How long for the Bank of Canada?
Bank of Nova Scotia economists are now raising the possibility of no move in the Bank of Canada’s benchmark interest rate until 2016.

Other observers have speculated on late next year or early in 2015 for the first rate hike by the central bank.

The Bank of Canada’s benchmark overnight rate now stands at just 1 per cent.

“The BoC probably now envisages spare capacity remaining into 2016,” the Scotiabank economists said, adding the central bank now projects hitting its 2-per-cent target for annual inflation in mid-2015.

They believe the Bank of Canada may change that forecast, to an even later date, when [it] meets later this month and also issues its monetary policy report.

Read more: http://www.theglobeandmail.com/report-on-business/top-business-stories/bank-of-canada-may-not-hike-interest-rates-until-2016-scotiabank/article14675055/

Concord Pacific has unveiled plans for a new neighbourhood of 1,300 condominiums in eight buildings by the northern end of Cambie Bridge near BC Place.

Part of the downtown’s new sports and entertainment district, the neighbourhood is being called False Creek Central.

The area includes a new $535-million casino, hotel and entertainment complex being built next to BC Place by Paragon Gaming Corp. Last week, Paragon announced it has revamped its proposal for the project, which included no plans to expand gambling. Paragon proposed to relocate Edgewater Casino at its existing size.

The development proposal is significant both in size — as one of the largest in the city’s history — and in meaning, according to architect and planner Michael Geller.

University Lodge Apartments, 5516 Dalhousie Road, an 11-unit apartment on the UBC Endowment lands has sold for $4,475,000, or $406,750 per unit. The cap rate was 4.5%. The 3-storey walkup apartment building was built in 1927. The building had been listed for sale for $5,068,000, or a 4% cap rate.

Ledingham McAllister is proposing a 52-storey residential tower at Gilmore Ave. and Halifax St., next to their existing project “Aviara” which is now close to half sold and is currently under construction. The proposal will head to Burnaby City Council next week and if approved, will reach first reading and public hearing in October.

“Aviara II” will include 595 residential units located in a 52-storey tower at the corner of Halifax and Gilmore, with two 4-6 storey buildings located along the Gilmore and Douglas Road frontages. The 2.9 acre site is large enough to accomodate three 25-storey towers, but Ledingham was encouraged to pursue a higher tower to preserve views for developments to the South.The proposal includes 715 parking spaces.

The development is being built at an overall density of 5.0 FAR, after a density bonus of 1.6 FAR under the City of Burnaby’s Brentwood Town Centre “s” designation. The bonus density is being valued at $73 per SF, or $13,265,779.