There’s a magazine called the economist and sometimes they rank cities based on a number of factors. One of these factors is not the cost of living.

This year three Canadian cities made the top ten: Vancouver, Toronto and Calgary took 3rd, 4th and 5th place.

When a five-year view is taken, global liveability has declined by 0.68 percentage points, highlighting the fact that the last five years have been characterised by heightened unrest in the wake of the global economic crisis, which has undermined many of the developmental gains that cities may have experienced through public policy and investment,” the report said.

Read more: http://calgary.ctvnews.ca/calgary-makes-top-ten-list-of-livable-cities-1.1966845#ixzz3AwisPTPr

FFFA! Let’s weekend!

August 15th, 2014

You made it to the end of another week and that means it’s time for our regular end of the week news round up and open topic discussion thread.

Here are a few links to kick off the chat:

-Poloz closed door speech breaks custom
-CMHC: on course for soft landing
-TD: housing starts unsustainable
-Statscan rushing to redo July jobs data
-Apartments vs inflation
-OECD better life index

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

Foreign buyers in the USA

August 13th, 2014

Move over China, Canada has become the top foreign investor in US real estate.

A report from commercial brokerage Marcus & Millichap, as reported by the Tampa Bay Times, found that, “an influx of cash-laden foreign investors, especially from Canada and South America, are targeting assets in Tampa Bay for lower entry costs and higher initial yields.”

It’s all pointing to signs of limitless, massive growth opportunity.

While opportunities across the United States are, in fact, limitless for Canadian investors, the key to investing well is to identify hot spots others have not identified. Take Phoenix, Arizona, for example, where Talia Jevan Properties Inc.’s High Income Real Estate has been aggressively buying property.

“Phoenix became one of the most battered real estate regions in the country,” noted Harmel Rayat. “Nowadays, the region just finished securing $430 million in deals in 2013 alone thanks to higher occupancy rates, falling unemployment, and opportunities for strong population growth.”

Read the full article here.

Bank ratings go negative

August 12th, 2014

At the end of last week S&P cut the rating for Canadian banks to negative.

Royal Bank of Canada, Toronto- Dominion Bank and four other Canadian lenders’ rating outlooks were cut to negative by Standard & Poor’s, which cited regulations that seek to limit government support in a crisis.

Canadian officials issued regulatory proposals Aug. 1 aimed at relieving taxpayers from the burden of potential bailouts if key banks fail. The new rules mandate any new senior unsecured debt issued by a so-called systemically important bank must be convertible to equity if the firm faces insolvency. The proposals are open to public consultations until Sept. 12.

Read the full article here.

You made it to the end of another work week, and that means it’s time to do our regular Friday Free-for-all post here at VCI.

This is our end of the week news round up and open topic discussion thread for the weekend.

Here are a few recent links to kick off the chat:

-Price changes and credit (graph)
-Why so many doomers?
-High prices raise debt levels
-Perspective on foreign buyer levels
-3rd try for Versace in Vancouver

So what are you seeing out there? Post you news links, thoughts and anecdotes here and have an excellent weekend!

Economists are apparently ‘scratching their heads‘ over Canada’s humdrum economic growth.

The US has been growing new jobs lately, but not so much here at home.

In June, Canada lost 9,400 positions and the jobless rate edged up to 7.1%, the highest reading in six months. On Friday, Statistics Canada will release its labour force survey for July.

The Canadian economy “should improve next year when stronger U.S. growth helps to boost hiring and investment here at home,” the Conference Board’s Mr. Hodgson said in Tuesday’s report.

Read the full article over at the Vancouver Sun.

The fastest growing cities in America are now the ones where housing is more affordable than average.

This is a change from the early part of the millennium where credit was easy and mortgages were easy to get.

Rising rents and the difficulty of securing a mortgage on the coasts have proved a boon to inland cities that offer the middle class a firmer footing and an easier life. In the eternal competition among urban centers, the shift has produced some new winners.

Oklahoma City, for example, has outpaced most other cities in growth since 2011, becoming the 12th-fastest-growing city last year. It has also won over a coveted demographic, young adults age 25 to 34, going from a net loss of millennials to a net gain. Other affordable cities that have jumped in the growth rankings include several in Texas, including El Paso and San Antonio, as well as Columbus, Ohio, and Little Rock, Ark.

Newcomers in Oklahoma City have traded traffic jams and preschool waiting lists for master suites the size of their old apartments. The sons of Lorin Olson, a stem cell biologist who moved here from New York’s Upper East Side, now ride bikes in their suburban neighborhood and go home to a four-bedroom house. Hector Lopez, a caricature artist, lives in a loft apartment here for less than he paid to stay in a garage near Los Angeles. Tony Trammell, one of a group of about a dozen friends to make the move from San Diego, paid $260,000 for his 3,300-square-foot home in a nearby suburb.

Read the full article in the NY Times.

If you’ve tried to hire someone from outside Vancouver for a position here, you may be aware of the challenge presented by expensive housing.

Well here we are at the end of another work week. That’s means it’s time for another Friday free-for-all!

This is our open topic discussion thread for the weekend and news roundup. Here are a few links to kick off the chat.

-Genworth nears limit
-Canada should learn from Ireland
-Rich white men decide what’s racist
-US prices fall short of expectations

So what are you seeing out there? Post your news links thoughts and anecdotes here and have a great weekend!

Swimming with ideas

July 30th, 2014

Looks like there may be another chunk of land that will give developers that claim they love: the last waterfront development available in Vancouver.

The 40 year old aquatic centre is up for grabs, but the city does want a new one built – they’re looking for bids and ideas for a big chunk of land downtown:

News of the potential arrangement — still a long way from reality — caught many off guard Wednesday, even though it’s contained in a city information package that has been available to potential buyers since May 12.

The city has invited offers on 12 parcels of land contained within the Granville Bridge’s northeast off-ramp and loop, which will be decommissioned and removed.

The land has a total assessed value of $36.14 million and bids from potential buyers are being accepted until Aug. 15.

The city’s “invitation for innovative offers” on the site notes it wants a “renewed” Vancouver Aquatic Centre on the property, to be built by a developer and transferred back to the city for a nominal fee of $10.

Read the full article here.

Posted in BC, supply | 39 Comments »

Friday free-for-all!

July 25th, 2014

Here we are, the end of another week!

And what do you know, there’s been some rain in the rainforest lately.  Well what a bummer.  I can think of a lot worse places to be- like down in the streets, or down in the sewer… or even on the end of a skewer.

Lets get to our open topic discussion thread for the weekend, here are a few links to kick off the chat:

-How to protect yourself from a bubble
-Money into REITS instead of condos?
-City median income to average price
-BC tax revenues drop
-Greenspan: no stop without crunch
-Zillow to absorb Trulia?

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

VCI Network

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