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COVID ECONOMICS


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#641 spanky123

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Posted 28 July 2020 - 05:38 AM

Heard on CFAX this morning that Jeff Bray took a baby step out of his box to suggest that Victoria leaders take some action to control crime and deal with ‘negative behaviour’.
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#642 Mike K.

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Posted 28 July 2020 - 08:45 AM

The DVBA is holding a contest right now. The responses via social media are as we might imagine, of the “you think we want to come downtown?” type.

I don’t know why the DVBA is so quiet. It needs to stand up for its membership publicly, because the Chamber isn’t doing it. Under Holt it really felt like the Chamber would take cues from City Hall in its responses to issues, it was just too chummy. You need the lobbyist to be friendly with politicians but hold them accountable, not to make generic statements that leave you wondering which side of the fence they want to jump from.

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#643 lanforod

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Posted 28 July 2020 - 09:06 AM

Exactly what I have been saying, Victoria hotels being clobbered, elsewhere on the Island not so much. If you work in the tourism sector, it is time you have a conversation with your leaders and tell them to get their heads out of the Mayor’s butt and set aside their personal ambitions and start representing their members or step aside.

 

So someone posted links to actual numbers for Victoria. Do you have actual numbers for up island to back up your anecdotal feelings? 

I don't disagree that the numbers are likely higher, especially in beach locations like Parksville. I'm less sure that is waaaay higher than Victoria.



#644 Victoria Watcher

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Posted 28 July 2020 - 09:09 AM

The DVBA is holding a contest right now. The responses via social media are as we might imagine, of the “you think we want to come downtown?” type.

I don’t know why the DVBA is so quiet. It needs to stand up for its membership publicly, because the Chamber isn’t doing it. Under Holt it really felt like the Chamber would take cues from City Hall in its responses to issues, it was just too chummy. You need the lobbyist to be friendly with politicians but hold them accountable, not to make generic statements that leave you wondering which side of the fence they want to jump from.


and in a long letter this weekend the new chamber boss implored businesses to spend as much money as possible with the - specifically - “bricks and mortar” legacy media in town. the letter was printed in the TC.

Edited by Victoria Watcher, 28 July 2020 - 09:12 AM.


#645 Redd42

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Posted 31 July 2020 - 11:17 AM

The commercial rent assistance program, CECRA, has been extended into August.

 

2 caveats for that program.

 

First, the landlord has to make the application. Lots of them not doing it. Definitely a more complicated procedure than any of the assistance programs for individuals.

 

Second, is that the extensions for July and August are voluntary on the part of the landlord. So if you are lucky enough to have a commercial landlord who was willing to take the 25% rent cut for April, May and June, they may not be willing to continue for July and August.



#646 Mike K.

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Posted 05 August 2020 - 02:56 AM

And it could be a case of them not being able to financially afford to keep taking such a cut. The trickle down effects of all of these reduced rents, lease rates and incomes is going to make a profound impact on the mom-and-pop and small/independent portion of the commercial leasing industry, especially in downtown Victoria where the entire machine is dependant on a tripling or quadrupling of the immediate population to sustain the level of taxation and operating costs.


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#647 Victoria Watcher

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Posted 05 August 2020 - 03:00 AM

big company bankruptcies are running at 4x the rate of last year.

 

 

A record number of companies have sought creditor protection under COVID-19 — and more are on the way

 

https://www.cbc.ca/n...uptcy-1.5673566


Edited by Victoria Watcher, 05 August 2020 - 03:17 AM.


#648 Mike K.

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Posted 05 August 2020 - 01:34 PM

You better believe this is also happening in our region. Governor Cuomo is asking wealthy New Yorkers who fled the City during COVID to return, as the City can't function without their wealth. And note one of the ways he's trying to entice them back.
 

“I literally talk to people all day long who are now in their Hamptons house who also lived here, or in their Hudson Valley house, or in their Connecticut weekend house, and I say, ‘You got to come back! We’ll go to dinner! I’ll buy you a drink! Come over, I’ll cook!’” Cuomo said at a press conference late Monday.

 

”They’re not coming back right now,” Cuomo added. “And you know what else they’re thinking? If I stay there, I pay a lower income tax because they don’t pay the New York City surcharge.”

 

“Our population, 1 percent of the population pays 50 percent of the taxes,” Cuomo said.
 

Cuomo is fighting a “wealth tax” that’s set to be introduced in the state’s legislature with the backing of progressive Democrats because he’s concerned the coronavirus-related relocations will be made permanent, stripping both New York and New York City of much-needed tax money.

New York is set to face a $30 billion budget shortfall and Cuomo would prefer that the federal government mitigate that as part of the upcoming fourth coronavirus relief package, but Republicans say they are staunchly opposed to using federal tax dollars to alleviate budget issues that pre-date the coronavirus in states like New York and Illinois.

...

 

Cuomo also says he promised wealthy New Yorkers that he’ll personally make sure New York City mayor Bill de Blasio pays closer attention to the city’s rising crime rate: “We’re going to make progress helping the homeless. We’re going to clean up the graffiti. We’re going to fix crime.”

