BC Economic Fundamentals 2008-09

[joeiannuzzi]

What`s Behind the Curtain?
B.C.
2008-09
Daily Online Edition
BC Economic Fundamentals 2008-09

The following codes will be at the top of each post using an eight sequence alphanumeric description of the month, year and area:

MMYYAREA

Examples

0908BCBC = Sept 08 British Columbia

0908VANC = Sept 08 Vancouver

0908VICT = Sept 08 Victoria

If you wish to view only one area, you can use the advanced search mode and select the "Result Type" > "Show results as posts". style="font-size:12pt;line-height:100%">

I have also color coded each area along with the caption to make it easier for you to simply scroll through the posts and locate the ones you are interested in.

All the small towns that have online newspapers are covered on Sundays.

The daily posts will continue as there is an enormous demand for this information.

 

[joeiannuzzi]

0908BRCL
Shady employment agents prey on foreign workers

Antonio Navarro`s story speaks of the uglier side of what is happening as B.C. targets the Philippines as a source of labour to ease its shortages.

In a nutshell, unscrupulous agents are charging some temporary foreign workers like Navarro illegal, but very common, placement fees. Then, in cahoots with employers and other agents, they are duping these workers with bogus job offers, leaving them in a new country with no income, significant debt and precarious visa situations.

http://www.canada.com/vancouversun/news/bu...66-a44c7e4a44dc

 

[joeiannuzzi]

0908VANC
Richmond, airport threatened by the sea

The City of Richmond and Vancouver International Airport are at risk of being washed out as a result of rising sea levels, flooding and more frequent storm patterns, a climate researcher says.

Ian Walker, of the University of Victoria, says Canada has the longest coastline in the world and more than 80 per cent of it is submerging due to rising sea levels. But even areas where the sea level is stable are at risk, he says, because of the greater frequency of storms, particularly on the Pacific coast.

http://www.canada.com/vancouversun/news/st...32-0a8c4d086e54

 

[joeiannuzzi]

0908BCBC
Regulators clamp down on Freedom Investment

More trouble for the Vancouver-based Freedom Investment Club, this time from the B.C. Financial Institutions Commission.

On Wednesday, FICOM issued a cease-and-desist order against the club and various related parties after learning they were promoting investments in subprime mortgage properties in the United States without being licensed under the B.C. Real Estate Act.

http://www.canada.com/vancouversun/columni...b6b2688&p=1

 

[joeiannuzzi]

0908BCBC
Two-tier Hydro billing zaps the power-thirsty

Residential electricity customers who go over a pre-set limit will have to pay a higher rate under a two-tier system B.C. Hydro plans to roll out next month.

The utility has won approval from the B.C. Utilities Commission to switch to a two-rate system that aims to reward people who conserve electricity and impose higher costs on those who don`t.

http://www.canada.com/victoriatimescolonis...4a-08150cfd3f50

 

[joeiannuzzi]

0908VICT
Economic development gets a boost from Ottawa

Federal Natural Resources Minister Gary Lunn`s whirlwind pre-election tour, which included stops for five separate engagements around the region yesterday, included the announcement of $225,000 in funding for the Greater Victoria Development Agency.

Lunn, the MP for Saanich-Gulf Islands, admitted to reporters he was intent on making some announcements this week before an election is likely to be called. Although he couldn`t pinpoint the key GVDA initiatives that piqued his interest, he did say it was important to fund organizations that promote economic development.

http://www.canada.com/victoriatimescolonis...09-873b057aae21

 

[joeiannuzzi]

0908VICT
Real estate prices slide, listings pile to 12-year high

The average price of a single-family house in Greater Victoria slid to $549,914 in August, almost a five per cent drop from July and the lowest average since spring of last year.

Fewer sales and a rising inventory have had their effect on the capital region`s real estate, Tony Joe, president of the Victoria Real Estate Board, said yesterday. "It causes things to soften a little bit," he said.

http://www.canada.com/victoriatimescolonis...ce-8b4fe3fa41ca

 

[joeiannuzzi]

0908BCBC
Bylaw enforcement one way to deal with illegal suites

Dear Condo Smarts: Is there a way to deal with the illegal rental of part of a strata lot?

Our strata in Esquimalt has 45 townhouses, 20 of them have basements. Three owners in our strata have decided to sublet their basements and set up illegal suites.

Our strata corporation does not prohibit rentals, but our bylaws do require that each townhouse may be occupied by one family. The rentals have resulted in parking problems, conflicts with neighbours and, in one case, an aggressive dog that has since been seized by the pound. Are there any other regulations that we can enforce that might help us resolve this problem?

http://www.canada.com/victoriatimescolonis...54-f5af81552ec5

 

[joeiannuzzi]

0908VICT
Forest land debate rages on

An open house is no substitute for a public hearing, say opponents of Western Forest Products` plans to subdivide land around Jordan River, Shirley and Otter Point.

The Capital Regional District and lawyers for the Sea-to-Sea Greenbelt Society have called on Highways Ministry approving officer Bob Wylie to hold public hearings before deciding on the future of the lands west of Sooke. But no decision has yet been made because the company has not yet submitted all the necessary information, said ministry spokesman Dave Crebo.

http://www.canada.com/victoriatimescolonis...35-97d891823715

 

[joeiannuzzi]

0908VICT
Island real estate listings more than double

Almost twice as many single-family houses are for sale on Vancouver Island north of the Malahat compared to last year, the Vancouver Island Real Estate Board said yesterday.

