February 2014 B.C. Economic Fundamentals
- Thread starter Ally
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Vancouver agents, builders greet signs of a rebound with glee
Last year marked a return of confidence to Vancouver`s real estate market, with a 14-per-cent increase in sales over the year before, according to the Real Estate Board of Greater Vancouver.
Another year-end report, this one by Landcor, showed the single family detached price up 6.39 per cent in 2013, with the average Metro Vancouver house price at $869,772. And in its fourth quarter housing analysis of 2013, the B.C. Real Estate Association predicted another 6.3-per-cent increase in sales for 2014, with residential price to go up by another 2.1 per cent in 2014.
Read the full article here.
Last year marked a return of confidence to Vancouver`s real estate market, with a 14-per-cent increase in sales over the year before, according to the Real Estate Board of Greater Vancouver.
Another year-end report, this one by Landcor, showed the single family detached price up 6.39 per cent in 2013, with the average Metro Vancouver house price at $869,772. And in its fourth quarter housing analysis of 2013, the B.C. Real Estate Association predicted another 6.3-per-cent increase in sales for 2014, with residential price to go up by another 2.1 per cent in 2014.
Read the full article here.
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In Hong Kong, Metro Vancouver real estate is big news
Ian Young, writing for a Hong Kong newspaper, covers real estate issues in Metro Vancouver with a rare kind of intensity and frankness.
Unlike in Metro Vancouver, Young says, Hong Kong newspapers run front-page stories almost daily about the fast-rising non-resident purchases of Hong Kong properties. And most of the Hong Kong media coverage zeroes in on the effects of wealthy Mainland Chinese buying up so many Hong Kong condos and houses.
Read the full article here.
Ian Young, writing for a Hong Kong newspaper, covers real estate issues in Metro Vancouver with a rare kind of intensity and frankness.
Unlike in Metro Vancouver, Young says, Hong Kong newspapers run front-page stories almost daily about the fast-rising non-resident purchases of Hong Kong properties. And most of the Hong Kong media coverage zeroes in on the effects of wealthy Mainland Chinese buying up so many Hong Kong condos and houses.
Read the full article here.
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Major news for the Greater Vancouver rental apartment market
VANCOUVER, Jan. 30, 2014 /CNW/ - A major shift for the rental industry is occurring: There is an unprecedented 49 new purpose-built projects representing almost 6000 new suites on the drawing board throughout Greater Vancouver.
Traditionally, our rental apartment market has had the lowest vacancy rates in Canada. In spite of our old rental stock averaging 58 years, tenants having to endure an affordable housing crunch and landlords faced with heavy capital expenditures, municipal governments have done little until very recently. But something magical is happening.
Read the full article here.
VANCOUVER, Jan. 30, 2014 /CNW/ - A major shift for the rental industry is occurring: There is an unprecedented 49 new purpose-built projects representing almost 6000 new suites on the drawing board throughout Greater Vancouver.
Traditionally, our rental apartment market has had the lowest vacancy rates in Canada. In spite of our old rental stock averaging 58 years, tenants having to endure an affordable housing crunch and landlords faced with heavy capital expenditures, municipal governments have done little until very recently. But something magical is happening.
Read the full article here.
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Victoria's office vacancy rate continues to rise
Victoria's office vacancy rate is at its highest level in sixteen years, because of government downsizing and slow economic recovery.
The year end office report from commercial realtor Colliers International puts the vacancy rate at 9.2 per cent...up from 8.8 per cent a year earlier. It's not a huge increase, but Colliers does say the Victoria office market is "over supplied, with limited demand".
Read the full article here.
Victoria's office vacancy rate is at its highest level in sixteen years, because of government downsizing and slow economic recovery.
The year end office report from commercial realtor Colliers International puts the vacancy rate at 9.2 per cent...up from 8.8 per cent a year earlier. It's not a huge increase, but Colliers does say the Victoria office market is "over supplied, with limited demand".
Read the full article here.
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Rising BC ferry fares and service cuts an 'economic' disaster
Aggressive ferry pricing is damaging the economy of a region of British Columbia that is larger or equal in population to six of Canada`s provinces and territories and contributes an estimated $50 billion to annual provincial GDP.
Numbers are difficult to come by because nobody ` including the province ` has done a comprehensive analysis of the regional economic impact of the series of steep fare hikes, combined with fuel surcharges and service cuts, that Transport Minister Todd Stone confirmed this week will continue until 2016.
Read the full article here.
Aggressive ferry pricing is damaging the economy of a region of British Columbia that is larger or equal in population to six of Canada`s provinces and territories and contributes an estimated $50 billion to annual provincial GDP.
Numbers are difficult to come by because nobody ` including the province ` has done a comprehensive analysis of the regional economic impact of the series of steep fare hikes, combined with fuel surcharges and service cuts, that Transport Minister Todd Stone confirmed this week will continue until 2016.
Read the full article here.
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BC's unemployment rate drops
B.C.`s unemployment fell 0.2 percentage points in January, as the province added more full-time jobs.
