BC Economic Fundamentals 2009-01

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0109BCBC
B.C. job market expected to shrink

The Economic Analysis of British Columbia report predicts total employment in 2009 will fall by 42,500 persons, and another 6,500 persons in 2010 before rebounding in 2011.

British Columbia`s job market will shrink almost two per cent in 2009 as the province sinks into recession, then contract a further 0.3 per cent in 2010, economist Helmut Pastrick said today.

That will mean a net 42,500 jobs lost this year and another 6,500 jobs lost in 2010 before employment recovers to 2008 levels in 2011, Pastrick said.

http://www.timescolonist.com/Business/mark...3550/story.html

 

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0109VICT
Building permit values up 10%

The value of non-residential building permits issued in Greater Victoria increased 10 per cent in the last four months of 2008, despite what is widely believed to be a slide into recession during the quarter, Statistics Canada reported yesterday.

There were $92 million worth of permits in the fourth quarter, up from $84 million in the previous quarter as civil engineering projects and institutional and commercial buildings got under way in the region.

http://www.timescolonist.com/Homes/Buildin...3551/story.html

 

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0109VANC
Downturn leaves development hanging -- literally

For many Vancouverites, the symbol of the Great Depression was the Hotel Vancouver. Construction on the hotel began in 1928, but was stopped in 1930, and the building wasn`t finished until 1939. Which means the shell of the building loomed over downtown for a decade before it finally opened, a highly visible reminder of the world economic collapse.

Some might think the symbol for the current economic downtown would be the Olympic Athletes` Village, which is mired in financing problems. But a more apt symbol might be the Ceperley Rounsfell building, a handsome two-storey structure at 848 West Hastings, which is suspended in mid-air.

http://www.vancouversun.com/news/todays-pa...3220/story.html

 

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0109VICT (Langford)
Developers love Langford

The impending move by Langford to cut development costs and even offer tax holidays for certain building types has met with almost universal support.

Developers are enthusiastic, but even politicians from some of Greater Victoria`s other 12 municipalities are offering congratulations.

"I think it`s positive," said David Saunders, mayor of Colwood, Langford`s neighbour in the West Shore.

http://www.timescolonist.com/Homes/Develop...8820/story.html

 

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0109BCBC
Urban critters: Black carpet beetle

What it`s called: The black carpet beetle, or in Latin, Attagenus piceus.

What it looks like: Like a lot of beetles, the black carpet beetle looks like a sturdy little gas tank with a tiny head and six segmented legs attached to it. And "little" is the operative word. The biggest carpet beetles grow to only about five millimetres in length. As its name suggests, it`s usually black in colour, but it can be reddish brown too.

http://www.vancouversun.com/Technology/Urb...9078/story.html

 

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0109BCBC
Employment opportunities abound in health care

The greying of the population is setting off alarms through the health care industry across the country as an increasing number of health care workers are reaching retirement age.

"We are in a real crunch," says Nicole Jantzi, regional manager of recruitment for Vancouver Coastal Health. "As the population ages, people need more care. The baby boomers are retiring, so we have a huge shortage of people in most areas.

http://www.vancouversun.com/Technology/Emp...9183/story.html

 

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0109KLNA
Latest building numbers confirm local economic slowdown

The second half of 2008 continued to be tough for the construction industry on the Westside.

And the Central Okanagan Regional District`s building statistics for November provide the confirmation.

Construction started on just seven new homes in the Central Okanagan West rural area during the month, while the District of West Kelowna saw only four new residential units started.

http://www.bclocalnews.com/okanagan_similk...s/37776119.html

 

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0109VERN
Four-plex proposal bylaw turned down

A controversial housing project in Okanagan Landing has been scrapped, but that may not stop development.

In a 4-3 vote Monday, Vernon council shot down a bylaw that would have changed the zoning on an Okanagan Avenue property from mobile home residential to four-plex residential.

"The residents were clear they weren`t in favour of it," said Mayor Wayne Lippert, who voted against the bylaw.

http://www.bclocalnews.com/okanagan_similk...s/37537199.html

 

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0109VERN
Real estate sales decline

Real estate activity continued its downward slide as 2008 came to a close.

In the North Okanagan, total sales dollars of all property types decreased 36 per cent in December and units sold dropped 41 per cent from the same month in 2007 (47 units sold compared to 91).

http://www.bclocalnews.com/okanagan_similk...s/37680089.html

 

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0109LMLD (Coquitlam)
City finalizes plan to borrow up to $25 million for overpass

A bylaw allowing the City of Port Coquitlam to borrow up to $25 million for rising Coast Meridian Overpass costs unanimously passed fourth and final reading Monday.

