Surrey, B.C. Has Second-Fastest Rising Home Prices In North America

Author:
Josh Sherman

Date:
February 20, 2019

Population growth is a big factor.

Move over, Vancouver. Surrey has had the second-fastest rising home prices in North America over the past five years, suggests a study of 83 major North American cities that also sees five other Canadian cities make the top 10.

Between 2013 and 2018, Surrey home prices soared 88 per cent — which works out to an increase of $395,287 in Canadian dollars — according to Point2 Homes, an online real estate portal with millions of monthly visits.

he Point2 Homes team says population growth is a big factor supporting the rapid price appreciation Surrey is experiencing. Its relative affordability — at least compared to nearby Vancouver, where the benchmark price of a home is $1,019,600 — is also playing a part in creating demand.

“Employment, investments and average income are easily comparable to those in Vancouver. With more affordable pricing and demand growing, Surrey has been changing and people see the value in this market. Vancouverites are fleeing the crazy city prices and Surrey provides them affordability with its benchmark home price of almost $850,000,” reads an email statement attributed to analysts.

oint2 Homes mined the numbers in the study from a variety of sources, including the Canadian Real Estate Association (CREA) and the stateside National Association of Realtors (NAR).

There were five-year home price gains of more than 50 per cent in 18 of the markets Point2 Homes examined, with Canada laying claim to six.

“In markets like Manhattan or Vancouver, which already boast stratospheric home prices, even the smallest changes impact homebuyers’ pockets in a very big way,” reads the Point2 Homes blog post about the study.

Source:


Petronas plans 40 years of steady measured development in B.C. Montney

Authors:
Elsie Ross

Date:
December 11/2018

After a hiatus of more than two years, Petronas Energy Canada Ltd. is back in the field in Northeast B.C. as it begins drilling to underpin its share of natural gas for the LNG Canada export project.

However, the former Progress Energy Canada Ltd. has no plans to return to the frenetic pace of 2013-2014 when it was running nearly 30 rigs continuously in the area, Dennis Lawrence, vice-president of production, told a B.C. Montney technical session organized by the Canadian Society for Unconventional Resources (CSUR).

Every single person in Northeast B.C. was running flat out.”

This time around, the pace will be more measured with the company looking at 40 years of steady rational development in Northeast B.C., he said. “That’s better for our business. It allows us to optimize, it allows us to plan properly and it is better, quite frankly, for the communities in which we operate.”

Petronas Canada started with one rig in October of this year and will add a second one at some point in 2019, said Lawrence. It envisions gradually building up to four to six rigs and a couple of hydraulic fracturing spreads for the next 30 plus years as it develops its 60 tcf of recoverable resources.

The company is currently drilling the fourth well on its first “start-up” pad and the second well is already faster than any of its other 600 Montney wells. Current net production is just under 70,000 boe/d and Petronas expects that to double to 140,000 boe/d over the next five years in a measured steady ramp up to an LNG Canada onstream date in 2023/2024.

However, not all Petronas gas from Northeast B.C. will go to the LNG Canada facility, said Lawrence.

“We will be moving a lot of gas out of Northeast B.C. and we have got some of those avenues opened up to us now and we made some commitments but we are not done yet.”

Formed in the early 2000s, Progress Energy spent the following few years acquiring land in Northeast B.C. north and west of Fort St. John and building a land position. In the 2011-2012 period, it shifted to proving the resource and Petronas became involved, first as a joint-venture partner and then as the owner of the company.

Between 2012 and 2015, Petronas was very much focused on delineating the resource with an LNG project clearly in mind as it drilled a grid of wells across the land base.

“We were really figuring out what we had and assessing the quality of the resource across the entire suite of our lands,” said Lawrence.

The company drilled three-mile grid drilling pads with each pad typically having three wells — an Upper, Middle and Lower Montney. The wells were drilled with similar lateral lengths, well designs and completion techniques.

“That was done very deliberately because we wanted to keep as many things as we could the same so you would get a true picture of the quality of the resource across our lands.”