Despite skyrocketing inventory and fewer sales the average price of a house, at $345,722, was slightly higher last month than it was in August of last year, when it was $339,975. Last month`s average is, however, below July`s at $354,120, the board said.

http://www.canada.com/victoriatimescolonis...a3-0250a78a8b14

 

[joeiannuzzi]

0908VANC
Buyers see hope as home prices decline

The turn of the Lower Mainland real estate market`s cycle has been more dramatic than expected, with real estate boards reporting another drop in sales and slide in prices at the end of August.

In Greater Vancouver, August Multiple Listing Service sales were down almost 54 per cent to 1,568 units, compared with 3,348 units in the same month a year ago.

So-called benchmark prices across Greater Vancouver in August, while still up from 2007, continued their slide from May.

http://www.canada.com/vancouversun/news/st...ce-207a61440685

 

[joeiannuzzi]

0908BCBC
Trees worth more alive, says study

Logging B.C.`s old-growth forests would produce chump change compared to the economic benefit of letting them stand, says a new study.

Researchers at Simon Fraser University say a tweak in perspective can reveal the true value of a forest. Rather than value trees as lumber, researchers estimated the worth of forests as carbon storehouses, recreation sites and sources of products other than timber -- for example, wild mushrooms.

http://www.canada.com/victoriatimescolonis...5f-04a1475dcad1

 

[joeiannuzzi]

0908VANC
BC Place to get $65-million update

VANCOUVER - Patrons attending events at BC Place stadium can look forward to better food, better ambience and improved accessibility for the disabled, BC Pavilion Corp. chief executive officer David Podmore said Thursday.

Podmore said a $65-million contract to refurbish the stadium has been awarded to Dominion Fairmile Construction as general contractor.

"We will complete that work within the $65-million budget," Podmore said during a news conference at the 25-year-old stadium.

http://www.canada.com/vancouversun/news/we...b7-87ca1fc252c2

 

[joeiannuzzi]

0908BCBC
Home buyers `sitting on their hands` in buyers` market

It`s a buyer`s market in real estate around British Columbia, according to a new Landcor Data Corp. report, although company president Rudy Nielsen reckons buyers are just sitting on their hands for the time being.

Landcor tracked lower sales and slower price gains in most markets around the province to the end of June. The median prices of some home types dipped into negative territory from the first to the second quarter, Landcor found.

"I`m not an economist," Nielsen said, "but it seems everybody is sitting right now on their money, sitting back to see what`s going to happen [with the market]."

http://www.canada.com/vancouversun/news/bu...28-e651fc80e299

 

[joeiannuzzi]

0908BCBC
Property auction nets less than hoped

Developer Dave Milne admits it was a gamble to auction off five building lots in his Sakinaw Ridge project on the Sunshine Coast.

And the prices those lots fetched were 20 per cent below list prices when they were put on the block Wednesday night by Ritchie Bros. Auctioneers.

Milne, however, said he is relatively happy with the outcome given slow sales in the area around Pender Harbour, where his project is located.

http://www.canada.com/vancouversun/news/bu...35-331fce8f2999

 

[joeiannuzzi]

0908VICT
Victoria continues to set the national employment pace

Victoria continues to lead the way for the nation when it comes to employment according to Statistics Canada`s monthly labour force survey.

While the national number cruncher found the country gained a better-than-expected 15,200 jobs in August -- a rebound from the big drop in employment the previous month -- Victoria`s employment picture held steady with an unchanged 3.2 per cent unemployment rate.

http://www.canada.com/victoriatimescolonis...db-6a3b929f2eff

 

[joeiannuzzi]

0908BCBC
Risk of forest fire devastation fuels calls for safety measures

EDMONTON -- Until the Lost Creek fire roared down the mountain to within a stone`s throw of his house, Jerry Kumiszczo never dreamed his home could be at risk of being consumed in a forest fire.

"You always read about fires happening in the papers or on TV, but you never think it will be you," explains Kumiszczo, who lives with his wife and family in Crowsnest Pass, Alta.

"I don`t think we were prepared at all. We didn`t think it was going to happen."

http://www.canada.com/victoriatimescolonis...54-6cf392f68423

 

[joeiannuzzi]

0908BCBC
Tories have big lead in B.C.: survey

Prime Minister Stephen Harper and his ruling Conservatives are entering the fall election campaign with a commanding lead in British Columbia, says a new poll for Canwest News Service.

The public opinion survey, by Ipsos Reid, found that the Tories are supported by 43 per cent of voters, compared to the Liberals at 27 per cent and the NDP at 16.

The numbers vary from the result of the 2006 election, when the Conservatives won 37.3 per cent of the popular vote in B.C. and took 17 seats, the NDP received 28.6 per cent with 10 seats and the Liberals got 27.6 per cent and nine seats.

http://www.canada.com/vancouversun/news/st...a8-ecbb26cbe922

 

[joeiannuzzi]

0908VANC
Port terminals trade roadways for seaways

Metro Vancouver port terminals aim to take 650 trucks per day off congested Metro roads with a series of new shortsea shipping routes that will trade roadways for waterways to move cargo around.

The federal government announced Friday it will spend $20 million from its Asia-Pacific Gateway initiative to help port operators and municipalities build up to $43.5 million worth of facilities and infrastructure in seven separate projects.

Five of the projects involve construction of barge docks and ramps, allowing terminals to load containers onto barges by crane or drive them on by truck.

http://www.canada.com/vancouversun/news/bu...c1-060a553c5d92

 

[joeiannuzzi]

BC Small Town updates: 2008-08-31 and 2008-09-07