BC Commercial Leading Indicator Continues to Signal Strength in 2012

Vancouver, BC – May 31, 2012. 
For the complete news release, including detailed statistics, click:  here.

The BCREA Commercial Leading Indicator (CLI) rose for the third consecutive quarter, advancing 1.3 index points, or 1.2 per cent, to a revised index level of 111.91. On a quarter-over-quarter basis, the CLI is now 3.2 per cent above its level in the first quarter 2011.

"The trend in the CLI has turned sharply upward, reflecting several months of strong underlying data,” said Brendon Ogmundson, BCREA Economist.  “This signals a potential acceleration commercial real estate activity in the subsequent two to four quarters."

This quarter’s increase in the CLI was driven by calmer global financial conditions to start 2012 as Euro-based fears cooled. The financial component of the CLI accounted for over one-third of CLI’s gain in the first quarter, with manufacturing output and employment growth also making a significant contribution.

“However, given the re-emergence of fears surrounding the Eurozone, last quarter’s gains may be only temporary,” added Ogmundson.

To view the full BCREA Commercial Leading Indicator index, click here.

VCC youth centre gets big financial boost

Sights and sounds at VCC’s Broadway Youth Resource Centre are just like your average high school. There’s colourful artwork on the walls, class schedules posted and teenagers chit-chatting.

But what’s special about the centre is that it’s really not like a high school at all. The 35-or-so students who go to the off-campus facility every day receive self-paced, one-on-one instruction. Acknowledging that everyone’s situation is unique, the centre offers grade 10 and 11 courses to learners who need individualized help; an approach you just can’t find in your average high school.
Here’s the challenge: the centre relies on funding from VCC, charitable organizations, and the private sector to deliver its programs.
“Your contributions mean having hot tea and toast in the morning for our students, new technology, field trips and class materials we couldn’t operate without,” said Garth Manning, instructor, during a recognition event for Great-West Life, London Life and Canada Life, and Variety - The Children’s Charity. Combined, these organizations donated roughly $23,500 to the centre.
VCC’s adult basic education intermediate program for youth  prepares students aged 15 to 18 for entry into the high school system, a career program or employment.
Variety – The Children’s Charity has supported the ABE youth program since 2002, having donated close to $85,000. Since 2009, through their national corporate citizenship program, Great-West Life, London Life and Canada Life have committed $80,000 to support VCC initiatives.
Read More Here

Déjà Vu in November Housing Market

Vancouver, BC – December 14, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province remained relatively unchanged in November compared to the same month last year. A total of 5,640 units were sold last month compared to 5,647 units in November 2010. The average MLS® residential price was up 1.1 per cent to $529,140 in November compared to the same month last year.

"BC home sales continued to gain ground in November,” said Cameron Muir, BCREA Chief Economist. “After waning during the first half of the year, consumer demand has steadily increased since the summer months, bringing home sales within seven units of the November 2010 level."

"Low mortgage interest rates remain a key driver in the housing market, helping to maintain affordability and purchasing power,” added Muir.

Year-to-date, BC residential sales dollar volume increased 15.5 per cent to $41 billion, compared to the same period last year. Residential unit sales increased 3.2 per cent to 72,632 units, while the average MLS® residential price rose 11.9 per cent to $563,991 over the same period

For the complete news release, including detailed statistics, click here (pdf).

Metro News

Four Canadian winners for viaduct competition

Kendra Wong

05 December 2011 05:35

Contributed

Joseph Fry’s submitted design for the viaduct competition.

Pedestrian and bicycle bridges, a reorganization of the city’s jobs and economy, transforming Venables Street into a bridge, and the creation of an arts hub are ideas that emerged victorious in the city’s viaduct competition.

The re:CONNECT competition, which came to a close last Thursday, saw over 100 public entries from 14 different countries vying for their designs to be integrated into the city’s plans to redesign the False Creek flats and Georgia and Dunsmir viaducts.

In the end, four Canadian submissions made the cut.

“We wanted to build off the site’s existing characteristics and make an industrial site more lively,” said Joseph Fry, principal and owner of Hapa Collaborative.

 His team’s submission Darn, proposing the creation of pedestrian and bicycle bridges to repair the Eastern Core holes, won the Connecting the Core category.

“It’s a good way to envision a new form of urban development in Vancouver and on a global scale,” he said.  

Metro Vancouver