However, what that meant was that while Petronas started with a state-of-the art well design in 2013 and 2014, due to rapid changes in the industry its new wells will be very different from those delineation wells, he said. The current well design is a 2,600 metre lateral with about two tonnes per metre of proppant. Although the company feels that is the “sweet spot,” it will continue experimenting with that, the session heard.

Petronas also has begun construction of two gas plants in the heart of its Montney lands and significant pipeline infrastructure needed to connect those plants with some of its existing compressor stations.

In the wake of lower natural gas and LNG prices, the company paused between 2016 and 2018 to reset its strategy, figuring out how it could monetize its resources. Petronas had been working on its own LNG plant at Prince Rupert but opted not to proceed, deciding instead to participate as a partner in the Royal Dutch Shell plc-led LNG Canada plant at Kitimat.

“We have pivoted … we are already taking the first steps in that strategy and the LNG Canada investment over the last year or so is a huge first step in that strategy,” said Lawrence.

From 2019 forward, “it’s about executing that strategy and in essence finding ways to monetize that 60 plus tcf resource that we have on our lands.” He also noted that the cost of feedstock is a big part of the overcall cost of LNG and “we only see it going down over time.”

Petronas commitment

According to Lawrence, Petronas is “very, very committed” to Canada with its North Montney position the second largest position in its worldwide portfolio. The company wants to grow its unconventional portfolio and its Canadian assets represent the largest unconventional element in its portfolio, he noted.

Recognizing the need for continued innovation, the Canadians persuaded their parent company to establish an “unconventional centre of excellence” in Calgary. The centre consists of a group of technical experts tasked with finding the next big improvement in well design reservoir understanding technology. Established about a year ago, it is now fully up and running.

“They are looking at everything from rock mechanics, to frac design to flowback to all of the artificial intelligence and learning systems that can go into all of that, all really focused on the supply cost side of the equation,” said Lawrence.

Petronas also believes it can reduce operating costs, the CSUR session heard. The company has a program, the integrated operating model. The group on the production and operations side is focused on making step changes in operating efficiencies, leveraging technology data, artificial intelligence, turning them into a lower operating cost per unit.

“We are well down the path on remote operations, centralized control rooms, piloting some of that stuff and we are certainly looking forward to scaling that up across our entire operation,” he said. “It is clearly the wave of the future and we intend to be part of that.”

Petronas has nearly 1.5 million gross acres in northeast B.C., of which about 900,000 gross acres are Montney rights. It also has about 800 active wells of which just over 600 (about three-quarters) are Montney producers. In addition, the company has four gas plants, 33 compressor stations to feed the plants and about 3,200 kilometres of operated pipeline.

Source:

Authors:

Elsie Ross

Elsie Ross is associate editor of the Daily Oil Bulletin (DOB). Elsie started at JWN in 1997 as a DOB reporter. Prior to that, she spent 15 years at the Calgary Herald as a reporter including the City Hall and education beats (but never business) and later as a copy editor.

At the DOB, her main areas of coverage are midstream and regulatory issues although she also likes good exploration stories (the trick is getting someone to talk about them).


LNG Canada is unlikely to spark a fracking frenzy

Authors:
Nelson Bennett

Date:
October 24, 2018

Groundbirch general manalger Rej Tetrault, left, with Tim Braun, lead operator, at a well pad that has six producing wells | Nelson Bennett

Companies already produce enough natural gas to provide half of LNG Canada’s needs

In unconventional gas production such as horizontal drilling and hydraulic fracturing, about 80% of a new well’s gas comes up in the first three years, before output goes into a long, slow decline.

But these wells can produce gas at low levels for up to 20 years.

Shell Canada already has 500 wells in production in its Groundbirch operations south of Fort St. John, and once the LNG Canada plant and Coastal GasLink pipeline are built, its gas production will shift from east to west. As a 40% partner in LNG Canada, Shell is obliged to supply 40% of the gas.

