax. The HST will directly increase the tax burden on middle-class Ontario families. Indirect impacts will drive up the cost of living further still.
What is most concerning are the hidden details about this tax that the current government seems content to obscure. Below, we have summarized the six things that Ontario taxpayers need to know about the HST before it is imposed by Dalton McGuinty`s Liberal government.
1. Under the HST, Ontario surrenders its constitutionally-granted taxation powers to the whims of future federal governments.
Right now, Ontario enjoys direct taxation powers granted under the Canadian constitution. However, under the HST plan, Ontario will give up its sales-tax powers to Ottawa through the federal Excise Tax Act. Once the HST is enacted, fundamental decisions about what is, and is not, subject to sales taxes will not be made in the Ontario legislature but will instead be made in Ottawa. It is not hard to foresee the day when a federal Minister of Finance could decide the fate of Ontario businesses when there is a tax dispute. It is also possible that the federal Excise Tax Act will be amended, regulations will be passed or administrative practice will change without Ontario`s input or approval, in which case Ontarians will become victims of taxation without representation.
2. Under the HST, it is likely that tax-included pricing, or hidden taxation, will come to Ontario.
Read the full article here.