September 2010 BC Economic Fundamentals
- Thread starter Ally
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Stockwell Day announces $15M, 96-bed prison expansion in Mission
Mission Institution will be the first federal prison in the Pacific Region to see expansion to take in an expected increase in inmates, following a change in federal law regarding time served prior to conviction.
On Monday morning, Okanagan-Coquihalla MP Stockwell Day made the official announcement at the federal prison, outlining the new $15-million, 96-bed unit to be built on the south side of the medium-security institution`s perimeter. Day, the former Minister of Public Safety, was filling on behalf of the current minister, Vic Toews.
The increase is due to the federal Truth in Sentencing Act passed in February, which ends the two-for-one credit for time served by inmates while they are in remand and on trial in provincial custody.
(For instance, Michael Froese was sentenced two weeks ago in Abbotsford to four years for the fatal stabbing of Paul Denis, but will serve two years due to the credited time he was in custody prior to his trial.)
Read the full article here.
Mission Institution will be the first federal prison in the Pacific Region to see expansion to take in an expected increase in inmates, following a change in federal law regarding time served prior to conviction.
On Monday morning, Okanagan-Coquihalla MP Stockwell Day made the official announcement at the federal prison, outlining the new $15-million, 96-bed unit to be built on the south side of the medium-security institution`s perimeter. Day, the former Minister of Public Safety, was filling on behalf of the current minister, Vic Toews.
The increase is due to the federal Truth in Sentencing Act passed in February, which ends the two-for-one credit for time served by inmates while they are in remand and on trial in provincial custody.
(For instance, Michael Froese was sentenced two weeks ago in Abbotsford to four years for the fatal stabbing of Paul Denis, but will serve two years due to the credited time he was in custody prior to his trial.)
Read the full article here.
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Plans for the new, six-lane Patullo Bridge to be unveiled
Surrey and New Westminster residents will soon get a look at TransLink`s plans for a new, six-lane Pattullo Bridge, slated to cost between $800 million and $1 billion.
And the "preferred option" for the new bridge sees access moving from Royal Avenue to Front Street on the New West side.
"We have a couple of open houses coming up on Sept. 14 and Sept. 21," said TransLink spokesman Ken Hardie Wednesday. "What we will have are a couple of options to look at but one of them will be TransLink`s preferred option. It will show how the bridge will line up, what the road accesses will be and so on."
Hardie said the preferred option is about 100 metres upstream from the current bridge.
The access on the Surrey side would be "not much of an issue," he said, although it would require changes to Scott Road and 128th Street.
Read the full article here.
Surrey and New Westminster residents will soon get a look at TransLink`s plans for a new, six-lane Pattullo Bridge, slated to cost between $800 million and $1 billion.
And the "preferred option" for the new bridge sees access moving from Royal Avenue to Front Street on the New West side.
"We have a couple of open houses coming up on Sept. 14 and Sept. 21," said TransLink spokesman Ken Hardie Wednesday. "What we will have are a couple of options to look at but one of them will be TransLink`s preferred option. It will show how the bridge will line up, what the road accesses will be and so on."
Hardie said the preferred option is about 100 metres upstream from the current bridge.
The access on the Surrey side would be "not much of an issue," he said, although it would require changes to Scott Road and 128th Street.
Read the full article here.
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Vancouver`s home buyers taking their time in August
METRO VANCOUVER - Buyers are in control of Lower Mainland housing markets, but they`re in no hurry to make decisions, August statistics released Thursday by the region`s real estate boards show.
August saw another month where sales cleared through the realtor-controlled Multiple Listing Service were dramatically down from the blistering pace of 2009 and benchmark average prices that were lower than the peak levels experienced this spring.
"I think [the market] is settling down more," Tsur Somerville, director of the centre for urban economics and real estate in the Sauder School of Business at the University of B.C., said in an interview.
"These aren`t bust numbers and housing prices are stagnant," Somerville added. "The way we normally expect prices to get back into equilibrium when they`ve been overpriced is through a period of lower growth, not through price corrections."
The benchmark price, an average for typical homes sold, was down almost three per cent in most of Metro Vancouver, hitting $576,597 in August compared with a peak of $593,419 in April, according to Real Estate Board of Greater Vancouver figures.
Read the full article here.
