The Vancouver Sun from Vancouver, British Columbia, Canada • 45

TSE POSTS THIRD GAIN IN A ROW D8 BUSINESS D7 EDITOR HARVEY ENCHIN 605-2934 FAX 605-2320 E-mail sunbusinesspacpress.southam.ea The Vancouver Sun FRIDAY, AUGUST 3, 2001 July home sales 'best in 10 years' 'Low vacancy, interest rates' boost MLS transactions have a huge selection of shopping, restaurants, entertainment and seniors' centres, as well as parks, trails, bicycle lanes, and recreational facilities. We're close to Vancouver International Airport and our schools are very good. "Richmond gives you the same proximity throughout the Lower Mainland. We're easily accessible from both Vancouver's west side and east side." Value is also a major drawing card in Richmond, where property prices can range from $75,000 for a one-bedroom condo, to larger, By WYNG CHOW Condominium sales nearly doubled last month over the same period a year ago as Greater Vancouver's residential property market recorded its hottest July for units sold in the past decade. Multiple Listing Service figures released Thursday show 2,619 detached homes, townhouses and condos changed hands in July, up 58 per cent from 1,654 units the previous year.

It was the the Lower Mainland's best July performance since 1991 when a total of 2,632 properties traded. Leading Richmond realtors credit the value-for-the-money, the amenities and lifestyle offered by the bustling city for attracting purchasers, which they described as a mixture of local buyers and some Asians. "Richmond meets the needs of all lifestyles today," said Marcie Anderson, of Royal Pacific Riverside, who recorded six sales through MLS last month. "I grew up in Richmond. We have everything here.

"The city is multicultural, we $363,900 was 1.3 per cent more than $359,300 in 2000. Year-over-year sales of town-houses improved 40 per cent in July to 394 units sold, up from 282. However, the average price slipped 6.6 per cent to $226,800 from $242,800 the year before. In Richmond, a total of 100 condos sold last month, compared with 45 in July 2000. Meanwhile, 183 detached homes changed hands, compared to 96 units, and 101 townhouses were transacted, up from 60 the previous July.

"We think these figures reflect the low vacancy rate in the rental market and competitive interest rates, which make purchasing a home a strong alternative at this time," said Maple Ridge realtor Don Pearce. "Both the housing resale and housing starts markets across Canada were extremely positive during the first half of this year." The most sizzling market last month was in Richmond, where sales of condos soared 122 per cent over July 2000, while detached homes jumped 91 per cent and townhouses 68 per cent The Burnaby market was also hot, as was Vancouver's west side. In all, 830 condos sold in Greater Vancouver in July, up 95 per cent from 426 sales in July 2000. The average price of $190,400 was 5.5 per cent higher than $180,500 a year ago. Sales of detached homes climbed 47 per cent last month with 1,395 transactions, compared with 946 units the previous year.

July's average price of See BUYER GETS D12 sr. Global, CTV licences renewed Broadcasters ordered to keep newspapers, newscasts open to wide variety of opinions By CHRIS COBB OTTAWA Canada's broadcast regulator has sent the country's two private media giants into the new entertainment and information universe with stern conditions about improving qual- i ity and keeping the nation's newspapers and newscasts open lit. it to a wide variety of opimoa ia In its historic but cautious decision on Thursday, the Cana- dian Radio-television and a Telecommunications Commissi sion renewed broadcast licences for stations in the CTV and a networks for a seven-year MARK VAN MANNENVANCOUVER SUN Malone's employee Chasidy Karpiuk hands a bottle of Mike's Hard Lemonade to Ryan Dean Thompson of California, who Is visiting Vancouver with his friends. Cooler spirits take over amid flat beer sales People would have called it a sissy drink in the past, but it's the biggest change in the industry in a long time, marketer says term. The regulator, however, added conditions intended to ensure that newspaper and television newsrooms remain distinct and that the broadcasters offer a significant amount of Canadian programming during prime time.

Global has 19 stations. It is owned by Winnipeg-based Can-West Global Communications, which, with its purchase last year of the Southam newspaper group, is also Canada's largest newspaper publisher. Can West owns The Vancouver Sun and Province, a 50-per-cent stake in the National Post as well as Internet interests. CTV, a network of 30 stations, is owned by Bell Canada Enterprises, which also owns The Globe and Mail and the Internet portal Sympatico. The CRTC said it will monitor both networks closely to make sure they offer Canadians quality Canadian TV programming "at times when Canadians are watching." This so-called "priority programming" includes Canadian drama, music, variety, documentaries and magazine-style shows.

CRTC regulations require broadcasters to show a minimum eight hours a week of priority program- See CONDITIONS MIRROR D12 By BRUCE CONSTANTINEAU A cold beer is still the beverage of choice at most patio gatherings this summer but there's a big surge now in the demand for concoctions with names such as Mike's, Vex and Smirnoff Ice. They're spirit coolers alcohol-laced fruit beverages especially popular among the 19-30 crowd that wants a change of Meehan said Mike's Hard Lemonade sales are split almost evenly between men, who account for 55 per cent of sales, and women (45 per cent). His dream is to get the cooler, or "ready-to-drink" category, as popular in Canada as it is in Australia where cooler sales are about 40 per cent the volume of beer sales. "That's huge but we seem to be trending that way in Canada," Meehan said. He said his company is currently working on a campaign to make their product more of a year-round beverage because the strongest sales clearly take place between May and September.

