Kamloops Third 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! As a recap 2015 we have:

Q1: $148M

Q2: $168M

Q3: Check out this list of $310M(!!!!!) spent and earmarked in the 3rd quarter of 2015.

$1.2M – Oct 2

Kindergarten Numbers are Up

After projecting a decline in enrollment of 386 last year, and laying off 15 teacher, SD73 sees enrollment instead increase by 192.  This means the 15 laid off teachers, plus 10 additional teachers were (re)hired. The mistake was blamed on a software problem: “The school board has a complicated formula to project student numbers. The variables involved include last year’s kindergarten enrollment, Grade 12 graduates and factors like the Canadian birth rate. The number of students determine how much the district gets in funding from the province.”

Enrollment numbers are interesting because a growing young population bodes well for the future of real estate. More people means more housing demand.

 2,222 – Sept 20

Kamloops needs thousands of more rental units

1/4 of Kamloops lives in rental housing. In the most recent homelessness action plan, it was determined the city needs another 2,222 affordable units. This presents an incredible opportunity for landlords inclined to meet this need.

$600,000 – Sept 16

New Kamloops Park Under Construction

A defunct Aberdeen golf course is now a city park and will feature a community center and soccer fields.

$2.4M – Sept 15

Westsyde Pool Roof Repair 

The City of Kamloops is delaying repairs to the TCC until the Westsyde pool is repaired. A further $2.8M will be spent in fall of 2016 on the TCC roof repairs.

$30,000 – Sept 14

More Trades Funding

The Kamloops School District will received $30,000 for the Secondary School Apprenticeship program.

$60,000 – Sept 14

Child Development Centre Completed

The Kamloops Child Development Centre received a much needed face lift thanks to over $60,000 in provincial funding.

$143,767 – Sept 15

Summer School Numbers In

Summer-school enrolment this year saw 314 elementary students and 129 secondary students in class during July. The numbers reflect an increase of 54 elementary students from 2013 — statistics are not available for 2014 due to the teachers’ job action — and a decrease of 31 at the secondary level over the same two years. The cost of the program (staffing advertising and supplies) added up to $142,767.55.

$XXXM – Sept 15

New Patient Care Tower in Planning Phase

Planning has begun for a new patient care tower at the Royal Inland Hospital. The planning phase is expected to take 12 to 18 months, and the price tag will exceed the $80M of the current hospital expansion. 

$50,000 – Sept 12

Kidsports Kamloops Receives Provincial Funding

“So many families are still unaware that this program is available to help them,” said Scott Andruschak, Chair of KidSport Kamloops. “So far this year we have helped 167 kids, but our goal is 200.”

$150,000 – Sept 11

TRU Business Students get Scholarships from Scotiabank

Scotiabank will be helping business students in Kamloops as $150,000 for awards and bursaries at Thompson Rivers University was announced on Friday.

$9B – Sept 10

Slumping Copper Prices no deterance on AJAX Proposal

Sinking copper prices and cost-cutting by mining companies — including shutting mines — will not deter the proposed Ajax project, according to an official with KGHM Ajax in Kamloops. While copper is below assumptions in the feasibility study three years ago, a rapid decline in the Canadian dollar offsets that drop. Lacasse continued to express confidence in the mine’s economic prospects, noting KGHM announced earlier this year it will dedicate $9 billion toward project development.

$95,000 – Sept 10

Rotary Ribfest Nets $95K

A whole lot of ribs were eaten — and it went to raising a lot of money for programs and charities in the community.  The fourth annual Interior Savings Daybreak Rotary Ribfest in August raised $95,000 from the more than 60,000 people were attended the event at Riverside Park. Ribfest co-chair Sandra Blair said most of the profit will go to youth organizations but applications will be accepted from any groups within the city.

$640,000 – Sept 10

Tobiano sees sales rebound

This may be a “watershed” season for Tobiano, says an update from the golf-resort-residential community west of Kamloops. Sixteen lots that went on the market at savings of up to $40,000 per lot experienced strong sales, and only a few are left, marketing director Mary Putnam said Thursday. Out on the course, golf rounds increased by 71 per cent over the previous year, and memberships are up 157 per cent.

$XXXM – Sept 9

August Housing Starts Up

Kamloops housing starts information has been released for the month of August. In Kamloops, single family starts jumped from 156 to 186 in 2015 while the amount of multiple family units fell from 130 in 2014 to 89 this year. For the month of August starts have increase slightly from 27 in 2014 to 36 this year.

$137M – Sept 9

August Housing Starts Up

Kamloops housing starts information has been released for the month of August. In Kamloops, single family starts jumped from 156 to 186 in 2015 while the amount of multiple family units fell from 130 in 2014 to 89 this year. For the month of August starts have increase slightly from 27 in 2014 to 36 this year.

$XXXM – Sept 8

Kamloops makes top 20 in survey of 50 hotttest job markets in Canada

Kamloops jumped more than 20 spots from last years inagural survey, coming in at 18th this year. Only Vancouver, North Vancouver, Kelowna and Victoria placed higher within British Columbia.

