Across the country, demand for rental accommodation grew at a faster pace than supply, as a result, Canada's overall vacancy rate dropped for a second straight year.
Canada Mortgage Housing Corp. released its annual market survey Wednesday.
The vacancy rate in B.C. increased to 1.4 per cent.
B.C. also saw the largest climb in rent, with Kelowna recording an 9.4 per increase.
However, in Vernon, vacancy rates stayed the same as in 2017 at 1.5 per cent, with the average apartment rental cost increase of 3.1 per cent.
"In Vernon, relative to last year's rental market, demand is pretty steady overall," explains Taylor Pardy with CMHC. "Overall, one of the key trends in Vernon continues to be a split between vacancy rates for older units relative to newer units."
Pardy explains the data shows that in Vernon, lower vacancy rates are reported in newer units rather than older units.
"It speaks to the condition of the units as well as desirability," says Pardy. Ultimately, these newer units, vacancy rates have been below 1 per cent. So demand has been relatively strong for those units in Vernon over the past few years."
If you break down vacancies by different rent ranges, the data shows another clear split.
"Newer units that are commanding higher rents tend to have lower vacancies," explains Pardy. "They are more in demand in the market."
On the other end of the spectrum, the rentals with lower average rates are also in high demand with vacancy rates below 1 per cent.
"Ultimately the goal of the report and the goal of CMHC in gathering this information on communities throughout B.C. is to provide more housing information into the market. To inform not only the public about market conditions in the rental market but also municipalities, developers anybody who can use the data," says Pardy.
"It gives you a good idea of where things are at in each of these communities in terms of the rental market and what you can expect on average in terms rents."
OpenText snaps up cloud security firm Carbonite in $1.42 billion deal
OpenText, the Waterloo-based enterprise cloud information management company, announced Monday that they have reached a deal worth US$1.42-billion to acquire Carbonite, Inc, a Boston company that does cloud data protection and endpoint management.
OpenText chief executive Mark Barrenechea said that part of the reason why he likes Carbonite is because it gives an opportunity to sell to 300,000 small businesses and 7 million individual professionals.
“This acquisition will further strengthen OpenText as a leader in cloud platforms, complete end-point security and protection, and will open a new route to connect with customers, through Carbonite’s marquee SMB/prosumer channel and products,” Barrenechea said in a news release.
The deal of US$23 per share for the Boston-based Carbonite is a 25 per cent premium to the close of trading Friday. OpenText will pay $800 million in cash with the total transaction including debt valued at US$1.42 billion.
OpenText shares were up 2.3 per cent and Carbonite were up 24 per cent in morning trading.
Historically, Opentext has focused most of its efforts on the largest enterprise clients.
Speaking to investment analysts, Barrenechea said it will likely take around 18 months to fully integrate the company into OpenText.
The company has a long history of growing through acquisition; OpenText spent nearly US$3 billion between 2013 and the beginning of 2017, including the US$1.62 billion acquisition of Dell EMC, the company’s enterprise content management division.
As of September 30, Carbonite had $405 million in trailing twelve-month revenue.
Keystone pipeline restarted after breach in North Dakota
The owner of the Keystone pipeline says the line has returned to service after a breach that leaked an estimated 1.4 million litres of oil in northeastern North Dakota late last month.
TC Energy Corporation says the move follows the approval of its repair and restart plan by the U.S. Pipeline and Hazardous Materials Safety Administration, which ordered the line shut until the Canadian company completed corrective action.
The company says it will operate the pipeline at a reduced pressure with a gradual increase in the volume of crude oil moving through the system.
The line, which began operating in 2011, is designed to carry crude oil from Alberta across Saskatchewan and Manitoba, and through North Dakota, South Dakota, Nebraska, Kansas and Missouri on the way to refineries in Patoka, Ill. and Cushing, Okla.
The spill affected about 2,090 square meters of land near Edinburg, N.D.
TC Energy says it continues to work closely with the U.S. Pipeline and Hazardous Materials Safety Administration and the North Dakota Department of Environmental Quality as it investigates the cause of the breach.
“We appreciate the cooperation and support from local officials, emergency response personnel and commissioners in Walsh County, as well as the landowner who has granted permission to access land for assessment, repair and clean-up activities,” TC Energy said in a statement on Sunday.
“We also want to recognize the continued efforts of our crews, contractors and businesses in the community for their around-the-clock support, which has allowed us to respond quickly and safely to this event.”
