BC Economic Fundamentals 2008-10

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1008VANC
A housing plan that just goes clunk

Who doesn`t want to end homelessness? But it`s the how that makes it difficult.

Finding a solution is a priority for both Vision Vancouver and the Non-Partisan Association and their mayoral candidates Gregor Robertson and Peter Ladner.

Making homelessness history by 2015 is the top priority in Vision`s platform released Monday. Nothing wrong with a deadline and nothing wrong with most of Vision`s six pages of ideas. Strengthening and enforcing bylaws so that rental buildings don`t become slums.

http://www.canada.com/vancouversun/news/we...14-546a36dd89e0

 

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1008VANC
Candidates clash over how to clean up slum hotels

The vexing problem of what to do about the Downtown Eastside`s rundown hotels is becoming a point of contention in the municipal election.

There`s been much talk of late about how the city is -- or isn`t -- using the standards of maintenance bylaw.

Gregor Robertson and the Vision Vancouver/COPE slate are touting the legislation as a way for the city to force slumlords to keep their buildings up to snuff before they become so bad they`re condemned.

http://www.canada.com/vancouversun/news/we...bf-5411a68ed66f

 

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1008BCBC
Olympics not winning or losing from lower dollar


Vancouver`s Olympic committee will get no windfall out of the Canadian dollar`s surprising fall against the American currency, according to committee officials.

The Canadian dollar fell almost one cent to close at 77.6 cents US in currency markets Monday, which should theoretically bode well for Vancouver`s Olympic committee.

It expects just over one-third of its $1.63 billion in revenue to come from the International Olympic committee, much of it paid in U.S. dollars, for broadcasting rights and international sponsorships.

http://www.canada.com/vancouversun/news/bu...91-cc2c2fa3737d

 

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1008BCBC
Tourism meeting eco issues head on

Climate change is nature`s way of giving the tourism industry "a gentle nudge" toward eco-responsibility, a tourism-industry expert said yesterday.

That nudge will harden into a violent blow if the industry doesn`t pay enough attention, Anna Pollock told a conference on eco-tourism in Vancouver.

http://www.canada.com/theprovince/news/mon...e8-5da8688322af

 

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1008VANC
Ladner vows to cap property tax if elected

VANCOUVER - Peter Ladner said Tuesday that if he`s elected mayor, he`ll cap property taxes and consider contracting out city services to help Vancouver "weather this economic storm."

Saying the city needs stability and steady management in the changing financial climate, the Non-Partisan Association mayoral candidate outlined his plan for controlling spending and giving residents financial surety.

http://www.canada.com/vancouversun/news/we...37-f9c3537f618c

 

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1008BCBC
B.C. retail sales trend continues to decline

Retail sales in B.C. continued a downward trend in August, with forecasts suggesting 2008 will end with the weakest growth performance in several years.

According to a report from Central 1 Credit Union, spending in B.C. was hindered by many factors, including lower confidence due to the financial crisis and a worsening economic outlook.

http://www.canada.com/vancouversun/news/bu...39-4e52faf513d0

 

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1008BCBC
Low zinc prices force shutdown of mines in B.C., Quebec

CAMPBELL RIVER -- Rumour became reality on Tuesday when Breakwater Resources announced the shutdown of its Myra Falls mine.

"Breakwater has determined that it will temporarily suspend operations at both the Langlois mine in Quebec and the Myra Falls mine," the company said in a news release. "This decision is precipitated by the decline in commodity prices and the general deterioration of the short-term economic outlook globally, which have mitigated the overall operational improvements in production and costs at both mines.

http://www.canada.com/vancouversun/news/bu...a8-fbcb4270e8b7

 

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1008VICT
Developer buys former TFL lands west of Sooke

Developer Ender Ilkay has quietly completed a deal to buy one of the controversial parcels of former tree farm licence land put up for sale by Western Forest Products last year.

Ilkay finalized the deal to buy the 250-hectare property, which overlooks the Juan de Fuca Marine Trail, in late June for more than $3 million through his company Marine Trail Holdings No. 3 Ltd.

http://www.canada.com/victoriatimescolonis...92-b918071443aa

 

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1008VICT
CRD rejects Highlands urban boundary plan

Capital Regional District directors "dropped the ball" with their decision yesterday against Highlands increasing the size of its urban containment boundary, says Highlands Mayor Mark Cardinal.

"I think the CRD has made a big mistake. I think the regional board has made a big mistake in taking themselves out of this game," Cardinal said.

http://www.canada.com/victoriatimescolonis...b1-5a3a20ff579f

 

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1008VANC
Pricey 2010 Olympic packages selling fast

Avid sports fans hoping to plunk down $34,500 on one of the luxury ticket packages to the 2010 Olympic Winter Games in Vancouver are out of luck, according to the Games` official hospitality provider Wednesday.

