Another tough year ahead for oilpatch, but recovery is on its way

If Canada’s oil and gas sector can survive another tough year, good times will return in 2017 and revenue and profit could soar by 2020, according to the Conference Board of Canada.

Profits are expected to increase from less than $1 billion in 2017 to more than $5 billion by 2020. Revenue could exceed $100 billion by then, an unprecedented level, from $61 billion in 2016.

The board expects WTI to rise from US$39 per barrel in 2016 to US$65 by 2020. It projects Western Canadian Select (WCS), the benchmark for Canada’s crude bitumen blend, will increase from $35 per barrel in 2016 to $63 by 2020.

Investment will continue to contract this year, but as revenue recovers, it will expand and return to 2014 record levels of nearly $41 billion by 2020.

Read the full article on Financial Post.

Don’t expect Vancouver real estate to cool anytime soon: Central 1

The real estate market in Vancouver is going through the roof, and this is expected to continue through 2018, according to a Central 1 forecast released April 19.

So far this year, Central 1 said, sales in Metro Vancouver alone have outperformed the credit union’s previous forecast, released in late 2015. Yu said sales will likely increase 22% across the region this year, while the median price grows 13% to $668,000. For detached homes, the median price is forecast to grow 23% to over $1.1 million.

Read the full article on BIV.com.

Sewell’s Marina tacks closer to Horseshoe Bay waterfront megaproject approval

 

The Sewell family believes they are close to receiving approval from the District of West Vancouver for a proposed mega-residential and commercial waterfront development on the Horseshoe Bay waterfront.

Preliminary plans show 171 residential units to be spread throughout six buildings ranging in height from two to nine storeys and with floor plans varying from one bedroom to three bedrooms. If approved, the project would be the largest private development in the history of Horseshoe Bay, now primarily known for its BC Ferries terminal.

Read the full article on BIV.com.

Whistler Blackcomb announces ‘largest and most exciting’ investment in company’s history

 

Whistler Blackcomb Holdings Inc. has announced plans for what it calls its largest and most exciting investment in the company’s history: a $345-million investment that includes a new lift, an indoor ‘adventure centre’, a transformed village at the base of Blackcomb Mountain, two high-end real estate developments, and a “world-class indoor water-based adventure centre” at Blackcomb’s upper bases.

The enhancements are to be rolled out in three phases in on-mountain improvements, to “further solidify and enhance the company’s reputation as one of the world’s greatest four-season mountain resorts,” the company said in a release late Tuesday.

Read the full article on the Vancouver Sun here.

Vancouver’s Endeavour Mining starts construction on Burkina Faso gold mine

Vancouver’s Endeavour Mining (TSX:EDV) has commenced construction at its Hounde project in Burkina Faso, which is forecast to produce about 1.9 million ounces of gold over a 10-year mine life.

Shares soared on the news and were trading 7.6% higher to $13.77 at 10:30 am ET. So far this year, Endeavour Mining’s value has climbed over 80%.

Read the full article on BIV.com.

Three B.C. First Nations buy provincial Jericho Lands for $480 million

Three British Columbia First Nations have signed a deal to acquire the provincial Jericho lands for $480 million, making them the owners and developers of arguably the most valuable real estate in the country.

The agreement, which was reached April 8, involves the province transferring two parcels totalling 38.8 acres of ocean-view land overlooking Jericho Beach in West Point Grey to the three First Nations in resolution of longstanding and overlapping land claims to the area.

The deal will bring the total area of Jericho lands owned by the three First Nations to over 90 acres. In October 2014, the three nations acquired 52 acres of federal Jericho land from the federal government.

Read the full article on BIV.com.

B.C. had Canada’s fastest year-over-year job growth in March: StatsCan

According to Statistics Canada, British Columbia is the top performer in Canada with a 3.2% increase in employment rate in the 12 months to March.

B.C. gained 72,000 jobs year-over-year in March, helped by an increase of 9,000 positions in the month, according to Statistics Canada data released April 8.

March’s gain pushed the province’s unemployment rate down a tick to 6.5%, although the rate is up 0.6 percentage points year-over-year from 5.9% in March 2015, as more people in B.C. were looking for work. Compared with a year ago, B.C. has added 39,000 full-time and 33,000 part-time jobs

Read the full article on BIV.com.

Canadian economy grows more than expected, dimming chances of rate cut

One month of strong economic growth shouldn’t be seen as a pattern of sustained recovery for 2016. But when followed by three straight months of gains at the end of last year, that might tell a different story.

Canada’s gross domestic product grew by a nearly three-year high of 0.6 per cent in January, much better than the 0.3 per cent that analysts had forecast and likely enough to keep the Bank of Canada from altering its trendsetting lending rate.

Read the full article on Financial Post.