November 2013 BC Economic Fundamentals
- Thread starter Ally
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Small business is big in BC
British Columbia's small business sector continues to play a key role in job creation and economic growth in the province. It is the province's primary provider of private sector jobs, reflecting an important and ongoing trend toward economic diversification within the provincial economy. What is "small business?" In BC small business is defined as a business that employs fewer than 50 individuals, or one operated by a person who is self-employed without paid help. - See more at: http://www.abbotsfordtimes.com/business/abbotsford-chamber-voice/small-business-is-big-in-our-province-1.684590#sthash.o88Z4CpK.dpuf
Read the full article here.
British Columbia's small business sector continues to play a key role in job creation and economic growth in the province. It is the province's primary provider of private sector jobs, reflecting an important and ongoing trend toward economic diversification within the provincial economy. What is "small business?" In BC small business is defined as a business that employs fewer than 50 individuals, or one operated by a person who is self-employed without paid help. - See more at: http://www.abbotsfordtimes.com/business/abbotsford-chamber-voice/small-business-is-big-in-our-province-1.684590#sthash.o88Z4CpK.dpuf
Read the full article here.
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Metro Vancouver sales rebound rolls along balanced wave
VANCOUVER -- The big rebound in Lower Mainland real estate sales appears to be over, leaving markets floating along at a balance with little movement on prices, according to the latest reports from the region`s real estate boards.
In the larger part of Metro Vancouver, realtors recorded 2,661 sales through the Multiple Listing Service in October, up 38 per cent from the same month a year ago. However, the benchmark price - the average for typical homes sold across the region - settled at $600,700, a half-a-percentage-point dip from October, 2012.
Read the full article here.
VANCOUVER -- The big rebound in Lower Mainland real estate sales appears to be over, leaving markets floating along at a balance with little movement on prices, according to the latest reports from the region`s real estate boards.
In the larger part of Metro Vancouver, realtors recorded 2,661 sales through the Multiple Listing Service in October, up 38 per cent from the same month a year ago. However, the benchmark price - the average for typical homes sold across the region - settled at $600,700, a half-a-percentage-point dip from October, 2012.
Read the full article here.
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Abbotsford Airport sees steady growth
The Abbotsford International Airport's revenues are higher than projected this year, up to September, putting the airport on schedule to net $2 million in 2013.
The airport's financial performance report was presented to city council on Monday for review. Mike Pastro, the airport's general manager, said he is pleased with this year's performance.
Read the full article here.
The Abbotsford International Airport's revenues are higher than projected this year, up to September, putting the airport on schedule to net $2 million in 2013.
The airport's financial performance report was presented to city council on Monday for review. Mike Pastro, the airport's general manager, said he is pleased with this year's performance.
Read the full article here.
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Renters on the rise in Abbotsford-Mission
The Abbotsford-Mission area is quietly shifting toward becoming a city of apartments, following the trend of denser municipalities. Meanwhile, construction of detached houses is expected to slump.
The first eight months of 2013 saw 234 new apartment rental units begin construction ` the highest figure in 20 years, according to the latest Housing Market Outlook by the Canada Mortgage and Housing Corporation (CMHC). The spur in construction of multi-family dwellings in the next year will push the total number of property constructions above the 15-year average, CMHC predicts.
Read the full article here.
The Abbotsford-Mission area is quietly shifting toward becoming a city of apartments, following the trend of denser municipalities. Meanwhile, construction of detached houses is expected to slump.
The first eight months of 2013 saw 234 new apartment rental units begin construction ` the highest figure in 20 years, according to the latest Housing Market Outlook by the Canada Mortgage and Housing Corporation (CMHC). The spur in construction of multi-family dwellings in the next year will push the total number of property constructions above the 15-year average, CMHC predicts.
Read the full article here.
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Port Mann Bridge won't have 10 lanes open when toll doubles
The Port Mann Bridge still won't have all 10 lanes open when the toll that most drivers pay doubles to $3 per crossing in a few weeks.
Eighty per cent of motorists who use the bridge signed up early enough after it opened in December of 2012 that they've been paying $1.50 per crossing thanks to a year-long 50 per cent discount.
Read the full article here.
The Port Mann Bridge still won't have all 10 lanes open when the toll that most drivers pay doubles to $3 per crossing in a few weeks.
Eighty per cent of motorists who use the bridge signed up early enough after it opened in December of 2012 that they've been paying $1.50 per crossing thanks to a year-long 50 per cent discount.
Read the full article here.
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Vancouver real estate stable now, set for cyclical upswing
VANCOUVER ` A tight supply of commercial real estate in Vancouver and across Canada limited sales activity from January to June 2013 ` with the exception of the Greater Toronto area, Winnipeg and, surprisingly, Hamilton-Burlington, for years an investment wallflower, according to RE/MAX`s Commercial Investor 2013 reporthttp://http://www.remax-western.ca/...10/REMAXCommercialInvestorRpt20133MB.FNL_.pdf.
Vancouver prices escalated strongly from 2010 to 2012, only to start slowing down in mid- to late 2012, partly `as a result of Chinese investments plateauing,` says Elton Ash, RE/MAX`s regional executive vice president, Western Canadahttp://http://www.remax-western.ca/. `The Chinese realized they were pushing market themselves, bidding against each other. Since then, we`ve had stabilization.`
Read the full article here.