The move was finalized as a result of a stall in resources the city had expected to receive from development cost charges, land sales and grants from both the province and TransLink.

http://www.canada.com/coquitlamnow/news/st...0b-ab4f8eb60582

 

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0109LMLD (North Shore)
Developer proposes new rec centre

Lower Capilano may get its long-awaited community centre if a new proposal for redeveloping the former Capilano Winter Club is ultimately approved by District of North Vancouver council.

The community centre would be part of the final phase of the project proposed for the 1.8-hectare property between Capilano Road, Curling Road and Fullerton Avenue. Representatives for Larco Investments Ltd. presented the idea to district council at a workshop Monday evening with some 30 residents in attendance.

http://www.canada.com/northshorenews/news/...06-577976407d00

 

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0109LMLD (New Westminster)
Developer pitches higher tower - again

Aragon Developments is hoping the second time is a charm for its highrise proposal in Queensborough.

At its Jan. 19 meeting, New Westminster city council will give residents a chance to comment on a proposed highrise at the Port Royal development.

http://www.canada.com/newwestrecord/news/s...b6-8a92031ece97

 

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0109VICT
Mayor Fortin touts suite incentives for Victoria

Victoria homeowners who create secondary suites in their houses might be eligible for grants of up to $5,000 under a program proposed by Mayor Dean Fortin.

The goal of the $250,000 grant package would be to create more affordable housing in the city.

"If I can get a mom and three kids out of a hotel room, into decent-quality housing in a neighbourhood, that`s a great thing," says Fortin, whose report will go to councillors this week.

http://www.timescolonist.com/Homes/Mayor+F...3749/story.html

 

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0109VANC
Wall project joins condo turbulence

The future of another False Creek condominium project is in limbo.

Work on Wall Financial Corp.`s four-tower Wall Centre False Creek will likely be delayed.

The 414-unit complex is across the street from Vancouver`s embattled Olympic Village, a project of Millennium Developments.

http://www.canada.com/theprovince/news/sto...31-e846dbae3349

 

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0109VANC
City could remove village developer

Vancouver Mayor Gregor Robertson said Sunday "everything is on the table" as the city negotiates a plan to complete the troubled Olympic village -- including finding new lenders and removing the current developer from the project.

The city is armed with new borrowing powers freshly granted by the province to help it complete the task.

http://www.vancouversun.com/news/todays-pa...3553/story.html

 

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0109VICT
Price tag for dump cleanup in Highlands keeps rising

Sixty years ago, Millstream Meadows in Highlands was a dump site. Today, to those in charge of cleaning it up, it looks more like a money pit.

Regional politicians will soon wrestle with how much extra cash to sink into the contaminated land.

The Capital Regional District and provincial government have already spent $10 million to dig out, analyze and clean 75,000 tonnes of soil from what was an unregulated private septage dump site.

http://www.timescolonist.com/Technology/Pr...6918/story.html

 

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0109BCBC
B.C., Canada sign partnership pact

B.C. and the federal government are teaming up to bolster the economy through a $50- million partnership.

This is the first of four agreements being announced in Western Canada this week, Lynne Yelich, Minister of State for Western Economic Diversification, said in Vancouver yesterday.

http://www.timescolonist.com/Business/Cana...6970/story.html

 

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0109VANC
No quick solution to commuter woes

Work began yesterday on removing the burned-out trestle that connects the Pattullo Bridge to Surrey.

Meanwhile, authorities started the hunt for a replacement section, hoping to speed up the repair.

But it`s unlikely commuters will see any joy soon, since traffic is expected to be snarled for at least the next four weeks.

http://www.canada.com/theprovince/news/sto...55-7a1d45f65d66

 

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0109VANC
Wal-Mart cracks Vancouver market with Grandview store

retail I Wal-Mart would rather not have to do business in a recession, but the recession isn`t necessarily going to be bad for business, the incoming CEO of the mega-retailer`s Canadian division said Monday.

Wal-Mart plans to open its first Vancouver store Wednesday in the old Costco location near Grandview and Broadway, and David Cheesewright noted that Canadians are, contradictorily, planning to cut back spending even more than their deeply recession-bound neighbours.

http://www.vancouversun.com/news/Mart+crac...7070/story.html

 

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0109BCBC
Lawsuit against strata very much owners` concern

Dear Condo Smarts: I own a two-bedroom unit in a highrise development in Vancouver. Someone has anonymously put a note under everyone`s door in the building advising us that the strata corporation was sued in September and what are we doing about it?

My neighbour and I started asking the council questions and they refused to answer.

Now a notice has been sent by council advising that they in fact did receive notice of a suit in the fall. We found out it`s relating to a cancelled sale because the strata corporation did not supply the proper forms or building reports on request. One of the council members has advised that the lawsuit is none of our concern and they will advise it once it is settled.

Our owners are fuming. Shouldn`t the owners have the right to know what`s going on?

Sincerely,

Miss K. Lee

http://www.timescolonist.com/Technology/La...1223/story.html