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

What it costs and what Kamloops gets for hosting the B.C. Lions

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

 City of Kamloops awards $2.4-million contract for lift station upgrade

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.)

 

June 10

Kamloops Airport Boasts Higher Numbers

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.

 

June 1

Kamloops housing market ‘surged’ during first part of 2015

With more houses being built and home-buyers spending more the Kamloops housing market is off to a very good start in 2015.

$22M – May 31

Marriott’s Fairfield Inn to open in June

The city’s newest hotel is slated to open in June, with expansion plans soon to follow. Charan Rai, an investor at Fairfield Inn and Suites by Marriott,  says “My staff is hiring, we’re still looking for people.” The 114-unit building will cater to business travellers, tourists and the sports-tourism markets. It is located at the former Home Hardware site at the corner of Pacific Way and Hugh Allan Drive.  Rai said once the first building is operational, the developer will work with the city’s development-services department to approve a second, long-stay building with 88 units. Those planned units are larger and equipped with full kitchen facilities. That building could be under construction as early as fall. Other buildings planned and approved for the site are a 180-seat restaurant and second, 114-unit hotel building.

$1M – May 31

$1 Million for Endowment Fund in Memory of KamloopsNeurosurgeon

Dr. Singh was a Kamloops neurosurgeon, philanthropist, and long-time advocate for people with acquired brain injuries. The Ministry of Health is giving the Brain Injury Alliance $1 million to create an endowment fund in Dr. Singh’s memory. This new funding will help people with an acquired brain injury to get back to work.

$480K – May 25

Kamloops-Thompson trustees approve $480K Beattie consolidation plan

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

Feds pony up $4.4 million for Kamloops Airport upgrades

With Ottawa funding more than half the cost of the project, a major reconstruction and rehabilitation of the Kamloops Airport runway is moving ahead. The federal government has chipped in with $4.4 million, 55% of the cost of upgrades at Kamloops Airport. Besides passengers leaving or arriving for business trips and vacations, the airport is the launch point for planes used to fight wildfires, as well as medical evacuations for Kamloops and area.

$300K – May 20

Lepin becomes Royal Inland’s largest donor

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.

Also, Funding helps preserve food knowledge

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

Columbia St. to be widened

The 2015 Columbia Street Widening Project contract has been awarded to BA Dawson Blacktop Ltd. in the amount of $2.675 million.

$7.4M – May 13

$7.4M Tranquille Road project set for public open house

This project is still preliminary, but city staff are planning to host an open house on the project in mid-June.

$457K – May 13

Over $450,000 Announced To Hire Young People in Kamloops Area

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

City agrees to New Afton’s request to increase air discharge rate

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

Real-estate sales rise in April as trend continues

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

Kamloops building permit numbers remain strong

With another $13-million in building permits issued last month, 2015 remains well ahead of last year for building construction.

$278K – April 27

Job Skills Funding Announced by Kamloops Area MP

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

SO you wanna be in trades?

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

Coast commute improved

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

Thompson River’s University Can’t Grow Fast Enough

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

Kamloops welcomes 25 natural-gas buses to transit fleet

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

Telus to spend $60 million on fibre-optic cable in Kamloops

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

Eight Kamloops Homelessness Projects Receive Funding

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

Kamloops council urged to expand tax-break system

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

Kamloops building permit values stay ahead of last year

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

Money for Safe Communities

Kamloops gets $408K  for increased safety initiatives such as more policing, new equipment, infrastructure and service delivery.

$75K – April 7

Kamloops Rent Bank gets $75K

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

City could get $700K if pipeline project proceeds

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,

Stay S.A.F.E.