Latest news with #HousingandInfrastructure
Yahoo
3 days ago
- Business
- Yahoo
Robertson defends position on housing prices in question period
Canada's new Minister of Housing and Infrastructure Gregor Robertson was pressed during question period in the House of Commons about his remarks on home prices, saying its 'not about reducing the value of an individual's home or a seniors' home.' He said the Liberal government was focusing on building more affordable housing and cutting the GST for first-time home buyers.
Canada Standard
5 days ago
- Business
- Canada Standard
Government of Canada invests in B.C. tech sector as Canada welcomes the world to Vancouver
On the eve of Web Summit Vancouver, PacifiCan investments showcase Canadian innovation and help position B.C. tech companies for global growth May 26, 2025 - Vancouver, British Columbia - PacifiCan British Columbia is driving Canada's innovation economy as one of the nation's fastest-growing tech powerhouses. With over 12,000 companies employing more than 182,000 highly skilled workers, B.C.'s tech sector punches well above its weight. PacifiCan is fueling B.C.'s dynamic tech ecosystem by championing homegrown innovation and advancing solutions that tackle real-world challenges. In 2023, PacifiCan announced a $9.9 million investment through Innovate BC to launch the Integrated Marketplace, which helps local companies test technologies in real-world environments. Over the past two years, this investment - alongside support provided by the Province of B.C. - has powered over 30 projects that drive innovation, AI adoption, and economic growth across British Columbia. Today, the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada (PacifiCan), announced a new investment in the Integrated Marketplace of over $1.8 million to integrate AI innovation into two projects at local testbeds: At Vancouver International Airport, the investment will support the next phase of a project testing self-driving robotic pods designed to help travelers with mobility challenges move around the airport more easily. At the Provincial Health Services Authority, the funding will advance a project that uses AI to analyze digital images of tissue, facilitating the detection and identification of diseases through the digitization of pathology and other cancer diagnosis processes. This is the first investment announced through PacifiCan's Regional Artificial Intelligence Initiative. PacifiCan funding for the Integrated Marketplace is helping innovative businesses bring new technologies to market. It is also reducing the risk of adopting made-in-B.C. technologies while keeping intellectual property, talent, and economic benefits in Canada. This announcement comes as B.C. gets ready to host Web Summit Vancouver - the leading global technology conference that is putting a spotlight on Canada's vibrant innovation scene. PacifiCan is investing $6.6 million for Destination Vancouver to host Web Summit in Vancouver for the next three years. This event will provide a launch pad for local innovators, attract international investors and talent, and further strengthen B.C.'s reputation as a leading hub for technology and entrepreneurship.
Cision Canada
5 days ago
- Business
- Cision Canada
Government of Canada invests in B.C. tech sector as Canada welcomes the world to Vancouver
On the eve of Web Summit Vancouver, PacifiCan investments showcase Canadian innovation and help position B.C. tech companies for global growth VANCOUVER, BC, May 26, 2025 /CNW/ - British Columbia is driving Canada's innovation economy as one of the nation's fastest-growing tech powerhouses. With over 12,000 companies employing more than 182,000 highly skilled workers, B.C.'s tech sector punches well above its weight. PacifiCan is fueling B.C.'s dynamic tech ecosystem by championing homegrown innovation and advancing solutions that tackle real-world challenges. In 2023, PacifiCan announced a $9.9 million investment through Innovate BC to launch the Integrated Marketplace, which helps local companies test technologies in real-world environments. Over the past two years, this investment – alongside support provided by the Province of B.C. – has powered over 30 projects that drive innovation, AI adoption, and economic growth across British Columbia. Today, the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada (PacifiCan), announced a new investment in the Integrated Marketplace of over $1.8 million to integrate AI innovation into two projects at local testbeds: At Vancouver International Airport, the investment will support the next phase of a project testing self-driving robotic pods designed to help travelers with mobility challenges move around the airport more easily. At the Provincial Health Services Authority, the funding will advance a project that uses AI to analyze digital images of tissue, facilitating the detection and identification of diseases through the digitization of pathology and other cancer diagnosis processes. This is the first investment announced through PacifiCan's Regional Artificial Intelligence Initiative. PacifiCan funding for the Integrated Marketplace is helping innovative businesses