METRO VANCOUVER - Buyers are in control of Lower Mainland housing markets, but they`re in no hurry to make decisions, August statistics released Thursday by the region`s real estate boards show.
August saw another month where sales cleared through the realtor-controlled Multiple Listing Service were dramatically down from the blistering pace of 2009 and benchmark average prices that were lower than the peak levels experienced this spring.
"I think [the market] is settling down more," Tsur Somerville, director of the centre for urban economics and real estate in the Sauder School of Business at the University of B.C., said in an interview.
"These aren`t bust numbers and housing prices are stagnant," Somerville added. "The way we normally expect prices to get back into equilibrium when they`ve been overpriced is through a period of lower growth, not through price corrections."
The benchmark price, an average for typical homes sold, was down almost three per cent in most of Metro Vancouver, hitting $576,597 in August compared with a peak of $593,419 in April, according to Real Estate Board of Greater Vancouver figures.
Read the full article here.
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Metro Vancouver to see positive hiring climate in fourth quarter, according to Manpower survey
METRO VANCOUVER — Metro Vancouver employers are expecting an improved hiring climate for the fourth quarter of 2010, with Richmond-Delta particularly hot for job-seekers, according to the latest Manpower Employment Outlook Survey released Tuesday.
And the small and medium business sector is leading the way, Manpower says.
"[Metro Vancouver] is up and seems to be continuing on a very nice trend," Susan Wright-Boucher, Manpower`s regional director for Pacific Canada, said in an interview.
"But Richmond-Delta came out second in the country [after Moncton, N.B.] in terms of the best hiring for the fourth quarter. Forty per cent of employers plan to hire [in Richmond-Delta]. Zero per cent anticipate cutbacks. Fifty-three per cent expect to maintain the same [levels].
"It`s the hottest area in the Vancouver region."
Although the survey wasn`t specific about business size, Wright-Boucher said small and medium-sized businesses are leading in job growth plans.
"We`re seeing that the job leadership is coming from the small and medium business community in the Vancouver area," she said.
Read the full article here.
METRO VANCOUVER — Metro Vancouver employers are expecting an improved hiring climate for the fourth quarter of 2010, with Richmond-Delta particularly hot for job-seekers, according to the latest Manpower Employment Outlook Survey released Tuesday.
And the small and medium business sector is leading the way, Manpower says.
"[Metro Vancouver] is up and seems to be continuing on a very nice trend," Susan Wright-Boucher, Manpower`s regional director for Pacific Canada, said in an interview.
"But Richmond-Delta came out second in the country [after Moncton, N.B.] in terms of the best hiring for the fourth quarter. Forty per cent of employers plan to hire [in Richmond-Delta]. Zero per cent anticipate cutbacks. Fifty-three per cent expect to maintain the same [levels].
"It`s the hottest area in the Vancouver region."
Although the survey wasn`t specific about business size, Wright-Boucher said small and medium-sized businesses are leading in job growth plans.
"We`re seeing that the job leadership is coming from the small and medium business community in the Vancouver area," she said.
Read the full article here.
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B.C. boasts record number of major construction projects
B.C. has a record-breaking numbers of major construction projects planned or underway, said Iain Black, Minister of Small Business, Technology and Economic Development.
The latest major projects inventory shows a record 931 major construction projects are planned or underway across the province - triple the number in 2001, according to a news release.
The estimated value of these projects is $198.3 billion - the highest amount ever recorded the release also states.
"Major projects are creating jobs throughout British Columbia, and the record numbers are a sure sign of ongoing confidence in the province`s economy," said Black, in the release.
According to the news release on the latest Major Projects Inventory, between April and June 2010:
- 931 major capital projects, worth about $198.3 billion, were planned or underway across B.C. The number of projects has nearly tripled since 2001 and their value has more than quadrupled.
Read the full article here.
B.C. has a record-breaking numbers of major construction projects planned or underway, said Iain Black, Minister of Small Business, Technology and Economic Development.
The latest major projects inventory shows a record 931 major construction projects are planned or underway across the province - triple the number in 2001, according to a news release.
The estimated value of these projects is $198.3 billion - the highest amount ever recorded the release also states.
"Major projects are creating jobs throughout British Columbia, and the record numbers are a sure sign of ongoing confidence in the province`s economy," said Black, in the release.
