Local Vancouver News & Commentary

In our December 1, 2009 publication entitled “Canadian Housing: First In, First Out, But Where to From Here?”, we expected home sales to reach 475K units in 2010. With Q1/2010 data now available, we still expect the same level of transactions to take place for the year as a whole.

While sales in Q1 were slightly higher than our late-2009 forecast, we view the strength as borrowing from future sales in a move by buyers and sellers to preempt regulatory and interest rate changes. This is evidenced by the fact that much of the strength emanates from B.C. and , where the perception is that the upcoming implementation of the harmonized sales tax (HST) in July will raise transaction costs. Nationwide, however, the anticipation of higher interest rates has also played an important role in the currently observable strength in activity.

Our price forecast for 2010 as a whole also remains largely unchanged, with the average home transacted expected to appreciate by 9% from last year to reach an annual average just shy of $350K. We still expect annual sales to decline by 10-12% next year, reaching a still decent 420K units. Read the rest of the report

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Supposedly inspired by the free associations of director Nobuhiko Obayashi’s 11-year-old daughter, House is so different from every other entry in its genre that it has left critics scrambling helplessly for meaningful similes.

It’s easy to imagine how a movie like this emerged. In an era of remakes, The Karate Kid seems like a defensible, even inspired selection.

VANCOUVER - West Fraser Timber Co. Ltd. (TSX:WFT) says the forestry company benefited from a short, but strong rally in lumber prices and growing sales to Asia this year as it managed a solid quarterly profit.

"In addition, we ran our Canadian saw mills at 98 per cent of capacity throughout the first half of the year, allowing us to benefit fully from the short but strong rally in lumber prices in the past two quarters," president and CEO Hank Ketcham told a conference call Friday.

West Fraser said all parts of the company contributed to its earnings in the second quarter ended June 30 with a profit of $63.3 million or $1.46 per diluted share.

That compared with a loss of $39.1 million or 91 cents per share a year ago in the same quarter.

"As a result of our strong cash flow in the quarter totalling $207 million, we were able to significantly reduce our net debt, renew our capital spending program and pay our regular quarterly dividend," Ketcham told analysts

He said the Vancouver-based company shipped 18 per cent of its Canadian lumber in the quarter primarily to Japan and China, versus 12 per cent in the same quarter last year.

Ketcham noted the mountain pine beetle infestation in the British Columbia Interior is still affecting the quality of timber in that region and added the insect is now in some parts of Alberta.

"Industry and the provincial government are working together to aggressively fight the spread of the attack in that province. It's too early to predict whether our efforts to retard the beetle in Alberta will be successful."

In the quarter, revenue totalled $772.2 million, up from $611.8 million.

In its outlook, the company said lumber prices in the second half of the year are expected to be lower than in the first half of the year as low U.S. housing starts will continue to dampen demand.

West Fraser said housing starts in Canada are likely to support reasonable demand for plywood, although increasing imports of U.S. plywood could temper price increases.

"We anticipate that pulp prices will be under pressure through the third quarter,'' the company said Thursday after its financial results were released.

Shares in West Fraser were down 21 cents to $34.65 in early afternoon trading on the Toronto Stock Exchange.

The first and last pavilion to open for the 2010 Games — Canada’s Northern House — is closing its doors on Monday.

Organizers say they’re going out “with a bang,” bringing back some of the pavilion’s most popular attractions including two white huskies and performances of Northern sports.

Visitors can enter for a chance to win a $5,000 prize pack that includes a kayak, digital SLR camera and camping equipment.

Michelle Smith, director of operations with Northern House, said it’s had more than 200,000 visitors since opening in January.

“That’s twice as many people as (those who) live in the territories,” she said. “People are fascinated by the (taxidermy) animals — the polar bear, muskox, arctic wolf and caribou.

Especially the muskox because (they) assume they’re really big and they walk in and (see it) they’re always surprised.”

Smith said organizers hope the exhibit familiarized people with the North and inspired them to consider travelling, working or investing in the region.

“The comments have just been amazing. We’re constantly told we were the best pavillion.” The Northern House will be open, free, from 10 a.m. to 5 p.m.

Chevron oil has been seeping into Burrard Inlet for nearly a week. Officials allow reporters and photographers take a closer look for The Vancouver Sun May 28, 2010.

 

The round of 16 is being played out and we bring you all the latest action and scores.  Managing Editor Kirk LaPointe discusses this and other stories that reporters and editors are posting online at vancouversun.com today.

 

VANCOUVER - British Columbia's unemployment rate inched up last month but that didn't worry the man responsible for the province's economic development.

Small Business, Technology and Economic Development Minister Iain Black said the increase to 7.5 per cent in May from 7.3 per cent in April marked an expected ebb and flow following a recession.

"Next month we'll be moving into a regime with a harmonized sales tax," he said, looking ahead to July.

