Canada’s big banks have all cut their prime lending rates following the announcement that the central bank had lowered its benchmark interest rate to 0.5 per cent.
It was the second time this year the Bank of Canada had dropped the rate to stimulate the economy, after holding the rate steady for about four years.
This is good news for Buyers, especially in the Prince George area where it is already really affordable to live. Prince George offers a great way of life for people wanting to get out of the rat race of Vancouver.
Above is the link to the massive fire in New Westminster this morning, October 10, 2013. Many businesses were destroyed. This has happened in down town New Westminster before. My thoughts immediately came to Prince George and what would happen here if a fire started in our down town in the middle of the night. I was down town Prince George for dinner recently and noted there are several old buildings in down town Prince George. I also noted many transient type people in and around the streets and alley ways, some of them looking like they were entering or trying to enter boarded up buildings. When is gets cold in Prince George in the winter, I imagine these buildings would be a desirable place to keep warm, maybe start a little camp fire inside to make more heat and cook some food. I could see this as a huge possibility. There are many derelict buildings in down town Prince George that many people wouldn’t miss if they burn to the ground. In some cases, some of these buildings may look better as a burnt pile of rubble as opposed to its current condition. You can applaud the businesses that are doing good things down town now. I wish there were more businesses there which would attract other businesses which would attract…um, people to go and shop. I have been down town a number of times around the 5pm-6pm mark, and you could shoot a cannon down the street because no one is there. It felt like an episode of the Walking Dead with streets bare and empty. http://www.jasonluke.ca
A Delta Hotels and Resorts property will be built in down town Prince George with modern design and innovation. The hotel will be designed as a contemporary hotel with high tech design elements to reflect the needs and demands of today’s business and leisure travellers. The hotel will include up scale services, 170 guest rooms, 9 extended stay rooms, plus an extravagant hospitality suite. The hotel will also include a restaurant, lounge, fitness centre with spa and pool as well as 6,600 square feet of meeting rooms/space. Everyone involved in the project is pushing for it to be completed before the 2015 Canada Winter Games in Prince George, February 2015.
Scotiabank economists are stating that Canadians wont have anything to worry about until at least 2016 as far as rates going up. Remarks made by the central banks senior governor earlier in the week, suggest the banks view is now that the economy’s spare capacity may remain into sometime in 2016. They also say that that the economy is unlikely to overshoot into excess demand, so there would be no hurry for the banks to raise rate.
A local charity in Prince George known for building homes for needy families has been kicked out of its national body for not fulfilling it’s responsibilities as outlined in their local and national by-laws. Some of these may include financial management, record keeping, [and] reporting other fiduciary responsibilities. In almost 30 years, Habitat has only had one other affiliate been involuntarily disaffiliated. The problems were said to be at an organizational level, not physical issues with the homes built.