BC Economic Fundamentals 2008-07

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Land swap gives lift to airport expansion

Following what amounts to a lopsided land swap, 166 hectares of land around the Campbell River airport is on the open market and ready to be developed.

By offering a swap of 480 hectares of what was determined to be superior quality land to be included in the Agricultural Land Reserve, TimberWest has successfully pulled 166 hectares out of the ALR with the intention of selling it in parcels.

According to TimberWest`s Stephen Bruyneel, no price has been set for the land, which is directly south of the airport adjacent to the entrance, and they do not intend to list the land with an agency.

http://www.canada.com/victoriatimescolonis...2d-5c1bf2c34ec4

 

[joeiannuzzi]

Get agreement in writing before any work is done

Dear Condo Smarts: Our strata recently replaced the roofing system on our building. The special levy that was approved was for the amount of $175,000 to cover the total cost of the project.

We have just discovered the actual amount of the project was $261,000, a cost overrun of $86,000. This amount was paid out of our reserve funds and leaves us with barely $1,000 for emergencies.

Council claims the bid was only a verbal quote and, once the project started, damages were discovered. When they received the invoice, the contractor pointed out it was only a quote and there was nothing in writing.

http://www.canada.com/victoriatimescolonis...8f-b9f08f55ae64

 

[joeiannuzzi]

TransLink plans new fundraising

Provincial Transportation Minister Kevin Falcon hinted yesterday at some "innovative ways" the new TransLink board is considering to pay the huge cost of transportation improvements.

Falcon said he is aware of local politicians` deep concerns about TransLink funding after recent meetings with Surrey Mayor Dianne Watts, head of the mayors` council on transportation, and Delta Mayor Lois Jackson, leader of the Metro Vancouver board.

If TransLink continues its current plans, its accumulated surplus of $400 million will be wiped out by the end of 2011 and it would run an estimated annual deficit of $150 million.

http://www.canada.com/theprovince/news/sto...f8-7bc146159afc

 

[joeiannuzzi]

Vancouver office space at premium

Downtown office space is easier to rent in Tokyo than Vancouver.

It`s also easier to find vacant office space in 84 other big cities in the world, according to a new real-estate report showing downtown Vancouver has the twelfth tightest office-vacancy rate in the the world.

At 2.3 per cent, the city has the lowest downtown office-vacancy rate in Canada. Toronto has the second-tightest downtown office space with a 3.8-per-cent vacancy rate. Among big U.S. cities, Boston has the lowest rate at 6.6 per cent.

http://www.canada.com/theprovince/news/mon...bb-984b527cc6f9

 

[joeiannuzzi]

Library proposal sparks furore

VANCOUVER - Usually, neighbourhoods are happy to get a new library. But a proposal to build a $14.5-million library at Hastings and Heatley has some Strathcona residents outraged because it would involve tearing down historic buildings in the city`s oldest neighbourhood.

The main bone of contention is the Heatley Block, a two-storey commercial building that has four commercial spaces on the main floor and a rooming house above. Built in 1930, it is the only "character" building left on a fairly bleak strip of Hastings.

"The City of Vancouver went out real estate shopping for a site for the new public library, and they just happened to buy the best building on that part of Hastings," says John Atkin of the Strathcona Residents Association.

http://www.canada.com/vancouversun/news/we...13-735e0b100bf3

 

[joeiannuzzi]

Day vows efficient border crossings for Olympics

Visitors to the 2010 Olympics in Vancouver will not face lengthy delays at the Canada-U.S. border, Federal Public Safety Minister Stockwell Day vowed Tuesday.

Speaking to the Pacific North West Economic Region forum, Day said "a great amount of resources and planning," will be put into improving the efficiency of border crossings prior to the Games.

"We are not going to be having these long, multi-hour lineups at the border that some people are talking about," Day added. "I want to give you that assurance today."

http://www.canada.com/vancouversun/news/bu...63-20c9d0eb42f2

 

[joeiannuzzi]

Property transfer tax a bad law that needs to be fixed

Is it fair, I asked B.C.`s revenue minister, to charge property transfer tax on someone`s own assets -- on improvements they`ve long since paid for, and paid the sales tax on -- when, after a period of leasing, they finally buy the land?

Is it rational, I asked the small business minister, to nail some start-up businesses with an extra tax that richer competitors don`t pay just because a cash-strapped owner must lease land for a few years until he can afford to buy?

