...Continued from my previous article, below are more useful factoids from the last Landcor report:
1. Average incomes in BC are lower than Ontario or Alberta, where prices are cheaper!
2. A good 71% of Alberta oil companies are Foreign owned, with China Owning 16%.
3. We continue to ensue with the Condo developments, which are on the rise.
4. Condo sales prices are flattening out, but not Houses - rippes vs. recessions.
Average incomes in BC are lower than Ontario or Alberta, where prices are cheaper: Living west of the Rockies (and envying oil-soaked Alberta) isn’t cheap either, especially in ‘world-class’ regions such as the Lower Mainland where housing isn’t cheap and neither is anything else. Conversely, perversely, the average Lotuslander annual (2010) total income of $46,379 lags smug Alberta ($64,504) and even crestfallen Ontario ($51,109).
A good 71% of Alberta oil companies are Foreign owned, with China Owning 16%: FYI public data crunched by BC-based conservation group Forest Ethics Advocacy (FEA) found that 71 percent of the Alberta oil sands production is foreign owned, with foreign-based companies controlling 24 percent of the ‘Canadian’ oil-sector production. Of the $73.6 billion invested in the oil sands between 2007 and 2011, China put in $11.7 billion or about 16 percent. Along with the hydrocarbons, the FEA report states that more than half of Canada’s oil/gas revenues flows offshore too.
We continue to ensue with the Condo developments: Read it either way, Metro Vancouver builds on, even as others wonder about the ‘overhang’ of unsold condo units in Canada. In Toronto, annual sales prices are up more than ten percent but so are the high-rise condo cranes, 143 projects under construction, according to The National Post, with more to come.
Condo sales prices are flattening out, but not Houses: Vancouver, Toronto take comfort knowing that sales and price gains flatten out, economists and others of the dismal science believe the burden of mortgage debt will ease for ‘legitimate’ new homeowners elsewhere in the respective provinces and country.
REFERENCES:
The Q1 Landcor report: http://landcor.com/market/reports/Q1_12_Residential_Sales_Summary.pdf
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