July 2011 B.C. Economic Fundamentals
- Thread starter Ally
- Start date
- Joined
- Mar 24, 2009
- Messages
- 16,743
B.C. commits to Vancouver Island rail upgrades
NANAIMO, B.C. ` British Columbia Premier Christy Clark helped get a Vancouver Island rail line back on track Tuesday by announcing $7.5 million in provincial funding toward necessary improvements to the line.
But the provincial funding is conditional upon the final bridge inspection and on the federal government kicking in about the same amount.
Clark told a gathering of Vancouver Island mayors and other elected officials in Nanaimo that $500,000 of the funding will go to the Island Corridor Foundation (ICF) to complete an engineering inspection of roughly 40 rail bridges on the route.
"The remaining $7 million is conditional on the foundation getting matching funding of $7.5 million from its partners and demonstrating that the rail link is indeed safe," Clark said.
Read the full article here.
NANAIMO, B.C. ` British Columbia Premier Christy Clark helped get a Vancouver Island rail line back on track Tuesday by announcing $7.5 million in provincial funding toward necessary improvements to the line.
But the provincial funding is conditional upon the final bridge inspection and on the federal government kicking in about the same amount.
Clark told a gathering of Vancouver Island mayors and other elected officials in Nanaimo that $500,000 of the funding will go to the Island Corridor Foundation (ICF) to complete an engineering inspection of roughly 40 rail bridges on the route.
"The remaining $7 million is conditional on the foundation getting matching funding of $7.5 million from its partners and demonstrating that the rail link is indeed safe," Clark said.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
B.C.'s HST gets two thumbs up
British Columbia`s unpopular harmonized sales tax has received strong endorsements in two new reports that argue the tax has not cost consumers significantly more money and has made the province a more attractive destination for business.
The C.D. Howe Institute issued a report Wednesday saying the HST is putting B.C. on a competitive footing with other provinces and other countries around the globe, calling it `enlightened tax reform.`
Read the full article here.
British Columbia`s unpopular harmonized sales tax has received strong endorsements in two new reports that argue the tax has not cost consumers significantly more money and has made the province a more attractive destination for business.
The C.D. Howe Institute issued a report Wednesday saying the HST is putting B.C. on a competitive footing with other provinces and other countries around the globe, calling it `enlightened tax reform.`
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Multi-billion dollar plant for B.C. shale gas proposed
VANCOUVER - South African energy giant Sasol and Talisman Energy have launched a feasibility study into a proposed natural gas-to-liquids plant in Western Canada that could have a price tag as high as $10 billion.
The technical study, to be done by global energy engineering firm Foster Wheeler, is to determine the actual cost and the location of a plant to unlock the value of the 44 trillion cubic feet of shale gas deposits in the partners` northeastern B.C. assets, said Talisman spokeswoman Phoebe Buckland.
Talisman has already held talks with the B.C. government on the proposed plant, the B.C. energy and mines ministry confirmed Wednesday.
Read the full article here.
VANCOUVER - South African energy giant Sasol and Talisman Energy have launched a feasibility study into a proposed natural gas-to-liquids plant in Western Canada that could have a price tag as high as $10 billion.
The technical study, to be done by global energy engineering firm Foster Wheeler, is to determine the actual cost and the location of a plant to unlock the value of the 44 trillion cubic feet of shale gas deposits in the partners` northeastern B.C. assets, said Talisman spokeswoman Phoebe Buckland.
Talisman has already held talks with the B.C. government on the proposed plant, the B.C. energy and mines ministry confirmed Wednesday.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Housing analyst dismisses saturation fears
Golden trowel in hand, Victoria Mayor Dean Fortin put the ceremonial finishing touch on a concrete wall at one of the city`s latest high-density developments.
Fourteen storeys up, he smoothed wet concrete atop The 834 on Johnson Street, saying, `This is the type of project we need to see more of.`
At 115 units, The 834 is just one in a series of developments popping up in the region at a time when the numbers show a cooling housing market.
Read the full article here.
Golden trowel in hand, Victoria Mayor Dean Fortin put the ceremonial finishing touch on a concrete wall at one of the city`s latest high-density developments.
