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Hamilton Spectator
13-05-2025
- Business
- Hamilton Spectator
CPABC: Major project activity in Southwest B.C. rises in 2024
VANCOUVER, British Columbia, May 13, 2025 (GLOBE NEWSWIRE) — According to BC Check-Up: Invest , an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on investment trends across the province, the value of major projects in Southwest B.C. was $136.8 billion in Q3 2024, up 20.6 per cent from one year earlier. 'Expanding infrastructure investment is crucial in order to support the region's growing population and enhance the region's economic stability,' said Lori Mathison, FCPA, FCGA, LLB, president and CEO of CPABC. 'It's encouraging to see more projects break ground and a stronger pipeline compared to last year.' Projects under construction accounted for just under half of the total inventory value, $64.4 billion, as construction started on 23 projects with a total capital cost of $4.3 billion between July and September 2024. 'The B.C. government has ramped up capital spending on health care and transportation in recent years, and a lot of that new activity has happened in the Lower Mainland,' continued Mathison. 'Coupled with the dramatic need for more housing, it is easy to see why major project activity in Southwest B.C. outperformed the rest of the province in 2024.' Construction began on 30,367 housing units in Southwest B.C., down 14.6 per cent compared to 2023. There were fewer starts in both the attached and detached markets, where new activity fell by 14.1 per cent and 18.0 per cent respectively. High-density projects such as apartments and row housing accounted for 88.4 per cent of the total. 'The fact of the matter remains that we need a lot more housing in Southwest B.C.,' concluded Mathison. 'The construction industry has grappled with higher interest rates the last couple years and now has a trade war to contend with. The resulting high costs are a significant challenge to our real need to dramatically increase the housing supply.' To learn more, see . About CPA British Columbia The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 40,000 CPA members and 6,000 CPA students. CPABC carries out its primary mission to protect the public by enforcing the highest professional and ethical standards and contributing to the advancement of public policy. CPAs are recognized internationally for bringing superior financial expertise, strategic thinking, business insight, and leadership to organizations.
Hamilton Spectator
12-05-2025
- Business
- Hamilton Spectator
CPABC: Kootenay housing starts and major project activity decline in 2024
CRANBROOK, British Columbia, May 12, 2025 (GLOBE NEWSWIRE) — According to BC Check-Up: Invest, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on investment trends across the province, the value of major projects in Kootenays was just over $5.0 billion in Q3 2024, down 2.4 per cent from one year earlier. 'Major project activity in the Kootenays was light in 2024,' said Mike Calder, CPA, CA, partner at MNP Canada. 'Although five projects were completed, there aren't any substantial resource projects underway that will boost our industrial capacity.' As of the third quarter of 2024, a total of 16 projects were under construction, worth an estimated $2.4 billion. Approximately three-quarters of that value was dedicated to residential or resort and accommodation developments. Utilities projects accounted for most of the remaining value. Since Q3 2023, five projects totaling $199 million in value have been completed in the Kootenay region. Meanwhile, new housing construction in the Kootenays' largest markets fell sharply in 2024. There were a combined 109 housing starts in Cranbrook, Nelson, and Trail, down 62.7 per cent from the 292 recorded in 2023. 'It was a slow year for new housing construction across the region,' continued Calder. 'Nelson's multi-unit market experienced a significant drop, while starts in Cranbrook only managed to match the relatively low numbers from last year.' Of the total, 76 housing starts were in Cranbrook, nearly all of which were detached homes. In Nelson, construction began on 28 new units, down from the 179 units recorded in 2023. Trail accounted for the remaining five starts in the region. Nearly 9 in 10 (89.9 per cent) starts were detached or semi-detached units, reflecting a considerable slowdown in new multi-unit construction. 'Overall, we didn't see a lot of new investment come to the Kootenays in 2024, and the ongoing trade dispute with the United States is not helping improve prospects,' concluded Calder. 'Some industries will be affected more than others, but there is a general concern around how easily businesses can pivot and what the impact on workers will be.' To learn more, see . About CPA British Columbia The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 40,000 CPA members and 6,000 CPA students. CPABC carries out its primary mission to protect the public by enforcing the highest professional and ethical standards and contributing to the advancement of public policy. CPAs are recognized internationally for bringing superior financial expertise, strategic thinking, business insight, and leadership to organizations.