$19,000 – Sept 4

Funding for Downtown Murrals

The provincial government is helping to beautify downtown Kamloops. Minister of Transportation and Infrastructure, and Kamloops-South Thompson MLA, Todd Stone announced $19,000 in funding for the painting of back alley murals.

$400,000 – Sept 1

SKS Renovation

Some much needed renovations for South Kamloops Secondary school will be completed, but the funds will come out of the school board’s pocket and not from the provincial government as hoped. The district has plans to rebuild the school entirely, however, this is a five to eight year process.

$300,000 – Sept 1

Environmental Study for New AJAX Mine

Kamloops city is spending a large amount of money to study the environmental applications of AJAX copper and gold mine.  The city asked anti-mining groups to contribute some money to help but they refused. AJAX stepped up to contribute the entire amount. The city’s review of the documents is a moot point, they have no say in approval of the mine, so this was just a nice PR gesture 🙂

$300,000 – Aug 24

Sun Peaks gets Funding

The government’s Resort Municipality Initiative provides winter destinations with funding to support tourism in the off season, now Kamloops is getting a piece of the pie.

$40M – Aug 20

New Kamloops Casino

The project created 200 construction jobs. Cascades now permanently employs 325 people and features a free shuttle that will take customers to and from the casino, with stops at downtown hotels, at the Coast Kamloops Hotel and Conference Centre in Aberdeen and at Thompson Rivers University on Saturdays.

$XXM – Aug 12

More travellers using Kamloops Airport

With more than 27,000 passengers through the gates last month the Kamloops Airport remains on track for a record year.  July 2015 nearly 27,200 people used the Kamloops Airport for travel, an 8.3 per cent increase over July 2014.

$1M – Aug 12

Pipeline will restore grassland route

Kinder Morgan has pledged to spend $1 million restoring a right-of-way through Lac Du Bois Grasslands provincial Park, as well as areas damaged by off-road vehicles in its application to permit twinning of the Trans Mountain pipeline.

$14M – Aug 6

July Building Permit Numbers Up

There were 185 permits issued total July 2015 at a value of just under $14 million. In July 2014 there were only 147 permits issued.

$500K – Aug 6

Hospital gets safety upgrades

B.C.’s Health Minister Terry Lake announced $2-million in funding to make workplaces safer at four hospital sites in the province.

$900K – Aug 6

Aberdeen Water Drainage Channel Repairs

B.C.’s Health Minister Terry Lake announced $2-million in funding to make workplaces safer at four hospital sites in the province.

$50K – Aug 1

New accessible park bathrooms

Improvements for Kamloops residents with disabilities are coming with the addition of a new, wheel-chair accessible washroom at Riverside Park. Kamloops-Thompson-Cariboo MP Cathy McLeod announced $50,000 through the Enabling Accessibility Fund to build a family-friendly accessible washroom adjacent to the park.

$150K – July 30

Government Grant for Curling Club

The Kamloops Curling Club will replace the ice plant and make necessary renovations to the existing plant room to accommodate new equipment.

$95K – July 29

Government Grant for Sun Peaks

Sun Peaks Resort has received $95,000 to renovate and upgrade their outdoor arena,  MP Cathy McLeod made the announcement on Wednesday.

$120K – July 29

Enter the Sandman

 

The Kamloops WHL team’s home ice will now be named the Sandman Centre.  Gaglardi said Sandman will pay more than Interior Savings has paid for naming rights over the last decade — $120,000 per year for 10 years.

$95M – July 25

Highway Upgrade

Local federal and provincial politicians converged on a section of the Trans-Canada Highway on Friday to confirm funding of about $95 million to complete four-laning from Kamloops to Chase. Transportation Minister Todd Stone said the announcement is a culmination of a more than a decade of construction and planning. “It’s a huge amount of money —$95 million,” he said.

$4M – July 24

Sundergreen Apartments Upgraded

More than 100 residents are now living in newly renovated units at 230 Clapperton Rd. and 335 Mulberry Ave., which are managed by BC Housing.

$850K – July 17

TRU gets new equiptment

The provincial government announced an investment $857,142 in new equipment for trades programs at TRU Friday, as part of B.C.’s skills for Jobs Blueprint.

$2M – July 7

TRU Expands Industrial Training

Thompson Rivers University received $2 million from the federal government to expand its industrial-training programs. TRU will use the $2 million to establish a two-year instrumentation engineering program for skills training in oil and gas production and processing facilities. The program will offer training in the operation and maintenance of automated process control and measurement systems used in the production of various commodities.

$9M – July 6

Water Intake Work Fully Funded

The Kamloops project, estimated at $9 million, is among the largest to be funded in B.C. during this grant cycle. The city will spend $3 million. Mayor Peter Milobar said the secondary intake can keep the city serviced with water in the event of a train derailment or other disaster that could contaminate the city’s regular water supply from the South Thompson river.

 

So there you have it. I spent over 5 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.