All of the partners in the LNG Canada partnership, except Korea Gas Corp., have substantial natural gas assets in northeastern B.C. Production from those assets is expected to fill roughly half of LNG Canada’s gas needs for Phase 1, a two-train plant.

In other words, there are significant amounts of natural gas being produced now by the LNG Canada partners that can shift west to Kitimat. The LNG Canada project alone therefore is unlikely to trigger the kind of fracking frenzy that some have predicted.

Starting about two years before LNG Canada’s plant goes into production, Shell expects to bring in its drilling rig. The company expects it will need to drill about 20 to 30 new wells each year over two years to meet additional demand from LNG Canada and to replace production from some of the wells whose production will have declined by then. From then on, the LNG Canada partners will need to drill about 200 new wells per year for the life of the LNG plant.

“Last year, B.C. drilled 608 [wells],” said Chris Montgomery, manager of government and community relations for the Canadian Association of Petroleum Producers. “We need about a third more of that.”

While the LNG Canada project may not spark a drilling bonanza, even a small uptick in drilling provides a substantial amount of investment and jobs, since it is labour-intensive.

Montgomery said two billion cubic feet per day of demand (roughly the demand from LNG Canada’s first phase) would translate into 20,000 direct, indirect and induced jobs in B.C., $500 million in additional revenue to the B.C. government and $3.7 billion in added GDP growth.

That’s just from the upstream activity, and doesn’t include the jobs and revenue from the pipeline and LNG plant in Kitimat.

“Alberta gets a little bit of an uplift, but most of the uplift from LNG production comes from here in British Columbia,” Montgomery said.

Source:

Authors:

Nelson Bennett

Business in Vancouver resources reporter.


$40B LNG project in northern B.C. gets go-ahead

Source:
CBC.ca

Authors:
Rhianna Schmunk

Date:
October 2, 2018

Construction is going ahead on a massive, $40-billion liquefied natural gas project in northern B.C., hours after five primary investors from five different countries granted their approval for the joint venture.

The LNG Canada project will see a pipeline carrying natural gas from Dawson Creek in northeastern B.C. to a new processing plant on the coast in Kitimat. There, the gas would be liquefied for overseas export.

The partners came to their decision at 9:18 p.m. PT on Monday. They are:

  • Royal Dutch Shell.
  • Mitsubishi Corp.
  • The Malaysian-owned Petronas.
  • PetroChina Co.
  • Korean Gas Corp.

A rendering of the proposed liquefied natural gas project in northern B.C. shows the processing terminal in Kitimat. All five primary investors have signed off on the project. (LNG Canada/Flickr)

On Tuesday, LNG Canada CEO Andy Calitz said the company is “immediately, today, moving into construction” on the pipeline and plant.

He said project has already obtained all the necessary approvals to break ground, including from the National Energy Board, Department of Fisheries and Oceans, BC Hydro as well as 25 First Nations.

Prime Minister Justin Trudeau announced a new 40 billion dollar liquefied natural gas project that will transport natural gas from Dawson Creek in northeastern B.C. to a Kitimat processing plant. 1:11

Prime Minister Justin Trudeau said the announcement represents the single largest private sector investment in Canadian history.

“Today is a good day,” he said Tuesday.

Political, First Nations leaders react

Trudeau, B.C. Premier John Horgan and other leaders held a news conference to make the official project announcement in Vancouver on Tuesday morning.

“It’s certainly a great day for northern British Columbia,” Horgan said.

“I can’t tell you how proud I am. I can’t stop smiling.”

B.C. Premier John Horgan speaks at the official announcement around the approval of LNG Canada’s joint venture project in B.C. (CBC)

The B.C. ministries of Finance and Energy have estimated the project would generate $22 billion in direct government revenue over the next 40 years.

The project is also expected to employ as many as 10,000 people in its construction and up to 950 in full-time jobs.

The Kitimat plant will be within the traditional territory of the Haisla Nation. Trudeau thanked that nation, as well as others in B.C., for their “leadership” in getting the project approved.