Yahoo
12-05-2025
- Business
- Yahoo
CPABC: Kootenay housing starts and major project activity decline in 2024
CRANBROOK, British Columbia, May 12, 2025 (GLOBE NEWSWIRE) -- According to BC Check-Up: Invest, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on investment trends across the province, the value of major projects in Kootenays was just over $5.0 billion in Q3 2024, down 2.4 per cent from one year earlier. 'Major project activity in the Kootenays was light in 2024,' said Mike Calder, CPA, CA, partner at MNP Canada. 'Although five projects were completed, there aren't any substantial resource projects underway that will boost our industrial capacity.' As of the third quarter of 2024, a total of 16 projects were under construction, worth an estimated $2.4 billion. Approximately three-quarters of that value was dedicated to residential or resort and accommodation developments. Utilities projects accounted for most of the remaining value. Since Q3 2023, five projects totaling $199 million in value have been completed in the Kootenay region. Meanwhile, new housing construction in the Kootenays' largest markets fell sharply in 2024. There were a combined 109 housing starts in Cranbrook, Nelson, and Trail, down 62.7 per cent from the 292 recorded in 2023. 'It was a slow year for new housing construction across the region,' continued Calder. 'Nelson's multi-unit market experienced a significant drop, while starts in Cranbrook only managed to match the relatively low numbers from last year.' Of the total, 76 housing starts were in Cranbrook, nearly all of which were detached homes. In Nelson, construction began on 28 new units, down from the 179 units recorded in 2023. Trail accounted for the remaining five starts in the region. Nearly 9 in 10 (89.9 per cent) starts were detached or semi-detached units, reflecting a considerable slowdown in new multi-unit construction. 'Overall, we didn't see a lot of new investment come to the Kootenays in 2024, and the ongoing trade dispute with the United States is not helping improve prospects,' concluded Calder. 'Some industries will be affected more than others, but there is a general concern around how easily businesses can pivot and what the impact on workers will be.' To learn more, see About CPA British ColumbiaThe Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 40,000 CPA members and 6,000 CPA students. CPABC carries out its primary mission to protect the public by enforcing the highest professional and ethical standards and contributing to the advancement of public policy. CPAs are recognized internationally for bringing superior financial expertise, strategic thinking, business insight, and leadership to organizations. CONTACT: For more information: Jack Blackwell, Economist 604.259.1143 news@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Hamilton Spectator
08-05-2025
- Business
- Hamilton Spectator
CPABC: Housing starts in the Cariboo rebound, while major project inventory slows following the completion of TMX
PRINCE GEORGE, British Columbia, May 08, 2025 (GLOBE NEWSWIRE) — According to BC Check-Up: Invest , an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on investment trends across the province, there were 696 housing starts in the Cariboo's largest municipalities during 2024, more than double the number recorded in 2023. 'Last year was a decade low in terms of new housing construction, so it's good to see a return above 2022 levels,' said Corey Naphtali, CPA, CA, partner at KPMG Canada. 'Still, we did experience a slowdown in single-detached home building.' There were 157 detached housing starts in the Cariboo in 2024, marking the third consecutive annual decline since 2021. Meanwhile, construction began on 539 attached units, such as apartments and condos, accounting for more than three-quarters (77.4 per cent) of the total in the region. Residential construction increased most in Prince George, where there were 559 housing starts during the year, up 176.7 per cent from 2023 and the most since 2021. Starts in Williams Lake (54) also more than doubled compared to 2023 levels, while 83 units were started in Quesnel, up 20.3 per cent year-over-year. 'Like the rest of the province, we are experiencing a shift towards higher-density housing construction,' continued Naphtali. 'It is the quickest way to increase the housing supply, especially when you consider the challenges that the construction industry has faced in recent years.' The Cariboo's Major Project Inventory (MPI) was valued at $7.8 billion in Q3 2024, down 80.7 per cent from one year earlier. The drawdown was due to the completion of the $34.0 billion Trans Mountain Pipeline Expansion in the first half of 2024. Just over $1.0 billion, or 13.1 per cent of the region's major projects, were in the construction phase. 