The company adds it is communicating plans to its customers and will continue working closely with them as it begins to return to normal operating conditions.
It said on its website that it has observed no significant impacts to the environment.
The pipeline spill and shutdown come as the company seeks to build the US$8-billion Keystone XL pipeline that would carry oilsands oil from Alberta to refineries in Texas.
Beijing wants Donald Trump re-elected because he is easy to read
China’s former chief trade negotiator says Beijing wants Donald Trump re-elected because he is ‘easy to read’
- China’s former vice-minister of foreign trade Long Yongtu says China wants Donald Trump to be re-elected because he is ‘easy to read’
- He said Trump’s vocal nature and unfiltered tweeting sprees makes him ‘the best choice in an opponent for negotiations’
- ‘We don’t need to spend so much time figuring out what Americans want any more, or search for real thoughts in the dark, like we used to,’ he said
- He also noted that Trump hasn’t confronted China with geopolitical issues like the country’s position in Taiwan and Hong Kong
- Yongtu’s stance offers insight into the thinking of Beijing’s policymakers as the two nations remain locked in a tariff trade war
Long Yongtu, the former vice-minister of foreign trade in China who aided in the country’s entry into the World Trade Organization, says Trump is easy to understand thanks to his daily, unfiltered Twitter posts.
Trump’s vocal nature makes him ‘the best choice in an opponent for negotiations’ because he’s transparent with his agenda, Yongtu said at the Credit Suisse’s China Investment Conference on Saturday in Shenzhen.
‘We want Trump to be re-elected; we would be glad to see that happen,’ Yongtu added according to the South China Post.
China’s former vice-minister of foreign trade Long Yongtu says China wants Donald Trump to be re-elected because he is ‘easy to read’
‘He makes the US decision-making process efficient and transparent, because he basically says what it is. The pros of [having Trump] outweigh the cons. We don’t need to spend so much time figuring out what Americans want any more, or search for each other’s real thoughts in the dark, like we used to,’ he said.
Yongtu, 76, has retired from active ministerial posts and does not speak for China’s government. However, many believe that his statements on Trump offer insight into the thinking of China’s policymakers and trade diplomacy stance, as the U.S. and China remain embroiled in a trade war.
Long said that Trump, to his credit, is a transparent and realistic negotiator who is focused on having China import more American products.
He says that Beijing is able to compromise on that front.
He also noted that Trump is unlike his predecessors because he does not pick fights with Beijing on geopolitical issues such as China’s grip over Taiwan or Hong Kong.
‘He makes the US decision-making process efficient and transparent, because he basically says what it is. The pros of [having Trump] outweigh the cons. We don’t need to spend so much time figuring out what Americans want any more, or search for each other’s real thoughts in the dark, like we used to,’ Youngtu said on Trump
‘Trump talks about material interests, not politics,’ Long said to the Post. ‘Such an opponent is the best choice for negotiations.’
As for the U.S.-China trade war, negotiators seem to be nearing a ceasefire. Both nations have agreed to roll back the tariffs they imposed on each other in phases, Chinese commerce ministry spokesman Gao Feng announced Thursday.
He added that the cancellation of tariffs is a key condition to any trade agreement, however it’s not clear when such a deal will take place.
The trade war, which started in July 2018, has grown into disputes over technology and global finance.
‘The trade frictions with China are just part of Trump’s global protectionist strategy,’ Long said, noting that the Trump administration withdrew from the Trans-Pacific Partnership, and imposed tariffs on the European Union, Canada and Mexico.
On Saturday Trump said that trade talks with China were moving along ‘very nicely’ but the U.S. won’t fold unless they make a deal with Beijing that is right for America.
‘The trade talks with China are moving along, I think, very nicely and if we make the deal that we want it will be a great deal and if it’s not a great deal, I won’t make it. I’d like to make a deal, but it’s got to be the right deal,’ Trump told reporters at Joint Base Andrews.
‘China very much wants to make a deal. They’re having the worst year they’ve had in 57 years. Their supply chain is all broken, like an egg, they want to make a deal, perhaps they have to make a deal, I don’t know, I don’t care, that’s up to them,’ he added.
Officials from both countries said on Thursday that China and the United States had agreed to roll back tariffs already in place on the other nation’s goods in a ‘phase one’ trade deal to end a damaging trade war.
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