Category: Fort St John

358 home sales tallied across Northern BC in April – My PG Now

Northern BC home sales have spiked by 24% on a year-over-year basis according to the province’s Real Estate Association.
According to its April report, 358 unit sales were recorded last month, a huge surge from the same time 12 months earlier after 288 homes changed hands.
Senior Economist, Ryan McLaughlin told Vista Radio active listings in our region also saw a climb of nearly 16%.
“More people were listing their homes and then in British Columbia, sales were a little bit on the cool end but in the north, they are doing quite well.”
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McLaughlin also expects more people to jump into the housing market in the coming months.
“Interest rates have already fallen quite a bit. If we are talking about five-year fixed rates, those rates kind of track expectations on what the bank is going to do over the next five years rather than what they have already done and, since expectations have already fallen quite a bit – the five-year fixed rates have come off their peak quite a bit already.”
The average price of a home in Northern BC currently sits at $434,772 – an 8% spike when compared to April of 2022.
Prince George is a little bit higher at over 500 grand.
Province-wide, the average home price is exactly one million.

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B.C. halts new jade mining in northwest, five-year transition for existing operations

VICTORIA — British Columbia has prohibited mining activities on new jade tenures in the northwest, while setting a five-year wind-down period for existing operators.
A statement from the Ministry of Energy and Mines says officials have been working closely with First Nations to address concerns about the effects of jade mining on sensitive alpine environments in the area near Dease Lake.
It says an order under the Environment and Land Use Act was necessary to protect the area from further harm and disturbance.
The ministry says mining activities on new tenures must stop immediately, while existing tenure holders may continue operating for five years with “enhanced regulatory requirements,” allowing them “adequate time to wind down.”
In addition to environmental harms, the ministry says jade mining has posed significant challenges when it comes to permitting, compliance and enforcement in northwestern B.C., where many sites are only accessible by helicopter.
The province says the order is limited to jade mining in that region, and it does not affect other kinds of mining or jade tenures elsewhere in B.C.
This report by The Canadian Press was first published May 10, 2024.

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Canfor to shutter B.C. sawmill, curtail Prince George pulp mill

Canfor has announced it is permanently closing its Polar sawmill in Bear Lake, B.C., shutting a production line at its Northwood Pulp Mill in Prince George, and suspending its “planned reinvestment” in Houston, B.C.
The company says in separate news releases that the closures will impact 400 jobs, 180 at its Polar mill and 220 at the Northwood facility.The company says a shortage of fibre is the reason behind the indefinite curtailment of one production line at the Northwood pulp mill, while Canfor president Don Kayne says timber is critical for its sawmill, but the harvest level has “declined dramatically.”

1:08
Canfor’s Prince George pulp and paper mill closing after 55 years of operation

He says the decline is partly due to natural disturbances, like beetle infestations and wildfires, but also to policy and regulation changes that have “hampered” Canfor’s ability to access enough fibre to support its facilities, forcing the closures. Story continues below advertisement

Canfor announced last September that it was planning to spend $200 million on a state-of-the-art mill in Houston, west of Prince George, shortly after it had announced the closure of its sawmills in Houston and Chetwynd.

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The Polar sawmill, about 70 kilometres north of Prince George, had an annual production capacity of about 300 million board feet, but has been shut since January.

5:17
Trickle-down effect of mill closures

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Kayne says in a news release that the company’s ability to reliably access enough timber to run the facilities is critical for the business.“Unfortunately, while our province has a sufficient supply of timber available for harvest as confirmed by the allowable annual cut set by B.C.’s chief forester, the actual harvest level has declined dramatically in recent years.“In 2023 the actual harvest was 42 per cent lower than the allowable cut, a level not seen since the 1960s,” Kayne says. Story continues below advertisement

Canfor Pulp, a subsidiary company, says it currently operates two pulp production lines out of its Northwood facility, which will continue to operate for the next few weeks, followed by an “orderly wind-down process” of one line.This report by The Canadian Press was first published May 9, 2024.

More on BC

&copy 2024 The Canadian Press

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Floating LNG-export project in B.C. attracts interest from second fuel buyer

Article contentJapanese trading house Itochu Corp. is in talks for a long-term contract to buy liquefied natural gas (LNG) from the proposed Ksi Lisims project on Canada’s northwest coast, part of a wider push by Asian importers to secure fuel.The deal, which could span decades, would be the second for the project, according to people familiar with the matter who asked not to be named because they’re not authorized to talk to the media. Shell PLC signed a long-term contract in January to buy LNG from the floating export facility for 20 years. The project would export 12 million metric tons a year.Article contentKsi Lisims LNG is backed by the Nisga’a Nation, a consortium of North American gas producers known as Rockies LNG, including Ovintiv Inc. and Tourmaline Oil Corp., and Houston-based Western LNG LLC. The estimated $9.9 billion project in British Columbia could begin construction this year with the site operational in late 2027 or 2028, pending a final investment decision.Representatives for Itochu didn’t immediately respond to a request for comment outside of normal business hours. Spokespeople for Ksi Lisims LNG and Rockies LNG also didn’t immediately respond.Recommended from Editorial First Nation, Western LNG to buy natural gas pipeline project Drought poses key risk to Canada’s natural gas producers in 2024 Japan’s trading houses are exploring opportunities around the world to expand their presence in the growing LNG market amid a push by the government to increase energy security. Mitsui & Co. is considering an investment in a proposed export plant in the United Arab Emirates.Bloomberg.comShare this article in your social network

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358 home sales tallied across Northern BC in April – My PG Now

