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July 2009

Ally

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EnCana Bullish on Horn River Shale Gas Play

EnCana Corp. on Thursday said the Horn River shale could be one of the most important gas finds in North America, building on earlier optimism that the remote unconventional natural gas deposit has the potential to dramatically alter the continental supply picture.

Although initial results from a pilot program have been "encouraging," CEO Randy Eresman said it is still too early to commit to full-scale commercial development. Nonetheless, he said Horn River has enough gas to become "one of the most important plays in our company."

Horn River resource estimates vary, ranging from 100 trillion to more than 600 trillion cubic feet. The amount of gas in unconventional plays in Canada and the U. S. will prompt EnCana to encourage policy-makers to promote large-scale use of cleaner burning natural gas for electrical power generation and for use as a transportation fuel in cars and trucks, Eresman said.

"The emergence of shale gas changed the landscape for North American natural gas," he told a conference call to discuss the company`s lower second-quarter financial results. " There is an opportunity to expand the market for natural gas to displace significant quantities of coal and crude oil."

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Port Mann/ Highway 1 Improvement Project

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Harmonized tax will boost housing costs
A buyer will pay about $32,500 more for a newly built $750,000 home in B.C.


Premier Gordon Campbell`s and Finance Minister Colin Hansen`s announcement last week about the harmonized sales tax (HST) caught many people by surprise, including nearly 18,000 realtors in the province. The cost of real estate transactions is going to increase significantly on July 1, 2010 with the introduction of this new tax. The HST has the potential to negatively affect housing affordability in British Columbia.

Housing is an important basic need and a significant part of the B.C. economy. Last year, consumers invested $31.3 billion in residential real estate across BC and, in 2007, MLS home sales generated $2 billion in economic spinoffs and 28,800 jobs.

Clearly, there will be some benefits for B.C. businesses when the HST comes into effect next year. Unfortunately, the biggest losers will be consumers and especially those consumers who want to purchase property. Already, B.C. has the highest home ownership costs in the country. RBC Financial Group`s first quarter 2009 survey of housing affordability showed that almost 60 per cent of the province`s median pre-tax household income is required to cover home ownership costs.




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NEWS RELEASE For Immediate Release2009PREM0017-000141

July 23, 2009

Office of the Premier
Ministry of Finance



HARMONIZED SALES TAX TO BOOST INVESTMENT, JOB CREATION



VICTORIA – British Columbia intends to harmonize its provincial sales tax with the federal Goods and Services Tax effective July 1, 2010, to boost new business investment, improve productivity, enhance economic growth and create jobs, Premier Gordon Campbell and Finance Minister Colin Hansen announced today.



"This is the single biggest thing we can do to improve B.C.`s economy," said Premier Gordon Campbell. "This is an essential step to make our businesses more competitive, encourage billions of dollars in new investment, lower costs on productivity and reduce administrative costs to B.C. taxpayers and businesses. Most importantly, this will create jobs and generate long-term economic growth that will in turn generate more revenue to sustain and improve crucial public services."



B.C. will have the lowest Harmonized Sales Tax (HST) in Canada, by combining the seven per cent B.C. Provincial Sales Tax (PST) with the five per cent federal Goods and Services Tax (GST), for a single sales tax rate of 12 per cent. All other provinces with an HST, and the one proposed by Ontario, have a rate of 13 per cent.



It`s estimated the HST will remove over $2 billion in costs for B.C. businesses. That includes an estimated $1.9 billion of sales tax removed from business inputs, which enhances competitiveness, increases investment and productivity and, ultimately, increases prosperity. For example, some savings would include about $880 million for the construction industry, $140 million for manufacturing, $210 million for the transportation industry, $140 million for the forestry sector, and $80 million for mining and oil and gas. In addition, B.C. businesses will also save an estimated $150 million annually in compliance costs.




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Province: combined tax to boost business and productivity in B.C.