Fourteen storeys up, he smoothed wet concrete atop The 834 on Johnson Street, saying, `This is the type of project we need to see more of.`
At 115 units, The 834 is just one in a series of developments popping up in the region at a time when the numbers show a cooling housing market.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Immigrants driving real estate market, new survey says
Metro Vancouver`s hot real estate market is being largely driven by Chinese immigrants, not mainland Chinese investors, according to a survey released by a local real estate and marketing firm.
The report by MAC Marketing Solutions is the latest indication that a growing belief that offshore Asian investors are the main force behind the region`s surge in sales is largely a misconception.
`Virtually all [the] sales to people of Asian descent are people integrated into our community,` company president Cameron McNeill said in an interview Monday of their survey`s findings. `The people we`re selling to live here and have bank accounts here.
Read the full article here.
Metro Vancouver`s hot real estate market is being largely driven by Chinese immigrants, not mainland Chinese investors, according to a survey released by a local real estate and marketing firm.
The report by MAC Marketing Solutions is the latest indication that a growing belief that offshore Asian investors are the main force behind the region`s surge in sales is largely a misconception.
`Virtually all [the] sales to people of Asian descent are people integrated into our community,` company president Cameron McNeill said in an interview Monday of their survey`s findings. `The people we`re selling to live here and have bank accounts here.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Vancouver home sales dip in June
Vancouver`s real estate market pulled back slightly in June, but the number of listings spiked as homeowners looked to sell into a hot market.
The Real Estate Board of Greater Vancouver said sales fell 3.4 per cent in June compared with May, though they were 9.8 per cent higher than a year ago. New listings were 9.8 per cent higher than the 10-year average for the month, and 3.4 per cent higher than in May.
Read the full article here.
Vancouver`s real estate market pulled back slightly in June, but the number of listings spiked as homeowners looked to sell into a hot market.
The Real Estate Board of Greater Vancouver said sales fell 3.4 per cent in June compared with May, though they were 9.8 per cent higher than a year ago. New listings were 9.8 per cent higher than the 10-year average for the month, and 3.4 per cent higher than in May.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
City mayors propose new carbon tax to fund Evergreen Line
BURNABY (NEWS1130) - It's likely drivers will pay the price for the long awaited Evergreen Line.
Metro Vancouver mayors have opted for a gas tax increase instead of a jump in property taxes to come up with $400 million needed to complete the project.
The two cents per litre regional increase is expected to take effect next April, says Mayor's Council Vice Chair Pamela Goldsmith-Jones.
Read the full article here.
BURNABY (NEWS1130) - It's likely drivers will pay the price for the long awaited Evergreen Line.
Metro Vancouver mayors have opted for a gas tax increase instead of a jump in property taxes to come up with $400 million needed to complete the project.
The two cents per litre regional increase is expected to take effect next April, says Mayor's Council Vice Chair Pamela Goldsmith-Jones.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Scotia sees mining leading B.C. GDP growth
British Columbia will outperform the Canadian average for economic growth, with resource and service industries playing a key role, according to a new report from Scotia Economics.
The bank forecasts GDP growth in B.C. in the 2011-2012 period will average 3.0 per cent compared to 2.3 per cent in Ontario and 2.4 per cent in Quebec.
However, B.C. is expected to lag Alberta (3.7 per cent) and Saskatchewan (3.5 per cent) among Western provinces.
Read the full article here.
British Columbia will outperform the Canadian average for economic growth, with resource and service industries playing a key role, according to a new report from Scotia Economics.
The bank forecasts GDP growth in B.C. in the 2011-2012 period will average 3.0 per cent compared to 2.3 per cent in Ontario and 2.4 per cent in Quebec.
However, B.C. is expected to lag Alberta (3.7 per cent) and Saskatchewan (3.5 per cent) among Western provinces.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Opinion: B.C.'s anti-HST crusaders won't heed Ontario's 'tax rage' alert
VICTORIA - Amid all the complaints about harmonization of the sales tax in Ontario two years ago, the powerful autoworkers union cautioned labour and progressive forces against joining what amounted to a tax revolt.