"That has a direct implication on the positive employment impact in a lot of key sectors, in mining, construction forestry and transportation. Those are some of the key sectors that are really going to feel the benefit of moving to an HST-like system."

An estimated 10,000 jobs vanished in B.C. in May and Black admitted B.C. gave back most of what was gained in April, but he said the decline was within the context of a very positive trend.

"We are still, in B.C., doing better than the national average in the unemployment rate, and the trend is good, versus July of last year, we are up 44,000 jobs."

Black was also optimistic about what he said are improving employment numbers in the United States.

"Jobs in the United States mean customers for Canada," he said. "So when our largest customer creates more jobs, that's a very good sign for us, as well.

Across Canada, Statistics Canada says 67,000 full-time jobs were created in April, although the national unemployment rate remained stuck at 8.1 per cent.

Portugal must be ready to make more cutbacks if can’t achieve its deficit-reduction target, the European Union’s executive commission warned Wednesday as it struggles to curb soaring debt levels across the region.

Portugal’s austerity efforts are closely watched by financial markets looking to see whether Greece’s borrowing problems could spread to another member of Europe’s currency union.

Eurozone nations have pledged Greece some €30 billion in loans if it can’t borrow from markets.

A European Commission report said that Portugal’s target to reduce its deficit to 8.3 per cent this year could run into trouble if it can’t raise the money it expects from non-tax revenue and cutbacks to capital spending.

“The outlined revenue performance and expenditure containment may be difficult to attain on the basis of the announced measures already in 2010,” it said.

If you’re at a wedding some time after the harmonized sales tax kicks in on July 1, don’t complain if you get cake for dinner and dessert. You’re saving the bride and groom some money.

When the HST takes effect Thursday, wedding cake will be exempt from the levy, but not catered meals — one of the quirks that come with the controversial tax.

The Canada Revenue Agency, which will administer the new tax system, devotes 35 pages to food and the HST, and there are deals to be had.

Because a food or beverage hasn’t been defined under the federal Excise Tax Act, the revenue agency has made its own definition on products it considers to be basic grocery items and which are value-added, meaning a 12 per cent hike in B.C.

BURNABY, B.C. - Montreal's Carolyn Lagrange and Calgary's Jack Guay led their respective divisions Friday after opening-day competition at the Canadian tenpin bowling championship.

Lagrange, a member of Canada's national team, scored 1,730 points over eight games to lead the women's competition.

Guay was first in the men's standings with an eight-game score of 1,680.

The tournament will determine Canada's national team for international competitions in 2010. At the end of the competition, the top six men and six women out of the field of 96 bowlers (60 men, 36 women) will be named to the 2010 adult national team.

Vancouver’s Shangri-la condo building now has a higher number of listings than it did in November.

The Estates at Shangri-la 

Currently there are 10 suites for sale in the Estates at Shangri-la, from #3.2M and  2 sales in 2010 including my lisitng on 53rd floor, which is a unique (one of only 3) double height 3 bedroom 4500 sqft, listed at $5,780,000 and the most expensive resale to date. (more…)

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FIrst of all, let me state for the record that I am not a natural athlete. I played no team sports as a child, scored bronze across the board in my Canada fitness tests, and only learned to swim (a flailing dog paddle) at the age of eleven, in a motel pool on a family vacation. 

My parents were certainly no shining examples of athleticism - to my mother, physical endurance meant standing in a long lineup at the bank.

For years I have carried on this family tradition for gentle living, seldom breaking a hard sweat except in a eucalyptus-scented environment. So it's with considerable amazement that today I ran - and finished - the Sun Run. And, even more astonishing, I liked it.

I did everything wrong.

1. I didn't train properly.

My running career began in October of last year, when I went along with my fitness-nut sister on her "light and easy" training day and surprised myself by keeping up with her for the whole 3km. (My chest was heaving, while she was still chatting away quite easily.)

A month later I ran a 5km trail race on the North Shore, again with my patient and supportive sister, who hung back to keep me company. Together we crossed the finish line as the second-to-last group in the race.

After those early modest accomplishments, I set myself a goal of two 3k-runs a week, with a third, longer one thrown in when I could manage it. But I turned out to be an unfocused, lazy practitioner, easily put off by bad weather, bad night's sleeps, and even bad moods. By the time the eve of race day rolled around, I was logging an average of less than one run a week, and had not once matched my 5k distance record. I was feeling more than a little nervous about doubling my personal best in one session.

2. I foolishly stayed up until midnight last night, which might have been OK if not for a totally predictable restless night that ended at 5:30 am, when my eyes decided they'd had enough of being closed and were eager to get on the road. 

3. I "over-hydrated" this morning and nearly missed the start of the race in a block-long lineup for the porta-john. I needn't have worried about rushing back though - my group of white bib-wearers stood around waiting to get going for another 40 minutes, by which time I was just about ready to get back in that lineup again.