According to the news release on the latest Major Projects Inventory, between April and June 2010:
- 931 major capital projects, worth about $198.3 billion, were planned or underway across B.C. The number of projects has nearly tripled since 2001 and their value has more than quadrupled.
Read the full article here.
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Surrey Mayor calls for transit expansion to be low profile to make sense
When rapid transit expands south of the Fraser River, Surrey Mayor Dianne Watts wants it to be at-grade and light rail — not overhead or underground or as expensive as SkyTrain.
But whatever happens with rapid transit, she doesn`t want to get into a battle with Vancouver over which area gets the next expansion.
"You`ve got to go where the need is," said Watts Monday, reacting to a Metro Vancouver report that put expansion to the University of B.C. low on the priority list.
"With those scarce dollars you have, we don`t have the luxury of just making political decisions any more." she said. "It has to make sense."
While provincial plans have called for a SkyTrain expansion south of the Fraser, Watts said that for an area as big as Surrey and Langley "[SkyTrain] wouldn`t make sense because the costs would just be astronomical."
Read the full article here.
When rapid transit expands south of the Fraser River, Surrey Mayor Dianne Watts wants it to be at-grade and light rail — not overhead or underground or as expensive as SkyTrain.
But whatever happens with rapid transit, she doesn`t want to get into a battle with Vancouver over which area gets the next expansion.
"You`ve got to go where the need is," said Watts Monday, reacting to a Metro Vancouver report that put expansion to the University of B.C. low on the priority list.
"With those scarce dollars you have, we don`t have the luxury of just making political decisions any more." she said. "It has to make sense."
While provincial plans have called for a SkyTrain expansion south of the Fraser, Watts said that for an area as big as Surrey and Langley "[SkyTrain] wouldn`t make sense because the costs would just be astronomical."
Read the full article here.
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B.C. bucks national trend with higher home starts
VANCOUVER — A post-HST bump in construction increased British Columbia`s pace of new-home building in August countering a national trend of slower new-home starts, Canada Mortgage and Housing Corp. reported Thursday.
The national housing agency counted 2,253 new-home starts in August, up from 1,817 in July.
That raises the pace of construction to 25,400 units on what economists call a seasonally-adjusted annual rate – one that extrapolates one month`s starts over 12 months – from a pace of 20,100 in July.
Nationally, the seasonally adjusted rate of housing starts slipped three per cent in August to 183,300 units from 188,900 starts in July.
Canada Mortgage and Housing analyst Robyn Adamache said B.C.`s boost may have come from a settling out of the market following the introduction of the harmonized sales tax.
"Because some of the housing starts may have been moved forward [to beat the HST] July was more of a take-stock month," Adamache said in an interview.
Read the full article here.
VANCOUVER — A post-HST bump in construction increased British Columbia`s pace of new-home building in August countering a national trend of slower new-home starts, Canada Mortgage and Housing Corp. reported Thursday.
The national housing agency counted 2,253 new-home starts in August, up from 1,817 in July.
That raises the pace of construction to 25,400 units on what economists call a seasonally-adjusted annual rate – one that extrapolates one month`s starts over 12 months – from a pace of 20,100 in July.
Nationally, the seasonally adjusted rate of housing starts slipped three per cent in August to 183,300 units from 188,900 starts in July.
Canada Mortgage and Housing analyst Robyn Adamache said B.C.`s boost may have come from a settling out of the market following the introduction of the harmonized sales tax.
"Because some of the housing starts may have been moved forward [to beat the HST] July was more of a take-stock month," Adamache said in an interview.
Read the full article here.
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Projected B.C. deficit for the year shrinks to $1.38 billion
VICTORIA — British Columbia`s economy is showing signs of recovery, Finance Minister Colin Hansen announced Tuesday, adding the brightened outlook could mean as much as $2.7 billion in extra revenue for the government over the next four years.
"We have reason for some cautious optimism," Hansen told reporters Tuesday morning as he released the economic results for B.C.`s first quarter, adding the bulk of the boost has come from higher-than-expected corporate tax revenues.
Hansen said government will use $565 million of the extra $2.7 billion over the next four years to reduce expected deficits.
For the current year, that will bring the projected deficit to $1.4 billion, down from $1.7 billion.