`We want a strong civil society and that must be supported by taxes,` CAW president Ken Lewenza told 700 delegates to the union council in December 2009, where he warned against falling into the trap of `tax rage.`
Addressing provincial New Democratic Party leader Andrea Horwath on a subsequent occasion, Lewenza was equally direct.
Read the full article here.
VICTORIA - Amid all the complaints about harmonization of the sales tax in Ontario two years ago, the powerful autoworkers union cautioned labour and progressive forces against joining what amounted to a tax revolt.
`We want a strong civil society and that must be supported by taxes,` CAW president Ken Lewenza told 700 delegates to the union council in December 2009, where he warned against falling into the trap of `tax rage.`
Addressing provincial New Democratic Party leader Andrea Horwath on a subsequent occasion, Lewenza was equally direct.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Mayors vote to hike gas tax to fund Evergreen Line
Metro Vancouver motorists will face higher gas prices next spring if the region`s mayors secure a two-cents-a-litre hike in the gas tax to build the $1.4-billion Evergreen Line.
West Vancouver Mayor Pamela Goldsmith-Jones, vice-chairwoman of the mayors` council on transportation, said mayors on Wednesday voted overwhelmingly in support of hiking the regional gas tax to help fund TransLink`s $400-million contribution to the rapid transit line.
The province also supports the move, she said, noting B.C. Transportation Minister Blair Lekstrom has promised to introduce legislation this fall.
Read the full article here.
Metro Vancouver motorists will face higher gas prices next spring if the region`s mayors secure a two-cents-a-litre hike in the gas tax to build the $1.4-billion Evergreen Line.
West Vancouver Mayor Pamela Goldsmith-Jones, vice-chairwoman of the mayors` council on transportation, said mayors on Wednesday voted overwhelmingly in support of hiking the regional gas tax to help fund TransLink`s $400-million contribution to the rapid transit line.
The province also supports the move, she said, noting B.C. Transportation Minister Blair Lekstrom has promised to introduce legislation this fall.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Vancouver Island home sales slipped in June, but average price is up over 2010
Total sales of single-family homes slipped 13% in Nanaimo in June compared to the same month last year but that isn't worrying the president of the Vancouver Island Real Estate Board.
Last month, 100 homes were sold in Nanaimo, with an average price of $370,322. In 2010, 115 single family homes sold at an average price of $362,018. That's an increase of 2%.
The median sales price in Nanaimo for June was $362,500.
Read the full article here.
Total sales of single-family homes slipped 13% in Nanaimo in June compared to the same month last year but that isn't worrying the president of the Vancouver Island Real Estate Board.
Last month, 100 homes were sold in Nanaimo, with an average price of $370,322. In 2010, 115 single family homes sold at an average price of $362,018. That's an increase of 2%.
The median sales price in Nanaimo for June was $362,500.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Reports offer different views of affordability in Vancouver market
While the real estate wars in Vancouver are heating up, it's not about buyers bidding for houses, but rather banks and real estate organizations arguing about what's really happening in British Columbia.
Both CIBC and Central 1 Credit Union issued reports Thursday on why prices in the region have been overstated in other reports.
At the same time, realtor Royal LePage came out with its own report on second-quarter home prices that said Vancouver's overall housing market experienced some of the largest price increases in the country over the past year, with detached bungalows rising 14.1 per cent on average and condos rising 2.5 per cent.
Read the full article here.
While the real estate wars in Vancouver are heating up, it's not about buyers bidding for houses, but rather banks and real estate organizations arguing about what's really happening in British Columbia.
Both CIBC and Central 1 Credit Union issued reports Thursday on why prices in the region have been overstated in other reports.
At the same time, realtor Royal LePage came out with its own report on second-quarter home prices that said Vancouver's overall housing market experienced some of the largest price increases in the country over the past year, with detached bungalows rising 14.1 per cent on average and condos rising 2.5 per cent.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Kitwanga mill opening signals resurgence of forestry in Northwest B.C.
The sawmill at Kitwanga near Hazelton was officially reopened Friday under new owners, marking the return of lumber production to the province`s Northwest after a two and a half year absence.
It is the only sawmill operating west of Smithers, a region of the province which once contained two pulp mills and half a dozen sawmills.
