BC Economic Fundamentals 2008-07

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Bus stops to be improved

The city has initiated the process of improving accessibility at bus stops, beginning with the 10th Avenue stop in front of the Phoenix Medical Building.
This location formerly contained a step several inches high under a covered area.
It also has a lamp post in the middle of the sidewalk, which was an obstacle for wheelchair and scooter users.

http://www.princegeorgecitizen.com/2008070...e-improved.html

 

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Owner of rundown motel stymied in renewal effort

Michael Clements took less than a minute back in 2006 to buy the rundown Capri Motel on Gorge Road sight unseen for more than a million dollars in an online auction.

It is taking him far longer to get Victoria city council to look favourably upon his ideas to redevelop the property and an adjacent house into a four-storey, 43-unit apartment building.

Clements stayed in Stony Plain, Alta., last week while council unanimously and once more shot down the development scheme, not even giving Clement`s architect the traditional courtesy to speak to the merits of the plan on behalf of his client.

http://www.canada.com/victoriatimescolonis...ec-c8b2bb32c9cc

 

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Province grants one-year delay in sewage plans

The provincial government has granted a request by local politicians to delay a progress report on sewage treatment by one year.

The Capital Regional District was required to submit a detailed business case for sewage treatment plants by Dec. 31. However, it recently asked the province for another 12 months, saying staff needed more time to look at locations, consult with First Nations and study a recently released provincial report on resource recovery which calls for a vastly decentralized network of small treatment plants.

http://www.canada.com/victoriatimescolonis...b8-258d5499558a

 

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City considers heritage status for postwar buildings

Victoria, known for its quaint turn-of-the-century architecture, one day might be also known for its modern buildings.

Tonight, city council is holding a public hearing to consider if 11 buildings constructed between 1945 and 1975 should be put on its heritage registry. They would be the newest on the list, joining 200 others constructed between the 1860s and the 1930s.

The registry serves to earmark architecturally important buildings. Redevelopment proposals affecting the properties are flagged by city staff to come to city council for consideration. But for full protection, the properties have to be designated.

http://www.canada.com/victoriatimescolonis...86-9fbb26439ad9

 

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Land Conservancy donates 65 hectares to CRD

Some 65 hectares of older, second-growth Douglas fir forest, large red cedar, open bluffs and wetlands have been donated to the Capital Regional District by the Land Conservancy.

The land, adjacent to Mount Work Regional Park in the Highlands, is valued at $2.2 million.

"It`s a fabulous piece of property," said environmentalist and Highlands resident Vicky Husband.

http://www.canada.com/victoriatimescolonis...57-7c865fcee0b5

 

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Island housing starts decline

Vancouver Island housing starts slid last month, but the decline was in line with expectations and the market still appears robust despite concerns over an economic slowdown, according to new industry data.

A total of 336 new homes started on the Island in June -- down 28 per cent from June of last year, Canada Mortgage and Housing Corp. said yesterday.

The slump is largely evident in Greater Victoria, where starts dropped to 148 last month from 309 in June 2007.

http://www.canada.com/victoriatimescolonis...7f-be95ccb0bbc5

 

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Ottawa cracks down on mortgages

TORONTO -- The federal government has cracked down on the mortgage industry with new rules that will make it more difficult for consumers to borrow.

One of the key measures the government has introduced is a stipulation that insured mortgage products not have an amortization period that is longer than 35 years. In the past two years, the amortization period has stretched from 25 years to as much as 40 with some people suggesting a 50-year amortization was soon to come.

http://www.canada.com/victoriatimescolonis...98-2fb5b520c7b6

 

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Empty houses look good to criminals

A massive development has turned a once-quiet Surrey neighbourhood into a haven for criminals.

Grandview Heights resident Fil Bettencourt is fed up with her new neighbours -- a motley assortment of thieves, arsonists and drug dealers who`ve started living in abandoned homes slated for demolition and eventual development.

But she`s even more fed up with the City of Surrey, which she says is "setting us up for crime" by letting developers leave the vacant homes standing for months before they`re destroyed.

http://www.canada.com/theprovince/news/sto...d8-66b48ac260fc

 

[joeiannuzzi]

Building still booms in Vancouver

New-home construction in Vancouver has been even busier this year than last, despite a decrease in housing starts in B.C. in June, according to data the Canada Mortgage and Housing Corp. released yesterday.

Home starts in the Metro Vancouver area were up nine per cent during the first six months of 2008 compared to the same time period the year before.

The increases came mainly from starts of multiple-unit homes, which more than offset a decline in the number of starts of single-detached homes.

http://www.canada.com/theprovince/news/mon...9c-98a607250a94

 

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Few B.C. companies find a niche in China`s construction boom

The growth of cities in China, along with the railways, roads and ports that connect them, may be filled with opportunity for construction and engineering companies, but there is nary a B.C. name that has made a significant go of this market.

