Vancouver building permits set record; commercial set for busy year ahead
Analysis of recent StatsCan data shows that building permits issued in October for Vancouver’s Lower Mainland-Southwest region exceeded $1 billion, setting a new record. The Vancouver Regional Construction Association says that the commercial permits issued surged by 331 per cent from September and contributed $357 million to the total. For the year to the end of October, commercial permit values were up by 28 per cent on the previous year, especially for hotels and restaurants. Experts say that 2015 was looking like a busy year even before the latest figures.
Canadians resolve to pay down debt
As we head into 2015 Canadians are making a resolution to tackle their household debt. An annual survey by CIBC shows that paying down debt is the top financial priority for Canadians for the fifth year in a row. Building up savings and planning for retirement are also important, along with paying bills and keeping up with day-to-day expenses. Christina Kramer, executive vice president, retail and business banking, says: “While it is encouraging that paying down debt is important to Canadians, it is also important not to lose sight of longer-term goals like retirement planning.” The poll also showed that 45 per cent of Canadians have consulted a financial advisor this year.
MLS record for Calgary’s high-end homes
December’s MLS figures for Calgary show that 40 properties sold for more than $1 million. This completes a year of increased luxury sales with monthly increases throughout. The previous record for December was 39 properties in 2012. Higher prices, of course, have meant that more properties are now in the $1 million or above bracket and there are more purchasers who expect to pay those prices.