BC Economic Fundamentals 2008-12

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1208VICT (Saanich)
Central Saanich won`t cut water to illegal suite owners

Central Saanich will be holding off on any moves to cut off water to houses with illegal suites.

Councillors voted down a process earlier this week to amend the municipality`s bylaws in ways that would empower the municipality to shut off water to offending property owners.

http://www.timescolonist.com/news/todays-p...9984/story.html

 

[joeiannuzzi]

1208BCBC
Expect `frozen` property assessments next month

Assessment notices coming to British Columbia property owners in early January will look a little different this year to reflect the provincial government`s decision to freeze values for one year.

The province`s aim is to give B.C.`s housing markets time to cool off during a turbulent economic time. Victoria, Vancouver and Okanagan real estate markets boomed for several years but have started to trail off record highs.

http://www.timescolonist.com/Homes/Expect+...9966/story.html

 

[joeiannuzzi]

1208VANC
City ponders tax hike of between 6 and 13%

Vancouver homeowners can brace for a tax hike of between six and 13 per cent next year -- depending on how successfully staff find ways to trim their present estimates.

The initial figures in a staff report tabled yesterday show that an increase of 13 per cent is needed to cover:

- An expected drop in revenues as the economy declines;

http://www.canada.com/theprovince/news/sto...d0-d28422c8219d

 

[joeiannuzzi]

1208BCBC
Two districts receive seismic funding

North Vancouver and Chilliwack will benefit from almost $170 million in school seismic upgrades announced Wednesday by the B.C. government.

In North Vancouver, more than $70 million will be spent on seismic renovations to Ridgeway elementary and Queen Mary elementary and the partial replacement of Carson Graham secondary, the Education Ministry says in a release. Construction is to begin at Ridgeway next fall, followed by Carson Graham in early 2010 and Queen Mary in the summer of 2011.

http://www.vancouversun.com/news/todays-pa...4113/story.html

 

[joeiannuzzi]

1208BCBC
B.C. relaxes investment rules for movie producers

A change Thursday in the Film Incentive B.C. tax credit that now permits British Columbia companies to find significant capital from investors and companies in other provinces has levelled the playing field within the Canadian film industry.

Until now, in order for a B.C. film company to receive the 35-per-cent labour tax credit for a production shot in the province, it needed to own the majority of its voting shares. With the change, these companies will be permitted to go outside the provincial border for major capital investment.

http://www.vancouversun.com/news/todays-pa...3950/story.html

 

[joeiannuzzi]

1208BCBC
B.C.`s drop in retail sales the second-largest in Canada

Amid reports that retail sales have fallen across Canada, one Vancouver store owner is expressing optimism that 2009 will be a better year for his business.

John Rea, owner of four Edward Chapman Ladies` Shops and two Circa Ici stores in Metro Vancouver, is renovating his flagship store on Granville Street, with plans for a relaunch and re-branding next March.

http://www.vancouversun.com/news/todays-pa...3939/story.html

 

[joeiannuzzi]

1208BCBC
B.C. port expansion delayed

The port of Prince Rupert is delaying the expansion of its container terminal by at least 18 months, as the global recession and its own financing woes dash hopes of breaking ground on the $650-million project next year.

According to a confidential study commissioned by the federal government, a summary of which was obtained by The Globe and Mail, the port authority has hit the debt wall, with the decline in shipping volumes meaning it will breach federal requirements on its current loans of $22-million.

http://business.theglobeandmail.com/servle...lumnsBlogs/home

 

[joeiannuzzi]

BC Small Towns Update: 2008-12-21

 

[joeiannuzzi]

1208BCBC
Transportation improvements not fast enough

Driving in the Fraser Valley before the latest blizzard hit, I was struck again by three things: how fast it`s growing, how higgledy-piggledy much of the development there is and how there needs to be better ways of enabling residents to get around.

Retired engineer Eric Bysouth agrees. Raised on a Saskatchewan farm, he doesn`t lack for common sense.

Bysouth also is vice-president of the Valley Transportation Advisory Committee (VALTAC), a community group pushing for a long-range master plan for Valley transportation.

http://www.canada.com/theprovince/news/sto...0f-26d73393a35b

 

[joeiannuzzi]

1208VICT
Sub facility plan worries neighbours

Some Admirals Road residents are worried that a planned submarine repair facility at the Esquimalt Graving Dock will destroy their views.

Norma De Pledge of the Admirals Gate townhouse complex this week asked Esquimalt council for its support in their request to Victoria Shipyards to modify the massive hangar`s roofline.

