Province Invests in Tourism Icons Including Peggys Cove

first_img Peggy’s Cove – $2 million Halifax waterfront – $ 1.5 million Cabot Trail – $1 million Bay of Fundy, including Annapolis Royal – $750,000 Lunenburg Waterfront – $750,000 The province will invest in five iconic tourism sites to enhance visitor access and experiences, and help motivate people to travel to Nova Scotia. Business Minister Geoff MacLellan announced today, July 25, that Peggy’s Cove, Bay of Fundy, including Annapolis Royal, the Cabot Trail, the Halifax waterfront and the Lunenburg waterfront will receive funding through the new Tourism Revitalization of Icons Program for significant tourism infrastructure projects. The province has committed $6 million over three years. “These iconic tourism sites attract travellers from around the world and it’s important we do all that we can to ensure they have exceptional experiences once they are here,” said Mr. MacLellan. “These investments will create more opportunities for private sector tourism operators and help keep our sector growing.” The program will be administered by Tourism Nova Scotia, the Crown corporation responsible for marketing the province and maximizing the value of tourism to the provincial economy. “These tourism icons help differentiate Nova Scotia from other travel destinations,” said Michele Saran, CEO of Tourism Nova Scotia. “They are recognized nationally and internationally and deliver the unique and authentic Nova Scotia experiences visitors look for.” Tourism Nova Scotia will quickly begin working with partners to identify the best plan for each icon site. Develop Nova Scotia will lead the planning and implementation of tourism infrastructure enhancements at Peggy’s Cove, which will include consultation with community and business stakeholders. Additional program partners and projects will be announced once confirmed. The following amounts have been earmarked for each site over the next three years, starting in 2018-19:last_img read more

US home prices rise 55 pct from year earlier boosted by job

WASHINGTON – Steady job growth, low mortgage rates and tight inventories helped fuel rising U.S. home prices in October.The Standard & Poor’s/Case-Shiller 20-city home price index rose 5.5 per cent in the 12 months ending in October, up from a 5.4 per cent pace in September, according to a report released Tuesday.Home values have climbed at a roughly 5 per cent pace during much of 2015, as strong hiring has bolstered a real estate market still recovering from a housing bust that triggered a recession eight years ago. Home sales have increased this year as the 5 per cent unemployment rate has strengthened confidence in the economy.“The U.S. housing market as a whole made great progress in 2015, as the big and occasionally volatile bounce off the bottom we experienced from 2012 through 2014 gave way to a more stable and sustainable environment,” said Svenja Gudell, chief economist at the real estate firm Zillow.Rising demand, however, hasn’t been met with an increase in sales listings, causing prices to rise much faster than inflation or wages this year. This could limit the number of first-time buyers coming into the market next year. Still, many buyers are also benefiting from 30-year, fixed-rate mortgages averaging less than 4 per cent, making it cheaper to borrow for a home. Mortgage rates have historically been closer to 6 per cent.Borrowing costs are expected to rise shortly after the Federal Reserve this month raised a key short-term interest rate for the first time in nearly a decade. Yet the federal funds rate — what banks charge each other to lend overnight — remains low at 0.25 per cent to 0.5 per cent, such that mortgage rates are unlikely to return to their historic averages.When the Fed previously hiked this rate from 1 per cent to 5.25 per cent through the middle of 2007, mortgage rates increased a mere 0.75 points.“These data suggest that potential homebuyers need not fear runaway mortgage interest rates,” said David Blitzer, chairman of the index committee at S&P Dow Jones.But the gains have been uneven. San Francisco, Denver and Portland, Oregon led with reported increases of 10.9 per cent over the past year. Prices in Chicago and Washington, District of Columbia rose less than 2 per cent. The 20-city index remains 11.5 per cent below its peak in July 2006, with metro areas such as Cleveland, Detroit, Miami, Minneapolis and Tampa still significantly below their pre-recession highs.Sales of existing homes did slow in November, although that appears to largely reflect new mortgage disclosure rules rather than a decline in demand.The National Association of Realtors said last week that sales of existing homes tumbled 10.5 per cent to a seasonally adjusted annual rate of 4.76 million. Still, home sales are on track to rise roughly 5 per cent for the entire year.The limited supplies are pushing up prices as buyers are chasing a narrow inventory of properties. The number of listings on the market has dropped 1.9 per cent from a year ago, according to the Realtors.The Case-Shiller index covers roughly half of U.S. homes. The index measures prices compared with those in January 2000 and creates a three-month moving average. The October figures are the latest available.___This story has been corrected to show that the home prices report was released on Tuesday, not Thursday. US home prices rise 5.5 pct. from year earlier, boosted by job growth and low mortgage rates by Josh Boak, The Associated Press Posted Dec 29, 2015 7:02 am MDT Last Updated Dec 29, 2015 at 10:20 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email read more