Pinnacle's Occupancy Permit Received

Date:

June 3, 2020

Pinnacle’s Occupancy Permit Received!

Our Pinnacle building in beautiful Langford, BC- a short drive to downtown Victoria, is complete and units are selling fast. An occupancy certificate was issued after all the required final inspections have completed.

Pinnacle is the newest addition to BC’s fastest growing community. Our newest development offers affordable homes for homeowners and an exceptional turn-key investment opportunity for investors.

Pinnacle offers 19 unique floorplans with spacious layouts. The homes in Pinnacle boast a beautiful landscaped courtyard, living spaces that extend out to large balconies and excellent views.

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Vancouver Island Leads in B.C. Population Growth | Western Investor

Date:                               Authors:

March 02, 2020                                                              WI Staff and Andrew Duffy

Vancouver Island leads in B.C. population growth Island cities take five of top 10 spots with development-friendly Langford leading the pack.

The fastest-growing cities in the province are on Vancouver Island, with Island communities taking up five of the top 10 fastest-growing slots and Langford topping them all.

The numbers are part of a new population estimate  report prepared by BC Stats. According to the report, the province had a population of 5.07 million as of July 1, 2019, an increase of 1.4 per cent from July 1, 2018.

The Island was a hotbed of population growth, with the top three spots in the category of municipalities with a population of at least 5,000, with Langford at 5.2 per cent annual growth, Duncan at 3.7 per cent and Colwood at 3 per cent. Also making the top 10 from the Island were View Royal and Sooke, both at 2.5 per cent.

Langford’s position at the top is no accident, said Casey Edge, executive director of the Victoria Residential Builders Association. “You can’t have population growth without housing, and last year Langford built 37 per cent of all housing in Greater Victoria,” he said. Rick Hoogendoorn of Royal LePage Coast Capital Realty, who with partner Cheri Crause has completed a number of multi-family projects in Langford, said the city administration deserves credit for the startling population growth. “It’s easy to understand Langford’s record growth when you consider we’ve had the same pro-development mayor in place for more than a quarter-century. Mayor Stew Young and council have had years to design and implement their vision for the community. This kind of local government consistency is rare.”

What is more common in Greater Victoria, Edge said, is slow processing of proposals, expensive land and obstruction from some councils, which has meant lower population growth for those areas. 

“It also raises the price of housing, because there’s so much less supply,” Edge said, noting Saanich housing starts dropped 62 per cent last year, while Oak Bay dropped 73 per cent.

Oak Bay, at 0 per cent growth, made the list of the top 10 slowest growth rates among larger municipalities, as did Esquimalt at minus 0.2 per cent. Esquimalt Mayor Barb Desjardins takes issue with that number, however, pointing out the municipality has done nothing but add housing over the last year.

“That would suggest we added more people,” she said. “And we predict we will add another 1,000 over the next year or two.” Desjardins said Esquimalt council has been focused on attracting development with new permit processes and developer incentives. They already have 1,400 new housing units either coming out of the ground or approved, she said.

Population growth requires infrastructure to keep pace, but Langford Mayor Young said finding the balance is not rocket science. “Keeping up with growth is no problem at all as long as you plan and don’t sit there for five years waiting to make a decision,” he said. “You have to use common sense. You can’t have that many people come out and live here without facilities for them.”

According to BC Stats, Langford has added 2,004 people over the last year and nearly 12,000 people since 2011. Young said that recreational facilities, schools, commercial centres, offices, roads and services have all been added to handle that growth. Young said building affordable housing is Langford’s responsibility in the region because it has the land, but attracting businesses, offices and jobs is by design, to allow families to live and work in one place.

“As we grow as a city, we need to think of things like that,” Young said. Smaller Island towns are also facing challenges. In the category of smaller municipalities, Tahsis (8.6 per cent) and Tofino (7.1 per cent) trailed only Sun Peaks Mountain (14.1 per cent) in growth rate, according to BC Stats. Tofino Mayor Josie Osborne said the west coast community has faced challenges – water and affordable housing in particular – because of its popularity and population growth. That has spurred the municipality to work on attracting new affordable-housing projects and working with developers on multi-family developments.