I asked these questions a dozen different ways on Monday. And the minister I asked -- in both cases Kevin Krueger, who took over both portfolios a month ago today -- assiduously ducked.

http://www.canada.com/vancouversun/news/bu...00-438f013a40fd

 

[joeiannuzzi]

Pickens sees $300 oil unless U.S. cuts imports

WASHINGTON -- Oil prices will hit $300 US a barrel in 10 years if the United States fails to reduce its dependence on foreign imports, billionaire oil investor T. Boone Pickens told U.S. lawmakers on Tuesday.

The U.S. imports nearly 70 per cent of its oil and Pickens said the world`s top petroleum-consuming nation would import 80 per cent in a decade if it does not aggressively tap its own natural gas and renewable resources.

He testified as the Senate planned to debate energy legislation amid calls for more drilling to help lower oil prices which hit a record $147 a barrel this month.

http://www.canada.com/vancouversun/news/bu...5f-a4325ad8691c

 

[joeiannuzzi]

Hydro infrastructure overdue for upgrade

B.C. Hydro`s infrastructure is aging and in need of upgrading and its service in Prince George is no exception, says a company spokesperson.
"You wouldn`t be much different from the rest of the grid," said Susan Danard on Wednesday. "The big growth for Hydro was some years ago ... there was a lot of public sector growth in the `60s and the `70s and maybe into the `80s and then there was a period in the last 20 years where maybe there wasn`t as much building going on in any types of public infrastructure. And so hydroelectric infrastructure wouldn`t be much different than other kinds of buildings."

http://www.princegeorgecitizen.com/2008072...or-upgrade.html

 

[joeiannuzzi]

Ferry fares rise for second time in year

B.C. Ferries has been given approval to add a fuel surcharge on all routes except those serving northern communities, effective Aug. 1.

That means fares will go up 10.3 per cent on major routes and 17.6 per cent on 18 minor routes in time for the long holiday weekend.

On major routes, which include Swartz Bay-Tsawwassen, Duke Point-Tsawwassen and Departure Bay-Horseshoe-Bay, the fare for a car and driver will increase to $61.40 from $56. Specific increases for the smaller routes have yet to be finalized.

http://www.canada.com/victoriatimescolonis...00-14478e1f13c9

 

[joeiannuzzi]

Green groups demand cabinet axe subdivisions

Lawyers for the Sea-to-Sea Greenbelt Society, supported by other environmental groups, are demanding the provincial cabinet quash subdivision applications for land west of Sooke.

The province should restore democratic control over land use to the Capital Regional District and rectify some of the problems which spun out of provincial decisions on former tree farm licence land, lawyer Irene Faulkner wrote in a letter delivered yesterday to Premier Gordon Campbell and members of cabinet.

http://www.canada.com/victoriatimescolonis...72-a50b9fe56ddf

 

[joeiannuzzi]

Huge turnout expected for Ellice Street park hearing

The line to get into Victoria city council tonight could well exceed the movie queue for the new Batman film.

The public hearing to rezone Ellice Park to make way for an emergency shelter for homeless people is on the agenda and a large crowd is expected to attend.

On one side of the issue are many Burnside Gorge residents who say they are being asked to shoulder more than their share of social issues in their community. They fear moving the users of the downtown Streetlink shelter on Store Street will fan drug and prostitution problems in the area.

http://www.canada.com/victoriatimescolonis...40-dc0a7a8ad1f1

 

[joeiannuzzi]

Yard parking banned for Games

Olympic organizers plan to stop Hastings Park residents from making a few extra bucks by turning their yards into parking pads during the 2010 Games.

"It`s causing a lot of difficulty with people jumping in the way of cars and soliciting for parking," said Jerry Dobrovolny, Vancouver assistant city engineer, yesterday. "It`s not allowed for people to operate a large-scale parking operation in a residential neighborhood. We will expect that property owners follow the rules."

He said that licensing and zoning regulations prohibit people from charging spectators to park their cars.

http://www.canada.com/theprovince/news/sto...a4-2c2f3b97388c

 

[joeiannuzzi]

Historic Bose farm sold for townhouse project

One of the earliest and most prominent heritage sites in Surrey -- the 116-year-old Bose Farm -- has been sold by the family and is now on a developer`s drawing board as the site for a major townhouse project.