A new report released by consulting firm PricewaterhouseCoopers on Wednesday highlights many gleaming statistics: That the construction market in China will reach $460 billion US by the end of 2008, and that construction spending in China will grow at a rate of 9.7 per cent annually through 2010. It points to a host of major, state-backed infrastructure construction projects that will drive the market, including the Three Gorges project, the 2008 Beijing Olympics, the 2010 Asian Games and the Shanghai World Expo.

http://www.canada.com/vancouversun/news/bu...b0-95bc29828329

 

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Demand a thorough home inspection

Make sure the real estate purchase contract includes an inspection clause. Typically, contracts allow home-buyers seven or so days after signing to have the property inspected. But that`s not always the case, so it`s important that the contract include a home-inspection clause. The results of the inspection can be used to ask the seller to fix trouble spots, or to adjust the selling price to cover the cost of necessary repairs.

http://www.canada.com/vancouversun/news/st...b7-578edc3ce3ea

 

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Power-line protesters can be arrested

VANCOUVER -- Tsawwassen residents protesting a massive power project in their community were hit with a double-whammy yesterday -- police have been granted the power to arrest them and a corporation has been given permission to videotape them.

At an emotionally charged court hearing in Vancouver, a judge gave police the power to arrest any protesters who continue to block a controversial, $275-million power transmission line in Tsawwassen.

http://www.canada.com/victoriatimescolonis...40-d0bdfc6d617c

 

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Mediated meeting offered on TFL plans

The Highways Ministry`s provincial approving officer has offered to attend a mediated public meeting to hear from people opposed to Western Forest Products subdivision plans on the southwest corner of Vancouver Island.

But, so far, that has failed to appease groups calling for a full public hearing into the plan for 319 acreages on former tree farm licence land around Jordan River, Otter Point and Shirley.

Also, the idea has not received support from the Capital Regional District -- which has called for approving officer Bob Wylie to hold a public hearing.

http://www.canada.com/victoriatimescolonis...8f-786e48aae552

 

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Mortgage changes will affect local buyers

New mortgage rules could cut buying power and make the difference between purchasing a single-family house and a condominium, according to a Victoria mortgage broker.

Federal measures making it tougher to borrow money come into effect in mid-October. "We still have a few months for buyers to get in and get their pre-approvals," Maria Dominelli, mortgage broker with invis, said yesterday.

Mortgage amortization is being reduced to a maximum of 35 from 40 years for insured mortgage products. Anyone with less than a 20 per cent down payment must have insurance from a financial institution covered under the Bank Act.

http://www.canada.com/victoriatimescolonis...93-54e0af87aa59

 

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Sheraton close to opening

It looks as though the new Sheraton hotel in Langford will finally be open by the end of this month.

"There are a couple of touches we want to do," manager Joe Striegan said yesterday. "More or less, everything is completed."

He expects the 117-unit Four Points by Sheraton Victoria Gateway Hotel on McCallum Road, behind the big-box Costco store, will open before July 31.

http://www.canada.com/victoriatimescolonis...4b-bd2309362391

 

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Demolition of Woodlands starts today in New West

Work to demolish the burned-out remnants of Woodlands School in New Westminster is slated to begin this morning.

It can`t start soon enough for the local fire department. Four suspicious fires have been set at the 130-year-old institution on Columbia Way in the last week.

Wednesday`s blaze, which required the evacuation of about 150 nearby residents, all but finished off the heritage building.

http://www.canada.com/theprovince/news/sto...20-287b09b1cd92

 

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Plans for image change put on hold for now

WHITE ROCK - The city has put the brakes on a drive to overhaul the its image.

Citing other important tasks, such as an official community plan review, that council must deal with before its August hiatus, city manager Peggy Clark said a final report on branding White Rock will be shelved "until at least September." It was originally scheduled to go before council on Monday.

http://www.canada.com/vancouversun/news/we...d0-76101ab4ac94

 

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Foreclosures mount in U.S. but not in B.C.

While the U.S. housing market continues to see mounting foreclosures, the number of mortgages in Canada and British Columbia that are in trouble are near all-time lows.

The introduction of 40-year amortization periods and zero-down mortgages two years ago appears to have had no negative effects.

And that`s because only one thing is important when it comes to foreclosures -- the state of the economy, experts say.

http://www.canada.com/vancouversun/news/bu...84-af99022cea40

 

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NovaGold working to re-engineer Galore Creek property

NovaGold Resources said Friday it continues to re-engineer the Galore Creek project in northwest B.C. and expects to announce a preferred project design in the fall.
A new feasibility study, scheduled for 2009, will update cost estimates for the project and may allow for the restart of construction, said the company in announcing an $8-million second-quarter loss.

http://www.princegeorgecitizen.com/2008071...k-property.html

 

[joeiannuzzi]

City`s economy creates 500 jobs

Prince George`s unemployment rate declined to 7.6 per cent last month from 8.2 per cent in May, according to figures provided by Dwayne Prokopowich, labour market information analyst for Service Canada.
Over the past month, the number of part-time jobs increased by 800, helping to offset a decline of 300 full-time jobs. The result was a net increase of 500 jobs.

http://www.princegeorgecitizen.com/2008071...s-500-jobs.html