The 120 pricey packages available -- which included guaranteed seats to the men`s gold-medal hockey game, along with perks such as hotel stays, meals, airport pickups and host services -- sold out Tuesday, two weeks after they went on sale, said Jean-Paul Modde, president of CoSport.

http://www.canada.com/vancouversun/news/st...8b-b02fc862eee4

 

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1008BCBC
Property sales forecast to fall in 2008, bounce in 2009

British Columbia real estate sales will fall substantially by the end of this year, but will stage a modest recovery in 2009, according to the latest forecast of the B.C. Real Estate Association.

Sales recorded through the Multiple Listing Service should fall 28 per cent to 73,700 units across the province by the end of 2008, from 102,805 units in 2007, according to the forecast, released Wednesday.

http://www.canada.com/vancouversun/news/bu...95-3ab56007b8ad

 

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1008BCBC
Global downturn is huge challenge for hospitality industry, CEO says

B.C.`s hospitality industry faces unprecedented challenges from the fallout of the global economic downturn, the chief executive officer of the B.C. Hotel Association said Wednesday.

"The challenge is revenues," James Chase said in an interview. "At this stage, there are concerns about [revenues] dropping dramatically. In some pockets of B.C. this summer there were drops, though not dramatically. But everyone is concerned that that could happen. We have to get ahead of it so we can mitigate these drops."

http://www.canada.com/vancouversun/news/bu...1c-1b96bf06e640

 

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1008VANC
Condo towers come up short

VANCOUVER - Holly Wood`s first hint that something was "smelling fishy" in Vancouver`s champagne-infused construction market came several weeks ago, when she discovered that the presentation centre for the city`s most glamorous project was strangely closed.

The Ritz-Carlton hotel and condos is among the richest developments to begin construction in Vancouver, a $2,500-per-square-foot, 58-storey, ultra-luxury tower with an eye-catching 45-degree twist designed by Arthur Erickson

http://www.nationalpost.com/todays_paper/s....html?id=917703

 

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1008VICT
City hotels deal with slumping occupancy

Victoria hotels received a "rude shock" last month when occupancy rates and revenue-per-room slumped as fears of a recession affected both U.S. and Canadian travellers, according to a tourism industry analyst.

September occupancy numbers "nose-dived" to 73.78 per cent, a drop of 6.28 per cent compared with the same month last year, Frank Bourree of Chemistry Consulting said yesterday. Bourree compiles a monthly snapshot of key tourism indicators.

http://www.canada.com/victoriatimescolonis...ba-962a587aca94

 

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1008BCBC
B.C. universities suffer 4% drop in research funding

Research funding for B.C.`s four major universities dropped by four per cent last year after leaping by 21.7 per cent in the previous year, according to a new report.

Funding to those four institutions totalled $582 million in the 2007 fiscal year, Research Infosource Inc. said in its annual report on research money spent at the top 50 Canadian universities.

http://www.canada.com/victoriatimescolonis...0e-22df4a857895

 

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1008BCBC
Tenant seeks injunction to stop neighbour smoking

A retired Vancouver actor wants a court injunction to prevent his next- door neighbour from smoking in their West End apartment building.

In a statement of claim filed in B.C. Supreme Court, Mina Erian Mina, 74, says that since October 2006 his neighbour, Christine Jestadt, has "created a nuisance" with her smoking.

http://www.canada.com/theprovince/news/sto...81-521f467f681f

 

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1008VANC
City votes to allow rezoning for laneway rental homes

Vancouver could see its first laneway housing rental properties in about a year after city council unanimously approved the citywide pilot project Thursday night.

Coun. Suzanne Anton said the "bold initiative" will continue to develop on a policy level and that there will be public consultation on issues such as parking and building heights.

http://www.canada.com/vancouversun/news/we...5e-123b909839dd

 

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1008BCBC
CMHC predicts shallow real estate correction

The correction in Greater Vancouver and British Columbia real estate markets should be shallow, according to Canada Mortgage and Housing Corp., provided the province maintains projections for weaker economic growth and doesn`t go into a full recession.

CMHC released its fall market forecasts Thursday, which predict lower housing sales to the end of 2008 and on through 2009, with price declines to the end of 2009 in the range of seven per cent provincially and nine per cent in Metro Vancouver.

http://www.canada.com/vancouversun/news/bu...0f-e101942b8c6b

 

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1008BCBC
Canadian oil industry expecting cold winter

CALGARY -- Canadian oil and gas producers are facing a looming winter of discontent thanks to lower commodity prices and continuing fallout from the global economic crisis, the National Energy Board (NEB) said in its latest market update.

The board said crude oil prices will trade within a band of $50 to $75 US while natural gas is unlikely to move beyond the $6 to $9 range.

http://www.canada.com/vancouversun/news/bu...e6-a78689ae3f43