What’s plan B for the economy?

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.

For example:

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?

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space889
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space889
Nobody in local and provincial government cares about the economy…it’s all about how to get more $$$ for themselves and their sponsors. At best, it is about how to get the rich boomers to cash out of their houses and business. That’s basically the thrust of the new investor immigrants program, get immigrants to buy marginal business from boomers looking to cash out and retire. With resources, BC can do what Alberta did with oil sand – loyalty free or reduced rate until the initial capex is expensed. That’s seems fair for a new industry. Realistically, it’s not like our gas deposit is going to pack up and leave just because of the loyalty rate. There really is no need to cave in to any corporate pressure. Worst come to worst, we can always copy Brazil with their basically nationalized… Read more »
tedeastside
Member
tedeastside

people moving to vancouver might be wondering that too..

where are they going to get a job in vancouver……Megabite Pizza aint a tech giant, vancouver isnt exactly a job mecca, not sure how that city will survive on Pizza head offices,

i dont think Boston Pizza is quite as big as Boeing yet

Shut It Down Already
Guest
Shut It Down Already

I wonder why Facebook, Amazon, Microsoft, Hootsuite, Sony all opened or plan to open offices here. Could it be because local government is already providing the relevant incentives? Sorry that doesn’t fit in with your nonsense narrative, Ted.

Opportunity doesn’t always mean having a giant head office on your doorstep – I’d rather have some diversification, personally. Why not tell us what your line of work is? I think we’ve just ruled out IT.

crabman
Guest
crabman
Besides resources (Plan A) and real estate (Plan B), BC has those beggar-thy-neighbour taxpayer bribes (Plan C) for big Corporations like Sony: “One of Hollywood’s biggest visual effects studios Sony Pictures Imageworks is moving its headquarters from California to Vancouver, the company has confirmed.” “Cohen says ultimately Sony is taking advantage of a large tax credit in B.C., and could just as easily move to another city in the future, if it gets a better deal.” http://www.cbc.ca/news/canada/british-columbia/sony-pictures-imageworks-moving-headquarters-to-vancouver-1.2659431 California’s tax credits were “only” $100 million, but BC is planning to give out $278 million this year. We’re number 1! And as long as no one in California notices what’s going on (and gives Sony a “better deal”), those jobs should be safe. It looks like they noticed. Is there a plan D? “Look out Louisiana, Georgia and Canada, runaway productions are… Read more »
Softy
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Softy

It looks like every part of the BC economy depends taxpayer government support in one form or another.

nufio
Guest
nufio

I can tell you why Amazon and Microsoft are growing in Vancouver. I have worked for both companies and for one of them in Vancouver (and another in Seattle). Its because the H1B visas are getting oversubscribed in the US the first week and there is a lottery to pick the winners. Both Microsoft and Amazon have HQ in Seattle so Vancouver is a convenient place to hold immigrants.

Also FB is closing its office is Vancouver this year and relocating all its employees in Vancouver to the US (or the east coast).

The only hope for Vancouver Tech is US immigration laws to stay as they are AND H1B goes into lottery every year AND its easy to get TFWs for these big firms. If any of these change the Vancouver tech growth will come to an end.

Marco
Guest
Marco

@tedeastside

“I don’t think Boston pizza is quite as big as Boeing yet”. That is hilarious…
Here’s a list of top companies in Van for Ted. http://www.bcbusiness.ca/top100/companies. Don’t see 1800 got junk, unless I missed it.

Telus is number 1, shocking! Not so much considering our astronomical cell phone bills. Number one in the world yay! We need more competition to lower the rates. Plan B more start ups allowed to compete against the behemoths.

Cheers.

Yunak
Guest
Yunak

@2

people moving to vancouver might be wondering that too..where are they going to get a job in vancouver…

Restaurants-cash-only, car dealerships, Real Estate agencies, massage parlors, TNT… the rest of them are rich enough, they don’t need jobs or will keep those overseas.

Devore
Member
Devore

“Telus is number 1, shocking! Not so much considering our astronomical cell phone bills.”

And a small company is not capable of charging lots of money?

Telus is #1 private employer in BC because their national hq is here, and it’s one of the largest companies in Canada, not because you think your cell phone bill is too high.