Pacific BioEnergy, which operates a wood pellet mill in Prince George, officially reopened the mill at Kitwanga, 93 kilometres northeast of regional hub Terrace, after purchasing it out of receivership in 2009.
It`s running now on one shift a day, employing 45 people directly, Pacific BioEnergy president Wayne Young said in an interview Friday. Pacific BioEnergy intends to build a pellet plant at the site of the mill, which is located at the First Nations village of Kitwanga at the junction of Highways 16 and 37.
Read the full article here.
The sawmill at Kitwanga near Hazelton was officially reopened Friday under new owners, marking the return of lumber production to the province`s Northwest after a two and a half year absence.
It is the only sawmill operating west of Smithers, a region of the province which once contained two pulp mills and half a dozen sawmills.
Pacific BioEnergy, which operates a wood pellet mill in Prince George, officially reopened the mill at Kitwanga, 93 kilometres northeast of regional hub Terrace, after purchasing it out of receivership in 2009.
It`s running now on one shift a day, employing 45 people directly, Pacific BioEnergy president Wayne Young said in an interview Friday. Pacific BioEnergy intends to build a pellet plant at the site of the mill, which is located at the First Nations village of Kitwanga at the junction of Highways 16 and 37.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Employment in B.C. down as figures climb nationally
Employment in British Columbia slipped in June by 9,400 jobs compared to a month earlier, Statistics Canada reported Friday.
The decline was in contrast to national figures that saw more job gains than expected last month, mostly in the part-time sector and a hefty decline in self-employed individuals.
B.C.'s weak performance was largely accounted for by a drop in youth employment, said Bryan Yu, an economist with Central 1 Credit Union.
The number of people employed in the province fell by 0.4 per cent from May to June, from 2,278 to 2,268.
Read the full article here.
Employment in British Columbia slipped in June by 9,400 jobs compared to a month earlier, Statistics Canada reported Friday.
The decline was in contrast to national figures that saw more job gains than expected last month, mostly in the part-time sector and a hefty decline in self-employed individuals.
B.C.'s weak performance was largely accounted for by a drop in youth employment, said Bryan Yu, an economist with Central 1 Credit Union.
The number of people employed in the province fell by 0.4 per cent from May to June, from 2,278 to 2,268.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Pro-business attitude keeps Chilliwack open for business
METRO VANCOUVER - As a high school student in Chilliwack, Brad Miller bought gas for his Ford F100 pickup truck with proceeds from working the 4 p.m. to midnight shift at Ironside`s Machine and Welding, a local equipment manufacturer.
Miller is now president of the fast-growing company with 250 employees which designs, builds and exports compressed natural gas equipment, some of which is shipped to China, Bangladesh, Colombia, Peru and beyond.
Three years ago, Miller relocated the company to a brand-new 55,000-square-foot production facility in an industrial park near Highway 1 in west Chilliwack.
The evolution of IMW from an old-school machinery manufacturer to a green-tech powerhouse is testament to the transformation of Chilliwack`s economy, which used to revolve around agriculture. The city of 82,000 has aggressively expanded its industrial land base and created a low-cost business environment that is enticing companies from across the Lower Mainland.
Read the full article here.
METRO VANCOUVER - As a high school student in Chilliwack, Brad Miller bought gas for his Ford F100 pickup truck with proceeds from working the 4 p.m. to midnight shift at Ironside`s Machine and Welding, a local equipment manufacturer.
Miller is now president of the fast-growing company with 250 employees which designs, builds and exports compressed natural gas equipment, some of which is shipped to China, Bangladesh, Colombia, Peru and beyond.
Three years ago, Miller relocated the company to a brand-new 55,000-square-foot production facility in an industrial park near Highway 1 in west Chilliwack.
The evolution of IMW from an old-school machinery manufacturer to a green-tech powerhouse is testament to the transformation of Chilliwack`s economy, which used to revolve around agriculture. The city of 82,000 has aggressively expanded its industrial land base and created a low-cost business environment that is enticing companies from across the Lower Mainland.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Prince George declares state of emergency due to flooding
PRINCE GEORGE - About 19 homes remain under evacuation orders Monday in Prince George, where a state of local emergency was declared as the Fraser River threatened to spill its banks Sunday afternoon.