The strength of the category has attracted new competitors, Meehan said, but sales remain brisk. pace from the taste of beer. B.C., with $8 million in sales since it was introduced eight months ago. Mike's Hard Lemonade is No. 2, with $5.7 million in sales in the past year, followed by Mike's Hard Cranberry Lemonade, with $3.4 million, and Vex Hard Mandarin Orange Lemonade, with $2 millioa Labatt Breweries representative Paul Smith said the growing popularity of coolers makes the B.C.

beverage market even more competitive than ever. "It certainly brings more challengers who are after essentially the same consumer," he said. "So we have to be better and smarter and more competitive in how we present our products and what kinds of options we present to consumers." Labatt introduced a malt-based, carbonated lemonade called Boomerang two years ago and recently launched a new lager-and-lime beverage. "So we have done some nipping into that category ourselves," Smith said. "But we're brewers so everything we do starts and ends with the beer business." He noted beer sales in B.C.

still dwarf cooler sales with 260 million litres of beer sold in the province last year compared with 8.5 million litres of cooler products. Lemonade in situations where you used to drink beer," said Mark Anthony Group marketer Paul Meehan, whose company sells Mike's Hard Lemonade. "Before, people would have called it a sissy drink It's the biggest change this industry has seen in a long time." The word hard seems to give the product an edge that makes it more acceptable to the beer market's traditional stronghold young mea In fact, three of the top four selling spirit coolers in B.C. contain the word hard. LDB representative Kate Pasieka said Smirnoff Ice is the hottest-selling spirit cooler in While beer sales have flattened in recent years, cooler sales have nearly doubled since 1997.

The Liquor Distribution Branch reports that spirit cooler sales in B.C jumped by 55 per cent during the April-through-June period this year to $12 millioa It considered okay now to drink beverages like Mike's Hard Markets HSBC doubles credit-loss provisions Canadian Tire sales, earnings climb CDNX A TSE 300 3077.34 14.82 775619, Six-month net income increases by 12.8 per cent to $106 million from the year earlier period A TSE 100 .80 A TSE 35 3 A .13 A NASDAQ Canada .41 A D0W30 41.17 A S4P500 4.82 19.00 A NASDAQ A LONDON FT100 37.6 A NIKKEI 439.87 HANG SENG increased during the quarter to cover a small number of deteriorating commercial facilities," Glynn said. "However, our underlying credit quality remains strong." Loans increased by $1.6 billion during the first half of the year, while deposits rose by $1.2 billioa Interest income for the second quarter was $186 millioa up 13.4 per cent primarily due to increased commercial advances and residential mortgages. Other income declined to $104 million, compared with $118 million a year earlier, as capital market fees and trading revenue declined. This was partly offset by increased personal and commercial financial service fees. Non-interest expenses were cut to $172 million, lower by $20 million from the ear-earlier quarter, because of lower per-ormance-based compensation and volume-based transaction expenses and "continuing efforts to improve operational 469.00 531.97 447.98 388.30 10.551.18 1220.7S; 2087.38 55B4.5? 12,399.20 ,.12,466.37., $.6518 US $1.3558 80.45, $2.1976 $267.40 US $4.25 US $27.72 US' TORONTO Second-quarter earnings and revenues rose at retailer Canadian Tire as consumers kept coming to its stores despite a slower economy.

Net earnings for the three months ended June 30 were $53.4 million, or 67 cents a share, up from $49 million or 62 cents a share in the year-earlier period. Revenues were $1.5 billioa up from $1.4 billioa a seven per cent increase, the company reported Thursday. Sales at stores open for more than a year rose seven per cent, its strongest increase in over seven years. Canadian Tire's shares on the Toronto stock market rose 53 cents to $25.48 on Thursday. Canadian Press by higher tax rates and greater capital requirements.

"Our results were in line with expectations," said Martin Glynn, president and CEO of the Vancouver-based bank. "Higher net income from loan growth and our continued focus on cost efficiency have resulted in improved cost, income ratios and overall net income, despite lower non-interest income due to the weak equity markets this year." Provision for credit losses was $25 million in the second quarter, compared with $11 million in the second quarter of 2000 and $13 million for the first quarter of 2001. The six-month provisions of $38 million compared with $22 million in the first half of last year. "Provisions for credit losses were HSBC Bank Canada, the largest foreign-owned bank in the country, doubled its provisions for credit losses in the second quarter but reported an 8.5 per cent rise in net income. The unit of London-headquartered global financial conglomerate HSBC Holdings PLC said Tuesday that it earned $51 million in the three months ended June 30.

Six-month net income was $106 millioa up 12.8 per cent from a year earlier despite slackening non-interest income due to weak equity markets. Assets at June 30 stood at $30.8 billion, up 9.6 per cent, and return on equity for the quarter rose to 14.6 per cent, compared with 13.6 per cent a year earlier. However, first-half return on equity slipped to 15.5 per cent from 16.2 per cent, hit A CANADIANS i l. A EURO .0013 $.0015 UK POUND i unchanged SILVER (N.Y.) unchanged A OIL (W.Tex. Int.) $.94.