BC Economic Fundamentals 2008-09

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0908BCBC
Province eyes tax cuts with $2 billion surplus

Despite a cooling economy, the B.C. Liberal government will head into a provincial election next year flush with cash and possibly wooing voters with more tax cuts.

Finance Minister Colin Hansen expects to rack up close to a $2-billion surplus this year on the strength of higher revenue from natural gas royalties, corporate income tax and the sale of drilling rights.

http://www.canada.com/victoriatimescolonis...46-186cb7416319

 

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0908BCBC
Provincial house sale values take dive

The value of B.C. housing sales plummeted nearly 50 per cent in August compared with the same month last year, highlighting the drastic changes slicing through all segments of the real estate market.

"We`ve seen it now for a number of months -- the decline in sales -- and demand has certainly come off its record levels last year," said Cameron Muir, chief economist for the B.C. Real Estate Association.

"It does have an impact on all markets in the province, particularly when we see not only a falloff in demand but also a sizable increase in the number of homes for sale."

http://www.canada.com/victoriatimescolonis...11-3838193917ff

 

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Businesses blast Telus plan to retire analog cell service

A Telus plan to retire analog cellphone service in British Columbia on Monday is drawing fire from the Canadian Federation of Independent Business.

"Anybody with an analog phone is going to be cut off on Monday, anywhere in B.C. Even if they are in a digital area, they are not going to have service as of Monday," the federation`s B.C. director of provincial affairs, Brian Bonney, said in an interview.

http://www.canada.com/vancouversun/news/we...4b-f4091090e269

 

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0908BCBC
Real estate among the rich

At first blush, the top end of British Columbia`s real estate market seems to follow that old observation about the rich being different from the rest of us.

Agents recorded 30 sales of mansions over the $5-million mark during the first seven months of this year, according to research by Landcor Data Corp.

The January sale of 3330 Radcliffe Ave. in West Vancouver for $28.2 million set a record for the highest sale price in the province, and the April sale of 6715 Crabapple Dr. in Whistler at $17.5 million marked a new high for the resort community.

http://www.canada.com/vancouversun/news/bu...a3-f1ffc275a77c

 

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BC Small Town Updates 2008-09-14

 

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0908VANC
Vacant suites draw lineups of up to 50 people

An "extreme shortage" of studio and one-bedroom apartments in Vancouver is driving parents, students and pet owners out of the rental market and leading to lineups for the city`s few vacant suites.

The vacancy rate for bachelor suites has plummeted to 0.3 per cent, compared to the national average of four per cent for major Canadian cities, according to the most recent data from the Canada Mortgage and Housing Corporation.

Vacancy rates for studio and one-bedroom apartments have been below one per cent in Vancouver since 2006.

http://www.canada.com/vancouversun/news/st...b7-b5f21caceb4a

 

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0908BCBC
As executor of an estate, what compensation should I seek?

Dear Chris,

I am the executor of my late brother`s estate. What I had expected to be a straightforward set of responsibilities has turned into an enormous job. I`ve had to take on extra help around the home and even temporarily step back from my part-time work to see this through. What compensation is fair for me to expect from the estate in order to help offset the impact this is having on my financial picture?

Joyce, New Westminster

http://www.canada.com/theprovince/news/mon...c7-7ceb6ab5be3e

 

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0908BCBC
Japanese ski resorts attract B.C. entrepreneurs

Skiers from Australia, Hong Kong, Singapore and elsewhere in Asia are descending on a resort in northern Japan, putting it smack in a line of traffic that used to bee-line for Whistler.

Niseko has been drawing these skiers because it gets a consistent dump of so-called "champagne powder" snow, the dry and smooth stuff. For skiers in Asia, it is also much closer to home, and cheaper on everything from airfare to lift tickets to real estate investments.

http://www.canada.com/vancouversun/news/bu...6b-06908e6bc408

 

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0908VICT
Housing prices decline sharply in large markets

Victoria`s 1.2 per cent drop in year-over-year average housing prices is reflecting declines seen countrywide, particularly in the most expensive markets.

Sales retreated in August for the country`s five priciest markets: Victoria, Vancouver, Calgary, Edmonton, and Toronto, the Canadian Real Estate Association said yesterday.

In its report on Canada`s major markets, the real estate group reported a seasonally adjusted 24,887 MLS-listed sales level last month, down 3.4 per cent from July. The number of sales dropped in all major markets except for Calgary, Edmonton and Regina.

http://www.canada.com/victoriatimescolonis...cc-66be785bbfd4

 

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Victoria`s economic outlook calls for continued growth

The capital region is looking at strong economic growth this year and further growth in 2009, a Canadian economic think-tank said yesterday.

The Conference Board of Canada released its report the same day as global markets were rocked by financial woes in the U.S.

"Victoria`s economic fortunes are expected to stay healthy in 2008," the board said yesterday in its latest Metropolitan Outlook.

http://www.canada.com/victoriatimescolonis...a3-f4f848d57e50

 

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0908VANC
City growth: West is best

OTTAWA -- Vancouver will post the weakest growth of major western Canadian cities this year, according to a Conference Board of Canada report.

