BC Economic Fundamentals 2008-07

[joeiannuzzi]

Coalbed methane plan to start in B.C.


FORT ST. JOHN, B.C. -- Canada Energy Partners is preparing to start commercial production of its coalbed methane project in B.C.`s Peace region, possibly resulting in the province`s first natural gas from the unconventional source.

The company says it has started drilling five new wells and is in the process of connecting them and three existing wells to Spectra Energy Corp.`s transcontinental pipeline. "We expect to be selling gas by the end of the year," said Canada Energy Partners` CEO Benjamin Jones. "We are drilling right now as we speak."

http://calsun.canoe.ca/Business/2008/07/19/6204391-sun.html

 

[joeiannuzzi]

Parking meter removal pondered

Parking meters on downtown streets could soon become a thing of the past.
City council will consider a proposal during Monday night`s meeting to remove all parking meters and institute a no-charge, two-hour time limit for on-street parking while replacing the two-warning ticket system with a $25 fine.
In other words, you would no longer have to plug meters with quarters to avoid a ticket, but if you exceeded the two-hour time limit -- city traffic personnel would keep an eye out for violators -- you`d get dinged $25 automatically, with no leniency for a first or second offence.
The proposals follow on completion of a study of downtown transportation and parking during which a consultant had suggested tougher measures to deal with parking violations:

http://www.princegeorgecitizen.com/2008071...l-pondered.html

 

[joeiannuzzi]

Hydro touts curtailments to ease strain on grid

VANCOUVER -- B.C.`s electricity supply is so tight that B.C. Hydro wants to pay industrial customers around the province to shut down operations on peak winter days when the system gets close to capacity.

The province expects that to happen over "the next several years," according to documents recently submitted to the B.C. Utilities Commission asking permission to expand the plan.

The proposal illustrates that the issues with B.C. Hydro`s aging electricity system don`t stop with the faulty cable splices that blacked out downtown Vancouver for three days this week.

http://www.canada.com/victoriatimescolonis...99-fb3297b351d7

 

[joeiannuzzi]

City to switch to metered water billing

Heavy users of water in Victoria will see a hike in their utility bills in 2009 as the city switches to a pay-what-you-use billing system.

Victoria council this week approved moving to a billing system that allows water misers to cut their bills, while big users will pay their share of the amount the city has to pay the Capital Regional District for its liquid waste management plan.

Sewage and water billing methods vary throughout the region, with Saanich completely using a system based on consumption and Victoria halfway there.

http://www.canada.com/victoriatimescolonis...97-674b0bd26274

 

[joeiannuzzi]

Gas prices accelerate a return to the cities

Ever since the rise of the automobile in the 1950s, the American Dream has featured a home in the suburbs and two cars in the garage.

Now the iconic white picket fence comes with a hefty price tag in the form of the cost of the gasoline needed to drive to work and to the supermarket, and the suburban idyll is under review.

In different parts of the United States, there are signs of change. While home prices in the suburbs have crashed, apartments in city centres are in demand. Home builders across the country are frantically trying to unload land they had intended for new subdivisions. And planners are rethinking how they can meet demand for housing.

http://www.canada.com/victoriatimescolonis...d0-e43fb7beaf96

 

[joeiannuzzi]

Sorry suburbia, Vancouver is our true economic epicentre

It`s often supposed that the city of Vancouver will inevitably lose its status as the region`s economic centre to the satellite cities that orbit and grow around it; namely, the suburbs.

You`ve no doubt heard the theory: Vancouver is becoming a sort of resort city for the wealthy, while the hoi polloi live and increasingly toil out in the `burbs, places like Surrey, where all the growth is.

But that turns out to be a piece of conventional "wisdom" that is just dead wrong.

http://www.canada.com/vancouversun/news/we...c1-27b55e43e6ae

 

[joeiannuzzi]

Home buyers take the upper hand

When Moshe Cohen-Ravid listed his west-side Vancouver house for sale a couple of months ago, more than 100 people viewed the property and seven even put in bids to buy.