For the first month of the year, Statistics Canada said, B.C.`s unemployment rate was 6.4 per cent, down from 6.6 per cent in December. The agency said the economy was really flat in January, with the province gaining 9,100 full-time jobs and losing around 2,000 part-time jobs.
Read the full article here.
B.C.`s unemployment fell 0.2 percentage points in January, as the province added more full-time jobs.
For the first month of the year, Statistics Canada said, B.C.`s unemployment rate was 6.4 per cent, down from 6.6 per cent in December. The agency said the economy was really flat in January, with the province gaining 9,100 full-time jobs and losing around 2,000 part-time jobs.
Read the full article here.
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Concrete rental tower in North Vancouver is first to sell in 23 years
One of Canada's largest residential landlords plans to complete the first sale of a purpose-built, concrete rental tower in North Vancouver in 23 years.
Starlight Investments has reached an agreement to buy the North Shore's 88-suite Parklea Apartments, at 151 East Keith Road, from an unnamed family owner for $25.5 million, HQ Commercial principal Mark Goodman told Business in Vancouver February 7.
Read the full article here.
One of Canada's largest residential landlords plans to complete the first sale of a purpose-built, concrete rental tower in North Vancouver in 23 years.
Starlight Investments has reached an agreement to buy the North Shore's 88-suite Parklea Apartments, at 151 East Keith Road, from an unnamed family owner for $25.5 million, HQ Commercial principal Mark Goodman told Business in Vancouver February 7.
Read the full article here.
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Three affordable places to retire in BC (Yes, they exist)
While British Columbia boasts some of the most temperate climates in the country, its real estate can also be some of the priciest.
For those thinking of retiring or buying a second home in the province, it makes the choice of locale somewhat complex, says Don Campbell, a senior analyst with the Real Estate Investment Network (REIN).
Read the full article here.
While British Columbia boasts some of the most temperate climates in the country, its real estate can also be some of the priciest.
For those thinking of retiring or buying a second home in the province, it makes the choice of locale somewhat complex, says Don Campbell, a senior analyst with the Real Estate Investment Network (REIN).
Read the full article here.
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Victoria jobless rate creeps up in January
Greater Victoria`s unemployment rate rose to 4.9 per cent in January, but it still remains among the lowest in the country. Saskatoon and Quebec City tied for the lowest unemployment rate in Canada at 4.3 per cent. They were followed by Regina at 4.4 per cent, Calgary at 4.8 and then Victoria. Last month, Victoria placed third at 4.5 per cent.
Read the full article here.
Greater Victoria`s unemployment rate rose to 4.9 per cent in January, but it still remains among the lowest in the country. Saskatoon and Quebec City tied for the lowest unemployment rate in Canada at 4.3 per cent. They were followed by Regina at 4.4 per cent, Calgary at 4.8 and then Victoria. Last month, Victoria placed third at 4.5 per cent.
Read the full article here.
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Don't bank on the housing bubble in Vancouver market to burst
Is it a bubble? Is it a balloon? No, it is Canada`s real estate
market, and it finally looks as though it may be losing some of its zip. An
assortment of gurus have suggested recently that, where the housing market is
concerned, we are all in for what is known as a `soft landing.`
Read the full article here.
Is it a bubble? Is it a balloon? No, it is Canada`s real estate
market, and it finally looks as though it may be losing some of its zip. An
assortment of gurus have suggested recently that, where the housing market is
concerned, we are all in for what is known as a `soft landing.`
Read the full article here.
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Gauging employment losses and gains in BC
When considering the economic data for 2013 and the years leading up to it several interesting trends emerge that set B.C. apart from the rest of Canada.
For example, while B.C.`s unemployment rate increased to 7.7% in 2009, it has since fallen to 6.6% (in 2013). Over the same period the national unemployment rate also fell: to 7.1% from 8.3%. Although B.C.`s unemployment rate remained steady between 2012 and 2013, overall employment in the province declined over the past year. While this decline was relatively small (0.2% or 4,400 fewer jobs), it represents movement in a direction that is opposite to general perceptions in the province, as well to the trends being experienced by many of B.C.`s provincial counterparts.
Read the full article here.
When considering the economic data for 2013 and the years leading up to it several interesting trends emerge that set B.C. apart from the rest of Canada.
For example, while B.C.`s unemployment rate increased to 7.7% in 2009, it has since fallen to 6.6% (in 2013). Over the same period the national unemployment rate also fell: to 7.1% from 8.3%. Although B.C.`s unemployment rate remained steady between 2012 and 2013, overall employment in the province declined over the past year. While this decline was relatively small (0.2% or 4,400 fewer jobs), it represents movement in a direction that is opposite to general perceptions in the province, as well to the trends being experienced by many of B.C.`s provincial counterparts.
Read the full article here.
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Terrace mayor wants landlords to ease up
Just because you can rent out your basement suite for $2,500, doesn`t mean you should.
That`s the word from Terrace mayor Dave Pernarowski, who, along with other members of Terrace city council, have been speaking with residents who are increasingly anxious about either finding a place to live or coping with rising costs amidst an increasingly tight rental market.
Read the full article here.
Just because you can rent out your basement suite for $2,500, doesn`t mean you should.
