Business

B.C. home values start to slide in some regions, stabilize in others: BC Assessment

Published

10 months ago

January 2, 2024

Years of rapidly increasing home values in B.C. have ended, newly released data from BC Assessment shows.

“Across the Lower Mainland and throughout B.C., the overall housing market has generally stabilized in value,” BC Assessment assessor Bryan Murao said in a Tuesday morning release.

Murao said homeowners can expect only modest changes in the range of minus-five to plus-five per cent. These assessment changes are notably less than in previous years.

For the Lower Mainland region, the overall total assessments have increased from about $1.94 trillion in 2023 to nearly $2 trillion this year. Almost $27.2 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.

“Commercial and industrial properties are generally increasing in value at a higher rate than residential, especially in areas such as the Fraser Valley where properties are up in value as a result of limited industrial land,” Murao said.

In the Southern Interior, it was much of the same.

“Most homeowners throughout the Southern Interior can expect to see modest changes and even some decreases in their assessment values,” deputy assessor Boris Warkentin said in the release.

“With the softer real estate market, most changes in home values will be somewhere between minus 10 per cent to plus five per cent in the Thompson-Okanagan.”

Of note, the average single-family home in Kelowna is assessed at $953,000, down three per cent, BC Assessment said Tuesday.

It’s the first time since 2008 that home prices have fallen in the hot real estate market. That drop was even more pronounced in West Kelowna, where the typical single-family home is now valued at $912,000, down five per cent. Penticton also saw prices drop on average three per cent, from $727,000 to $708,000.

BC Assessment says north and central B.C. communities did see more fluctuations, with several communities such as Prince Rupert down eight per cent to $409,000 in the plus- or minus-10 per cent range.

The assessments are used by government to provide homeowner grants, giving some relief on property tax bills ranging from $570 to $1,045 on homes that are valued at under $2.15 million.

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Business

Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

24 hours ago

November 6, 2024

Anne Joseph

TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.

The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.

The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.

The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.

Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.

Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.

This report by The Canadian Press was first published Nov. 6, 2024.

Companies in this story: (TSX:CGX)

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Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

2 days ago

November 5, 2024

Anne Joseph

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

2 days ago

November 5, 2024

Anne Joseph

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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