And even though the purchaser -- Abbotsford-based Rempel Development Group -- has a good reputation, the city`s Heritage Advisory Committee doesn`t like the early planning for the 150-acre farm, which was founded by Henry Bose in 1892.

To make way for up to 200 townhouses on the property, the developer has the option of relocating the farm`s heritage buildings, including the Bose farmhouse built in 1899, from the current location overlooking the valley at 64th Avenue near 164th Street in west Cloverdale, down to lower land on the site.

http://www.canada.com/theprovince/news/sto...01-e4a3dd3826ac

 

[joeiannuzzi]

No rebound in lumber for at least a year

B.C.`s ravaged lumber sector must wait for at least another year before its key U.S. market begins to improve, industry analysts said yesterday.

PricewaterhouseCoopers forestry expert Craig Campbell said a badly needed updraft in lumber prices may not arrive until the back half of next year. B.C. could see more mills shut down, he warned.

"There`s a lot of blood out there and we`ll see some more casualties if lumber prices stay where they are," Campbell said as his firm released a survey of the global industry`s 2007 performance.

http://www.canada.com/theprovince/news/mon...11-bee55745796f

 

[joeiannuzzi]

Marketing Your Rental Unit

Every landlord wants to find the ideal tenant -- the person who always pays rent on time, never disturbs others, doesn`t complain or cause conflicts and keeps the premises in better condition than when he or she moved in. While this theoretical ideal may be unattainable, the way you maintain and market your property will affect what type of tenants you attract.

Effective marketing will increase your chance of attracting the ideal tenant for your situation. The more clearly you state the benefits of your premises, the greater the odds of attracting appropriate prospects.

http://www.canada.com/vancouversun/news/st...1f-1a0a24954aeb

 

[joeiannuzzi]

Open house for neighbourhood plan

A public open house will be held Tuesday evening for a proposed long-term plan for a development at the north end of the city.
Called the Glenview Crescents neighbourhood plan, it outlines the broad intentions for 63 hectares east of the ends of Knight Crescent and Chestnut Drive, just off the Hart Highway.
The open house will be held at Eagles Hall, 6742 Dagg Road, from 7 to 9 p.m.
Main features include:
- Nordic Drive will be extended north and meet with Knight Crescent, which will be extended east;

http://www.princegeorgecitizen.com/2008072...rhood-plan.html

 

[joeiannuzzi]

Time for a bridge to mainland?

When ferry fees go up, so do calls for a fixed link between Vancouver Island and the mainland.

"Start pouring the foundations for the bridge today," Chris Prestly posted on the Times Colonist website in the wake of this week`s hike to $61.40 for car and driver come Aug. 1. "I`ve got no problem paying a toll vs. these insane ferry surcharges."

But does the idea hold water? Maybe not, experts say. Here`s why.

http://www.canada.com/victoriatimescolonis...15-f4f18db8cfe6

 

[joeiannuzzi]

Region`s office space scarce, vacancy rate hits 13-year low

An increase in demand, coupled with new supply of office space still at least a year if not two away from being complete, has driven the office vacancy rate in Victoria to a 13-year low according to a mid-year report from Colliers International.

Overall office vacancy in Victoria dropped to 2.3 per cent from 2.9 per cent over the first six months of the year according to the commercial real estate firm. There are expectations it could hit two per cent by the end of the year.

"The vacancy rate was as high as nine per cent in 2004 and it`s now approaching two, and I believe we will hit that or go lower by the end of the year," said Colliers` Bob Law, one of the authors of the report. "It`s come down from 2.9 in six months, and that`s a really significant change -- demand is far exceeding supply at this point."

http://www.canada.com/victoriatimescolonis...28-3c606f1b96a5

 

[joeiannuzzi]

$765 million sailing into B.C.

Development of a new cruise-ship terminal in Seattle isn`t expected to dampen business in Vancouver, according to Vancouver port officials, who maintain the local cruise-ship industry remains robust despite a slight dip in annual passenger numbers.

If anything, the local cruise scene is booming with findings of a recent economic-impact study pointing to a dramatic jump in the amount of cash the cruise lines, their passenger and their crews are pumping into the local economy when they dock.

http://www.canada.com/theprovince/news/mon...be-7466d94bcad0