About 10 homes on the river side of Farrell Street near Paddlewheel Park in the northern B.C. city were issued the orders Sunday and water has reached the basement level of one home as of Monday morning, said Mike Davis, manager of communications and engagement for the City of Prince George. The remaining nine homes were issued evacuation orders on Monday morning.
Lyle Polsom, who has lived on Farrell Street for 20 years, said he is concerned at how quickly the river is rising.
Read the full article here.
PRINCE GEORGE - About 19 homes remain under evacuation orders Monday in Prince George, where a state of local emergency was declared as the Fraser River threatened to spill its banks Sunday afternoon.
About 10 homes on the river side of Farrell Street near Paddlewheel Park in the northern B.C. city were issued the orders Sunday and water has reached the basement level of one home as of Monday morning, said Mike Davis, manager of communications and engagement for the City of Prince George. The remaining nine homes were issued evacuation orders on Monday morning.
Lyle Polsom, who has lived on Farrell Street for 20 years, said he is concerned at how quickly the river is rising.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Rental housing crisis looms
When Tom Durrie moved to Vancouver in the 1960s, it was a dream come true for the California native. But these days, he has to work a job-and-a-half just to keep a roof over his head.
Durrie, 80, is a victim of Metro Vancouver's rental housing market, which gobbles up nearly half his paycheque every month and keeps reaching into his pocket for more every year.
At least he has his own space. One of his buddies has been looking for something affordable in Vancouver's east side for a while now. Others are living in cramped quarters or dingy basement suites because they can't afford anything else, or landlords won't accept their pets.
Read the full article here.
When Tom Durrie moved to Vancouver in the 1960s, it was a dream come true for the California native. But these days, he has to work a job-and-a-half just to keep a roof over his head.
Durrie, 80, is a victim of Metro Vancouver's rental housing market, which gobbles up nearly half his paycheque every month and keeps reaching into his pocket for more every year.
At least he has his own space. One of his buddies has been looking for something affordable in Vancouver's east side for a while now. Others are living in cramped quarters or dingy basement suites because they can't afford anything else, or landlords won't accept their pets.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
China edges out U.S. as top B.C. lumber customer
VANCOUVER - For the first time, B.C. companies are making more money from the wood they send to China than fromshipments heading south of the border.
May`s B.C. softwood lumber shipments to China, including Hong Kong, were valued at $122 million compared to $119 million in shipments to the U.S.
Jobs, Tourism and Innovation Minister Pat Bell said that while more wood ` roughly 1.2 million cubic metres compared to 1.1 million ` was sent to the U.S. in May, the Chinese exports were more expensive.
Bell said this puts to rest the criticism that Chinese buyers are only looking for cheaper wood.
Read the full article here.
VANCOUVER - For the first time, B.C. companies are making more money from the wood they send to China than fromshipments heading south of the border.
May`s B.C. softwood lumber shipments to China, including Hong Kong, were valued at $122 million compared to $119 million in shipments to the U.S.
Jobs, Tourism and Innovation Minister Pat Bell said that while more wood ` roughly 1.2 million cubic metres compared to 1.1 million ` was sent to the U.S. in May, the Chinese exports were more expensive.
Bell said this puts to rest the criticism that Chinese buyers are only looking for cheaper wood.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
B.C. landlords feeling effects of HST
VANCOUVER (NEWS1130) - Over a year after the HST was implemented, BC landlords say they're feeling the pinch. They're looking for rebates on services they say they're paying more money for.
Marg Gordon with the BC Apartment Owners and Managers Association says the HST makes a lot of services more expensive.
"You're paying for the person to cut your lawn, paying for your accountant, paying to get your windows washed, paying to get your roof fixed," she explains.
Read the full article here.
VANCOUVER (NEWS1130) - Over a year after the HST was implemented, BC landlords say they're feeling the pinch. They're looking for rebates on services they say they're paying more money for.
Marg Gordon with the BC Apartment Owners and Managers Association says the HST makes a lot of services more expensive.
"You're paying for the person to cut your lawn, paying for your accountant, paying to get your windows washed, paying to get your roof fixed," she explains.
Read the full article here.