There was no bidding war, though, since none came close enough to his $1.88-million asking price -- one hint that sellers no longer reign in Metro Vancouver`s real estate market.

"I wanted to be able to sell it sooner," Cohen-Ravid said, "but I guess this is the market today. It is very hesitant. It`s very unclear for both buyers and sellers, and people are taking time making decisions."

http://www.canada.com/vancouversun/news/bu...84-3352ae6f3096

 

[joeiannuzzi]

Construction flourishing in suburban, urban Victoria

If you haven`t been to Victoria in awhile, you`ll likely be surprised by how much it`s changing. New buildings are sprouting up like flowers after a spring rain. From Sooke to Sidney, the capital region is in the midst of a construction boom.

"We`re at the highest level in over 30 years," confirms Peggy Prill, principal of surveys for the Canada Mortgage and Housing Corporation.

Parts of Victoria`s downtown, which languished while the suburbs flourished in decades past, are being reborn.

http://www.canada.com/vancouversun/news/st...a3-1fa969526e8f

 

[joeiannuzzi]

Airport called `shining star` of Island economy

The rapid growth at the Comox Valley Airport is going to slow — but increases will certainly continue, chief executive officer Chuck Fast said this week.

"The question we`re asking ourselves is where is the growth going next?" said Fast to a group of roughly 20 people for the airport commission`s annual general meeting.

In passenger growth, 2007 saw a 30-per-cent increase from 2006, up to 310,450 during the year. They increased revenues by 32 per cent, with direct operating costs up 23 per cent — parking and concession funds increased by more than half.

"I have lots of clients that would be doing cartwheels in my office if their financial statements showed this kind of strength and growth," said Ben Vanderhorst, the commission`s auditor.

http://www.bclocalnews.com/business/25601839.html

 

[joeiannuzzi]

Council contemplates construction bylaw change

Armstrong council has a problem with unfinished construction in their area.

At their meeting on Monday councillors looked at changes to bylaws that would allow the city to enforce owners or builders to complete all components of construction, including exterior finish and landscaping, prior to the expiry of their building permit.

Currently, when a building permit is issued there is a two-year period to complete constuction, but if the project is not finished there are no penalites. Council would like to amend the Fees and Charges Bylaw that will require cash deposits from anyone applying for a permit.

http://www.bclocalnews.com/business/25600979.html

 

[joeiannuzzi]

Thompson-Okanagan booming says accountants report

This area`s economy is firing on all cylinder , says a representative from the Chartered Accountants of B.C.

Last month, Chartered Accountants of B.C. released their report on the economy, titled BC Check-Up, Regional Edition, and according to their findings, this valley is in good shape.

Karen Christiansen, CA, partner with Meyers Norris Penny LLP in Kelowna said the Thompson-Okanagan Development Region`s economy continues to be robust, attracting record numbers of new residents.

http://www.bclocalnews.com/business/25604104.html

 

[joeiannuzzi]

Coal prices to keep soaring

B.C.`s coal industry came off a weak 2007 with prices more than doubling so far this year for all types of coal, and that trend is expected to continue.

The price of metallurgical coal, used in steel production, is forecast to rise from an average $85 per tonne in 2007 to $198 this year, according to BC Stats. For the highest-grade metallurgical coal, B.C. producers have signed some contracts for more than $300 per tonne.

http://www.bclocalnews.com/business/Coal_p...ep_soaring.html

 

[joeiannuzzi]

Buyer`s market in Kootenays

Midway through 2008, the year in real estate resembles a "buyer`s market."

A buyer`s market can be categorized as a real estate market where the inventory of available properties for sale surpasses the needs of the number of buyers.

"The real estate market in the Kootenays are generally in a "buyer`s market" state with inventories of active listings on the MLS increasing 71 per cent over active MLS listings to the end of June 2007. The market situation that is out of sync with a `buyer`s market` is the total general average price per unit increase of 16 per cent. Some markets are seeing a decline in average price per unit, but generally, values are holding and statistically are increasing in spite of high inventory levels and a decline in MLS unit sales," said Andrew Smith, Kootenay Real Estate president.

http://www.bclocalnews.com/business/25539394.html

 

[joeiannuzzi]

Royal York looks to condo expansion

Talk about a new development in Armstrong is creating quite a buzz around town.

