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COVID ECONOMICS


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#81 Mike K.

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Posted 25 April 2020 - 07:36 AM

Is it time to stop with the mentions of expressing difficulty/regret/sadness/frustration every time an event is cancelled? I think society gets it now, stuff is being cancelled. From the Town of Sidney: “The Town of Sidney has made the difficult decision to cancel the 2020 Sidney Street Market season. While the Town shares in the disappointment of the market's cancellation, we are looking forward to next year’s market season.”
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#82 Victoria Watcher

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Posted 25 April 2020 - 07:52 AM

a lot of "difficult decisions".  seems to me that's the easy decision.  difficult would be to hunker down and figure out how to make it stay open.


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#83 Mike K.

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Posted 25 April 2020 - 07:55 AM

It’s like the toilet paper frenzy, everyone assumed you needed to stockpile the stuff because the TV said so. I guess people also think they need to prefix every cancellation with “difficult decision.”

I tell ya, the difficult decision will be figuring out how to run a $20 million municipal hall with $7 million in revenues.
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#84 Mike K.

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Posted 25 April 2020 - 08:08 AM

If all else fails, Nicola Wealth financial advisor Kyle Westhaver said, you’re going to have to ask for help. If your landlord has a heart, he or she may pity you and give you a break. Many in Toronto have already indicated that they’re willing to work with tenants on deferrals. Going the extra step of laying out your budget, step-by-step, and showing them that CERB payments aren’t going to cut it would strengthen your case, he said.

Millennials value their independence so Westhaver’s next solution may be a difficult to accept, but likely inevitable: Move back in with your parents. You’ll still have to pay rent, but the additional costs should be taken care of. If you can’t afford to live in a big city, it might help to leave.

- https://business.fin...rviving-on-cerb

The cold, hard truth is in the last sentence. Not sure about the “has a heart” thing. More like, “if your landlord can afford to not receive his or her rent in full.”

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#85 VIResident

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Posted 25 April 2020 - 08:48 AM

Les Leyne: Is ‘Living in a Ghost Town’ our future?

 

 

https://www.timescol...ture-1.24124250

 

Projected losses from an almost total absence of visitors this season will come to $1.4 billion, that office calculates.The job losses will run between 19,800 and 22,500, amounting to a wage loss of between $605 million and $850 million.

 

 

The various levels of government will sustain a tax revenue loss in the order of $375 million.

To put the estimation of losses into context, a 2018 analysis, using 2016 numbers, pegged the total value of the local industry in normal times.

It estimated the total number of local jobs derived from tourism at 22,300. There would be some differences in how the employment count and the expected loss of jobs counts were done.

But the numbers suggest the vast majority of jobs will be wiped out. The same applies to wage losses. Total value of wages in tourism was previously estimated at $729 million, which means a total loss is now expected.

Particularly striking is the context for the estimated loss in tax revenue from local tourism.

It’s $375 million. The previous estimate put the value of municipal, provincial and federal tax revenue from tourism at $376 million, meaning a total collapse is expected there as well.


Edited by VIResident, 25 April 2020 - 08:49 AM.


#86 VIResident

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Posted 25 April 2020 - 08:54 AM

From 2014 Times Colonist

 

"It has been almost 10 years since technology eclipsed tourism as this region’s top private industry."

 

Andrew Duffy

 

 Times Colonist

MARCH 29, 2014 05:00 AM

 

https://www.timescol...lution-1.916038

 

Where is our tech sector in all this?  Our saviour?  Are they working?  Are they applying for rent subsidies? Wage subsidies? Whats going on in this industry right now?  

 

The $1-billion tourism industry made sense — a beautiful location in a mild climate with plenty of outdoor activities and creature comforts to appeal to all kinds of travellers.

 

".....But why Victoria now boasts a $3-billion high-tech industry is a little more vexing." - from 2014


Edited by VIResident, 25 April 2020 - 09:01 AM.


#87 Victoria Watcher

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Posted 25 April 2020 - 08:59 AM

i'm not sure they calculated the effect of so many victorians not travelling though.  several hundred million dollars will stay at home.  will this local money go to whale watching?  probably not.  local restaurants?  maybe some.



#88 Victoria Watcher

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Posted 25 April 2020 - 09:02 AM

Where is our tech sector in all this?  Our saviour?  Are they working?  Are they applying for rent subsidies? Wage subsidies? Whats going on in this industry right now?  

 

RevenueWire was named VIATEC Member of the Year at the 2017 VIATeC awards, which is awarded to the VIATEC member who demonstrated outstanding commitment to the Greater Victoria technology sector through involvement, volunteering and support of VIATEC.

