BC Economic Fundamentals

joeiannuzzi

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To all my fellow REIN members, here are the latest economic updates regarding BC. Please join me in posting your news articles for the province which will host the 2010 Winter Olympics!
 

joeiannuzzi

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Softwood lumber decision a relief for B.C.



An international arbitration tribunal delivered a split decision Tuesday in the first test of the 2006 Softwood Lumber Agreement.

It turned down an American complaint that could have cost B.C. forest companies $50 million in additional taxes, but upheld the complaint against central and eastern Canadian provinces.

The ruling was greeted in Canada with relief.



http://www.canada.com/vancouversun/news/bu...a1a&k=29528

 

joeiannuzzi

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Sales slow, but prices still up for Metro Vancouver real estate

Inventories of residential real estate swelled in February and sales slowed across the Lower Mainland in February bringing more balance to local markets, according to the latest statistics.

Greater Vancouver saw new listings on the Multiple Listings Service rise 26 per cent in February to 5,260 compared with the same month a year ago. Sales, meanwhile, declined 6.4 per cent to 2,676 compared with February 2007.

http://www.canada.com/vancouversun/news/bu...013&k=31716

 

joeiannuzzi

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City of North Vancouver denies rezoning in hopes of lot assembly.

The preference of a narrow majority on City of North Vancouver council to see a development proposal that assembles a series of narrow, deep lots along the north side of the 100-block of 23rd Street led to a 4-3 split vote against a duplex rezoning application for one lot in the middle of the block.

That block is part of the Western Avenue planning study which netted a density increase along 23rd Street from a Level 1 low level to a Level 4 medium density.

http://www.canada.com/northshorenews/news/...2e-29b70e9e86f8
 

joeiannuzzi

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New Heights at Hemlock

Mountain manager John Ens is on the line from his office at Hemlock Valley Resort, where something has just happened to the roof.

There`s a loud crash, and then a commotion. Voices and radio static blast in the background.

"Can you hold on?" Ens asks.

The line grows quiet.

A minute later, he calmly describes how a load of snow on the roof has just let go. There`s no damage.

Situated in a natural bowl amid a spectacular alpine setting – and clearly blessed with exceptionally large snowfalls – Hemlock is the Fraser Valley`s winter playground.



http://www.bclocalnews.com/business/16184157.html
 

joeiannuzzi

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IBM taps into Kelowna

Pristine lakes and sunny skies may be what brings the tourists to Kelowna, but it`s the ability to withstand natural disasters that just brought a major IBM presence here.

By the end of this year, a partnership between local company Rackforce and IBM will come to fruition, with the completion of a 85,000 square-foot data centre that has the capacity to store 35,000 terabytes of data, explained Brian Fry, Rackforce`s vice-president and co-founder.

http://www.bclocalnews.com/businessexamine...to_Kelowna.html
 

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Finance minster knocks Ontario, approves of B.C.

Federal finance minister Jim Flaherty slammed the Ontario government for its high business taxes and applauded the B.C. government Wednesday for its recently announced cuts.

The federal government, which announced in October a drop in its business tax to 15 per cent by 2012, has been urging the provinces to lower their rates to 10 per cent during the same time frame, Flaherty told the Vancouver Board of Trade.

http://www.canada.com/vancouversun/news/bu...7d-fdb17f624f82
 

joeiannuzzi

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Credit card invitations to children raise alarm about mining Web for info

The arrival of more than 100 credit card solicitations addressed to members of a Port Moody youth swim club has parents worried that swim-meet results posted online have inadvertently made their children the target of mass marketing campaigns.

The incident has prompted CIBC to stop using the services of the company that sent out the bank`s credit card solicitations to children in the club.

http://www.canada.com/vancouversun/news/bu...ec-98d3c35a67da
 

joeiannuzzi

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Wal-Mart a signal something is happening

Years ago we used to look at the `Big Mac Index`. This looked at the price of a Big Mac in different cities and based on what prices were (i.e. $1.50 versus $3...) we could understand the relative strength of the economy in that city. Then we looked at the Costco index. Wherever a Costco store opened ... a good place to buy real estate as that company clearly did its research before opening a store.

Well, now ... it is clearly the Wal-Mart index. Or at least ... follow Wal-Mart when buying real estate.

http://www.canada.com/vancouversun/story.h...a4-ec45a674ed40
 
R

RussellWestcott

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#10
Average house price in Greater Vancouver nearing $1-million mark

Different Headline from the one Joe posted yesterday... similar story, but this one is more focused on the Greater Vancouver Area.

Couple of Quotes:

QUOTE At an asking price of $889,000, the Second World War bungalow in the 3100-block West 10th Avenue in Vancouver seemed like a bargain to realtor Terry Flahiff yesterday.

With the average price of a detached home in Greater Vancouver nearing $921,000 last month, Flahiff`s listing could be considered a bargain.

QUOTE Helmut Pastrick, chief economist with Credit Union Central of B.C., said it won`t be long before the region`s average house price breaks the million-dollar mark.

"At some point, we are going to see that $921,000 break $1 million -- it won`t be that far off."