That`s the word from Terrace mayor Dave Pernarowski, who, along with other members of Terrace city council, have been speaking with residents who are increasingly anxious about either finding a place to live or coping with rising costs amidst an increasingly tight rental market.
Read the full article here.
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Province promises safety, affordability in housing strategy update
Victoria housing advocates welcome the province`s plan to expand programs to help renters and community housing partnerships, which are among changes to B.C.`s housing strategy.Updates to the strategy, called B.C. Housing Matters, include a focus on increasing access to supports for seniors and low-income renters, repairing aging buildings and more co-operation with non-profits and the private sector.
Read the full article here.
Victoria housing advocates welcome the province`s plan to expand programs to help renters and community housing partnerships, which are among changes to B.C.`s housing strategy.Updates to the strategy, called B.C. Housing Matters, include a focus on increasing access to supports for seniors and low-income renters, repairing aging buildings and more co-operation with non-profits and the private sector.
Read the full article here.
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New chief housing officer brings London perspective to Vancouver
The City of Vancouver`s new chief housing officer, Mukhtar Latif, was hired four months ago to `identify, appraise and deliver more affordable housing in the city.`
It`s a gargantuan task, but one the former Londoner is keen to take on.
Latif most recently worked with U.K.-based international real estate services firm Savills and has an extensive background in dealing with non-profit organizations, developers and various levels of government to produce a wide range of housing types.
Read the full article here.
The City of Vancouver`s new chief housing officer, Mukhtar Latif, was hired four months ago to `identify, appraise and deliver more affordable housing in the city.`
It`s a gargantuan task, but one the former Londoner is keen to take on.
Latif most recently worked with U.K.-based international real estate services firm Savills and has an extensive background in dealing with non-profit organizations, developers and various levels of government to produce a wide range of housing types.
Read the full article here.
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Affordability held steady in Metro Vancouver over the past year
The fourth quarter of 2013 saw a slight improvement in housing affordability in Metro Vancouver, once again due to slight drops in interest rates at some banks, statistical analysis provided to The Vancouver Sun shows.
This instalment of the UDI/FortisBC Housing Affordability Index marks a full year since The Vancouver Sun began this series.
Read the full article here.
The fourth quarter of 2013 saw a slight improvement in housing affordability in Metro Vancouver, once again due to slight drops in interest rates at some banks, statistical analysis provided to The Vancouver Sun shows.
This instalment of the UDI/FortisBC Housing Affordability Index marks a full year since The Vancouver Sun began this series.
Read the full article here.
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Gen Y is redefining homeownership and the BC real estate market
Imagine living in 700 square feet of space, in an apartment, centrally located, stylishly appointed, with stainless steel appliances and public amenities such as a dog wash station. You don`t own a car; instead, you rely on transit or a bicycle for getting around. Unlike the old days, it`s not a temporary station until you can afford a house. It`s life as you`ll always know it, as you grow your career and maybe raise a family.
Read the full article here.
Imagine living in 700 square feet of space, in an apartment, centrally located, stylishly appointed, with stainless steel appliances and public amenities such as a dog wash station. You don`t own a car; instead, you rely on transit or a bicycle for getting around. Unlike the old days, it`s not a temporary station until you can afford a house. It`s life as you`ll always know it, as you grow your career and maybe raise a family.
Read the full article here.
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Will foreign investors leave Vancouver?
Still, Vancouver real estate agents say property prices could take a serious hit after Canada eliminates a program allowing wealthy immigrants to bypass the visa process.
Originally launched in 1986, the Immigrant Investor Program offered visas to foreign investors with a net worth of at least $1.6 million who were willing to lend $800,000 to the Canadian government for investment across Canada for a term of five years.
Read the full article here.
Still, Vancouver real estate agents say property prices could take a serious hit after Canada eliminates a program allowing wealthy immigrants to bypass the visa process.
Originally launched in 1986, the Immigrant Investor Program offered visas to foreign investors with a net worth of at least $1.6 million who were willing to lend $800,000 to the Canadian government for investment across Canada for a term of five years.
Read the full article here.
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Finance minister plans to put BC back in the black with LNG
Finance Minister Mike de Jong will reveal in his provincial budget how his government intends to extract enough revenue from a liquefied natural gas industry to retire the provincial debt ` currently $56-billion and growing.
The framework for a tax regime for LNG is not expected to unlock a flood of final investment decisions ` industry is likely to wait until legislation is passed later this year. But the budget announcement on Tuesday will include more details setting out how the B.C. Liberal government expects to live up to its election campaign promise of a `debt-free B.C.`
Read the full article here.
Finance Minister Mike de Jong will reveal in his provincial budget how his government intends to extract enough revenue from a liquefied natural gas industry to retire the provincial debt ` currently $56-billion and growing.
The framework for a tax regime for LNG is not expected to unlock a flood of final investment decisions ` industry is likely to wait until legislation is passed later this year. But the budget announcement on Tuesday will include more details setting out how the B.C. Liberal government expects to live up to its election campaign promise of a `debt-free B.C.`
Read the full article here.