There are plenty of activities to take part in at this part of the year. Band concerts, church nativity plays, carolling, theatre productions and office parties, to name a few. Here are a few photos that I have taken over the past couple of weeks.
The acapella voices of Glacier Harmonies choral group.
Philosophy Chair*
The class was already seated and ready to go when the professor picked up his chair, plopped it on his desk and wrote on the board:
"Using everything we have learned this semester, prove that this chair does not exist."
Fingers flew, erasers erased, notebooks were filled in furious fashion. Some students wrote over 30 pages in one hour attempting to refute the existence of the chair. One member of the class however, was up and finished in less than a minute.
Weeks later when the grades were posted, the rest of the group wondered how he could have gotten an A when he had barely written anything at all.
His answer consisted of two words: "What chair?"
*Thanks to Pastor Tim for this joke!*
Some parts of our region get minimal amounts of sunlight at this time of the year. A couple of weeks ago I was driving along Lakeside Drive, across from the Nelson airport. The sun had set in the city, but I caught a glimpse of sunlight out on the North Shore. My camera was in the back seat, so I snapped this photo. Within a minute, the sun was gone.
These pictures are of an actual polar bear attack in Churchill, Manitoba. They were taken while people watched seemingly humored, and did absolutely nothing to ward off or stop the attack!Reports from the local newspaper however say ; the victim is expected to make a full recovery.
- By law, shares of large, publicly traded banks and insurance companies must be “widely held” which in effect prevents domestic mergers or foreign take-over’s unless supported by the federal finance minster;
- Canadian banks were the 1st in the world to adopt new risk-management rules under Base1 and 11 capital framework
- Canadian Bank Act requires mortgage default insurance on loans there equity is less than 20%
- Canadian mortgage payments in arrears in July 2008 were running at historic lows…less than 1/3 of 1%....about 1/6 of what the US experienced in the depths of its 1990’s housing slump
- Canadian banks approvals of “non prime” mortgages runs at about 5% v the US at 23% inn 2008
- In Canada the Office of Superintendant of Financial Institutions oversees both commercial and investment banking, in the US only commercial banking has been regulated to the same degree
- No US bank has branches in all 50 states v all 5 major Canadian banks have branches in all 10 provinces thereby diversifying the risk geographically
- Canadian Office of Superintendant of Financial Institutions requires chartered banks maintain a minimum Tier 1 capital ratio of 7%, in the US the minimum is 6%;
- In the latest quarter, the actual rate Tier 1 capital ratio for Canadian banks was 9.8%...63% above the required minimum
Positive News & Information
- The loony’s recent tumble serves up a 20% (+/-) advantage for Americans buying Canadian real estate.
- Average home sale prices in 2002 were $250,000 and $453,000 in 2008, a mere 81% increase. Even with a BCREA forecast of $413,000 in 2009, the appreciation since 2002 would be just 65% over 7 years.
- Oct 7 2008 IMF predicts Canada will lead the G7 countries in growth at 1.2% in 2009.
- Canada has 18 domestic banks, the US has 8000.
- Oct 9 2008 Prestigious World Economic Forum declares Canada has the soundest banking system in the world out of 134 countries, US ranked 44th.
- There are an estimated 2 million lakes in Canada covering approximately 7.6% of Canada's land area. Canada has more fresh water lake area than any other country in the world.
- 30-9-08 BC’s Employment rate is 95.4%, text book perfect!
- 30-9-08 BC’s Consumer Price Index is 1.9%
- Residential building permits in BC for 2002 were $2.8 billion, and finished 2007 at $8.6 billion, a 271% increase, and 2002 was a great year!
- BC Commercial building permits in 2002 were $1.1 billion and for 2007 $2.6 billion.
- YVR Airport Authority generated a profit of 21% in 2007 and its airport is ranked as one of the best airports in the world.
- YVR Airport Services now provides services in airports in 7 countries handling over 49 million passengers annually, and generates a double digit profit.
- GE costs will drop 28% in 2009, yielding its most significant competitive pricing advantage ever.
- OPEC decided to cut production by 2%, the largest single decline in over 8 years, 8 years ago was when the healthy economic conditions began.
- Thursday November 20, the price of oil is approximately 34% of its peak price of $147/bbl in June, 2008.
- BC now has the lowest provincial personal tax rate of any province in Canada. Provincial corporate tax rates are 1/3 less today than in 2001.
- Provincial government investment in education has grown 30% in the past 7 years, and investment in health care has risen 60% in the same period.