The deficit in 2011/12 is now projected to be $810 million and $130 million in 2010/13.
The province expects it will return to surplus by 2013/14.
Read the full article here.
VICTORIA — British Columbia`s economy is showing signs of recovery, Finance Minister Colin Hansen announced Tuesday, adding the brightened outlook could mean as much as $2.7 billion in extra revenue for the government over the next four years.
"We have reason for some cautious optimism," Hansen told reporters Tuesday morning as he released the economic results for B.C.`s first quarter, adding the bulk of the boost has come from higher-than-expected corporate tax revenues.
Hansen said government will use $565 million of the extra $2.7 billion over the next four years to reduce expected deficits.
For the current year, that will bring the projected deficit to $1.4 billion, down from $1.7 billion.
The deficit in 2011/12 is now projected to be $810 million and $130 million in 2010/13.
The province expects it will return to surplus by 2013/14.
Read the full article here.
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Central Okanagan house starts double
The central Okanagan reports positive numbers in housing starts so far this year.
In August alone, the number of units built in Kelowna doubled to 94. That`s second only to Victoria.
Numbers is the north Okanagan were not quite as strong, where housing starts dropped by almost a quarter. However this number is only down by five from the same period last year.
Year-to-date, the number of housing starts in Kelowna has increased 165 per cent to almost 700 units. That is the second largest percentage increase in B.C.
Read the full article here.
The central Okanagan reports positive numbers in housing starts so far this year.
In August alone, the number of units built in Kelowna doubled to 94. That`s second only to Victoria.
Numbers is the north Okanagan were not quite as strong, where housing starts dropped by almost a quarter. However this number is only down by five from the same period last year.
Year-to-date, the number of housing starts in Kelowna has increased 165 per cent to almost 700 units. That is the second largest percentage increase in B.C.
Read the full article here.
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Metro Vancouver priciest market for four-bedroom homes in Canada
Metro Vancouver comes out as startlingly expensive in comparison to other areas of the country when it comes to four-bedroom, two-bathroom homes.
A report issued this week by real estate firm Coldwell Banker compared average prices across the country of detached four-bedrooms, and found the average price in Metro Vancouver to be well over double that of the next most expensive region, Calgary.
The going rate for this kind of home in Metro Vancouver was $1.3 million. In Calgary, that price was $551,920. Metro Toronto was even lower, at $495,398.
Looking for a bargain? Try Windsor, Ont., at $158,242.
Read the full article here.
Metro Vancouver comes out as startlingly expensive in comparison to other areas of the country when it comes to four-bedroom, two-bathroom homes.
A report issued this week by real estate firm Coldwell Banker compared average prices across the country of detached four-bedrooms, and found the average price in Metro Vancouver to be well over double that of the next most expensive region, Calgary.
The going rate for this kind of home in Metro Vancouver was $1.3 million. In Calgary, that price was $551,920. Metro Toronto was even lower, at $495,398.
Looking for a bargain? Try Windsor, Ont., at $158,242.
Read the full article here.
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B.C. mayors sign transportation agreement
It was a consortium as unique as the request was large, as mayors from across Metro Vancouver joined labour, business and environmental reps in calling on senior governments for more TransLink funding.
The 21 top-elected officials representing the Mayors` Council on Regional Transportation were flanked by the B.C. Federation of Labour, B.C. Chamber of Commerce and the David Suzuki Foundation in signing the Regional Transportation Accord Tuesday.
The accord aims to get federal and provincial governments talking about sustainable funding solutions for the region`s transportation and growth needs.
In the case of the transportation accord, those solutions start with an injection of $450 million annually.
"I cannot underscore the significance of this meeting and the message is very clear to senior governments," said Port Moody Mayor Joe Trasolini. "To ignore a group this diverse would be very detrimental."
Read the full article here.
It was a consortium as unique as the request was large, as mayors from across Metro Vancouver joined labour, business and environmental reps in calling on senior governments for more TransLink funding.
The 21 top-elected officials representing the Mayors` Council on Regional Transportation were flanked by the B.C. Federation of Labour, B.C. Chamber of Commerce and the David Suzuki Foundation in signing the Regional Transportation Accord Tuesday.
The accord aims to get federal and provincial governments talking about sustainable funding solutions for the region`s transportation and growth needs.
