Category: News

House

Doom and gloom predicted for Vancouver house prices

A new doomsday report warns Vancouver’s housing market could be hit by a burst bubble — and a drop in prices by as much as 30 per cent.

The threat of a giant, synchronized real estate bubble looms over all six of Canada’s major cities, says the report released by the Canadian Centre for Policy Alternatives.

Chinese Tourist

B.C. braces for Chinese tourist invasion

British Columbia is bracing for a Chinese invasion to boost tourism as the first group of travellers arrived in Vancouver after China granted Canada Approved Destination Status.

Three hundred and fifty people from Mainland China were greeted by Premier Gordon Campbell and federal Minister Stockwell Day at Vancouver International Airport Wednesday.

The granted status means that Chinese tourists are now permitted to travel in large groups to the country for leisure travel, and tourism companies in China can actively promote Canadian tours.

ICBC

ICBC to lower car insurance rates

For the first time in more than a decade, motorists in B.C. could see their car insurance go down slightly, following an announcement Tuesday by ICBC.

Citing a significant drop in the number of claims, the insurance corporation said it has asked the the B.C. Utilities Commission for permission to reduce basic insurance rates by 1.9 per cent.

BC and Ontario housing markets feel effects of HST in July

BC and Ontario housing markets feel effects of HST in July

The Canadian Real Estate Association (CREA) says national home sales activity continued to trend down in July 2010. The decline was almost entirely the result of fewer sales in British Columbia and Ontario. A slowdown in demand in these two provinces had been widely expected in July, as many purchases were brought forward into the first half of the year in advance of the introduction of the HST.

Paul Krugman

Canada’s economic recovery ‘by no means a sure thing,’ expert says

Canada avoided the brutal financial meltdown that plagued the U.S. economy, but there are some red flags that make recovery for this country “by no means a sure thing,” says a leading U.S. economist.

Paul Krugman, a Nobel Prize winner, New York Times columnist and renowned economic pundit, described Canada as “a very calm, very happy story” during the world economic crisis.

Canada escaped relatively unscathed, through a combination of good luck and sound, conservative regulation of banking and consumer debt in which “it is not so easy to use your house as an ATM,” Krugman told the Canadian Bar Association.

Mission Possible

Downtown Eastside charity creates green jobs for low-income women to help African children

A Vancouver charity is collecting discarded soaps and lotions from B.C. hotels and hiring at-risk Downtown Eastside women to repackage them for donations around the world.

On Monday, Mission Possible will launch the soap recycling program at their Powell Street location.

The Downtown Eastside charity will collect the discarded amenities from participating hotels, at a nominal fee of $1 per room per month, said Brian Postlewait, executive director of the Mission Possible. The soaps and bottles will then be newly sanitized and repackaged, ready to be sent to homeless shelters locally and worldwide.

Evergreen Line

Evergreen Line Rapid Transit Project

The Evergreen Line is a new rapid transit line that will connect Coquitlam to Vancouver via Port Moody and Burnaby. The Evergreen Line will be a fast, frequent and convenient SkyTrain service, connecting Coquitlam City Centre through Port Moody to Lougheed Town Centre in approximately 13 minutes. It will seamlessly connect to the current SkyTrain network at Lougheed Town Centre Station and will integrate with regional bus and West Coast Express networks. Construction of the Evergreen Line is anticipated to begin in early 2011 and be completed in 4 years.