Welcome!

By registering with us, you'll be able to discuss, share and private message with other members of our community.

SignUp Now!

January 2011 BC Economic Fundamentals

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
U.S. accuses Canada of violating softwood lumber pact




OTTAWA`Canada is being brought before an international court by the United States, which alleges British Columbia is breaking the 2006 softwood lumber agreement by selling the province`s timber at artificially low prices.




The U.S. trade representative has asked the London Court of International Arbitration to rule on the complaint that, insiders say, could result in a fine of up to $500 million.




Under the rules, a decision from the London court is final. The process can take up to two years to reach a verdict.




The complaint accuses the B.C. government of `dramatically` increasing the amount of timber it is selling that has been infested by the mountain pine beetle at the cut-rate price of 25 cents a cubic metre.



Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
U.S. says Canada violated softwoodd lumber pact, seeks remedy




The United States on Tuesday accused Canada of violating the terms of a 2006 Softwood Lumber Agreement (SLA) by under-pricing some timber sales and asked for binding arbitration to resolve the matter.




`Canada is providing an additional benefit to Canadian exporters of softwood lumber by selling timber harvested from public lands for prices below those provided for under the timber pricing system grandfathered under the SLA,` U.S. Trade Representative Ron Kirk said in a statement.








`By doing so, Canada is in breach of its commitments under the agreement,` Mr. Kirk said.




The United States requested talks in September on its concern that timber harvested from public lands in the interior region of British Colombia was being sold at too low a price under the terms of the 2006 pact.





Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Abbotsford to get new high-end entertainment complex





A new entertainment complex will be built in Abbotsford, Cineplex Entertainment announced today.




The Abbotsford theatre will be about 43,000 square feet and will have 11 screens and 1,950 seats. The theatre will include digital projection, RealD 3D technology, three VIP Cinemas and one UltraAVX auditorium. Cineplex Odeon Abbotsford and VIP Cinemas will be the first newly built theatre in British Columbia to offer VIP Cinemas. The theatre is schedule to open in 2012.




The VIP Cinema includes an exclusive box office and concession stand, a private licensed lounge and in-theatre reserved seating on oversized seats. In-seat service for concession items is also available.




Cineplex Entertainment and SHAPE Properties Corp. will develop the Abbotsford property as part of the new Highstreet lifestyle centre.




`Cineplex is a tremendous addition to our new retail entertainment complex,` said Graeme Johnson, executive vice-president, Leasing, SHAPE Properties. `The theatre is sure to attract local residents and visitors from nearby communities to enjoy Hollywood movies and the latest entertainment offered by Cineplex.`




Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Some high-end B.C. rural waterfront properties see substantial price drops





VANCOUVER -- A sharp drop in demand for B.C.`s high-end rural waterfront properties has resulted in price reductions that in some cases are substantial.




Unlike Metro Vancouver, which has seen a market rebound over the past year after a recessionary slowdown, many rural areas across the province have experienced a prolonged slowdown in sales of such properties.




As well, rich Albertans and other wealthy buyers who traditionally bought up B.C.`s recreational properties are increasingly looking south to places like Arizona and Nevada, where prices are often much lower following the U.S. real estate meltdown.




That aspect is particularly relevant in the Okanagan and Kootenay regions, but appears to be less so on Vancouver Island and the Gulf Islands where similar properties in the U.S. are harder to find.




Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
B.C. university battles bedbugs in dorms





Officials at Simon Fraser University say they are pulling out all the stops to eradicate a bedbug outbreak in campus dorms after the pests were found in at least 12 student rooms.




A special dog was brought in to sniff out the bugs on the Burnaby campus, east of Vancouver, but more rooms are being checked, Chris Rogerson, the associate director of residence life, said Tuesday morning.




"We have been preventive in bringing in the canine unit for two properties currently, and we're actually going to be doing it throughout the entire 1,800-bed property," he said.




Rogerson said all the rooms where bedbugs were detected, and those next door, have been treated, and the students have been given $10 laundry cards to wash all their clothing and bedding.




Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Video: Vancouverites report more bedbugs than ever before





Vancouver exterminators and apartment tenants say they are noticing more bedbugs in the city than ever before.




Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Mining firm set for busy 2011 in B.C. as commodities near record prices





Like a lot of British Columbia-based miners, Taseko Mines Ltd. is preparing for a busy 2011 with plans for work on all its projects around B.C.




There is work in planning what could be a $300 million to $350 million expansion of Taseko's Gibraltar copper-gold mine north of Williams Lake and continuing exploration work on its Aley niobium deposit north of Mackenzie.




Then Taseko is also forging ahead with re-engineering its Prosperity gold-copper project. The company hopes it can find a configuration that will still be profitable and satisfy the environmental concerns that resulted in its rejection last November.




Despite the setback with Prosperity, Taseko remains optimistic about mining in B.C.




Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
CN, CP eye shipping oil to West Coast




The race to deliver Canadian crude to Asian shores has become a four-way battle, as transportation companies work to sign agreements with Chinese companies that are interested in shipping oil across the Pacific.




Although Enbridge Inc. (ENB-T57.221.021.81%) has attracted the most attention for its planned Northern Gateway pipeline, which would create a Pacific outlet for Alberta`s oil sands, Canadian National Railway Co. (CNR-T68.490.781.15%) has also received a favourable response to its plan for a `pipeline on rail` that would also deliver oil to West Coast tanker ships.






For decades, Canada has been almost solely reliant on the United States as a purchaser of Canadian crude. Yet political and industry leaders have increasingly called for a change, with hopes that adding more buyers will increase the value of one of Canada`s most important export products, thereby boosting the fortunes of both the country`s oil patch and government coffers.


The rising fortunes of a growing Asian middle class are now a major force propelling global oil demand. As they seek to satisfy that energy thirst, Chinese companies are `interested in every alternative` for moving Canadian crude, said Glen Perry, president of Altex Energy Ltd.,
which has partnered with CN to create and market the rail idea. `They`re looking at the economics.`



Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Real estate market calm expected to follow hectic 2010 in Metro Vancouver







VANCOUVER - If there's one sentence to sum up B.C.'s real estate picture in 2011, it's probably "Let's take a breather."




While Metro Vancouver prices rose fairly sharply over the past year, the same wasn't true in the Interior and other parts of the province where prices were flat and sales stalled.




A combination of low interest rates, relatively stable prices throughout the province and a gradually improving economy helped by the 2010 Winter Olympics brought buyers -- especially first-time buyers -- back into the market after a recessionary slump.




Those conditions are expected to continue in 2011, although interest rates are predicted to gradually rise.




Read the full article here.
 
Top Bottom