Category: News

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.

Pennies

Penny losing currency with Canadians

A majority of Canadians want to get rid of all those pennies jingling in their pockets, according to a new poll, and if they get their way the country’s economy stands to benefit, says currency analyst David Watt.

Real House Price Index

Global housing rebound loses steam

The real estate rebound that lifted property values around the world is losing momentum, Bank of Nova Scotia says in a new report.

Condo

House price increases slow in July

The slowdown in the Canadian resale housing market was “dramatic” last month, but the sector got a boost Tuesday from statistics that show new home construction is not falling as fast as anticipated.

In fact, Ottawa, which often goes against the trend in economic indicators, saw housing starts increase by 42 per cent in July as builders stepped up apartment projects. CMHC said July was Ottawa’s busiest construction month so far this year.

Adrienne Warren, an economist with the Bank of Nova Scotia, said residential real estate began to slow globally in the second quarter after demand and pricing recovered in the first quarter.

Olympic Village

Vancouver city hall and B.C. Housing pass buck on Olympic Village delay

Four months after the organizing committee for the 2010 Winter Games returned the Olympic Village to the city, and nearly four months after city council determined half of the 252 social housing units would be subsidized and half would be market rental, all 252 of these units remain empty.

The city and B.C. Housing have yet to release a request for proposals for a non-profit operator or operators. Non-profits can apply to manage the social housing, the rental housing, or both.