Andrew Ramlo of the Urban Futures Institute predicts the $1-million average price will continue to push people out of Vancouver and into multifamily developments.

Click here to read full story

****************************

Any wonder why some people in the Lowermainland are moving down the Valley or further out into the areas of Maple Ridge and Pitt Meadows. Once the Gateway project kicks into full gear, will impact those areas that we identified in our BC transportation report, if you have not read this report click here

This report has been updated for 2008
 

joeiannuzzi

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Security systems help, but not perfect solution

Police say best prevention is still `a pair of eyes`


VICTORIA -- Homeowners seeking peace of mind are turning to high-tech alarms and surveillance equipment to protect their investments. But police say the best prevention is still a pair of eyes.

Although Lisa Baumeler has never had a problem with property crime in the 17 years she has lived in her North Saanich neighbourhood, she still made sure her new home was fitted with the latest high-end security system.

http://www.canada.com/vancouversun/news/at...92-20fda6e29820
 

joeiannuzzi

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Sophia more than a buyer, seller drama: All of us are players

As I was driving to BC Place two Saturdays ago, my thoughts were focused on the final two days of the home show. The sun was shining, the air was still -- ideal conditions for many outdoor activities revered by folks here in Lotusland-by-the-Sea, but not so good for attendance at indoor shows.

As I neared the stadium, storm clouds appeared, via my cellphone. Shannon Patterson, a hard-working reporter from CTV, called to ask if I had heard that Sophia, an 81-unit condo project in Vancouver`s Mount Pleasant neighbourhood, was placed in receivership. No, I told her.

http://www.canada.com/vancouversun/news/we...97-a091aac15f6a
 

joeiannuzzi

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#13
Whistler-area realtors eye Olympics

The countdown is on for the 2010 Winter Olympic Games in Vancouver/Whistler, with less than two years to go until the official opening ceremonies.

An unofficial "event" tied to the games has already begun -- predicting what effect the international competition will have on real estate in the Sea to Sky corridor from Vancouver to Whistler.

http://www.canada.com/calgaryherald/story....82-9b95c9555b54
 

joeiannuzzi

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Building costs expected to stabilize

A strong provincial economy, thriving oil, gas and mining industries and continued population growth will lead to more stable construction costs in British Columbia, a cost-management consultant predicted Friday.

Vancouver-based consultant BTY Group predicts that after construction costs in B.C. rose by 10 per cent in 2007, this year`s cost rise will be seven per cent, followed by six per cent in 2009, five per cent in 2010 and just three per cent in 2011.

http://www.canada.com/vancouversun/news/bu...19-d43b7a28ae5a
 

joeiannuzzi

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Developer fined $362,190 for evading the GST


Delta resident Ron Polson pleaded guilty last week in Vancouver provincial court to evading the payment of the GST and receiving GST refunds to which he was not entitled.

Polson was fined $362,190 and handed a conditional sentence order for two years less a day. The fine represents 125 per cent of the tax evaded.

http://www.canada.com/deltaoptimist/news/s...619&k=37936
 

joeiannuzzi

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Western Forest Products turning to specialty lumber

VANCOUVER - The West Coast`s largest forest company said Friday it is surviving the meltdown of the U.S. housing market by switching its production from American-bound construction lumber to higher-valued export markets.

Western Forest Products president Reynold Hert said Friday that demand for cedar and other specialty products made from the old-growth timber is keeping the company going despite the U.S. slowdown.

http://www.canada.com/vancouversun/news/bu...588&k=26232
 

joeiannuzzi

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Record housing starts in B.C. and condo upsurge boost national figures

Residential construction in Canada continued to show its independence from the ravaged U.S. market as seasonally adjusted housing starts in February rose to 256,900, from 222,700 units in January, a report from Canada Mortgage and Housing Corporation (CMHC) said Monday.

"A lot of it has to do with multiple construction in three centres," said Bob Dugan, chief economist at CMHC`s market analysis centre. "Montreal, Toronto and Vancouver account for almost all of that surge in multiple construction activity. A lot of that would be condo starts."

http://www.canada.com/vancouversun/news/bu...daa&k=76287
 

joeiannuzzi

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Employers may lose appetite for hiring


Vancouver-area employers are expected to lose some of their appetite for hiring during the second quarter, a Manpower Canada survey being released today says.

Fourteen per cent of regional employers plan to hire during the second quarter, and four per cent plan to cut staff, yielding a net employment outlook of 10 per cent, according to the survey.

http://www.canada.com/theprovince/news/mon...cf-bb5296d18535
 

joeiannuzzi

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#20
Ghost town gains new life

A ghost town in northern B.C. could soon become the place where many of the world`s most pressing problems are solved.

That`s the ambition of an Indian-born, Canadian-educated, American-based medical innovator and entrepreneur. Krishnan Suthanthiran bought the entire town of Kitsault, 500 km northwest of Vancouver, in 2005 for $7 million from its previous owner, U.S. copper giant Phelps Dodge Corp. The town was built in the late 1970s to house about 1,200 miners and their families, but the molybdenum boom that sparked the enterprise quickly went bust and the town was abandoned by the early 1980s.

http://torontosun.com/News/Canada/2008/03/...936156-sun.html