Final approval has been given for a $40-billion liquefied natural gas plant and pipeline for Northern B.C. The 670-kilometre pipeline will run natural gas from Dawson Creek to the plant in Kitimat, which will liquefy and export the gas to Asia. (CBC News)

Crystal Smith, chief councillor of the Haisla Nation, was emotional at Tuesday morning’s announcement.

“On behalf of our entire nation, we extend our gratitude … for the investment being made in Haisla territory,” she said.

“Haisla … history is unfolding before our eyes. We are having a share and we are having our say.”

Then-premier Christy Clark listens as Calitz responds to a media question in Ottawa Feb. 4, 2016. Investors have given final approval for the LNG project. (Adrian Wyld/Canadian Press)

Environmental factors

To help make the project happen, Horgan’s government offered a break on the carbon tax as well as an exemption on provincial sales tax related to construction costs.

According to information provided by the province, LNG Canada would be the least greenhouse gas-intensive large LNG facility in the world.

B.C. Green Party Leader Andrew Weaver was skeptical the project would mesh with the province’s climate plan.

Under the NDP and Greens’ Confidence and Supply Agreement (CASA), the parties committed to reducing greenhouse gases by 40 per cent by 2030 and 80 per cent by 2050.

In a statement, Weaver called the LNG announcement a “profound disappointment,” saying his party would not support the LNG legislation that would be required.

Horgan’s minority NDP government is supported in the legislature by the B.C. Green Party​.

History of LNG in B.C.

On Tuesday, Horgan acknowledged that the first discussions on LNG in B.C. began with a pitch for a plant in Prince Rupert in 1982.

He also acknowledged the previous B.C. Liberal government, specifically former minister Rich Coleman, for “tirelessly” lobbying for the project from 2011 onward.

In a Facebook post, Christy Clark, premier from 2011 to 2017 who helped lead the charge for the project, said Tuesday was “the single best day of my professional life.”

“This is an achievement for our whole country,” she wrote.

Since her election defeat in 2017, Clark has retired from politics and joined the law firm Bennett Jones as a senior adviser in Vancouver. She has also since been appointed to the board of directors for Shaw Communications.

With files from The Canadian Press

Source:

Authors:


Vancouver Real Estate Investment Summit

If you missed this successful real estate investment summit and you are curious about the presentation, here is a link to the three event topics.

Date: Tuesday, April 17th, 2018 – ANOTHER SUCCESSFUL EVENT COMPLETED

Event Details


Broadway Subway and Surrey LRT will be built in $7-billion transit plan

Source:
DailyHive

Author:
Kenneth Chan

Date:
March 16, 2018

After much delay, much-needed major public transit expansion is finally happening – and it is the largest expansion project in Metro Vancouver history, which includes the Millennium Line extension on Broadway in Vancouver and the new light rail transit project in Surrey.

The BC NDP provincial government has approved the necessary measures that TransLink will take to fill all of its 20% share of covering the $7-billion cost of the Mayors’ Council’s phase two transit expansion plan.

“This is the foremost announcement on infrastructure that has ever been made in British Columbia,” said Mayors’ Council chair Derek Corrigan during this afternoon’s press conference. “I can tell you that we should be very proud of the region for coming together in the way it has to find a consensus in bringing forward this plan.”

“This is a huge win for transit users and drivers… In fact, this is the largest funding investment in BC history and one of the largest across this nation.”

Measures that will allow TransLink to fulfill its share include the provincial government’s approval of:

  • A parking tax increase of 15 cents per hour for an average $5 per hour parking lot rate – up to 24% from 21%.
  • A $300 to $600 per unit increase to the Development Cost Charge on new residential developments across Metro Vancouver starting in 2019. The tax increases amount to $3.00 for a home with a value of $500,000, $6.00 for a value of $1 million, and $15 for a value of $2.5 million.

Both revenue measures require new provincial legislation, which will be enacted later this year by the governing party.

The provincial government will also subsidize TransLink’s operational costs by $30 million annually over 10 years, so that the public transit authority can redirect existing revenues that would otherwise go to operational costs towards the new capital infrastructure. This is being performed in lieu of more new taxes.