Northern BC home sales have spiked by 24% on a year-over-year basis according to the province’s Real Estate Association.
According to its April report, 358 unit sales were recorded last month, a huge surge from the same time 12 months earlier after 288 homes changed hands.
Senior Economist, Ryan McLaughlin told Vista Radio active listings in our region also saw a climb of nearly 16%.
“More people were listing their homes and then in British Columbia, sales were a little bit on the cool end but in the north, they are doing quite well.”
– Advertisement –

McLaughlin also expects more people to jump into the housing market in the coming months.
“Interest rates have already fallen quite a bit. If we are talking about five-year fixed rates, those rates kind of track expectations on what the bank is going to do over the next five years rather than what they have already done and, since expectations have already fallen quite a bit – the five-year fixed rates have come off their peak quite a bit already.”
The average price of a home in Northern BC currently sits at $434,772 – an 8% spike when compared to April of 2022.
Prince George is a little bit higher at over 500 grand.
Province-wide, the average home price is exactly one million.

Read More »

B.C. halts new jade mining in northwest, five-year transition for existing operations

VICTORIA — British Columbia has prohibited mining activities on new jade tenures in the northwest, while setting a five-year wind-down period for existing operators.
A statement from the Ministry of Energy and Mines says officials have been working closely with First Nations to address concerns about the effects of jade mining on sensitive alpine environments in the area near Dease Lake.
It says an order under the Environment and Land Use Act was necessary to protect the area from further harm and disturbance.
The ministry says mining activities on new tenures must stop immediately, while existing tenure holders may continue operating for five years with “enhanced regulatory requirements,” allowing them “adequate time to wind down.”
In addition to environmental harms, the ministry says jade mining has posed significant challenges when it comes to permitting, compliance and enforcement in northwestern B.C., where many sites are only accessible by helicopter.
The province says the order is limited to jade mining in that region, and it does not affect other kinds of mining or jade tenures elsewhere in B.C.
This report by The Canadian Press was first published May 10, 2024.

Read More »

Canfor to shutter B.C. sawmill, curtail Prince George pulp mill

Canfor has announced it is permanently closing its Polar sawmill in Bear Lake, B.C., shutting a production line at its Northwood Pulp Mill in Prince George, and suspending its “planned reinvestment” in Houston, B.C.
The company says in separate news releases that the closures will impact 400 jobs, 180 at its Polar mill and 220 at the Northwood facility.The company says a shortage of fibre is the reason behind the indefinite curtailment of one production line at the Northwood pulp mill, while Canfor president Don Kayne says timber is critical for its sawmill, but the harvest level has “declined dramatically.”

1:08
Canfor’s Prince George pulp and paper mill closing after 55 years of operation

He says the decline is partly due to natural disturbances, like beetle infestations and wildfires, but also to policy and regulation changes that have “hampered” Canfor’s ability to access enough fibre to support its facilities, forcing the closures. Story continues below advertisement

Canfor announced last September that it was planning to spend $200 million on a state-of-the-art mill in Houston, west of Prince George, shortly after it had announced the closure of its sawmills in Houston and Chetwynd.

Breaking news from Canada and around the world
sent to your email, as it happens.

The Polar sawmill, about 70 kilometres north of Prince George, had an annual production capacity of about 300 million board feet, but has been shut since January.

5:17
Trickle-down effect of mill closures

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Kayne says in a news release that the company’s ability to reliably access enough timber to run the facilities is critical for the business.“Unfortunately, while our province has a sufficient supply of timber available for harvest as confirmed by the allowable annual cut set by B.C.’s chief forester, the actual harvest level has declined dramatically in recent years.“In 2023 the actual harvest was 42 per cent lower than the allowable cut, a level not seen since the 1960s,” Kayne says. Story continues below advertisement

Canfor Pulp, a subsidiary company, says it currently operates two pulp production lines out of its Northwood facility, which will continue to operate for the next few weeks, followed by an “orderly wind-down process” of one line.This report by The Canadian Press was first published May 9, 2024.

More on BC

&copy 2024 The Canadian Press

Read More »

Floating LNG-export project in B.C. attracts interest from second fuel buyer

Article contentJapanese trading house Itochu Corp. is in talks for a long-term contract to buy liquefied natural gas (LNG) from the proposed Ksi Lisims project on Canada’s northwest coast, part of a wider push by Asian importers to secure fuel.The deal, which could span decades, would be the second for the project, according to people familiar with the matter who asked not to be named because they’re not authorized to talk to the media. Shell PLC signed a long-term contract in January to buy LNG from the floating export facility for 20 years. The project would export 12 million metric tons a year.Article contentKsi Lisims LNG is backed by the Nisga’a Nation, a consortium of North American gas producers known as Rockies LNG, including Ovintiv Inc. and Tourmaline Oil Corp., and Houston-based Western LNG LLC. The estimated $9.9 billion project in British Columbia could begin construction this year with the site operational in late 2027 or 2028, pending a final investment decision.Representatives for Itochu didn’t immediately respond to a request for comment outside of normal business hours. Spokespeople for Ksi Lisims LNG and Rockies LNG also didn’t immediately respond.Recommended from Editorial First Nation, Western LNG to buy natural gas pipeline project Drought poses key risk to Canada’s natural gas producers in 2024 Japan’s trading houses are exploring opportunities around the world to expand their presence in the growing LNG market amid a push by the government to increase energy security. Mitsui & Co. is considering an investment in a proposed export plant in the United Arab Emirates.Bloomberg.comShare this article in your social network

Read More »