Articles tagged with "Forecast"

Prime Minister Mark Carney's first budget is set to include large-scale infrastructure investments, requiring approval from additional parties due to the minority government status. The investments include a Canada-wide initiative for housing and increased defense spending. The budget vote, which is also a confidence vote, comes amid economic challenges like U.S. tariffs. Parties are undecided on supporting the budget, with conditions varying among them.

The article highlights the urgent need to strengthen Canada's workforce, particularly in the skilled trades, due to impending retirements and high job openings. Canadian polytechnics, such as BCIT, are pivotal in producing job-ready graduates and creating inclusive pathways for careers in trades. To address this demand, the government and academic institutions must adopt decisive actions and foster partnerships. The upcoming expansion at BCIT's Burnaby Campus aims to enhance training capacity, significantly impacting Canada's economic growth.

The Vancouver Regional Construction Association (VRCA) reports significant growth in British Columbia's construction sector according to the Fall 2025 Stat Pack. There has been a 14% increase in construction trade jobs and the number of construction companies has risen to over 28,000. Women in construction trades have also increased by 5.3%, adding 600 more women to the industry. Despite inflationary challenges, the sector remains a major contributor to B.C.'s GDP, with construction costs rising by 4% over the past year.

The BC Construction Association (BCCA) has released its Fall 2025 Stat Pack report highlighting inflationary pressures in the construction industry. Material costs have risen by 4% year-over-year, double the Bank of Canada's inflation target, adding to affordability challenges. Despite rising costs, the sector remains steady with an increase in permit values and ongoing strong employment. The introduction of Prompt Payment legislation aims to address payment delays, a move supported by BCCA.

The article discusses an increase in tariffs imposed on Canadian softwood lumber entering the U.S., which now exceed those imposed on Russian lumber. British Columbia Premier David Eby expressed surprise and concern over this tariff differential. The higher tariffs could impact the competitive position of Canadian lumber in the U.S. market.

The Vancouver city council has voted to implement a property tax freeze in the upcoming budget. Achieving a zero per cent increase would necessitate cutting approximately $100 million from the city's operating budget. Mayor Ken Sim believes that such a measure is feasible.

FortisBC is investing $18.6 million to upgrade the Saucier substation in downtown Kelowna, B.C. This improvement includes adding a second transformer and expanding the substation's infrastructure to meet the area's growing power demands. The project is part of a broader initiative involving upgrades and new constructions across multiple substations in Kelowna and beyond, scheduled to be completed by the end of 2027. Additionally, this initiative supports economic growth, increased energy needs, and infrastructure development in rapidly growing areas.

Northern Health has announced the preferred proponents for the design and construction of the new acute care tower at the University Hospital of Northern British Columbia: EllisDon Corporation for construction and DIALOG BC Architecture Engineering and Interior Design Planning Inc. for design. The $1.579 billion project aims to enhance surgical, cardiac, and mental health services for residents of Northern B.C. through an Alliance Contract. Construction is expected to start in fall 2026, with the facility opening by winter 2031.

Wesgroup Properties has canceled its Ardea condominium project in Vancouver's River District, citing non-viable conditions due to unexpectedly high construction and delivery costs. The project had begun construction with some units already presold. The River District is a developing community in southeast Vancouver on a former lumber mill site. Wesgroup will continue with its Harlin condo project in the same area.

In July, Statistics Canada reported a slight decline of 0.1% in the value of building permits, totaling $11.9 billion. This decrease was driven by a 5.8% drop in non-residential permits, although residential permits increased by 3.8%. The residential sector saw growth in both single-family homes and multi-unit construction. Overall, the number of authorized dwellings rose slightly by 1.9% compared to the previous month.

Apartment-building sales in Metro Vancouver saw a significant decline in the first half of the year, primarily driven by a drop in suburban property transactions. The dollar volume decreased by 40%, with the number of transactions falling 46%. Notably, sales by non-profit and government buyers declined, contributing to the downturn. However, new construction represented 64% of the total sales volume, and a rebound is anticipated in the second half of the year.

Bird Construction Inc. is acquiring Fraser River Pile & Dredge (FRPD) for an estimated $82.3 million, aiming to finalize the deal in early Q4 of 2025, subject to regulatory approvals. Fraser River Pile & Dredge, established in 1911 and based in New Westminster, B.C., specializes in marine construction, land foundation, and dredging, providing its services across Canada. This acquisition adds unique self-perform capabilities to Bird's portfolio, enhancing its ability to undertake larger projects nationwide. The merger is seen as a significant step forward in the growth strategies of both companies.