1008BCBC

Property sales forecast to fall in 2008, bounce in 2009

British Columbia real estate sales will fall substantially by the end of this year, but will stage a modest recovery in 2009, according to the latest forecast of the B.C. Real Estate Association.

Sales recorded through the Multiple Listing Service should fall 28 per cent to 73,700 units across the province by the end of 2008, from 102,805 units in 2007, according to the forecast, released Wednesday.

http://www.canada.com/vancouversun/news/bu...95-3ab56007b8ad

1008BCBC

Global downturn is huge challenge for hospitality industry, CEO says

B.C.'s hospitality industry faces unprecedented challenges from the fallout of the global economic downturn, the chief executive officer of the B.C. Hotel Association said Wednesday.

"The challenge is revenues," James Chase said in an interview. "At this stage, there are concerns about [revenues] dropping dramatically. In some pockets of B.C. this summer there were drops, though not dramatically. But everyone is concerned that that could happen. We have to get ahead of it so we can mitigate these drops."

http://www.canada.com/vancouversun/news/bu...1c-1b96bf06e640

1008VANC

Condo towers come up short

VANCOUVER - Holly Wood's first hint that something was "smelling fishy" in Vancouver's champagne-infused construction market came several weeks ago, when she discovered that the presentation centre for the city's most glamorous project was strangely closed.

The Ritz-Carlton hotel and condos is among the richest developments to begin construction in Vancouver, a $2,500-per-square-foot, 58-storey, ultra-luxury tower with an eye-catching 45-degree twist designed by Arthur Erickson

http://www.nationalpost.com/todays_paper/s....html?id=917703

1008VICT

City hotels deal with slumping occupancy

Victoria hotels received a "rude shock" last month when occupancy rates and revenue-per-room slumped as fears of a recession affected both U.S. and Canadian travellers, according to a tourism industry analyst.

September occupancy numbers "nose-dived" to 73.78 per cent, a drop of 6.28 per cent compared with the same month last year, Frank Bourree of Chemistry Consulting said yesterday. Bourree compiles a monthly snapshot of key tourism indicators.

http://www.canada.com/victoriatimescolonis...ba-962a587aca94

1008BCBC

B.C. universities suffer 4% drop in research funding

Research funding for B.C.'s four major universities dropped by four per cent last year after leaping by 21.7 per cent in the previous year, according to a new report.

Funding to those four institutions totalled $582 million in the 2007 fiscal year, Research Infosource Inc. said in its annual report on research money spent at the top 50 Canadian universities.

http://www.canada.com/victoriatimescolonis...0e-22df4a857895

1008BCBC

Tenant seeks injunction to stop neighbour smoking

A retired Vancouver actor wants a court injunction to prevent his next- door neighbour from smoking in their West End apartment building.

In a statement of claim filed in B.C. Supreme Court, Mina Erian Mina, 74, says that since October 2006 his neighbour, Christine Jestadt, has "created a nuisance" with her smoking.

http://www.canada.com/theprovince/news/sto...81-521f467f681f

1008VANC

City votes to allow rezoning for laneway rental homes

Vancouver could see its first laneway housing rental properties in about a year after city council unanimously approved the citywide pilot project Thursday night.

Coun. Suzanne Anton said the "bold initiative" will continue to develop on a policy level and that there will be public consultation on issues such as parking and building heights.

http://www.canada.com/vancouversun/news/we...5e-123b909839dd

1008BCBC

CMHC predicts shallow real estate correction

The correction in Greater Vancouver and British Columbia real estate markets should be shallow, according to Canada Mortgage and Housing Corp., provided the province maintains projections for weaker economic growth and doesn't go into a full recession.

CMHC released its fall market forecasts Thursday, which predict lower housing sales to the end of 2008 and on through 2009, with price declines to the end of 2009 in the range of seven per cent provincially and nine per cent in Metro Vancouver.

http://www.canada.com/vancouversun/news/bu...0f-e101942b8c6b

1008BCBC

Canadian oil industry expecting cold winter

CALGARY -- Canadian oil and gas producers are facing a looming winter of discontent thanks to lower commodity prices and continuing fallout from the global economic crisis, the National Energy Board (NEB) said in its latest market update.

The board said crude oil prices will trade within a band of $50 to $75 US while natural gas is unlikely to move beyond the $6 to $9 range.

http://www.canada.com/vancouversun/news/bu...e6-a78689ae3f43