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Home sales are expected to decline across the country in 2013 with British Columbia seeing only a small decline, states the Canadian Real Estate Association (CREA) in its forecast released yesterday.
However, BC is expected to see a 9.5 per cent increase in sales from 66,000 in 2013 to 72,300 in 2014. Sales in 2012 were 67,637.
A modest rebound in BC home prices will contribute to a higher Canadian average price increase in 2014. The CREA is forecasting average prices of $502,000 in 2013 and 508,400 in 2014. The average home price in 2012 was $514,836, above the national average of $363,346. The average Canadian home price forecasted for 2013 is $362,600 and $368,700 in 2014.
Overall, the picture is stable, though the CREA says buyers should talk to their realtor about their local markets.
“Mortgage rules are expected to remain as they are, so sales should be less volatile than they have been in recent years,” stated Gregory Klump, CREA’s chief economist in a press release. “Interest rates are also expected to remain low as the economy grows and adds jobs, which is supportive for the resale housing market.”
Port Metro Vancouver announced a strategy for improved efficiency and reliability in the container truck sector on Thursday.
The Smart Fleet trucking strategy, a three-year action plan, has identified the following key initiatives:
The BC Ministry of Transportation and Infrastructure is contributing $300,000 towards installing 700 GPS units in trucks calling at the port.The Canadian government has also invested $31 million into the $75-million South Shore Corridor Project to enhance port operations.Container traffic through Canada’s Pacific Gateway is expected to double over the next 10 to 15 years and nearly triple by 2030.“In 2012, container traffic at Port Metro Vancouver reached a new record of 2.7 million TEUs (20-foot equivalent units) and that number will continue to grow,” said Robin Silvester, president and chief executive officer, Port Metro Vancouver. “Given that a large proportion of container traffic moves to and from the terminals by truck, improvements to reliability and efficiency are vital."
A new CIBC report is designed to help Canadians decide whether to focus on debt or long-term savings.
The RRSP, the TFSA and the Mortgage: Making the best choice, by Jamie Golombek, CIBC's Managing Director of Tax & Estate Planning, illustrates the various factors Canadians need to consider when making an informed decision - a decision complicated by increasing household debt, a low interest rate environment, and the introduction of the TFSA.
The five factors to consider when deciding how to maximize savings are: the expected rate of return on your investments; the interest rate on your debt; your current and anticipated personal tax rates; your time horizon; and investment risk.
Port Metro Vancouver reported that it handled one percent more foreign and domestic cargo in 2012 in a press release on Feb. 15.
The port handled 124 million tonnes of cargo through the end of December, which was attributed to growth in Asian economies as well as a strong Canadian economy.
“In order to best support Canada’s international and domestic trade, Port Metro Vancouver is seeking ways to engage with communities and improve the Port’s long-term sustainability,” stated Robin Silvester, president and chief executive officer, Port Metro Vancouver. “This Gateway must thrive so that we can continue to support the B.C. economy – but we must also grow in a way that balances the impacts of major projects with effects on local communities, delivering benefits for all residents in the Lower Mainland and for Canada, while serving the operational and capacity requirements of Port Metro Vancouver’s customers.”
Harbour Publishing announced on Wednesday that it had formed an alliance with Douglas & McIntyre that will save the publisher from bankruptcy.
Harbour owners Howard and Mary White reached an agreement to purchase assets of the D&M Publishers Inc. imprint.
Douglas & McIntyre will operate as a separate company with its own editorial direction and its titles will continue to be distributed by Harper Collins in Canada with no interruption in service.
Former Chilliwack Chamber of Commerce Executive Director Patti MacAhonic was nominated to run in the 2013 provincial election in the Chilliwack-Chilliwack riding.
New Democrat MLA Gwen O’Mahony was acclaimed as the candidate in neighbouring Chilliwack-Hope at the same meeting on Jan. 19.
MacAhonic is the former Executive Director of the Chilliwack Chamber of Commerce. She has lived in Chilliwack for over 20 years, previously working for the BC Wildlife Federation and the British Columbia Brain Injury Association, and has an MBA from Royal Roads University.
“Gwen and Patti are great representatives for Chilliwack,” said BC NDP leader Adrian Dix, leader in a press release. “They are community-minded people who believe we can make this province better for you and your family.”
TD Direct Investing offers tips for managing your investments and planning your retirement online.
For the third year in a row Canadians named paying down debt their top financial priority, according to a CIBC poll.
Learn to overcome failed New Year's Resolutions by assessing your true desires before setting goals. Columnist Monica Regan describes how to set meaningful goals for 2013