4. I didn't warm up or stretch. I meant to, but instead I stood shoulder to shoulder with fifty thousand people for 40 minutes, shivering on the cold pavement while my legs grew as stiff as chilled hams. And then I started running.

Not surprisingly, that first kilometre was all about the legs, which felt used up frighteningly quickly. At that point I really didn't know how - or if - I would make it around the course. How can limbs feel both wooden and rubbery at the same time? No time to ponder that mystery of life though, as I slapped my way through the west end getting passed on both sides by the elderly and the infirm.

By kilometre 2 I was getting warmer and feeling good. I was under sister's orders to avoid burnout by walking for one minute every 2km, so I made myself slow to a walk while I counted out the minute, even though I didn't feel I needed the rest. Forcing myself to return to running at the stroke of sixty was the hardest part of the whole day - this is the part of running that's purely mental, and the part I've never pushed myself on before.

Side tip: The lineups at the second Pit Stop at English Bay are way shorter than at the first one at Lumberman's Arch. Use this knowledge wisely and shave valuable minutes off your time.

By kilometre 5 it's no longer all about the legs, which I couldn't even feel anymore, though I don't mean that to sound as sinister as it does. They had turned into a powerful churning wheel, effortlessly propelling me uphill along the Burrard Bridge. (That's right - I was running uphill! Amazing.) At that point, it was all about the heart and lungs, and I found that by adjusting my pace here and there, I could keep both of these working at their edge without reaching exhaustion. I felt like I could run forever! I hand-slapped a cheering bystander. I guess I was in the zone. 

Ok, by kilometre 8 it was all about the legs again. Sore feet, heavy thighs and a worrisome sharp ache in my left calf. But by that time, I was on the home stretch and nothing was going to stop me.

The last kilometre was the easiest, and I have to thank the race organizers for planning it with a downhill finish off the Cambie bridge. And boy, I've never been so happy to see a bunch of rainbow-coloured balloons.

In the end, I placed 19,056th out of about 51,000. My time was 1:09:22. I am happy with that. In fact, I never knew I had it in me. And I'll be back next year to beat it.

 

 

The  graph for Greater Vancouver real estate shows the average price of Greater Vancouver homes, townhomes and condos topping.  The graph shows the houses on the top, townhomes (middle) and condos (bottom) average price from 1977 to present.  The Vancouver market peaked in 1981, 1989,1993 and 2008. Vancouver real estate didn’t appreciate much between 1994 and 2002 but it did between 2002 and 2008. Then it dropped about 20-25% and surpassed the highs of 2008 but is down about 5% so far in 2010.

Following are the stats for Vancouver West Side -

June  saw new listings and sales decrease, compared to May. Sales were lower and listings higher than Jun’09. Median price of houses and townhomes are down and condos flat, compared to May . Prices remain higher than a year ago but the median price is softening.

New Listings 2010-   June 1307,  May 1592, Apr 1781,Mar 1713, Feb 907, Jan 1166, 

2009 -Dec 469, Nov 834,  October 1155,  Sept 1244, July 1069, Jun 1128.  There were 1,130 new listings in Jun’09.

Sales -2010 June 419 ,May 742 ,Apr 820, Mar 581 ,Feb 526, Jan 436, 

2009 - Dec 592, 688 in Nov, 807 in Oct, 733 in Sept, 795 in Aug, July 774, June 949. 

Year to date sales 3,794 vs 3,619 same period last year . In Jun 2009 there were 948 sales.

Benchmark Price over the last year  - houses up 20.3% , townhomes are up 13.6% and condos are up 9.7%.

Benchmark Price over the last 5 years -  condos are up 77.7%,  townhomes are up 49.2% and houses are up 47.5%

2010 June Median Price – houses $1,580,000, Townhomes $770,000  and condos $467,000

2010 May Median Price - Houses $1,688,000, Townhomes $805,000  and condos $463,000

2010 April Median Price – Houses $1,675,881, Townhomes $775,953, Condos $512,252

2010 March Median Price – Houses $1,745,000 , Townhouses $819,500  and condos $484,250

2010 February Median Price – Houses $1,688,000, Townhomes $804,000 and condos $488,000

2010 January Median Price – Houses $1,753,000, Townhomes $810,000 and condos $453,000

2009 December Median price – House $1,710,000, Townhouse $774000, Condo $446,750

November Median Price - House $1,600,000, Townhouse $729,00, Condo $463,000

October Median Price – House $1,523,000, Townhouse $750,000, Condo $447,000

When you’re ready to buy or sell  Vancouver real estate, contact Maggie, an experienced agent marketing Vancouver real estate since 1981 and 2009 MLS Master Diamond Member

Search for listings on this site, by MLS#, address, walkscore and receive them in full printout, prior to realtor.ca

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from rebgv & deemed to be correct but should be verified