$124.2 billion worth of construction in B.C. | News

[mr.x]

B.C. building frenzy now worth $124.2 b

Province
Wednesday, May, 16, 2007

B.C.'s multibillion-dollar building frenzy continues unabated. The latest major projects inventory released yesterday says there were 804 major capital projects worth an estimated record $124.2 billion planned or underway in B.C. in the first quarter of 2007.

It is the 15th straight quarter of inventory growth and every region in B.C. experienced growth from the same period last year. The number of projects, 711, increased by 13 per cent. There was a 37-per-cent jump in total value to an estimated $90.6 billion.

Published quarterly by the Ministry of Economic Development, the inventory includes projects with a capital cost of at least $20 million within the Lower Mainland and projects valued at $15 million or more in the rest of B.C.

The capital cost of all major projects under construction in the province is estimated at $48.7 billion, up from $46.5 billion in the last quarter of 2006.

Some 19 projects completed construction in the first quarter valued at approximately $1 billion, the largest being the $172-million life sciences centre at the University of B.C.

© The Vancouver Province 2007

[mr.x]

http://www.mytelus.com/news_images/cbc_edmonton/original/vancouver_cranes_SS.jpg
The residential construction boom continues in Vancouver, where the average sales price continues to lead the country.



Vancouver real estate prices continue to sizzle: average sale now $564,375

(CBC) - The average price of a resale home in Canada's major markets hit another record high in April, industry figures show.

New monthly price records were set in at least 12 markets across the country, according to MLS data from the Canadian Real Estate Association (CREA).

Nationally, the average resale price in 25 major markets was $323,936 in April. That's an increase of almost $7,000 from March and up $28,000 from April of 2006.

The biggest percentage gains continued to be primarily in western cities. Edmonton's year-over-year price appreciation of 51.6 per cent leads all cities. Saskatoon's price gain of 41.9 per cent and Calgary's 23.1 per cent rounded out the top three.

In terms of price, Vancouver's average was still the leader, at $564,375 (up 12.2 per cent from April 2006). Calgary was second, with an average price of $420,807. Toronto captured third overall, with an average resale price of $379,025 (up 3.4 per cent).

MLS figures show that monthly price records were set in Vancouver, Victoria, Calgary, Edmonton, Regina, Saskatoon, Winnipeg, Toronto, London- St.Thomas, Ottawa, Montreal and Halifax-Dartmouth.

CREA forecasts that a record 500,995 homes will sell this year, with records broken in most provinces. Sales will be "slightly lower" in 2008, the industry group said.

"The resale housing market will become more balanced as rising prices erode affordability and cause a gradual retreat in sales activity," CREA chief economist Gregory Klump said in a statement.

"A strong job market and the continuation of low interest rates will keep sales activity strong even as prices continue to rise."

The healthy housing market in Canada stands in contrast to the situation south of the border, where U.S. home prices and sales are falling in many parts of the country, and mortgage foreclosures are running 62 per cent above rates of a year ago.

[ssiguy2]

Too bad Vancouver is #1 in this category. This is the reason why BC has, by far, the lowest rate of home ownership in the country.
Amazing how fast Calgary has flown by Toronto prices in just a couple years.

[aastra]

Victoria set a new record in April.

Victoria Real Estate Board President, Bev McIvor, says the new record average price of $568,710 in April for single family homes in Greater Victoria must be viewed in context. "The sale of numerous high-priced homes in any given month can have a significant impact on the overall average price and it’s important to note that the median price for single family homes in April was considerably lower at $489,000;