Here come the jobs

This is not a beginning, rather a continuation of what has been a dynamic and well thought out plan that has yielded positive and tangible results. The jobs have arrived and will continue to do so. These are not low paid jobs in retail and tourism. These are well paid jobs in industry. These are jobs that are a direct result of the Port of Prince Rupert leadership delivering on what they promised; the most efficient, effective and productive port in North America. With this stunning success the rest now follows. Other industry is following bringing with it more jobs. The retail sector is growing to meet the needs of an expanding population; Wal-Mart and A&W are confirmed; Shoppers Drug Mart are opening a big outlet in Prince Rupert Mall. And there is still more to come. We await news on Canpotex and the old pulp mill site. This is what a boom looks like at the b stage. Investment in Prince Rupert is happening on an hourly basis. Don't wait for the oom part. Following the link below will take you to the BC Provincial Government BC Jobs site and specifically to the forecast for jobs growth in the next eight years. This is not now a hope, this is the new reality. The future is now and the future is Prince Rupert. http://www.bcjobsplan.ca/stories/reece-goudreau-at-the-gateway/

Getting the facts straight about First Time Buyer's tax credits

A number of my clients have asked me to clarify the situation regarding the BC Budget announcement concerning incentives of up to $10,000 to first time buyers.
The full government announcement can be accessed by following this link

http://www.bcbudget.gov.bc.ca/2012/homebuyers/2012_First_Time_Home_Buyers_Fact_Sheet.pdf

The highlights are:
1. Only applicable to first time buyers who are buying new build homes or building their own homes. If not a new build, you do not qualify.
2. This is not an income tax credit. You have to apply separately.
3. You are not guaranteed $10,000. It is 5% of the purchase price up to a maximum of $10,000.
4. You must be first time buyers. If you have previousl owned a home you are not eligible.
5. You must intend to use the home as your primary residence.

Feasibilty study underway for LNG plant in Prince Rupert

This is at the earliest possible stage of development but a UK company, The BG Group, is in talks with Prince Rupert Port Authority regarding the potential for a LNG export facility in Prince Rupert. This project would utilise the exisitng port improvements as well as the proposed rail and road improvements to Ridley Island. The BG Group is the world's second largest LNG company behind Shell and has operations in 25 countries.

Prince Rupert CEO bullish about future

Don Krusel, CEO of Prince Rupert Port Authority is publicly expressing enormous confidence in Prince Rupert's future. During a press call where it was revealed that their was an 18% rise in shipments during 2011, Mr Krusel said, "In my mind the only thing standing in the way of another record breaking year and more growth in the future is if there is a meltdown in the global economy. The Port of Prince Rupert and the community of Prince Rupert can expect an exciting year in 2012 and many exciting years ahead."
This is a further example of the increased confidence in Prince Rupert that has led to a sharp increase in real estate activity since the start of 2012. We are still just about clinging to the coat-tails of a buyers' market but by this summer the power in the marketplace is forecast to swing in favour of sellers.

CN Rail signs 10 year deal with Canpotex

CN Rail, the company with exclusive rail access into Prince Rupert have signed a 10 year deal to ship potash volumes from Saskatchewan. This is the first time CP Rail has not possessed sole rights to this contract and provides further encouragement to those in Prince Rupert who eagerly await news of Canpotex's proposed export facility being built at Ridley Island.
The CEO of The Potash Corporation of Saskatchewan has stated that no final decision on the Prince Rupert project has been made and the environmental assessment and public consultation periods are still ongoing. However a large part of CN Rails sales pitch to Canpotex consisted of trumpeting their exclusive access to Prince Rupert which would indicate an elevated degree of importance being attached to the project.

2011 Real Estate Sales Figures

The official figures from the British Columbia Northern Real Estate Board are below. They clearly show that the decline in real estate caused by the recession is over. Figures for 2011 are almost identical to those for 2010 which means that it is reasonable to expect the market to head into more positive territory in 2012. With the amount of commercial and industrial investment into Prince Rupert expected to surge in 2012 this current balanced market may suddenly turn into a seller's market during the next twelve months. If you are looking to buy the value is to be had now.
In Prince Rupert 116 properties worth $19.3 million changed hands in 2011 compared with 117 properties worth $18.9 million in 2010. Half of the 96 single family homes sold in 2011 sold for less than $165,000. In addition 5 parcels of vacant land sold in 2011. At year end there were 226 properties of all types available through MLS® in the Prince Rupert area, the same as this time last year.

Buyers' market continues in Prince Rupert

Sales figures for 2011 YTD are: 83 properties worth $14.6 million changed hands so far this year in the Prince Rupert area, compared with 96 properties worth $16.5 million to the end of September, 2010. Of the 72 single family homes that have changed hands this year, half sold for less than $169,000 and on average, took 142 days to sell. As of September 30th there were 264 properties of all types available through the MLS® in the Prince Rupert area.