And in a previous announcement, the provincial government absorbed the Pattullo Bridge replacement into its responsibilities, taking away the $1.4 billion project off TransLink’s hands so that it can focus on transit expansion.

Tunnel construction for SkyTrain’s Evergreen Extension. (Evergreen Line Project Office)

“Closing the entire gap, the region identified with the tools currently available to the mayors would have been a challenge for the region… there will be no more delays, and the region can finally put the shovels in the ground for important phase two projects,” said Selina Robinson, the Minister of Municipal Affairs and Housing and responsible for TransLink.

She also took aim at the previous BC Liberal government’s stalling and hesitation with transit investments in Metro Vancouver, which included the failed transit plebiscite and former Premier Christy Clark’s continued requirement of a public vote for any new revenue source for TransLink.

“For years, commuters like me, we’ve stood on the sidelines and watched helplessly while the old government just turned their backs on the region. They couldn’t make anything happen,” said Robinson.

“During that time, congestion got worse, and it robs people of time with their loved ones, of time with the things they want to do. And the region was left in the dark wondering if important transit projects would ever get off the ground. Well, I’m really proud to say that is not the case anymore. Today is a new day, and I’m extremely proud.”

Artistic rendering depicting the renovated interior of SkyTrain’s Surrey Central Station. (TransLink)

Other revenue TransLink will need to fill the shortfall comes from sources that do not require provincial approval, such as:

  • A $5.50 increase in property taxes per average household each year or about 46 cents a month starting in 2019.
  • Fare revenue increases of 2% over two years in 2020, amounting to a 5% to 15% increase to single-trip fares and $1 to $3 increase to monthly passes. These fare increases coupled with higher transit ridership from transit expansion will raise $1.6 billion.
  • Ancillary revenue from a variety of transit-related commercial opportunities.

“The Mayors’ Council has approved a balanced approach to increasing taxes and fees paid by transit users, drivers, property owners, and developers,” said Corrigan. “It is a modest and balanced increase that will generate the region’s remaining share of the funding needed to deliver the phase two plan.”

These measures will add to the funding commitments already approved last year by the provincial and federal governments, which will each take on a 40% share – the remaining 80%. Commitments from both senior governments total about $5.6 billion.

For years, funding challenges were the only obstacle to advancing these projects to the next stages of planning and eventually construction.

“This really does represent a major milestone in years and years of planning to get these transit projects moving – to support the region’s needs going forward,” said TransLink CEO Kevin Desmond. “This investment sets in motion a whole suite of improvements that will benefit all of our riders and residents.”

The phase two plan includes the major transit projects of the six-km-long underground SkyTrain extension of the Millennium Line under Broadway from VCC-Clark Station to Arbutus Street and the construction of the new 27-km-long, ground-level light rail transit (LRT) network in Surrey. There is no updated figure on the construction costs of both projects at this time as the provincial government is still reviewing the business cases.

Map of the underground SkyTrain extension of the Millennium Line from Broadway to Arbutus Street in Vancovuer. (TransLink)

Surrey Light Rail

Map showing the route and station locations of Surrey Light Rail, with the Surrey Newton-Guildford Line highlighted and the Surrey-Langley Line slated as a future phase. (TransLink)

With RFPs issued out to potential private contractors later this year, construction on both projects could begin in 2019 for a 2024 completion of the 11-km-long first phase Surrey-Newton-Guildford LRT line and a 2025 completion of the Broadway subway.

A future yet-to-be-determined, unfunded extension of the subway beyond the 10-year-plan will extend the Millennium Line from Arbutus Street to the ultimate terminus at the University of British Columbia campus.

The current Mayors’ Council plan will also significantly expand bus service levels and improvements to some roadways, sidewalks, and cycling pathways.

Desmond says the implementation of four new B-Lines and upticks on other bus routesoutlined in the phase one plan will increase overall bus service by 18% between 2016 and 2021. And within the phase two plan, there will be a 25% increase in bus service.