 

 

$6.7M deal settles Victoria firm RevenueWire’s fraud case

https://www.timescol...case-1.24124210



#89 VIResident

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Posted 25 April 2020 - 09:18 AM

RevenueWire was named VIATEC Member of the Year at the 2017 VIATeC awards, which is awarded to the VIATEC member who demonstrated outstanding commitment to the Greater Victoria technology sector through involvement, volunteering and support of VIATEC.

 

 

$6.7M deal settles Victoria firm RevenueWire’s fraud case

https://www.timescol...case-1.24124210

:whyme:



#90 spanky123

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Posted 25 April 2020 - 10:20 AM

Equity, most have huge equity in their properties and may have to dip into that. 

 

If you have owned your building for the last 30 years then you likely have some equity built up. The fact is that there are a lot of new buildings in town and a lot that have changed hands over the past few years and competition and low interest rates meant that most of those buildings were leveraged up. Add in the fact that retail, hospitality and tourism are in deep trouble and my bet is that most of those owners, if they were able to get a property assessment today, would actually be underwater.



#91 spanky123

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Posted 25 April 2020 - 10:23 AM

RevenueWire was named VIATEC Member of the Year at the 2017 VIATeC awards, which is awarded to the VIATEC member who demonstrated outstanding commitment to the Greater Victoria technology sector through involvement, volunteering and support of VIATEC.

 

 

$6.7M deal settles Victoria firm RevenueWire’s fraud case

https://www.timescol...case-1.24124210

 

And thus the deep, dark, secret underbelly of Victoria's tech industry is partially exposed. 



#92 Matt R.

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Posted 25 April 2020 - 10:24 AM

these are sophisticated business people though. doing business means assuming some risk.
few business owners or landlords will become homeless due to missed lease or mortgage payments.
so why should ordinary people like you and I step into these private arrangements with our tax money? rather than just let owners and lenders and leaseholders all work it out like the adults they all are?


I think a lot of that flies out the window when government forces the closure of a business.

Matt.
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#93 spanky123

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Posted 25 April 2020 - 10:24 AM

 

Where is our tech sector in all this?  Our saviour?  Are they working?  Are they applying for rent subsidies? Wage subsidies? Whats going on in this industry right now?  

 

 

Most of the tech industry in Victoria are startups. The majority of those businesses will fail in the next few months. They either don't qualify for the subsidies and/or they are not ale to raise money to keep going.



#94 VIResident

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Posted 25 April 2020 - 02:34 PM

Most of the tech industry in Victoria are startups. The majority of those businesses will fail in the next few months. They either don't qualify for the subsidies and/or they are not ale to raise money to keep going.

That is truly unfortunate.  Was hoping it would help us out of this hole. 



#95 Casual Kev

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Posted 25 April 2020 - 03:12 PM

Unfortunately there's not much that we can do to account for the annihilation of tourism and services this year, outside from the fact this is a government town. Even then, I don't see how the BCNDP avoids having to do the same as the BC Liberals did back in the early 00's with so much tax revenue missing. The only comfort here is that the public service is pretty old on average, so maybe most of the job losses are concentrated among senior employees who already have a comfortable pension and can afford to go some time without a job.

 

Yeah... turns out when things get tough, the only thing we have to fall back on is hoping taxpayers from the rest of the province will keep us afloat.



#96 SamCB

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Posted 26 April 2020 - 09:54 AM

Has anyone (tenant or landlord) seen any action on the $500 BC rent relief program? My tenants applied for it a couple weeks ago and told me i should expect an email.... so far- nothing. Would very much like to avoid an awkward situation at the end of the month where I'm shorted $500... 



#97 Matt R.

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Posted 26 April 2020 - 10:08 AM

We got the email and processed it. Still no money.

Matt.

#98 Redd42

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Posted 26 April 2020 - 10:19 AM

Saw a posting on Facebook on the rent relief. Landlords reported receiving the funds in their bank account within days of replying to the govt e-mail

 

My understanding is the rent relief is supposed to be for April, May and June. Any landlords receive April rent with a $300 or $500 deduction?



#99 SamCB

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Posted 26 April 2020 - 10:38 AM

Thanks. Matt, do you mind sharing the email address (or domain) the email came from? I'm afraid it went to junk, and that's a lot of spam email to look through. 

 

Glad to hear some folks are receiving it.



#100 spanky123

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Posted 26 April 2020 - 10:51 AM

^Perhaps your tenants applied but were not eligible.



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