Last week, we finished a walked through the answers to the questions:
The next few weeks will be dedicated to answering the question: Why Kamloops?
After a thorough examination of the economic fundamentals of this city, I think you will agree this is a prudent place to have your money work for you. To start, here is a quick introduction of this city:
- -Mild Winter, Hot Summer
- -Tourism and Sports Hub
- -Hub of Major Transportation & Utilities Infrastructure
- – Economic diversity
- -Higher income than BC median
- -Population growth
- -Physical & Social Infrastructure
- -Growing University and College
- – First rate health services
- -Public Transit
- -Pro Investment City Council
- -Low Vacancy
- -Increasing Rents
- -Good Property Purchase Demand
- -Robust Real Estate Prices
Due to strong economic fundamentals, Kamloops has been recognized as the NUMBER THREE city in B.C. for Real Estate Investing by Don R. Campbell from the Real Estate Investment Network (R.E.I.N.). R.E.I.N. is often regarded as “the” source in Canada for unbiased real estate information.
Mild Winter, Hot Summer
- Kamloops ranks among other Canadian cities as:
- – Hottest Summers: # 1 – Median High: +21 ০C
- – Most Hot Days Above 30 ০C: # 1
- – Most Sunny Days in Warm Months: # 2 – Hours of Sun: 2075
- – Warmest Spring: # 2
- – Driest City: # 3
- – Median Low: – 4.2 ০C
tubers on South Thompson River
Tourism and Sports Hub
Thanks to the climate and geography, Kamloops has naturally become an outdoor enthusiast’s paradise. There are over 200 lakes within 40 miles of downtown, and world class hiking, mountain biking and skiing are readily available. Kamloops is a golf mecca, and has become the hottest market in Canadian golf, with 7 unique and award winning courses within a 1/2 hour drive.
A member of the Austrian ski team at Sun Peaks resort in Kamloops .
The city of Kamloops has branded itself as Canada’s Tournament Capital, and in 2011 hosted 109 tournaments. Kamloops offers athletes and spectators over 200 restaurants, 3000 hotel rooms and world class sports facilities.
Kamloops has successfully hosted hundreds of Provincial, Western Canadian, National and International events for 20 years, including the B.C. Lions training camp( 2010, 2011, 2012), the Chinese Olympic team speed skating practices since 2009, and the Austrian ski team since 2003.
Kamloops Museum, Fire Hall Museum, Secwepemc Museum & Heritage Park
Live Theatres (3)
Western Canada Theatre, Sagebrush Theatre, Ascroft Opera House
Art Galleries (2)
Kamloops Art Gallery, Hampton Gallery
BC Wildlife Park
70 wildlife indigenous species – 42 ha of park
Various tournaments, along with Rocky Mountain Vacations, bring in over $26 Million/year to the local economy. Thanks to the city’s appeal, Kamloops also hosts large conferences, and the hospitality industry employs 9% of the workforce( about 7,325 people)
Hub of Major Transportation & Utilities Infrastructure
Kamloops is nestled in the Thompson Valley, surrounded by hillsides formed during the Ice Age. Due to the naturally occurring path along the valley bottom, and seismic stability, Kamloops is host to major provincial transportation routes and infrastructure including pipeline, highways, rail, and electrical routes.
Pipeline: The Kinder Morgan Trans Mountain Pipeline System has a distribution centre in Kamloops that routes refined products from Edmonton for local distribution. This contributes to some of the lowest gas prices in B.C. A proposed twinning of the Kinder Morgan pipeline would further benefit Kamloops’ economy.
Rail: The most cost effective way to move a large volume of goods is still by rail, and over 50 C.N. and C.P. Rail trains pass through Kamloops everyday, employing about 540 residents, 1% of the Kamloops workforce. Both railways service Kamloops, one of only two cities in Canada with this distinction.
Electrical Utility Route: In 2005, B.C. Hydro identified Kamloops as an area where growth and increased electrical demand may pose a challenge. B.C. Hydro rose to the occasion through several strategies, including the recently implemented Smart Meter initiative and this has resulted in some favorable market conditions.
This centre will be completed in 2013, is creating 200 construction jobs, and will support 75 full time jobs. The Telus project joins the existing Q9 data centre, which was completed in 2010. Kamloops is an attractive place for further high tech investment, especially with Thompson Rivers University representing a source of skilled workers, and the city’s appeal as a place to raise a family.
Highways: The Kinder Morgan distribution centre contributes to lower fuel prices, a boon to the constant flow of traffic that travel the highways. Transportation costs have been further reduced by the removal of the Coquihalla toll in 2008, saving trucker who make weekly round trips $4,800/year.
Further benefiting highway traffic, $700 Million has been spent on the Trans-Canada Hwy between Kamloops and the Alberta border since 2001. Highways that intersect at Kamloops include Coquihalla Highway 5, Yellowhead Highway 5, and Trans-Canada Highway E and W.
A typical weeknight at the Kamloops Travel Centre, there was 26 Semi trucks parked while drivers ate and rested
As the third largest city in B.C. outside the Lower Mainland, Kamloops offers companies competitive development and business costs. Easily moving goods between customers and suppliers is a competitive advantage, and there was 5,512 businesses registered in 2011.
Prosperity = Wealth + Fulfillment
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Until next time,