Kamloops Second Quarter of 2015 Economic Update
These articles may seen boring, but money being spent in Kamloops represents GDP growth. That means jobs, which means people, which means higher home prices and tighter rent markets, GREAT NEWS for landlords like you and me :).
Millions have been earmarked for Kamloops, and shovels are in the ground! Check out this list of $168M(!!!!!) spent and earmarked in the 2nd quarter of 2015.
$350K – June 30
The B.C. Lions recently wrapped up their three-week training camp at Hillside Stadium in Kamloops for the sixth straight year. For $40,000 the economic impact of the training camp is pegged by the city at $350,000, so not a bad ROI for a town that is established as Canada’s Tournament Capital.
$2.4M – June 27
The City of Kamloops will spend $2.4 million to upgrade its sanitary lift station on Mission Flats Road. (More sewage comes from more people, which means more housing needed, so a growth in this area smells like money to landlords.)
The Kamloops Airport is boasting an increase in monthly passengers. For the month of May, the airport saw an increase of just over five per cent compared to the same time last year.
$22M – May 31
$1M – May 31
$480K – May 25
The Kamloops-Thompson board of education on Monday night approved a $480,000 plan that will see kindergarten students and equipment from classes at the Beattie School of the Arts’ elementary campus on McGill Road in Sahali moved to Ninth Avenue in South Kamloops, to join Beattie secondary students in creating a K-to-12 school.
$8M – May 22
$300K – May 20
Ken Lepin, a retired Kamloops businessman, announced yesterday he is donating another $300,000 to be used to replace the equipment he’s donated as it ages. Together, Lepin’s donations total more than $1 million. Lepin, along with his wife Maureen, is a frequent charitable donor in Kamloops. In 2014, he gave Thompson Rivers University more than $2 million for research, prizes of excellence and other concerns. The Kamloops Art Gallery and BC Wildlife Park have also benefitted from his generosity.
$242K – May 17
The newest round of community gaming grants has resulted in over $92,000 heading towards the Kamloops area.
Six different Kamloops organizations have gotten a boost of $92,960 in community gaming grants this round from the provincial government.
Bonny Vadnais, a longtime volunteer with the Seniors Information Centre, spoke at a formal announcement of $150,000 funding by Kamloops-North Thompson MLA and Health Minister Terry Lake for a neighbourhood kitchen where seniors can share their wealth of knowledge and socialize.
$2.68M – May 16
$7.4M – May 13
This project is still preliminary, but city staff are planning to host an open house on the project in mid-June.
$457K – May 13
The Kamloops-Thompson-Cariboo area will receive funding to hire 106 young Canadians. Kamloops area MP Cathy McLeod announced the funding on Wednesday, saying that the region will receive over $457,131 to hire 106 people from the Canada Summer Jobs funding.
Mine Expands – May 6
New Gold has applied to the province for a permit to discharge about nine times more air from the underground portion of its mine — 35,000 metres-cubed rather than the 4,170 permitted now — and the City of Kamloops is among those asked to weigh in on the move. This will allow the mine to expand from the 438 already employed.
$226M – May 5
The city’s real-estate market recorded an improvement in sales and values in April, continuing a trend seen early in 2015. The real-estate board reports about $226 million worth of residential units changed hands in the first four months of the year. That is a 19 per cent increase over the $183-million figure for the first four months of 2014. The median price for a single-family house in Kamloops is $371,000, still below the pre-recession value of $375,000 set in August 2008.
$13M – May 4
With another $13-million in building permits issued last month, 2015 remains well ahead of last year for building construction.
$278K – April 27
L.T.D. Consulting will receive $278,000 to assist 48 youth in this city to gain the skills and experience required to make the successful transition from school to the job market.
$387K – April 27
New funding of $387,840 will add 70 critical trades training seats at Thompson Rivers University, reducing wait times for students entering in-demand professions and will be divided among the following programs: Welding: 18 Foundation seats, Carpentry: 18 Foundation seats, Heavy Mechanical Trades: 18 Foundation seats, Millwright: 16 Foundation seats. Each student adds to the demand for rental housing.
$6.3M – April 22
In the Kamloops area, a 25-kilometre stretch of the Coquihalla Highway northbound will be resurfaced from the Logan Lake interchange to the Afton overpass. Southbound on the Coquihalla, a five-kilometre section will be resurfaced from the Afton overpass to Inks Lake overpass. A $6.3-million contract has been awarded to Green Roads Recycling Ltd. of Fernie for the work.
400 x $8,400 = $3.3M – April 17th
Officials at the university issued an apology and a retraction to the 401 of nursing program hopefuls who received acceptance letters on Thursday, April 16, after a technical error in the registrar’s computer mailing system. With each student that was accidentally accepted representing $8400/yr, this is over $3M in growth available in the nursing program alone!
$17.3M – April 17
The buses will replace more than half of Kamloops’ fleet and are expected to shave a significant amount off Kamloops’ transit fuel costs. Just how much will depend on the price of fuel and the amount of use they get locally, but fuel costs can be up to 50 per cent less said David Bennett of FortisBC, whose company contributed more than $550,000 to help offset the cost of the CNG buses, which are more expensive than diesel models. City engineering manager Deven Matkowski said the city plans to put the buses on high-usage and longer-haul routes, though exact plans are still being laid. “Because of the savings we get just in fuel economy, we want to put them on the highest-travelled routes,” he said. “As many kilometres as we can get out of them, we want to do that.” The 25 vehicles cost $14.8 million, with another $2.5 million required to build a fuelling station for the natural gas.
$60M – April 17
The knock at the door to more than 25,000 city homes by representatives from Telus won’t cost homeowners a dime. But, it will cost the telecommunications firm $60 million and, when it’s finished some time next year, Telus estimates Kamloops will be among the top four per cent of North American cities in terms of Internet speeds.
$684K – April 13
Kamloops MP Cathy McLeod and city officials officially presented eight organizations local with $684,540 in funding. This funding is part of the Homelessness Partnering Strategy (HPS), which is a community-based program aimed at preventing and reducing homelessness by providing direct support to communities across Canada.
$350K or more – April 12
Staff are recommending expanding the city’s downtown tax incentives to give developers who residential projects a 100 per cent tax break on the developments for 10 years. Currently, the city offers a tax break to hotels, motels, multi-storey parking structures with public stalls or projects in which at least 50 per cent of the gross floor area is used for rental residences. So far, no one has taken the city up on its rental tax break. According to the report, a 10-year break would save a developer about $350,000 for a 15-unit building and about $755,000 for a 53-unit build. It was later approved.
$21M – April 8
March 2015 saw $21 million in building permits, over $3M from March 2014. Year to date numbers remained well above 2014 , with 127 permits valued at nearly $25.6 million so far in 2015 compared to 69 permits valued at just under $20 million at this point in 2014.
$408K – April 8
Kamloops gets $408K for increased safety initiatives such as more policing, new equipment, infrastructure and service delivery.
$75K – April 7
Kamloops This Week will periodically tabulate in a grid form how members of Kamloops council have voted on notable issues, one was that the rent bank will continue to be funded. For why this matters to you checkout my post on “How to be a Socially Responsible Landlord. “
$700K – April 4
Should Kinder Morgan’s proposed expansion of the Trans Mountain pipeline come to fruition, the city of Kamloops stands to gain up to $700,000 in
So there you have it. I spent 6 hours combing the hundreds of local news new stories for the past 3 months proving to myself prices and rental demand will continue to rise. I had a feeling this was the case due to unbelievably fast vacancy turnover, but now you’ve seen the facts that back it up. Hope you benefited from the shortcut I gave you!
Until next time,