BC Economic Fundamentals

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Victoria`s mean streets push out another small business

It wasn`t long ago that heads would have been shaking in Victoria`s chic downtown retailers if one of its own announced a move to blue-collar Esquimalt.

But times have changed, and while parts of the downtown still retain its quaint, Victorian appeal, some business owners have had enough of addicts shooting up, street people urinating, panhandling or sleeping in their entrances, and petty criminals breaking into or vandalizing their shops or their customers` vehicles.

http://www.bclocalnews.com/business/Victor...l_business.html

 

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Regulator to investigate after outcry about risky investments

VANCOUVER -- The body regulating Canada`s brokerage industry is investigating multiple complaints from individual investors whose brokers sold them risky commercial paper investments, an official with the organization said Monday.

Connie Cradock, vice-president of public affairs at the Investment Dealers Association of Canada said the body, which can fine, suspend or ban members for wrongdoing, has registered a higher than usual number of grievances.

http://www.canada.com/vancouversun/news/bu...8b-ae296c7e1acc

 

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Convention centre to get a makeover and a new boss

The Vancouver Convention & Exhibition Centre will get a new president and a new marketing focus under major structural changes initiated by B.C. Pavilion Corp. (PavCo) chief executive Warren Buckley.

Former VCEC president Barbara Maple left her position last month as part of "organizational changes" needed to boost business, Buckley said in an interview.

http://www.canada.com/vancouversun/news/bu...6f-d1d60c0b1f44

 

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Downtown office vacancy rate lowest since 1981

Vancouver`s downtown office vacancy rate fell to its lowest level in a generation during the first quarter of 2008.

Colliers International estimates downtown office vacancy at two per cent, the lowest since 1981 when vacancy hit 1.8 per cent. Across Metro Vancouver, Colliers estimated vacancy at 4.2 per cent, compared with the all-time low two per cent, which was again in 1981.

http://www.canada.com/vancouversun/news/bu...2f-aa89420a1b76

 

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Legislation would give incentives to landlords

Victoria NDP MP Denise Savoie is throwing her weight behind a bill before the House of Commons to give landlords a tax incentive to buy low-cost residential rental property.

Bill C-532 would create new affordable rental housing in Canada by allowing small investors to defer payment of capital gains taxes on the sale of rental properties to invest in other properties.

http://www.canada.com/victoriatimescolonis...ad-9c707fbd0d10

 

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Real estate market slowing but busy season set to start

The real estate market is starting to loosen up a bit in Northern B.C., with an increasing number of properties on the market for buyers to choose from.

Willy Berger, president of the B.C. Northern Real Estate Board, noted that as of March 31 there were 3,604 properties of all types available for sale in the North, up from 2,858 this time last year.

"Spring is here in most of our communities. The real estate market is getting active. Buyers are out looking and sellers are taking this opportunity to market their properties. Compared to the first quarter of 2007, buyers have more properties to choose from and a few more days to make their decision," he said.

http://www.canada.com/cityguides/princerup...05-54da19fa4bcf

 

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Carbon tax worries cement makers

British Columbia`s plans for fighting climate change could pose "a significant threat" to domestic cement producers, who fear that new carbon taxes and greenhouse gas emission caps will give offshore competitors a huge price advantage in local markets.

B.C. producers expect $66 million in additional costs over the next five years as a result of the carbon tax announced earlier this year by Finance Minister Carole Taylor, according to Jeorg Nixdorf, vice-president of manufacturing for Lehigh-Hanson Canada.

http://www.canada.com/vancouversun/news/bu...e9-bfa83f0504a4

 

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Price of steelmaking coal triples on world market

British Columbia`s major coal producer is remaining tight-lipped, but recent developments in global markets promise a spectacular windfall for steelmaking and thermal coal producers in this province.

Reported settlements between the world`s largest coal producer, BHP Billiton, and customers in Europe and Japan suggest a tripling in steelmaking coal prices compared to where they finished in the contract year ended March 31.

http://www.canada.com/vancouversun/news/bu...aa-d8432ce0f9bf

 

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B.C. urban housing starts down 37 per cent in March, CMHC says

B.C. urban housing starts dropped by 37.1 per cent for March, further emphasizing that February had been a month of unusually high activity, Canada Mortgage and Housing Corp. reported Tuesday.

In February, 47,400 urban starts were reported in B.C. -- 2,446 in Metro Vancouver alone, about 96 per cent more than the 1,248 units in February 2007.

http://www.canada.com/vancouversun/news/bu...14-ce2373271c7e

 

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Campbell to go to Beijing

VICTORIA -- B.C. Premier Gordon Campbell plans to be in Beijing for the Aug. 8 opening ceremony of the Summer Olympics, then remain in China for the first few days of Games competition.

http://www.canada.com/theprovince/news/sto...a3-dbd06131ce3a

 

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New ER, 500-bed tower on the way

Vancouver Island`s two main hospital emergency rooms are over-capacity on almost a daily basis because there aren`t enough beds, but Premier Gordon Campbell says the expansion of beds in both facilities is just part of answer -- you are the other part.