As for the growth surge, Osborne said the 7.1 per cent was a one-year blip, and Tofino tends to see growth in the 3 to 4 per cent range.

Source:


Langford Ranks as Fastest Growing Community in B.C.

Date:

Jan 28, 2020

Author:

Wolf Depner

Langford ranks as fastest growing community in B.C.

One Greater Victoria municipality led all B.C. communities with more 5,000 in population growth last year.

Langford added almost 2,100 people between 2018 and 2019 as its population grew by 5.2 per cent to 42,653, according to new population estimates. Three of Langford’s neighbouring West Shore municipalities also recorded considerable growth. Colwood grew by three per cent to 18,867, View Royal grew by 2.5 per cent to 11,567, and Sooke grew by 2.5 per cent to 14,657.

In fact, Langford, Colwood, View Royal and Sooke all made the Top 10 list of fastest growing communities above 5,000 people, further confirmation that the western communities of Greater Victoria are experiencing a population boom. By contrast, the two largest communities in the region, Victoria and Saanich recorded lower rates of growth at 1.9 per cent and 1.5 per cent respectively, growing to 94,005 and 122,173 residents respectively. Nanaimo retained its status as Vancouver Island’s largest community north of the Malahat with a population of 99,856 after growing at a rate of 1.4 per cent in 2019 compared to 2018.

Looking the 10 slowest growing communities above 5,000 residents, Oak Bay’s population stagnated between 2018 and 2019, officially adding just four residents. Esquimalt’s population, meanwhile, dropped by 0.2 per cent to 18,716. Pitt Meadows (minus 0.8 per cent), Kitimat (down 2.1 per cent) and Squamish (down 2.9 per cent) found themselves at the very bottom of the list. The Capital Regional District as a whole grew by 1.5 per cent between 2018 and 2019 to 418,511 residents. Looking at the provincial picture, B.C.’s estimated population as July 1, 2019 stood at 5,071 million with considerable regional variation in terms of population growth and decline. While the Fraser Valley (up 2.1 per cent) and Central Okanagan (up 1.9 per cent) recorded the highest relative increases, the Northern Rockies Regional District (down four per cent) Squamish-Lillooet Regional District (down 0.6 per cent) and Stikine (down 0.1 per cent) recorded the largest relative decreases.

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Surrey’s RapidBus Route to Launch in January

Source:                           Author:

Jan 06, 2020                                                                    Lauron Collins

Surrey’s RapidBus route to launch in January.

Starting Jan. 6, 2020, Surrey will have its first “RapidBus” route. In Surrey, the R1 King George Boulevard RapidBus will run between Guildford Town Centre and Newton Exchange, along King George Boulevard and 104th Avenue. This route is the upgraded 96 B-Line.  In 2018, TransLink recorded an average of 17,510 daily boardings during weekdays. According to TransLink, it will have eight-minute service during peak hours.

Outside of peak house, all RapidBus routes will have 15-minute service or better from 6 a.m. to midnight, seven days a week. RapidBus service will build on the “successful elements of the B-Line,” according to TransLink.

TransLink says that “to ensure RapidBuses can deliver fast and reliable service and don’t get stuck in traffic,” it’s worked with local governments “to identify street and traffic changes that will speed up bus-travel times.”

The RapidBus service, according to TransLink, will be “up to 20% faster than local bus service” with its bus-only lanes, signal priority, queue jumps at intersections, fewer stops and all-door boarding.

The Surrey route is one of four launching on Jan. 6. The other three routes are the R3 Lougheed Highway, R4 41st Avenue and R5 Hastings Street. There is a fifth route, R2 Marine Drive, which will launch between February and April of 2020. The five routes will serve 11 communities and will be able to take on 12,000 passengers per hour during rush hour. The service increases will add 65,000 more annual bus service hours to TransLink’s system and allow for 20,000 more people to ride the buses each weekday.

Two additional RapidBus routes in Surrey, Delta and Richmond are planned to launch in 2021, and five additional routes are planned for phase three. TransLink says that with the RapidBuses, it will be retiring the “B-Line” moniker, with the exception of Vancouver’s 99 B-Line, which won’t be retired “until the opening of the Broadway Subway in 2025.”

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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.

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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).


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


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.

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