Plus, record home sales in 2015 and what's up with property assessments
LNG Canada has announced that its proposed LNG export facility in Kitimat is the province's first LNG project to receive an LNG facility permit from the BC Oil and Gas Commission. The permit allows LNG Canada to construct, maintain and operate the LNG facility for the purpose of production, gathering, processing, storage or disposal of petroleum, natural gas or both, subject to various conditions.
“While today’s announcement is an important step forward for LNG Canada, the project must ensure it is economically viable and meets several other significant milestones including finalizing engineering and cost estimates, supply of labour, and achieving other critical regulatory approvals before making a final investment decision,” the company said in a release.
LNG Canada is a joint venture company made up of Shell Canada Energy (50%), an affiliate of Royal Dutch Shell plc, and affiliates of PetroChina (20%), Korea Gas Corporation (15%) and Mitsubishi Corporation (15%).
If you list it, it will likely sell. Even though there were fewer than average Greater Vancouver residential properties for sale in 2015, more homes actually sold than in any previous year in the history of the Real Estate Board of Greater Vancouver. Sales-to-active-listings ratios topped 25 per cent for 11 months, with more than 4,000 homes selling each month from March through June, another first. Not surprisingly, the MLS Home Price Index rose, with double-digit year-over-year price increases. At the end of 2015, the MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver was $760,900, an 18.9 per cent increase over December 2014.
The area covered by the REBGV includes Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge and South Delta.
What it's worth
Around two million B.C. property owners will be receiving assessment notices this week with a total value of $1.34 trillion, an increase of 11.1 per cent from 2015. This year the BC Assessment website helpfully lists the 520 top-valued residential properties in Vancouver ranging from $63.87 million for Lululemon founder Chip Wilson’s home on Point Grey Road to a $9.5 million home in Shaughnessy.
The percent change in each assessment area ranges from 17.96 in Lions Bay to -36.01 in Tumbler Ridge for residential properties and from 15.93 in Vancouver to -18.9 in Tumbler Ridge for business/other properties.