At the groundbreaking of Victoria General Hospital`s new $19-million emergency department yesterday, the premier said he is confident the emergency room`s tripling in size and construction of Royal Jubilee Hospital`s new $269-million, 500-bed patient tower will meet future demand.

http://www.canada.com/victoriatimescolonis...3b-5b9d9c554065

 

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Campbell River gets Home Depot

Home Depot will build a big box store on the Campbell River Indian band`s spit soccer field.

Band Chief Robert Pollard confirmed the project yesterday after several months of rumour.

"It`s pretty well all done now, just a few things that they`re tying up with INAC (Indian and Northern Affairs Canada) and environmental issues," Pollard said. "We should get the clearance to get in there, we hope, shortly. I hope either by late this week or early next week we`ll have everything and we`ll have a time frame for everything."

http://www.canada.com/victoriatimescolonis...28-757e7bb32145

 

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Export economy emphasized

It`s more important than ever the B.C. government focus on strengthening the export economy, as the global competitiveness of that economy is under threat, says a key provincial business leader. Jock Finlayson, executive vice-president of policy for the B.C. Business Council, cited the recent soaring loonie in comparison to the U.S. dollar, which directly impacts the bottom line of Canadian companies. The addition of the carbon tax in B.C., which no other Canadian province shows any sign of adopting, will also impact big energy users in mining and forestry, he said.

http://www.princegeorgecitizen.com/2008040...emphasized.html

 

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B.C. makes it easier for companies to exploit natural gas reserves

VANCOUVER -- Bracing for a boom, British Columbia has overhauled its oil and gas rules to nurture a sector where major players are sitting on what are believed to be some of the biggest discoveries in Canadian history. The new Oil and Gas Activities Act is aimed in part at making life easier for companies that want to exploit, in particular, natural gas deposits that, while large, are technically difficult. Excitement surrounding exploration results in the province generated a breakthrough $1-billion in land rights sales last year.

http://www.theglobeandmail.com/servlet/sto...PStory/Business

 

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Rat hotel faces hefty fines

The owner of the dilapidated Piccadilly Pub and Hotel at 620 West Pender, where one manager unable to get rid of rats adopted them as pets, is facing hefty fines after being found guilty of 31 counts of contravening building maintenance and fire safety regulations.

But city inspectors say owner David Grewal is going to be forced to renovate his hotel and continue to rent it out to low-income tenants, in spite of what they said were his deliberate efforts to let the hotel get so rundown that it would be condemned.

http://www.canada.com/vancouversun/news/st...dd-af3f800c6a7d

 

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Imperial Oil plans big redevelopment

ANMORE I A property developer hired by the giant Imperial Oil Company is having a private meeting today with councillors from the tiny village of Anmore about Imperial`s plans to start redeveloping its massive land holdings around the former oil refinery at Ioco.

Canada`s largest petroleum company owns 263 hectares of industrial-zoned land and forest in Anmore and Port Moody.

http://www.canada.com/vancouversun/news/we...b7-b07cba1f9dc6

 

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Vancouver film production on the money

For years, Vancouver has ranked as the third-largest film and television production centre in North America, trailing only Los Angeles and New York. But that standing wasn`t always reflected in the money parcelled out by Canadian public and private funding bodies, which have traditionally leaned toward Central Canada.

That all changed this week.

http://www.canada.com/vancouversun/news/bu...27-3e02cceb3e5a

 

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Capilano Suspension Bridge expansion won`t change natural experience, owner says

Capilano Suspension Bridge owner Nancy Stibbard insists there are no plans to build anything inappropriate or oversized at the popular tourist attraction.

That`s the fear of some area residents after North Vancouver District council this week approved a zoning change that allows up to 75,000 square feet of new building space on the east side of the bridge grounds and 5,000 square feet on the west.

http://www.canada.com/vancouversun/news/bu...55-a7f66c552ecf

 

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Whistler buyers have options

A search of Whistler real estate on the Realtylink website shows a range of properties priced from $3,000 to $18,000,000 -- the lowest being a timeshare and the highest a five bedroom steel and concrete mansion with six and a half bathrooms.

Somewhere in the middle is the property that the majority of buyers will be looking at. And here it`s important for buyers to understand the distinction between Phase One and Phase Two designation.

http://www.canada.com/vancouversun/news/st...82-7ad5be3afcf8

 

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Granville Bridge upgrade to carry trucks for Olympics

The Olympic rubber hits the road again next week as Vancouver city council votes for a $5-million upgrade of the Granville Street Bridge -- a new route for heavy buses and trucks to get downtown in 2010.

A staff report on the proposal says that TransLink is "expected" to agree to foot half the bill, but that no approval has been granted yet.

http://www.canada.com/theprovince/news/sto...e2-91e0b21c7a4b