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YXS - The New Transpacific Logisitics Alternative
The Runway Expansion Project has transformed runway 15/33 from 7,400 ft. to 11,450 ft., complete with centre line (LED) lighting, dual ILS navigational systems and a dedicated de-icing refueling pad for wide body aircraft. Once completed, the Runway Expansion Project will allow the PGAA to market the airport as a new transpacific logistics alternative, providing carriers the opportunity to make Prince George a destination of choice for refueling and transshipment of cargo.

Canadian Mortgage Industry in the Media 
- Nov.2008

In recent weeks, there have been numerous articles in the national media on the state of the Canadian mortgage industry. Issues regarding the impact of longer amortizations and a perceived failure to anticipate the effects of various mortgage products have been at the forefront.

CAAMP Members Should Be Aware Of The Following Important Facts 
1. Arrears and default rates remain low in Canada particularly when compared to the U.S. Canadian mortgage holders have on average over 50% equity in their properties. For all home owners, (those with and those without a mortgage), the equity ratio exceeds 70%;

2. Longer amortization periods and 100% LTV mortgages do not equate to subprime or alternative mortgages which are based on a borrower's credit worthiness. Relatively few outstanding mortgages in Canada have 40 year amortization periods – only six percent or just over 300,000 mortgage holders out of 5.25 million;

3. Mortgage products in Canada are transparent. Mortgagors with a variable rate product know their rate and most have the option to convert to a fixed rate product. In the past year, 40% of mortgage holders took out a variable rate mortgage with the expectation that declining rates will continue to drop. This is in stark contrast to the U.S. where the resetting of option ARM mortgages means millions of mortgage holders have been and will continue to face higher rates;

4. A rise in default rates in Canada is not apparent. It's a fact that the economy is slowing; however if borrowers find themselves with financial difficulties, it will most likely be a result of their employment situation rather than their mortgage product;

5. Differences between the Canadian and U.S. markets remain. The option ARMs that have and continue to be reset to higher rates are not common in Canada. Those who hold variable and even fixed rate products in Canada are now doing so in a declining interest rate environment. A greater percentage of mortgages in Canada are funded by balance sheet lenders than in the U.S. Subprime or alternative lending products were never as common in Canada;

6. Canada has a rich history of mortgage insurance. Nearly half of all mortgages obtained in any given year are insured with a second approval process for mortgage applications. Underwriting principles and guidelines in Canada, while not perfect, are more thorough than in the U.S.;

7. Regulation for Canadian mortgage brokers and agents is more stringent than in the U.S. Several provinces have recently updated or are in the process of updating their origination legislation including Ontario, Quebec, Saskatchewan, Manitoba and Nova Scotia. There are now license requirements and in most provinces education and disclosure requirements. This will ultimately lead to enhanced professionalism in our industry and added security for Canadian borrowers. 
Statistics Source: CAAMP's Annual State of the Residential Mortgage Market in Canada, 
by CAAMP Chief Economist Will Dunning. To view the report – click_here

Population – Prince George is home to 83,225 people (census agglomeration) and 313,556 people in the trading area.

Housing – Average cost of purchasing a home in Prince George in 2007 was $240,245. Average cost of renting an apartment or townhome in 2007 was $650.

Climate – Prince George enjoys a dry climate with four complete seasons – lots of sun between May and September and lots of snow between November and March. Average January temperature is -100C and average July temperature is 220C, though most years bring temperature extremes above 300C and below -200C on occasion.Earnings – Average annual labour force income is nearly $40,000, significantly higher than the BC average.

Employment - Employment rate in Prince George is 69.9% (2007).

Commute – Maximum commute to downtown Prince George from most residential areas is 15 minutes.

Culture – A variety of active ethnic and cultural groups exist in Prince George to provide programming and assistance to all residents in social, cultural and economic capacities.

Education – Prince George educational institutions include the internationally recognized University of Northern British Columbia, the main campus of full-service College of New Caledonia, two additional community colleges, numerous trades and technical education facilities, close to 50 regional public schools and an assortment of private schools and specialty programs.

Newcomers – The Immigrant and Multicultural Services Society, the Multicultural Heritage Society of Prince George, Le Cercle des Canadiens Français de Prince George, the Prince George Native Friendship Centre, the Welcome Wagon, and numerous employment service providers assist newcomers in getting settled in Prince George.

Shopping – From a seasonal Farmers’ Market to malls and big box establishments, Prince George offers a complete variety of shopping experiences.

Recreation – Eighteen outdoor and six indoor soccer fields, seven ice rinks, two aquatic facilities (one deemed world class), numerous gyms / self defense / dance clubs, 120 parks in city limits, 1600 lakes and streams within one hour, downhill and cross country ski facilities and much more…Prince George is known to be sports crazy!

Transportation – Home to an international airport (YXS), VIA Rail daylight passenger train service, Greyhound and other charter bus services and an ever improving highway infrastructure, there are many ways to travel into and out of Prince George.

Real Estate - Click Here for more information specific to Real Estate.