1026 replies to this topic

[mysage]

While figures are importnat it is also important when applying them locally to remember that we are a tourist destination and a such our employment levels flucuate with the seasons. I would expect that if one were to review the Victoria figures for the last 10 years or so you would find an a direct corelation to this.

[Bingo]

Gray Line lays off workers,


Gray Line West, saying it faces another poor tourism year, has handed out pink slips to 48 employees. It has also been told that it must vacate its yard at 4196 Glanford Ave.

Gray Line West, which operates year-round sightseeing tours and charter coach services in Victoria, had been leasing the yard but new owners of the property have plans for it and need the bus company to leave.

read more;
http://www.timescolo...0772/story.html

[spanky123]

While figures are importnat it is also important when applying them locally to remember that we are a tourist destination and a such our employment levels flucuate with the seasons. I would expect that if one were to review the Victoria figures for the last 10 years or so you would find an a direct corelation to this.

The stats I linked to go back 10 years.

[spanky123]

I am suprised that nobody has commented on the termination of 140+ staff at Western Union (ex. Custom House) in Victoria on Tuesday.

I feel really badly for the people who have worked there for many years. Custom House paid very well and it is going to be really hard for people to find equivalent work in Victoria.

[Bingo]

It will be interesting to see how the Victoria economy fares during the summer tourist season, and after the impact of the cruise ships. A high Canadian dollar and BC Ferry fares may keep the Americans away.

For the locals we have the ongoing threat of higher taxes to pay for sewage treatment, Light Rail, a new Johnson Street Bridge, and other infrastructure projects. Wasn't there a promise of no new taxes for the bridge? I suppose they can say that if you take the money from somewhere else, and then raise taxes for the next item on the list.

Federal finance minister Jim Flaherty says the Canadian unemployment rate of 7.6% is too high.

President Obama's approval rating has dropped as the American economy could slip into another depression in the next 12 months.

The depression in BC could come even sooner if the Vancouver Canucks
fail to win the Cup.

[G-Man]

What depression? I have not heard that BC was in a depression or has been in recent memory.

[Mike K.]

BC is doing fine. Canada is doing substantially better than most western nations.

The US isn't doing very well, and that's impacting BC, but it's not as though we're struggling to survive.

[spanky123]

Perception often outweighs reality and with the Dow and TSE heading for their 6th consecutive week of losses the mood is starting to turn sour again.

Lots of people have been claiming that the economic recovery we have been seeing over the past 18 months was entirely a result of Government (US and Canadian) deficit spending to boost the economy and that as soon as the spending stopped we would fall back into a recession.

We got off lightly last time in Victoria. Certain segments of the economy weakened but our concentration of Government employees and well off retirees kept most businesses afloat. If we double dip then that may not be the case a second time around.

[Schnook]

Not sure how to reconcile this:

Average consumer debt hits $25,597 (FP, 1-Jun)

Bank of Canada governor Mark Carney has repeatedly warned the level of Canadian household debt - which in December officially surpassed those of our neighbours to the south - is unsustainable. The country's total consumer debt load is reported to be about $1.5 trillion. Data released late last year suggested Canadians owed on average $112,000 - a figure that includes all kinds of debt, including mortgages - and a debt-to-income ratio of 150 per cent means they were spending $1,500 for every $1,000 in take-home pay.

High costs to keep Canadians at home despite lofty loonie (Canoe.ca, 8-Jun)

Concerns over high fuel and food costs, coupled with close attention to the family budget, mean the majority of Canadians will holiday at home this summer rather than take advantage of the buying power of the strong loonie overseas, a new report found.

About 79% of Canadians plan to take a vacation this summer, with 57% saying they will remain in Canada, according to the survey conducted on behalf of BMO Bank of Montreal. About 18% said they would travel to the U.S., with only 9% planning on a trip outside of North America, it found.
...
News that Canadians plan to stay at home will provide a boost for Canada’s tourism industry, Kavcic said. "About 80% of tourism dollars spent in Canada is from domestic tourism, and about 4% of the labour market has a direct link to the tourism industry."

So we should anticipate a rebalancing of tourist dollars from luxury attractions to low budget entertainment? I think of last summer, when the Trans-Canada Highway was practically devoid of passenger traffic.

In an increasingly dangerous world, Alaska cruises promise safety. I spoke last week with some local travel agents who reported that bookings are very high. But how many passengers are feeling the pinch, and will they cut spending at ports of call? Do people behave rationally on trips?