But Vancouver`s 2.7-per-cent economic growth this year will still be enough to outpace that of any city east of Manitoba, the board said yesterday in its latest Metropolitan Outlook.

"Although the primary and manufacturing sectors are struggling, Olympic and non-Olympic construction activity remains robust," the board said of Vancouver.

http://www.canada.com/theprovince/news/mon...c6-1069b55c8199

 

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0908VICT
Gabriola residents to explore idea of bridge link to Island

Gabriola Island`s ferry committee, with much trepidation, has decided to explore the possibility of building a bridge to Vancouver Island.

"I`m still alive and we all survived," said Andre Lemieux, chairman of the island`s Ferry Advisory Committee.

The committee has voted to study the bridge idea after an often emotional debate.

http://www.canada.com/victoriatimescolonis...5d-e0341ac4c772

 

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0908BCBC
Strata council adds rental fees without permission

Dear Condo Smarts: I own two rental units in Vancouver. A number of us owners have noticed that our strata fees are not being allocated in the same way, so I started asking questions.

Without my knowledge, one of my tenants had requested the additional use of a parking stall. The council granted the request, but there was a charge of $125 per month. After three months, the tenant stopped paying the rental, so the council decided to add it to my monthly strata fees. In turn, without advising me, the property manager adjusted my direct withdrawal amount to pay the parking space rental.

Several other owners have also noted similar problems. I have two questions: How do we stop the strata from charging for items we didn`t authorize, and how does the strata get to charge additional rental fees above our strata fees?

http://www.canada.com/victoriatimescolonis...d9-928fae636d77

 

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Forestry is in worst slump since 1980s recession

Finance Minister Colin Hansen last week conceded to one discouraging note in his generally optimistic take on the state of the provincial economy.

"The downturn in the forest sector is certainly unprecedented," Hansen told reporters at the release of the quarterly update on the budget Friday.

"I think you`d never find a case where the volume has dropped off as fast as it has."

http://www.canada.com/vancouversun/news/st...3e-a4d3f2ea088a

 

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Liberals unveil B.C. election platform

The federal Liberals released a "made-in-B.C" agenda of social policies Tuesday, which the party hopes will attract centre-left voters away from the New Democrats in close three-way races in Metro Vancouver.

Michelle Hassen, the Liberal candidate in New Westminster-Coquitlam, said votes for the NDP will only ensure the continuation of the Conservative government.

"Two years ago, Jack Layton asked voters to lend him their vote," said Hassen. "The only payback on that loan was a Harper Conservative government."

http://www.canada.com/vancouversun/news/st...28-dd1709bddd1f

 

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0908VANC
Half-billion in capital works approved

vancouver I City council has approved $518 million worth of capital projects, including $23 million to upgrade Trout Lake community centre, an item not recommended by city staff.

But other projects worth $200 million were left off the 2009-2011 capital plan because city staff had received requests totalling $700 million.

Coun. Raymond Louie said council, at a special meeting Monday, added four other items to the plan, including possible funding for a Strathcona library, $1.5 million for the cycling network, $250,000 for street-tree planting and funds for to replace Firehall 15 while keeping it a heritage building.

http://www.canada.com/vancouversun/news/we...eb-5170025d3fda

 

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0908VANC
Stadium pitched for Stanley Park

The Vancouver Rugby club is pitching a plan to build a 10,000-seat rugby stadium at Brockton Oval in Stanley Park.

Jeremy Sabell, club captain and director of rugby operations, said the Vancouver Rowing Club wants to build a multi-use stadium that would draw international teams to Vancouver.

"Brockton Oval has hosted huge crowds and international matches and it can do it again," said Sabell.

http://www.canada.com/theprovince/news/sto...39-333423556b8a

 

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B.C. tech salaries see biggest jump in North America

Salaries in British Columbia`s technology sector saw the highest increase of anywhere in North America this year, according to the 2008 tech salary survey released Wednesday in Vancouver by the Human Resources Technology Group.

Tech specialists -- covering careers ranging from software engineers to animators to marketers -- enjoyed an average increase of 4.5 per cent in their paycheques, a jump that topped the Canadian average by almost a full percentage point.

http://www.canada.com/vancouversun/news/bu...94-b125850cca7a

 

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Before you buy: what homebuyers need to know about rental units

Thinking of supplementing your income with a rental property or unit? According to recent research, sixty-nine per cent of Canadian homeowners think that owning a residential rental property or renting part of their home is a good investment. But homebuyers considering this need to keep some important legal dimensions in mind. Work closely with your real estate lawyer to anticipate these issues:

http://www.canada.com/vancouversun/news/st...b7-4ed8b5ac49ff

 

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0908VICT
Developer submits sixth proposal for Crystal Court site

The developer of the old Crystal Court Motel site has submitted its sixth attempt to win approval for its plans from city council.

The latest proposal from Westbank Project Corp. for the site at 701 Belleville St. envisages two towers, one 12 storeys tall to the east and another nine storeys tall to the west on the lot.

It replaces plans for a single tower of about 17 storeys.

http://www.canada.com/victoriatimescolonis...b7-774910da09e6