'In terms of value, the Cariboo had the fewest major projects underway in the province,' continued Naphtali. 'Those projects are geared towards public infrastructure, which is important, but there aren't any major projects on the horizon that will increase the region's industrial capacity in the near term.' The ongoing trade dispute with the United States is reshaping trading relationships and poses a threat to local economies across the country, including in the Cariboo region. Specifically, it is anticipated that the United States will increase tariffs on softwood lumber from the current rate of 14.54 per cent to 34.45 percent. According to a 2024 report from the BC Council of Forest Industries, forestry in the Cariboo region contributed $3.6 billion in GDP and supported nearly 20,000 jobs in 2022. 'Forestry is an integral part of the Cariboo's economy,' concluded Naphtali. 'The industry has faced many challenges over the decades, and the looming threat of higher tariffs from the United States highlights the need to support workers in the industry and attract investment that will help increase the Cariboo's productivity.' To learn more, see . ________________________________________ About CPA British Columbia The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 40,000 CPA members and 6,000 CPA students. CPABC carries out its primary mission to protect the public by enforcing the highest professional and ethical standards and contributing to the advancement of public policy. CPAs are recognized internationally for bringing superior financial expertise, strategic thinking, business insight, and leadership to organizations.
Hamilton Spectator
05-05-2025
- Business
- Hamilton Spectator
CPABC: Multi-unit housing starts reach a record high in Kelowna in 2024
KELOWNA, British Columbia, May 05, 2025 (GLOBE NEWSWIRE) — According to BC Check-Up: Invest , an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on investment trends across the province, there were 5,018 housing starts in the Thompson-Okanagan in 2024. 'We saw a significant rebound in housing construction over the past year,' said Karen Christiansen, FCPA, FCA. 'Condos and apartments accounted for a much larger share of new housing compared to last year, particularly in Kelowna.' The increase in new housing construction came entirely from gains in higher-density housing such as condos and apartments. Construction began on 4,254 attached units in 2024, up 39.5 per cent compared to 2023. In the detached market, starts fell 29.5 per cent to 764 units. Attached starts made up 84.8 per cent of starts, up from 73.8 per cent in 2023. In Kelowna, housing starts increased by 27.6 per cent year-over-year to 3,790, and nearly 90 per cent were attached units. As a result, the city is on track to meet its obligations under the Housing Accelerator Fund, a federal grant that will contribute up to $31.5 billion to help increase the city's housing supply. 'It's encouraging that the region made progress on increasing the housing supply, despite a slowing economy,' noted Christiansen. 'Major project activity also held steady in 2024.' The value of major projects in the Thompson-Okanagan was $17.8 billion in Q3 2024, virtually unchanged from one year earlier. Projects currently under construction made up 60.0 per cent of the total, the highest proportion among B.C.'s economic regions. During the year, eight projects valued at $1.37 billion were completed. 'Attracting investment to the region and increasing our productive capacity will be critical for the region in the years ahead,' concluded Christiansen. 'It will be even more crucial considering the uncertainty surrounding Canada's trading relationship with the U.S. We may not be the most affected region in the country, but trade action will still have an impact, particularly in targeted industries.' According to a February 2025 report from the Canadian Chamber of Commerce, Kelowna and Kamloops were among the Canadian cities least exposed to U.S. tariffs. They ranked 28th and 40th, respectively, out of Canada's 41 largest cities in terms of vulnerability to U.S. trade disruptions. To learn more, see . For more information: Jack Blackwell, Economist 604.259.1143 news@ ________________________________________ About CPA British Columbia The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 40,000 CPA members and 6,000 CPA students. CPABC carries out its primary mission to protect the public by enforcing the highest professional and ethical standards and contributing to the advancement of public policy. CPAs are recognized internationally for bringing superior financial expertise, strategic thinking, business insight, and leadership to organizations.