VANCOUVER ` A tight supply of commercial real estate in Vancouver and across Canada limited sales activity from January to June 2013 ` with the exception of the Greater Toronto area, Winnipeg and, surprisingly, Hamilton-Burlington, for years an investment wallflower, according to RE/MAX`s Commercial Investor 2013 reporthttp://http://www.remax-western.ca/...10/REMAXCommercialInvestorRpt20133MB.FNL_.pdf.
Vancouver prices escalated strongly from 2010 to 2012, only to start slowing down in mid- to late 2012, partly `as a result of Chinese investments plateauing,` says Elton Ash, RE/MAX`s regional executive vice president, Western Canadahttp://http://www.remax-western.ca/. `The Chinese realized they were pushing market themselves, bidding against each other. Since then, we`ve had stabilization.`
Read the full article here.
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Vancouver real estate stable now, set for cyclical upswing
VANCOUVER ` A tight supply of commercial real estate in Vancouver and across Canada limited sales activity from January to June 2013 ` with the exception of the Greater Toronto area, Winnipeg and, surprisingly, Hamilton-Burlington, for years an investment wallflower, according to RE/MAX`s Commercial Investor 2013 reporthttp://http://www.remax-western.ca/...10/REMAXCommercialInvestorRpt20133MB.FNL_.pdf.
Vancouver prices escalated strongly from 2010 to 2012, only to start slowing down in mid- to late 2012, partly `as a result of Chinese investments plateauing,` says Elton Ash, RE/MAX`s regional executive vice president, Western Canadahttp://http://www.remax-western.ca/. `The Chinese realized they were pushing market themselves, bidding against each other. Since then, we`ve had stabilization.`
Read the full article here.
VANCOUVER ` A tight supply of commercial real estate in Vancouver and across Canada limited sales activity from January to June 2013 ` with the exception of the Greater Toronto area, Winnipeg and, surprisingly, Hamilton-Burlington, for years an investment wallflower, according to RE/MAX`s Commercial Investor 2013 reporthttp://http://www.remax-western.ca/...10/REMAXCommercialInvestorRpt20133MB.FNL_.pdf.
Vancouver prices escalated strongly from 2010 to 2012, only to start slowing down in mid- to late 2012, partly `as a result of Chinese investments plateauing,` says Elton Ash, RE/MAX`s regional executive vice president, Western Canadahttp://http://www.remax-western.ca/. `The Chinese realized they were pushing market themselves, bidding against each other. Since then, we`ve had stabilization.`
Read the full article here.
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Northwest BC jobless rate unchanged in October
The jobless rate held steady in northwestern B.C. in October compared to September, Statistics Canada on Nov. 8.
For both months, the jobless rate was 5.5 per cent and for both months, the rate was better than the provincial average.
Read the full article here.
The jobless rate held steady in northwestern B.C. in October compared to September, Statistics Canada on Nov. 8.
For both months, the jobless rate was 5.5 per cent and for both months, the rate was better than the provincial average.
Read the full article here.
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Fort St. John a bright spot for rental company
Fort St. John remained a bright spot for one large rental property owner, as its vacancy levels in the city have declined.
It is unclear exactly how many more rentals have been filled for the Northern Property Real Estate Investment Trust in FSJ, as the company did not return phone calls seeking comment, but the statement in its latest financial report that vacancy rates were falling bucks a trend of falling rental rates across its properties in B.C.
Read the full article here.
Fort St. John remained a bright spot for one large rental property owner, as its vacancy levels in the city have declined.
It is unclear exactly how many more rentals have been filled for the Northern Property Real Estate Investment Trust in FSJ, as the company did not return phone calls seeking comment, but the statement in its latest financial report that vacancy rates were falling bucks a trend of falling rental rates across its properties in B.C.
Read the full article here.
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Vancouver looks to laneways to increase downtown density
Laneway housing has proven to be hugely popular in Vancouver`s single-family neighbourhoods in the past few years.
Now the city wants to try the same idea in its oldest downtown neighbourhood, the already dense West End ` but with a twist.
Read the full article here.
Laneway housing has proven to be hugely popular in Vancouver`s single-family neighbourhoods in the past few years.
Now the city wants to try the same idea in its oldest downtown neighbourhood, the already dense West End ` but with a twist.
Read the full article here.
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Langley's highway access and large catchment area attract large retail chains
The recent opening of Qualico's Willoughby Town Centre would be big news in any city, but for the Township of Langley it's yet another signal that the fast-growing suburb is maturing into a major retail destination for the entire Lower Mainland.
Willoughby Town Centre has nine distinct phases, with the first three phases comprising retail and office space and 65 residential units either completed or under construction. At build-out, the centre will boast approximately 100,000 square feet of retail space and up to 1,200 homes, according to Hugh Carter, Qualico's vice-president of community and commercial development.
Read the full article here.
The recent opening of Qualico's Willoughby Town Centre would be big news in any city, but for the Township of Langley it's yet another signal that the fast-growing suburb is maturing into a major retail destination for the entire Lower Mainland.