In the case of the transportation accord, those solutions start with an injection of $450 million annually.
"I cannot underscore the significance of this meeting and the message is very clear to senior governments," said Port Moody Mayor Joe Trasolini. "To ignore a group this diverse would be very detrimental."
Read the full article here.
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Maple Ridge Economic Fundamentals: Albion Area Plans
An Official Community Plan is a general guide for land use within the Municipality. Area Plans focus on specific areas and their unique context to provide a greater level of detail for land use, density, form, character, and the pacing of development. An Area Plan can apply to a group of neighbourhoods, a single neighbourhood, or entire designated areas. It may guide the development of new communities or the redevelopment of existing ones.
Albion Area Plan
On February 8, 2010, Council approved a process regarding the preparation of the Albion Flats Concept Plan. In addition to details of the proposed process, the report provides background information from which the report was prepared.
ALBION FLATS COMMUNITY FORUM
Mayor Ernie Daykin, on behalf of Council, is encouraging citizens of Maple Ridge to participate in the Community Forum. "The process we are engaged in on Albion Flats is an important one for the community. Critical to the process is the opportunity to voice your opinion and provide input. I invite you to attend the Community Forum on September 29, 2010".
Read the full article here.
An Official Community Plan is a general guide for land use within the Municipality. Area Plans focus on specific areas and their unique context to provide a greater level of detail for land use, density, form, character, and the pacing of development. An Area Plan can apply to a group of neighbourhoods, a single neighbourhood, or entire designated areas. It may guide the development of new communities or the redevelopment of existing ones.
Albion Area Plan
On February 8, 2010, Council approved a process regarding the preparation of the Albion Flats Concept Plan. In addition to details of the proposed process, the report provides background information from which the report was prepared.
ALBION FLATS COMMUNITY FORUM
Mayor Ernie Daykin, on behalf of Council, is encouraging citizens of Maple Ridge to participate in the Community Forum. "The process we are engaged in on Albion Flats is an important one for the community. Critical to the process is the opportunity to voice your opinion and provide input. I invite you to attend the Community Forum on September 29, 2010".
Read the full article here.
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Dawson Creek, Shell Canada join forces to build wastewater treatment plant
WHISTLER - Dawson Creek will sign a deal with Shell Canada next week to build North America`s first wastewater treatment plant that will sell reclaimed water for use in the gas extraction industry.
The $10 million, 10-year deal is seen as a major breakthrough for the northern B.C. community, which has suffered from droughts in recent years at the same time gas exploration companies have become the largest users of the community`s potable water.
Mayor Mike Bernier said the companies now use upwards of 25 per cent of the district`s potable water in their gas extraction programs, in which huge volumes of water are pumped up to 2,000 metres into the ground to force gas out.
Last summer the city brought in the most severe water restrictions in history, threatening to cut off the gas exploration industry.
But under the deal, which became official on Monday following elector approval, Dawson Creek will build a treatment plant that can produce up to 5,000 cubic metres of reclaimed water a day. Shell, which is investing $60 million in a 30-kilometre pipeline to service its gasfield, will get access to 3,400 cubic metres a day for the next decade. The city will sell the rest to other gas extraction companies at a cheaper rate than the $4.50 a cubic metre they`ve been paying for potable water.
Read the full article here.
WHISTLER - Dawson Creek will sign a deal with Shell Canada next week to build North America`s first wastewater treatment plant that will sell reclaimed water for use in the gas extraction industry.
The $10 million, 10-year deal is seen as a major breakthrough for the northern B.C. community, which has suffered from droughts in recent years at the same time gas exploration companies have become the largest users of the community`s potable water.
Mayor Mike Bernier said the companies now use upwards of 25 per cent of the district`s potable water in their gas extraction programs, in which huge volumes of water are pumped up to 2,000 metres into the ground to force gas out.
Last summer the city brought in the most severe water restrictions in history, threatening to cut off the gas exploration industry.
But under the deal, which became official on Monday following elector approval, Dawson Creek will build a treatment plant that can produce up to 5,000 cubic metres of reclaimed water a day. Shell, which is investing $60 million in a 30-kilometre pipeline to service its gasfield, will get access to 3,400 cubic metres a day for the next decade. The city will sell the rest to other gas extraction companies at a cheaper rate than the $4.50 a cubic metre they`ve been paying for potable water.