"The building will significantly block our views and will have a negative impact on property values," De Pledge said in a presentation to councillors.

http://www.timescolonist.com/news/todays-p...3985/story.html

 

[joeiannuzzi]

1208VICT
City moves against transmission towers

Colwood is now fully armed in its continuing battle against transmission towers.

In an attempt to manage electromagnetic radiation from towers, the municipality has adopted an antenna consultation process that covers not only new tower applications but all transmitters "whether new or replacement" regardless of whether they`re on an existing or a new structure.

http://www.timescolonist.com/news/todays-p...3990/story.html

 

[joeiannuzzi]

1208BCBC
Plunge of commodity prices expected to continue in 2009

Prices of basic materials continued to plunge in November, tumbling 9.4 per cent from the month before as economic conditions worsened worldwide, Scotiabank said in its monthly commodity-price index.

The bank`s oil and gas index led the fall, sliding 17.5 per cent month-over-month, after leading the declines in October with a 21.8 per cent slide.

Crude oil touched a new 52-week low in trading yesterday of $39.91 and production cuts by OPEC failed to turn bullish sentiment.

http://www.timescolonist.com/Business/Plun...7412/story.html

 

[joeiannuzzi]

1208BCBC
If neglect led to damage, strata corporation liable

Dear Condo Smarts: Our strata corporation is having some emergency excavating done due to a pipe break and flooding of our townhouse.

Several owners have been complaining about drainage problems for over two years, and we have had several minor incidents of flooding over that time.

To date, no one has suffered any serious loss, but this time our entire basement was flooded, including damage to our personal belongings.

Our homeowner insurance is covering our personal items, but the strata said they will not repair the interior of our unit, even though this is the way we purchased it from the developer, and they refuse to file a claim on our insurance.

So how do we get the damage to the interior repaired?

J. Matthews, Burnaby

http://www.timescolonist.com/news/todays-p...1340/story.html

 

[joeiannuzzi]

There will be no news items for Dec 25th and Dec 26th but I will return on Saturday Dec 27th.

Merry Christmas everyone.

 

[joeiannuzzi]

1208BCBC
BCAA warns homeowners to take precautions

The prospect of lower temperatures and the gradual disappearance of snow may warm some hearts, but BCAA Insurance is warning homeowners to take some precautions.Since winter came in with a bang in the last week, the corporation has received twice as many claims as it usually receives at this time of year, with the majority linked to the winter weather.

http://www.vancouversun.com/news/vancouver...2762/story.html

 

[joeiannuzzi]

1208VANC
Great deals out there

Once again the real estate market is one of the hottest conversations in town. The topic can be heard at the water cooler, in restaurants, at dinner parties and on airplanes.

We talk about it because it affects us and because the correction in the market has occurred far faster than we expected.

I have heard both doomsday predictions and rosy outlooks. From this, I conclude that right now people are looking for direction. They are looking for some semblance of where the market is going, when the opportunities will emerge and how to best act on those events.

http://www.vancouversun.com/Homes/Great+de...7782/story.html

 

[joeiannuzzi]

Hello everyone. I am currently reorganizing how the small town updates are presented. Please check back next Sunday to view the new format.

Thank You

 

[joeiannuzzi]

1208BCBC
Tourism B.C. warns of budget cuts in coming year

Tourism B.C. is warning agencies that promote Victoria, Vancouver and other regions of the province to brace for possible budget cuts next year.

Rod Harris, president of the Crown corporation, has suggested in a letter to its marketing partners that they identify possible "austerity measures" in case economic conditions worsen.

http://www.timescolonist.com/news/todays-p...2248/story.html

 

[joeiannuzzi]

1208BCBC
Five tips to keep your credit record healthy in 2009

If getting a grip on your finances will be on your list of New Year`s resolutions, consider the following tips on how consumers can stay on track in 2009 from the Canadian consumer reporting agency, Trans-Union:

http://www.canada.com/theprovince/news/mon...75-3c76ce7808d0

 

[joeiannuzzi]

1208BCBC
Canada will depend on Asia as economy worsens

B.C. has been building on its trade connections with the Asia Pacific region, but needs to stay on track as the economy worsens, the president of the Asia Pacific Foundation of Canada says.

"Canada has been accused of being a fair-weather friend in its relationship with Asia," said Yuen Pau Woo, CEO of the Vancouver-based think-tank. "It has a bad reputation when economic circumstances change. When times are good in North America, it turns to the U.S. and neglects relationships in Asia. When times are bad, like they were during the Asian Financial Crisis [in late 1997-1998], many Canadian firms pulled out of Asia."

http://www.vancouversun.com/news/todays-pa...2350/story.html