- Today BC has 33000 more university seats than in 2001.
- Out of all Canadian provinces, BC is least dependant on the US market.
- Mining drilling rights sold in BC this year in the first 6 months of 2008 doubled the previous ANNUAL record.
- Technology employment in BC is growing faster than in any other sector in the province.
- 2010 - The largest television audience in history! Three billion people will watch the Vancouver Whistler Winter Olympics in 2010.
- A new RBC study conducted during the market turmoil in October finds Canadians overall have intentions to purchase a home in the next two years remain steady at 22 per cent and have not changed since January 2008. As well, renovation intentions are slightly higher than last year – up four percentage points as
70 per cent of respondents are planning to renovate or make home improvements in the next two years.
“Be fearful when others are greedy, and greedy when others are fearful”….Warren Buffet’s principal investment strategy.
Threat of global recession to hinder home sales
in major Canadian housing markets in 2008 and 2009, says RE/MAX
Recovery linked to economic stability next year
Global economic uncertainty weighed heavily on residential real estate activity in most major Canadian centres during the latter half of 2008. Although the forecast for 2009 promises more of the same, most markets are expected to weather the storm, says RE/MAX.
Housing market performance will clearly be contingent on economic performance at a local, provincial, and national level in 2009. Issues affecting the overall economy are impacting housing markets across the country and the situation is not expected to be remedied until consumer confidence is restored. If inventory levels remain stable, pent-up demand kicks into gear, and lower interest rates stimulate home-buying activity, we could see a bounce back as early as spring.
The RE/MAX Housing Market Outlook for 2009 examined residential real estate trends in 22 markets across the country and found that average price held up remarkably well in 2008, despite 13 centres reporting double-digit declines in home sales. Solid gains earlier in the year likely served to prop-up housing values at year-end. The prognosis for housing activity in the first six to nine months of 2009 is somewhat static, given continued volatility in financial markets and the threat of recession, but as stability returns, housing markets are expected to recover.
Nationally, 440,000 homes are expected to change hands in 2008, down 15 per cent from record 2007 levels. Canadian housing values are expected to hover at $300,000, a nominal three per cent decline from last year’s historic peak. By year-end 2009, unit sales should match 2008 levels, while average price is forecast to fall another two per cent to $293,000.
Major markets are evenly split in terms of housing performance in 2009, with 11 centres forecast to match or exceed 2008 home sales and 11 expected to slide from 2008 levels. The highest percentage increase in unit sales is anticipated in Saskatoon, where the number of homes sold is forecast to climb three per cent in 2009. Housing values are expected to hold the line in 2009, with St. John’s, Montreal, Kingston, London, Winnipeg, Saskatoon, and Regina posting modest gains in average price in 2009.
Canada’s real estate environment is considerably more complex than it has been in recent years. The landscape is definitely changing -- with most markets shifting into either balanced or buyer’s territory. The shut out is over. Sellers no longer rule the roost. Opportunities exist for purchasers like never before, including lower interest rates, greater inventory levels, the luxury of time to make decisions, and the upper-hand at the negotiating table. Motivated vendors will need to take note of the new mindset and set their prices accordingly.
Canadian sellers are slowly adjusting to new realities. For most markets, 2008 started in balanced territory and moved into buyer’s market conditions during the latter half of 2008. The year ahead will prove challenging, especially for vendors.
While the economy will dictate real estate performance next year, it’s important to remember that demand still exists in the marketplace. In the midst of stock market turmoil, sold signs continue to appear on lawns across the country. With affordable lending rates and increased selection, first-time and move-up buyers with good credit may choose to play their investment strategy safe and purchase a home. The comfort of a tangible investment like real estate goes a long way in tough times.
###
RE/MAX of Western Canada (1998) Inc. Housing Market Outlook 2009 Report, issued December 3, 2008.
*You're No Longer A Kid When...* You're No Longer A Kid When...
- Driving a car doesn't always sound like fun.
- You have friends who have kids.
- You are taller than the slide at the McDonald's playland.
- Your parents' jokes are now funny.
- Naps are good.
- When things go wrong, you can't just yell, "Do-over!"
- You WANT clothes for Christmas.
- You look in the surveillance camera monitor at the convenience store, wonder who that guy is standing at the counter with the bald spot, and then realize it is a shot of you from behind.
*Thanks to Pastor Tim for this joke!* http://www.cybersalt.org/cleanlaugh .
Lorne & Drew