Bill de Blasio has not commented on whether he agrees.

https://www.dailywir...-of-state-taxes


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#649 GetLisaSomeHelps

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Posted 05 August 2020 - 01:43 PM

You better believe this is also happening in our region. Governor Cuomo is asking wealthy New Yorkers who fled the City during COVID to return, as the City can't function without their wealth.

https://www.dailywir...-of-state-taxes

Huh. That's wild that the Top 1% pay 50% of state taxes in New York, if true.

 

Maybe there are local bubbles where the %'s are higher for the Top 1%, but in Canada, The top 1% apparently represent 10.7% of total income while they pay 14.7% of all taxes collected in Canada (https://www.fraserin...s-in-canada.pdf - Am I going to be labelled as alt-right for quoting a Fraser Institute study?). 


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#650 Mike K.

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Posted 05 August 2020 - 01:59 PM

13 $3 million-plus homes sold in our region last month for a combined total of $49.5 million. 

 

That's roughly $250,000 in property taxation, perhaps even more if these are not all full-time primary residences.

 

Those 13 homes pay the same property taxes as the entirety of a 200-unit apartment complex.


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#651 GetLisaSomeHelps

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Posted 05 August 2020 - 02:05 PM

13 $3 million-plus homes sold in our region last month for a combined total of $49.5 million. 

 

That's roughly $250,000 in property taxation, perhaps even more if these are not all full-time primary residences.

 

Those 13 homes pay the same property taxes as the entirety of a 200-unit apartment complex.

 

Keep in mind this study is from 2017 and the amount of tax paid by the Top 1% was trending in the "paying more" direction historically.



#652 Mike K.

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Posted 05 August 2020 - 02:19 PM

Yup, it's going that way, for sure. It just goes to show how misplaced the "tax the rich" narrative is. And this is before we even get into the economic generation courtesy of that 1%, and how their investments provide jobs for others and yield even more taxation.


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#653 Mike K.

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Posted 05 August 2020 - 02:34 PM

Toronto:

“We can’t believe the number of people wanting to move out of the city. We would hear that a couple of times a year and now we’re hearing it a couple of times a week.” - https://apple.news/A...AS3awysZYrHvDeA

That’s a Globe & Mail piece via Apple News. It cites many more examples of people trading in urban homes for suburban or semi-rural homes, fast-tracking retirements, adjusting to working from home, etc. Crazy stuff. But it’s happening.

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#654 GetLisaSomeHelps

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Posted 05 August 2020 - 02:37 PM

Toronto:

“We can’t believe the number of people wanting to move out of the city. We would hear that a couple of times a year and now we’re hearing it a couple of times a week.” - https://apple.news/A...AS3awysZYrHvDeA

That’s a Globe & Mail piece via Apple News. It cites many more examples of people trading in urban homes for suburban or semi-rural homes, fast-tracking retirements, adjusting to working from home, etc. Crazy stuff. But it’s happening.

 

Huh. This is my plan in the next year. 20% down here is 60% somewhere else. The charm of Vic is no longer worth that housing premium, for me personally.


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#655 Mike K.

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Posted 05 August 2020 - 02:39 PM

Will your plans take you off the Island, north of town, etc? Don’t mean to pry but I’m curious where you may be planning to relocate.

Have you lived here long?

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#656 GetLisaSomeHelps

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Posted 05 August 2020 - 02:43 PM

Will your plans take you off the Island, north of town, etc? Don’t mean to pry but I’m curious where you may be planning to relocate.

Have you lived here long?

 

It's no problem. The move will take me outside of BC. I've lived in Victoria since my youth (not born here, though).



#657 Mike K.

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Posted 05 August 2020 - 02:51 PM

Wow. It’s too bad it has to come to that, but if homeownership is a key priority there are only two ways to achieve it.

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#658 GetLisaSomeHelps

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Posted 05 August 2020 - 03:05 PM

Wow. It’s too bad it has to come to that, but if homeownership is a key priority there are only two ways to achieve it.

 

It's ok - I bought a condo years ago and it did well but a SFD won't be doable for us especially with a growing family.

 

Would rather sell, put 60% down on a SFD in another region with an urban centre.


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#659 Matt R.

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Posted 05 August 2020 - 11:28 PM

Huh. This is my plan in the next year. 20% down here is 60% somewhere else. The charm of Vic is no longer worth that housing premium, for me personally.


In the last two weeks I know three families that have moved to Nova Scotia from the lower mainland due to mostly financial reasons and another one is moving in September. What the heck is going on?

Matt.

#660 Victoria Watcher

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Posted 06 August 2020 - 05:37 AM

this is not good:

 

 

 

 

 

More than half of Canadians are afraid to go back to their workplaces and 77 per cent are worried their colleagues might show up infected with the coronavirus, according to research from consulting firm KPMG.

 

About six in 10 say they’ll will refuse to go back if they believe their place of work is not safe enough and 57 per cent are concerned about sharing meeting rooms and other common areas. The survey polled more than 1,000 Canadians online and was conducted July 22 to 24.

 

https://www.bnnbloom...ffice-1.1476271

 

Major Canadian employers including Royal Bank of Canada, Bank of Nova Scotia and Telus Corp. have told many employees to continue working from home for the rest of the year. 


Edited by Victoria Watcher, 06 August 2020 - 05:39 AM.


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