BC really hasn’t done so bad for itself by digging stuff up from the ground and selling it to other countries, but as prices change in that market it can leave our economy somewhat wanting.
This week, we discovered just how far the B.C. government was prepared to cave in order to assuage proponents like Petronas. It effectively cut the royalty tax it first talked about in half.
Now ‘free money’ is still free money, but anytime your income is cut in half its a bit of a downer.
So whats plan B to diversify the BC economy? Gary Mason says there is no plan B and Patriotz says ‘what about real estate‘? But isn’t the RE market a bit played out at this point?
Most middle class RE purchases in Vancouver have gained less than a GIC over the last four years, and there’s the risk that high home prices chase away more productive industries.
So how does BC grow its economy in the future? If resources take a dive, what our best hope as a province to compete on a national and global scale?