A new generation Mark III SkyTrain car. (Kenneth Chan / Daily Hive)

The SkyTrain system is also seeing a major capacity increase, with 56 new Mark III cars for the Expo and Millennium lines and 24 new Hyundai Rotem cars for the Canada Line by 2020. An additional 44 cars will arrive for the Expo and Millennium lines between 2022 and 2024.

And a new SeaBus arriving in 2019 will allow the ferry service to operate every 10 minutes during peak hours.

The next steps for the phase two transit expansion is a public consultation phase from April to May, followed by the Mayors’ Council’s approval of the tweaked plan in June.

Source:


Peace River District: Resource Base and Site C Fuels Faith in Northeast

Authors:
Tanya Commisso

Date:
February 1, 2018

The Peace River region punctuated by the cities of Dawson Creek and Fort St. John has seen an increase in construction employment largely due to development on the $10.7-billion Site C dam project. The success of the construction sector has cushioned the impact of modest employment declines in the region’s mining & natural gas sectors, according to Northern Development Initiative Trust’s State of the North report. Dawson Creek is home to approximately 10 multinational oil, has and energy companies contributing to the city’s economy. Major gas plant and clean energy projects from B.C. Hydro and the Cutbank Ridge Partnership are leading developments in and around the city, while Northern Lights College continue to drive Dawson Creek’s educational workforce base. Surrounded by ALR land, agriculture plays a big part of the city’s economic success. The average price of a single-family home in Fort St. John’s has increased nearly 9 per cent over 2016 to $208,879 – about $100,000 less than the average home price of North Central region city of Prince George.

Source:

Authors:

Tanya Commisso

Tanya is a recent graduate of Langara College’s journalism program and spent a summer freelancing for The Burnaby NOW and The Record, following a reporting internship with the publications. She joins Western Investor as an editorial assistant. Very much a millennial, she sees the irony in writing about real estate she will likely never be able to afford.


Where to Work: Best Cities for Work in B.C. 2018

Source:
BC Business

Authors:
Nick Rockel

Date:
December 18, 2017

Our annual ranking of the province’s best cities for working people turns four with an accent on quality of life. Plus: we take an insider tour of frontrunner Dawson Creek and check in with three young residents of fast-growing Campbell River.

What are British Columbia’s top places to build a career? Start by following the money, but that isn’t the whole story. In our fourth annual Best Cities for Work in B.C. ranking, compiled with research partner Environics Analytics, we measure a city’s attractiveness as a place to work by putting a two-thirds weighting on how much residents earn and where income is heading. We use the seven economic indicators from the previous survey: average household income, household income for primary earners under age 35, average household spending on recreation, average shelter costs, five-year population growth, five-year income growth and unemployment rate.

Northeast oil-and-gas powerhouses Fort St. John and Dawson Creek return to the top three, with the former taking the lead from Squamish (No. 3 this year) and the latter climbing to No. 2. Lower Mainland residents might find those communities’ staying power surprising, given the persistent slump in fossil fuel prices and last summer’s cancellation of the Pacific NorthWest liquefied natural gas megaproject. But anyone who’s visited Dawson Creek (see page 32) knows that the city is contending with a boom fuelled by multi­billion-dollar investment in oil and gas extraction and infrastructure.

This year, to better gauge quality of life, we also take into account how many people walk or bike to work—arguably a better yardstick than the number who use public transit. “The issue with mass transit is that it’s not going to be available in all cities,” says Peter Miron, Toronto-based vice-president, demographic and economic data, with Environics Analytics. “Walking and bicycling to work are enjoyable activities,” Miron adds. “Mass transit might be cheap, but it’s not necessarily adding to your enjoyment of life.”

When it comes to walking and biking, you’d think urban centres like Vancouver would have an edge. But our three top cities—all relatively small communities—did well in that category, too. “You’ve got a very strong accessibility factor, but it’s almost picking up not necessarily urbanity as much as quaintness,” Miron notes.