Addendum: The economy in Ontario is dismal. Come west, and the picture improves - for now.

[ChrisA]

The unemployment rate in BC now stands at 9.1% which is the highest level on record.

You know, things really aren't all that bad.

[Schnook]

Unemployment rate stays steady for Greater Victoria (10-Jun)

Greater Victoria’s unemployment rate remained steady in May at 6.2 per cent compared with the previous month while the national rate moved downwards due to higher-than-expected job numbers.
B.C.’s unemployment rate declined slightly as well, moving to 7.6 per cent from 7.9 per cent, Statistics Canada said Friday.
...
Avery Shenfeld, chief economist at CIBC World Markets, said "one note of weakness was that all of the job gains were associated with self-employment, with paid employment showing a small decline."
...
The economy is expected to lose some steam in the second quarter of this year, which would have an impact on job seekers.
On Thursday, Statistics Canada reported a surprise trade deficit for April, another indication of a slowdown in the country’s overall economic growth.

But Shenfeld said Friday’s employment report is "still a comforting result given that it came on the heels of a huge prior month gain, and signs that the economy is decelerating in Q2."

Local repercussions of the disaster unfolding in the USA are apparently off the radar.

[Mike K.]

VV has been told that an economic report on the status of downtown Victoria, authored by the UVic business department, has been commissioned by a private party and the results will be released in the very near future.

The contents are said to paint a bleak picture for downtown.

[Bingo]

VV has been told that an economic report on the status of downtown Victoria, authored by the UVic business department, has been commissioned by a private party and the results will be released in the very near future.

The contents are said to paint a bleak picture for downtown.

Will that still be without the threat of closing the Johnson Street Bridge for one year?

[spanky123]

VV has been told that an economic report on the status of downtown Victoria, authored by the UVic business department, has been commissioned by a private party and the results will be released in the very near future.

The contents are said to paint a bleak picture for downtown.

Thanks Mike.

Will raise lots of questions about LRT and the direction of the City in general.

[rjag]

VV has been told that an economic report on the status of downtown Victoria, authored by the UVic business department, has been commissioned by a private party and the results will be released in the very near future.

The contents are said to paint a bleak picture for downtown.

I dont think it will come as a surprise to most folks. Our core is changing to elsewhere and I think a lot of the blame lies with social issues, business taxes and regulation.

Looking forward to seeing what it says. Perhaps some solutions may be included (wishful thinking?)

[G-Man]

^ I don't think that the core is changing to another area in the CRD anytime soon. I mean the only thing that is close would be Langford and it is a fraction of the size.

[G-Man]

That said I do think that there is a strong need for improvement in the Core.

For a start:

- Stop blocking good projects that bring residents into the city.

- Lower business taxes in the CBD. Not sure if that is possible or not. But give business an incentive to be downtown.

- Safe Inject site.

- zone for office and then fund a group to actively promote Victoria and encourage medium and large offices to move to Victoria.

- Give relocating corporate headquarters of 50 or more people 10 year tax holidays.

[rjag]

Good points,

They partially fund the GVDA, but for example a similar group in Nanaimo receives more funding by order of multiple times.

Stop blocking projects...well the electorate would have to figure that out and not keep voting in Pamela and friends....

The business taxes arent too bad, yes they could be lowered but I think the problem here is 2-fold, how those taxes are spent does not assist the community to prosper, but also the fact they only collect from a little over 20% of the population yet cater to 5 times that i.e. 70k local residents in a region of 300k and receive no contributions from their neighbours....this brings us back to the A word for the core

I'm all for helping folks but I disagree with the safe injection site. Vancouver is the only one in N.A. its been around long enough for good data to be collected and yes they show fewer people die, contract disease etc...yet no other City or region in N.A. is copying it....why...no idea but it may have something to do with perpetuating the problem etc...I'm no expert here but I do ask why no-one else is doing this. Its not just Vic/Van that has this issue.

Offering tax holidays to relocate Head offices etc can cause a ripple effect in that existing businesses feel ignored. Instead waive all permit charges for all projects for the next 5 years for renovations and upgrades.....they will more than recoup these costs down the road in increased assessments.

What Victoria needs is more people living and working downtown, less social work and more infrastructure work. If you spend a million on social work you receive very little ROI, spend a million on infrastructure the ROI can be recouped by multiples....

[Nparker]

I pretty much agree with everything you said rjag. Now how can we make these things happen? I only have one vote in November, it has to go a LONG way.

[gumgum]

I also agree with you rjag.