Read the full article here.
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Producers consider output cut
Natural gas producers are teetering on the fourth consecutive winter of low demand and prices, but relief could be at hand, analysts say.
Even though North American storage inventories are marginally lower than they were at this time last year, ConocoPhillips CEO Jim Mulva told an oil and gas conference in Houston that his company is shutting onshore natural gas production in Canada and the United States while it awaits higher prices.
"We`ve had a small amount of production that we`ve shut in because we feel it`s not that economic to produce," Mulva told reporters at a conference. "And so we`d rather keep it in the ground for when we can produce it at a later date."
Conoco didn`t disclose how much gas it shut in, but the move was seen as the latest sign producers in the U.S. might finally be getting ready to cut production and drilling in the face of low prices, following the cue of Canadian producers that have dramatically slashed drilling since the third quarter of 2006.
According to the U.S. government`s Energy Information Administration, natural gas in storage is about five per cent lower than this time last year but still more than six per cent above the five-year average.
Read the full article here.
Natural gas producers are teetering on the fourth consecutive winter of low demand and prices, but relief could be at hand, analysts say.
Even though North American storage inventories are marginally lower than they were at this time last year, ConocoPhillips CEO Jim Mulva told an oil and gas conference in Houston that his company is shutting onshore natural gas production in Canada and the United States while it awaits higher prices.
"We`ve had a small amount of production that we`ve shut in because we feel it`s not that economic to produce," Mulva told reporters at a conference. "And so we`d rather keep it in the ground for when we can produce it at a later date."
Conoco didn`t disclose how much gas it shut in, but the move was seen as the latest sign producers in the U.S. might finally be getting ready to cut production and drilling in the face of low prices, following the cue of Canadian producers that have dramatically slashed drilling since the third quarter of 2006.
According to the U.S. government`s Energy Information Administration, natural gas in storage is about five per cent lower than this time last year but still more than six per cent above the five-year average.
Read the full article here.
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Take a walk down memory lane before jumping on Zalm`s HST-recall bandwagon
British Columbians who glimpsed only the charming man-of-the-people Bill Vander Zalm during his campaign against the harmonized sales tax might have been surprised at the side of him that was on display in a letter to this newspaper Tuesday.
"Despite the popularity of the anti-HST campaign, we mustn`t forget the actions of Bill Vander Zalm when he was premier," wrote Vancouver resident Bart Vincelette. "I`d like to remind you that he denied access to the drug AZT to those victims of AIDS who couldn`t afford it.
"Vander Zalm`s reasoning was that AIDS was a `self-inflicted wound.` As one who has buried 57 friends to the complicating cancers and infections of AIDS, I believe it is important to remember the absence of compassion that went into decision-making at the time."
Yes, that Bill Vander Zalm. The one who vowed to govern by "true Christian principles" and used the office of premier to impose his narrow interpretation of said principles on an entire province.
Like cutting off funding for abortion -- all abortions, victims of rape and incest included -- without consulting his cabinet or caucus. He did it by fax, from the condo where he was enjoying a Hawaiian vacation.
Read the full article here.
British Columbians who glimpsed only the charming man-of-the-people Bill Vander Zalm during his campaign against the harmonized sales tax might have been surprised at the side of him that was on display in a letter to this newspaper Tuesday.
"Despite the popularity of the anti-HST campaign, we mustn`t forget the actions of Bill Vander Zalm when he was premier," wrote Vancouver resident Bart Vincelette. "I`d like to remind you that he denied access to the drug AZT to those victims of AIDS who couldn`t afford it.
"Vander Zalm`s reasoning was that AIDS was a `self-inflicted wound.` As one who has buried 57 friends to the complicating cancers and infections of AIDS, I believe it is important to remember the absence of compassion that went into decision-making at the time."
Yes, that Bill Vander Zalm. The one who vowed to govern by "true Christian principles" and used the office of premier to impose his narrow interpretation of said principles on an entire province.
Like cutting off funding for abortion -- all abortions, victims of rape and incest included -- without consulting his cabinet or caucus. He did it by fax, from the condo where he was enjoying a Hawaiian vacation.
Read the full article here.