I detail the coming boom in Kamloops(and why we are in the middle of the Recovery Phase of the real estate cycle) in a recent article you can read here.
I will be publishing economic news here and putting it in context on at least a monthly basis, so if you have not yet subscribed, please do so and keep up to date on the Kamloops markets. You will be glad you did!
Invest Kamloops Economic Fundamentals
Ok this is more for fun than anything, I promise Canada’s smartest person is not me, just click the link above to read all about Kamloops’ newest claim to fame.
The Thompson-Nicola Regional District (TNRD) and the City of Kamloops have teamed up to offer training sessions to the general public and business community of Kamloops and surrounding areas on using interactive mapping and accessing local government data stored in a geographic information system (GIS).
Working with CityMap and myRegionView, you can create maps, explore and analyze the data behind the maps, create a property report, measure, draw, and locate features of interest such as parks, zoning and library locations. Click link above for details.
Flights to Kamloops were up 7% from 2011-2013
Also, a local aircraft maintenance company just purchased a competitor in Calgary,
so even more aircraft will be serviced at the Kamloops Fulton Field. Stauffer Aero was no small operation, with 6000 square feet of shop and office space, so the purchase by Kamloops’ Pro Aero Aviation will mean more work for locals.
This is great news as they have been pro-business, and this continued stance will attract more investment and jobs to Kamloops.
Students from Illinois are using crowd funding to get to Kamloops to try out the only longboard park in the world. Just another example of a forward thinking city council attracting attention to Kamloops.
Besides the ongoing cost of laundry, IHA is facing a $10M equipment upgrade, so is looking to contract out laundry services, potentially phasing out 175 union jobs throughout the region(15 of these jobs are in Kamloops). If this happens it will be sad for the employees, however Kamloops will likely see MORE jobs as result since any contractors would likely set up home base in the transportation hub of the interior: Kamloops. I will watch with interest and keep you posted.
Venture Kamloops is receiving $100,000 from the province to conduct a five-year forecast of job trends.
“The Research Universities’ Council of B.C. published a report last year forecasting 100,000 job openings in the Thompson-Okanagan in the 10 years between 2010 and 2020.
The same report called for hundreds of millions in project dollars.
Similarly, a local survey conducted two years ago “clearly identified a labour shortage, skilled and unskilled — posting of jobs that were just going unfilled,” Anderson said.”
The province wants to be sure of the predictions before big expenditures to support the influx of new workers needed in the area. I for one can’t wait to read that report!
At a recent waste audit put on for public to view, staff found that Kamloops has a long way to go to reach the goal of 0.3 tonnes per person/yr from the current 0.7 tonnes. At the current rate, the Mission Flats landfill will be full in 50 years!
Kamloops is one of three cities in the province with an Apprenticeship Advisor who specifically will work on initiatives to support Aboriginal Peoples throughout the province.
BC GDP experiences growth
BC GDP is at 1.9%, lagging some provinces but in line with the Canadian Average.
This is a 23-percent jump over the same time period last year.
Thanks to Kamloops being a distribution center for fuel across the interior, we enjoy gas that is 12 cents a liter cheaper than Kelowna, a major consideration for trucking companies and other small businesses looking for a home base.
An agreement between Unifor Local 10B and Domtar sets the stage for an expanded commitment to apprenticeship training that will help to keep good jobs in Kamloops. The agreement resolves outstanding issues related to the closure of the A-Line in 2013, recognizes the valuable contribution made by senior employees and sets a framework for apprenticeship training at the mill. It also establishes scholarships and bursaries that Unifor and Domtar will administer in pursuit of supporting local trades training schools in Kamloops. Read the full press release at the link above.
Stats Can released data on the products transported by rail for Q1 and Q2. Most of this product moves through Kamloops via both CP and CN to reach the ports in Vancouver. The volume of rail freight carried in Canada totalled 29.5 million tonnes in August, up 3.3% from the same month last year.
Requests to build more than 90 housing units were before council this week(Oct 24) as developers look to move forward on projects around the city.
Projects for the industrial area of McGill Road, on Tranquille Road in Brocklehurst, downtown Battle Street and Qu’Appelle Boulevard in Juniper Ridge were all up for discussion Tuesday. Read entire article at link above.
Earlier this month(Oct) Kamloops City Council expressed their position on the preferred route for the twinning of the Kinder Morgan pipeline. They unanimously supported the proposal to divert the project through the Lac Du Bois Provincial Park rather than be built along its current path through Westsyde.
Kamloops Budget Meetings in advance of elections
Thompson School Board has a capital projects wish list, one that will costs tens of millions of dollars to fulfill. Some of the big projects include the call for the replacement of South Kamloops Secondary, as well as a new school for the Pineview area.
One theme that came out of the presentation at the city budget meeting today is the potential need for Kamloops to increase user fees. Parks and recreation services, as well as water, sewer and garbage could see rate increases.
Kamloops is bustling with a vibrant beautiful downtown complete with nightclubs, well-kept buildings, tall towers, busy homegrown men’s store and shoe store, coffee shops, and bakeries. The city’s downtown core is busy even on civic holidays and Sundays unlike the ghost town Prince George is on these days. – See more at the link above.
Enrolment at the Kindergarten level accounts for nearly 80 per cent of the increase at the elementary level (which includes students up through Grade 7) and de Bruijn expects the increase will continue at that age in coming years as well. Read full article at the link above.
Also: Nearly $150 million in upgrades, additions and new builds are identified in the Kamloops-Thompson School District five year capital plan, including a brand new school in the Pineview Valley area.
Tourism in Kamloops accounts for a good chunk of local GDP. Events like the Brier, Senior Games, and BC Lions Training Camps all help to make this “Canada’s Tournament Capital”.
The upgraded wastewater treatment plant in Kamloops is now fully functioning. It cost $38.5 million dollars to transform the facility into using the latest techniques in removing the waste from the water. The operation has shifted from relying heavily on chemical treatment to more of a biological process. This depends mainly on bacteria to filter the water before it gets pumped into the Thompson River.
As you read these news articles, try to piece together the big picture for Real Estate Investors and why it matters to you! Use this REIN GDP Graph to try and see what these headlines mean to the price of housing and rental rates.
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Until next time,