VanDweller
Member
VanDweller

Hopefully this is new to some of you:

The Condo Game is a September 2014 CBC documentary about condos in Toronto. Shoddy work, international investors, pre-completion sales and flash-backs to Vancouver leaky condos crisis, it’s all there. Actually Vancouver is presented as a good example of planning done right – mostly because of the changes brought about by the leaky condos crisis.

http://www.cbc.ca/player/Shows/Shows/Doc+Zone/ID/2419796099/

Marco
Guest
Marco

@Devore

It’s not that I think my cell phone bill is too high, not just from Telus either, it’s that I know it’s too high. Competition lowers prices plain and simple. I as a consumer could really care less that Telus is the number one employer in Vancouver because those jobs could easily be moved to another competitors company. More companies = more jobs and lower prices. This isn’t a gripe against Telus it’s about the over price of a service due to the lack of competition.

Cheers.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

it’s because salaries here for technical talent are so ridiculously low. we are an outsourcing destination in the same time zone as silicon valley.

Shut It Down Already Says:
October 27th, 2014 at 2:13 pm 3

I wonder why Facebook, Amazon, Microsoft, Hootsuite, Sony all opened or plan to open offices here.

Slagathor
Guest
Slagathor

….Actually Vancouver is presented as a good example of planning done right – mostly because of the changes brought about by the leaky condos crisis…..

Except that the Vancouver condos are all still leaking.

The way I see it, there are two ways to get rich in Vancouver: Selling condos, or selling rain screening for leaky condos under repair. Eventually, there will be no condos left to sell, but condos will all keep leaking, again, and again, and again…. until it’s time to tear down the building and build new condos, that will start leaking all over again.

paulb
Member

New Listings 183
Price Changes 107
Sold Listings 123
TI:15235

http://www.paulboenisch.com

patriotz
Member

@9:

It really says something about the competitiveness of BC’s economy that the biggest corporation headquartered in the province is the phone company.

telus
Guest
telus

“is the phone company.”

should read “is an international telecommunication leader.”

Boombust
Guest
Boombust

All the more reason why this BUBBLE will burst (big time!), n’est pas?

Marco
Guest
Marco

Barbara Yaffe says the energy sector will drive BC’s economy not high tech. Also in the article is Muir saying foreign ownership is not driving Vans real estate market. And the concerns about investors’s empty houses is overblown, saying only between 6 and 7% are empty. He also says he thinks real estate sales will remain quite flat next year.
He must have the crystal ball.

http://www.vancouversun.com/opinion/columnists/Barbara+Yaffe+Energy+sector+high+tech+will+drive/10329372/story.html

patriotz
Member

@16: ” an international telecommunication leader.”

In selling cell phones someone else makes? The former BC Tel actually had R&D and manufacturing divisions.

Marco
Guest
Marco
Girlbear
Guest
Girlbear

No cooking appliances!! For $2000 per month. Lol. Wonder what happened to the kitchen.

http://vancouver.craigslist.ca/van/roo/4709556337.html

tedeastside
Member
tedeastside

Telus international?????? lol

they dont even have Telus in Ontario …Telus only operates in BC and Alberta……what a joke

chilled
Member
chilled
@ Marco, I get your message but in your listings you showing government; ie BCLiquor and ICBC as well as oligopolies like Telus and Fortis to name just a few. Ted won the argument (if there even was one) hands down, sorry. Vancouver is Vancouver. It isn’t a ‘world class city’ nor is it a backwater. Ted is just as demonstrative as the pumpers and his honesty is a welcome relief from the mindless disciples who all to often take criticism of Vancouver like a personal attack. Ted, keep up the good work. +++++++++++++++++++++++++++++++++++++++++ Marco Says: October 27th, 2014 at 3:12 pm 7 @tedeastside “I don’t think Boston pizza is quite as big as Boeing yet”. That is hilarious… Here’s a list of top companies in Van for Ted. http://www.bcbusiness.ca/top100/companies. Don’t see 1800 got junk, unless I missed it. Telus… Read more »
Marco
Guest
Marco

@23

It was just a list of the top 100 businesses by revenue in BC. I certainly don’t take Tedeastsides comments as personal as I have lived in Europe and have travelled extensively, just recently to London. The 1-800 got junk analogy Ted uses a lot is hilarious. I too see through the smoke and mirrors of BPOE and “World Class”. Trust me. And I was actually surprised not to find 1-800 got junk on the list, because those guys swing a lot of junk.

Cheers.

Westside Realtard is Romeo Jordan
Guest
Westside Realtard is Romeo Jordan

This blog is going downhill fast…

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