The combining of the provincial sales tax and the goods and services tax will stimulate business, productivity and economic growth in B.C., according to an announcement made by the B.C. Liberals last week.

The 12 per cent harmonized sales tax, effective July 1, 2010, will remove an estimated $2 billion in costs for B.C. businesses including savings of about $880 million for the construction industry, $140 million for manufacturing, $210 million for the transportation industry, $140 million for the forestry sector, and $80 million for mining and oil and gas, according to a media release.

Similar to PST exemptions, the B.C. HST will provide consumers with point-of-sale rebates on a number of products including gasoline and diesel fuel for vehicles, books, children`s-sized clothing and footwear, children`s car seats and car booster seats, diapers and feminine hygiene products, according to the release.




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Horn River shale gas plays delay


Producers grappling with decade-low natural gas prices: report



CALGARY- Development of shale gas in north-eastern British Columbia, one of the hottest plays in North America, have slowed down as producers grapple with decade-low natural gas prices, according to a note in pipeline giant TransCanada Corp.`s second quarter report.

The Calgary-based said it was delaying the in-service date of the Horn River pipeline project, filed with the National Energy Board in May, one year to 2012.

"Horn River producers have recently notified TransCanada that they are extending their construction schedule for upstream production facilities which will enhance their ability to manage project costs," the pipeline operator and power player said Thursday.




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Harmonized tax will boost housing costs

A buyer will pay about $32,500 more for a newly built $750,000 home in B.C.


Premier Gordon Campbell`s and Finance Minister Colin Hansen`s announcement last week about the harmonized sales tax (HST) caught many people by surprise, including nearly 18,000 realtors in the province. The cost of real estate transactions is going to increase significantly on July 1, 2010 with the introduction of this new tax. The HST has the potential to negatively affect housing affordability in British Columbia.

Housing is an important basic need and a significant part of the B.C. economy. Last year, consumers invested $31.3 billion in residential real estate across BC and, in 2007, MLS home sales generated $2 billion in economic spinoffs and 28,800 jobs.

Clearly, there will be some benefits for B.C. businesses when the HST comes into effect next year. Unfortunately, the biggest losers will be consumers and especially those consumers who want to purchase property. Already, B.C. has the highest home ownership costs in the country. RBC Financial Group`s first quarter 2009 survey of housing affordability showed that almost 60 per cent of the province`s median pre-tax household income is required to cover home ownership costs.




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Four reason natural gas prices will stay depressed

While this would benefit gas consumers, it would have adverse consequences for Western gas producers and throw into question elements of the energy policies and environmental legislation currently being enacted


Often called "the clean fossil fuel," natural gas creates significantly lower emissions than coal when burned to generate electrical power or when substituted for home heating oil in our furnaces. However, rapid demand growth, depletion of existing resources and insufficient new production during the past decade resulted in record prices that put the economics of natural gas use squarely at odds with its environmental benefits.

When natural gas prices repeatedly exceeded $10 per 1,000 cubic feet in recent years, the cost of producing electricity from gas was more than double the cost of coal generation. The previously embattled coal industry was revived, and talk of clean-coal technologies quickly spread through industry and government circles.




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Vancouver considers tiny suites in effort to ease renting crunch

Burnaby allowed similar accommodation at UniversCity


Vancouver council will consider a staff report today that recommends allowing secondary suites and laneway houses as small as 19 square metres (about 200 square feet).

The small secondary suites would be only allowed in apartment blocks and mixed-use buildings in commercial areas along arterial routes, in downtown Vancouver and the Southeast False Creek area.

The laneway housing would be allowed in 94 per cent of the city`s residential areas.

The secondary suites would have a separate entrance, full bathroom and kitchen, all within a 20-foot by 20-foot space.

Current zoning regulations allow secondary suites with a minimum floor area of 29.7 to 37 square metres (319 to 398.3 square feet). But city council has made affordable housing a key priority and is trying to find ways to increase rental housing stock.

This was passed.


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