He warns against fixating on unemployment rates, which have dropped in most B.C. regions as the province builds on its strong economic performance in 2016. “If you see an area with very a low unemployment rate, it could be because everyone’s got a job,” Miron says. “But it could also mean that everyone who doesn’t have a job has now been so discouraged looking for work that they’re no longer in the labour force.”

Although the ranking shows where our 36 cities placed last year, those that climbed or fell shouldn’t make too much of it—and not just because we tweaked the methodology. As Miron explains, the data sets his firm uses get updated from year to year, sometimes leading to revisions of historical numbers. In any case, “the difference between middle cities is quite slim,” he says. For those communities, a small change in, say, five-year income growth can make a big difference in ranking order.

By the same standard, where they fetch up on the list won’t be the deciding factor for anyone weighing where to move, Miron reckons. “At that point, it’s probably a choice between the attributes that we haven’t got in the study: the charm of Campbell River, and the fact that Vernon happens to be next to a beautiful ski resort,” he says. “But whether or not you want to move there is going to be based more upon personal preference. There’s no bad choice.”

Just so you know:

  • Our ranking only includes cities with more than 10,000 permanent residents.
  • Bedroom communities may be great places to live, but they have relatively small job markets. For that reason, we excluded cities like Port Moody, White Rock and  West Vancouver.
  • For Langley and North Vancouver, we combined the numbers for city/town and district governments.
  • We work with research partner Environics Analytics because we think it has the best available data, but there are limits. For example, to produce its income numbers, Environics Analytics uses Statistics Canada and Canada Revenue Agency data projected forward to 2017. The unemployment rates shown in the ranking are from Statscan’s September 2017 Labour Force Survey, a three-month moving average that only calculates numbers for the province’s seven economic regions and won’t reflect any changes for the rest of the year.

How We Crunched the Numbers

To compile the B.C.’s Best Cities for Work ranking, we considered seven economic indicators, giving them a variety of weightings. This year’s methodology also includes an eighth indicator that speaks to quality of life: the proportion of residents who walk or bike to work. We didn’t factor in people who use public transit to get to their jobs because it would give an unfair advantage to Vancouver and other cities with extensive transit systems.

Average household income (10% of total score)
This figure represents the average for 2017. To determine a score out of 10, we gave the top average income 10 points and ranked the other cities in relation to that.

Average household income under 35 (10%)
This number represents the 2017 average household income for primary income earners under the age of 35. Again, we gave the highest average 10 points and ranked other communities accordingly.

Average household spending on recreation (10%)
Boats, cable bills, concert tickets, vacations—this tally encompasses all leisure-enhancing household purchases that Statistics Canada tracks. Giving the city with the highest average household recreational spending a 10, we ranked the others in relation to it.

Average shelter (current consumption) costs (15%)
This number covers housing-related living expenses such as mortgage payments, rent and repairs for 2017. We divided average household income by current shelter costs, multiplying that total by two for a score out of 15.

Residents who walk or bike to work (10%)
To calculate this score, we divided the number of residents in each community who travel to work by the number who walk or bike, for a percentage out of 10.

Five-year population growth (10%)
This number covers the increase from 2012 to 2017. We show the percentage growth, with a floor of zero and a maximum score of 10.

Five-year average household income growth (25%)
This figure represents percentage income growth from 2012 through 2017. Giving the expansion a floor of zero, we scored it out of 25.

Unemployment rate (10%)
This number uses the unemployment rate from Statscan’s Labour Force Survey for September 2017. We multiplied each community’s unemployment rate by two and subtracted that amount from 20, giving a maximum score of 10.

Click Here to view the full list.

Source:


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Guided Bus Tours of Lower Mainland’s TOP Real Estate Markets

Surrey City Centre, BC 2018

Dates: April 28th, 2018

Time: 10:30 am – 12 pm

Location: Surrey Library – 10350 University Drive

Following the bus tour, we will serve lunch and do a short presentation followed by Q & A. Our team will be available to answer any questions.

Please RSVP:

Email: tsteele@irrealty.ca
Call: 778.888.0991