A formal application to build 214 condo units on the Royal York Golf Course was received by Armstrong council this week, with their fees all paid.

The owners of the golf course have planned to move the current clubhouse to the other end of the golf course, and remove the RV park to make way for the new condos.

http://www.bclocalnews.com/okanagan_similk...s/25635364.html

 

[joeiannuzzi]

Townhouse development gets Coldstream approval

A new 79-unit development on Aberdeen Road in Coldstream has surged through numerous sewer concerns into approval.

The Sugoi Property Management development has been granted final adoption needed to re-zone the 7.9 acres from residential to multi-family for the townhouse development. But the stamp of approval from Coldstream council Monday has some residents and a couple of councillors shaking their heads.

"My understanding here was this would not come before council until we had made a final decision in regards to sewer servicing," said Coun. Bill Firman.

With the development moving in, there is further pressure to extend sewer services up Aberdeen Road.

http://www.bclocalnews.com/okanagan_similk...s/25600984.html

 

[joeiannuzzi]

Car sharing a tool in developers` toolkit

Car sharing among residents of condos and townhouses could become more common as the costs of fuel and housing soars, and with it awareness of climate change.

And with the construction of the Evergreen Line scheduled to finish by 2014, it`s likely more developers will ask for decreased parking allowances in return for offering to residents involvement in programs such as the Co-operative Auto Network or Zipcar.

The first such proposal recently came before Coquitlam city council, which agreed to let the public have its say on a 40-unit apartment building at the corner of Johnson Street and Glen Drive. The owner of the .9-acre site wants to vary the required on-site parking from 63 to 45 spaces and, in return, is a proposing car-sharing service. The application will go to public hearing July 23.

http://www.bclocalnews.com/tri_city_maple_...s/25596829.html

 

[joeiannuzzi]

Power system costs go up

Escalating construction costs have increased the estimate for an emergency power system for the Aldergrove Water Treatment Plant.

On Monday, council unanimously approved transfer of $169,246, from the treatment plant`s water filter replacement budget, to the emergency power plant fund.

http://www.bclocalnews.com/surrey_area/lan...s/25633084.html

 

[joeiannuzzi]

Highrise firefighting standards sought

Bylaw amendments sought by fire officials to deal with the challenges of fighting fires in highrises are set to come before council on Monday.

A growing number of tall buildings are on the horizon for the City of Kelowna, and, if the proposed changes are approved, owners of highrises who apply for a building permit after Aug. 1 will be required to comply with new conditions the fire department has set out.

According to the proposed amendment, owners of future buildings taller than six storeys will be required to have a room or closet on the sixth or seventh floor, and every seventh floor above that, dedicated to, and clearly identified as, a space for storing fire-fighting equipment.

http://www.bclocalnews.com/okanagan_similk...s/25636889.html

 

[joeiannuzzi]

Westside wants to be called a city

As a new community coming to grips with its place in this province, Westside wants a little more clout added to its name.

It wants to be called a city.

Under provincial law, Westside is currently considered a district municipality.

However, the Westside Renaming Committee`s chairman, Adam Less, said last year`s incorporation demonstrated the community`s will to be classified as a city.

"One of the reasons, I believe, Westside incorporated, is to have more impact on a provincial level and have more credibility as a self sustaining community," stated Less.

"Designating ourselves a city only helps to strengthen that."

http://www.bclocalnews.com/okanagan_similk...s/25636964.html

 

[joeiannuzzi]

Another record year for River City development?

It could be another record year for development in the River City.

At the halfway point of the year, the city has issued 1,038 building permits for a total construction value of $104 million.

That`s up from $94 million in 2007 and puts the city on pace to beat the record of $205 million.

The city had estimated $185 million of construction value for the year.

"We`re right on pace for another record year," said David Trawin, director of development and engineering services.

http://www.bclocalnews.com/bc_thompson_nic...s/25484049.html