Willoughby Town Centre has nine distinct phases, with the first three phases comprising retail and office space and 65 residential units either completed or under construction. At build-out, the centre will boast approximately 100,000 square feet of retail space and up to 1,200 homes, according to Hugh Carter, Qualico's vice-president of community and commercial development.
Read the full article here.
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Prince George: More than affordable homes
For young Vancouver job seekers - or those looking for an affordable home or a business opportunity - Prince George may
be the ticket to prosperity.
B.C.'s fifth-largest city outside of the Lower Mainland, the self-proclaimed capital of northern B.C., is posting the fastest economic growth rates in the province.
"The Prince George economy performed much better than the provincial economy over the past three years according to a recent report released by the Conference Board of Canada," noted Initiatives Prince George communications manager Christina Doll.
Read the full article here.
For young Vancouver job seekers - or those looking for an affordable home or a business opportunity - Prince George may
be the ticket to prosperity.
B.C.'s fifth-largest city outside of the Lower Mainland, the self-proclaimed capital of northern B.C., is posting the fastest economic growth rates in the province.
"The Prince George economy performed much better than the provincial economy over the past three years according to a recent report released by the Conference Board of Canada," noted Initiatives Prince George communications manager Christina Doll.
Read the full article here.
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Vancouver approves West End community plan
The plan passed, with some amendments, at the end of a 12-hour meeting today (November 20) that saw more than 40 people signed up to speak to the document.
Some of the policies outlined in the 30-year plan include rental housing in four- to six-storey laneway infill development, increased density along particular corridors, a new building for LGBTQ resource centre Qmunity, and public realm improvements such as wider sidewalks and patio space.
Read the full article here.
The plan passed, with some amendments, at the end of a 12-hour meeting today (November 20) that saw more than 40 people signed up to speak to the document.
Some of the policies outlined in the 30-year plan include rental housing in four- to six-storey laneway infill development, increased density along particular corridors, a new building for LGBTQ resource centre Qmunity, and public realm improvements such as wider sidewalks and patio space.
Read the full article here.
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Maple Ridge/Pitt Meadows bridges gap for commercial, industrial expansion
The completion of the Pitt Meadows Bridge and Golden Ears Bridge have cemented a new power corridor in Metro Vancouver, with developers eager to take advantage and civic leaders rushing to help.
A telling point was the City of Pitt Meadows-led successful bid to have 81 acres of land removed from the Agriculture Land Reserve this year. The exclusion opens up land for commercial and industrial development along a new North Lougheed Connector, according to Lori Graham of Pitt Meadows' economic development office.
Read the full article here.
The completion of the Pitt Meadows Bridge and Golden Ears Bridge have cemented a new power corridor in Metro Vancouver, with developers eager to take advantage and civic leaders rushing to help.
A telling point was the City of Pitt Meadows-led successful bid to have 81 acres of land removed from the Agriculture Land Reserve this year. The exclusion opens up land for commercial and industrial development along a new North Lougheed Connector, according to Lori Graham of Pitt Meadows' economic development office.
Read the full article here.
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Ditching a Vancouver condo for a Coquitlam townhouse
TORONTO ` Lien Truong and fiancà Jesse Schmidt took possession of their foreclosed Coquitlam townhouse on Nov. 16, ending an emotional six-month search.
But it was a bumpy ride: Schmidt`s condo`where the couple lived for the past two years`was listed last May and only just sold on Friday `for $30,000 lower than the original asking price.
Read the full article here.
TORONTO ` Lien Truong and fiancà Jesse Schmidt took possession of their foreclosed Coquitlam townhouse on Nov. 16, ending an emotional six-month search.
But it was a bumpy ride: Schmidt`s condo`where the couple lived for the past two years`was listed last May and only just sold on Friday `for $30,000 lower than the original asking price.
Read the full article here.
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Vancouver lags three cities as real estate investment destination
The majority of top real-estate industry executives in Canada rank not only Calgary and Edmonton but also even Saskatoon as a better real estate investment destination than Vancouver into 2014.
That is the consensus in PricewaterhouseCoopers and the Urban Land Institute`s Emerging Trends in Real Estate 2014 survey, released this month.
Read the full article here.
The majority of top real-estate industry executives in Canada rank not only Calgary and Edmonton but also even Saskatoon as a better real estate investment destination than Vancouver into 2014.
That is the consensus in PricewaterhouseCoopers and the Urban Land Institute`s Emerging Trends in Real Estate 2014 survey, released this month.
Read the full article here.
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Vancouver still Canada's most costly real estate market
VANCOUVER (NEWS1130) ` It is becoming even more expensive for the average Canadian family to own a home, and nowhere is it worse than right here in Vancouver.
No one is talking about a market crash anymore as concerns swing back to unaffordability for much of the Lower Mainland.
Read the full article here.
VANCOUVER (NEWS1130) ` It is becoming even more expensive for the average Canadian family to own a home, and nowhere is it worse than right here in Vancouver.
No one is talking about a market crash anymore as concerns swing back to unaffordability for much of the Lower Mainland.
Read the full article here.