bring new technologies to market. It is also reducing the risk of adopting made-in-B.C. technologies while keeping intellectual property, talent, and economic benefits in Canada. This announcement comes as B.C. gets ready to host Web Summit Vancouver – the leading global technology conference that is putting a spotlight on Canada's vibrant innovation scene. PacifiCan is investing $6.6 million for Destination Vancouver to host Web Summit in Vancouver for the next three years. This event will provide a launch pad for local innovators, attract international investors and talent, and further strengthen B.C.'s reputation as a leading hub for technology and entrepreneurship. Quotes "British Columbia's tech sector is a powerhouse, driving prosperity not only across the province, but across Canada. Together, we are creating one Canadian economy and positioning Canada at the forefront of tech nations." -The Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada " Using AI to drive and accelerate productivity through robust investments in innovative companies is critical in this moment of crisis. With this investment, PacifiCan is unlocking the growth and security we need for the future of Canada, powering AI for scale, efficiency, and sovereignty. Bold and smart investments like this are required as we build a more resilient and competitive nation to meet this moment of urgency." -The Honourable Evan Solomon, Minister of Artificial Intelligence and Digital Innovation and Minister responsible for the Federal Economic Development Agency for Southern Ontario "B.C. is home to a strong and collaborative technology ecosystem that is developing made-in-B.C. solutions to global challenges while creating good jobs and opportunities for people across the province. I'm excited to see more funding for the Integrated Marketplace through PacifiCan, and I look forward to seeing the innovative projects that will emerge from this and future investments to strengthen and diversify B.C.'s economy." -The Honourable Diana Gibson, Minister of Jobs, Economic Development and Innovation, Province of B.C. "The Integrated Marketplace is a powerful example of how we can accelerate innovation, like AI technologies, and economic growth at the same time, and with this additional funding from PacifiCan we are enhancing two high-impact projects working to improve critical services for British Columbians and customers worldwide. By connecting B.C. companies with real-world adoption opportunities, we're helping them prove and refine their technologies while also delivering transformative solutions for some of our most important industries. This model not only strengthens our provincial economy but also creates a launchpad for these companies to access new markets and scale globally." -Peter Cowan, President and CEO of Innovate BC Quick Facts In May 2025, the Prime Minister of Canada's mandate letter for Ministry members highlighted AI as a key driver for economic growth, job creation, and government innovation to keep Canada competitive in a changing world. Vancouver is home to Canada's fastest-growing life sciences sector, the world's second-largest virtual and augmented reality cluster, and ranks first in North America for high-tech job growth. The Regional Artificial Intelligence Initiative helps B.C. businesses bring new AI technologies to market and speed up AI adoption across the country. In October 2023, PacifiCan invested $9.9 million in Innovate BC to launch and expand the Integrated Marketplace. This initiative is also supported by the Government of B.C. through the Ministry of Jobs, Economic Development and Innovation. In June 2024, PacifiCan invested $6.6 million in Destination Vancouver to host Web Summit in Vancouver over three years starting in May 2025. Over the past 10 years, PacifiCan and its predecessor, Western Economic Diversification Canada (WD), invested over $271 million directly in tech companies and $110 million in not-for-profit organizations that support the sector as a whole. Associated Links Stay connected Follow PacifiCan on X and LinkedIn Toll-Free Number: 1-888-338-9378 TTY (telecommunications device for the hearing impaired): 1-877-303-3388 SOURCE Pacific Economic Development Canada
Calgary Herald
22-05-2025
- Business
- Calgary Herald
Why stable housing prices and improved affordability aren't mutually exclusive
Article content Canadians have elected a new government to address the same enduring issues. Prominent among them is the continuing challenge of housing affordability. Article content The newly minted Minister of Housing and Infrastructure, Gregor Robertson, takes the helm of a sizeable multi-department bureaucracy that has been struggling to improve housing affordability outcomes. Getting housing right is critical for the new Liberal government. Equally important is for the minister to act on sound advice and not be swayed by an unhelpful populist narrative. Article content Article content Already, Robertson has attracted criticism for suggesting that housing prices need not fall for affordability to improve in Canada. We believe the minister is correct in advocating for stability in housing prices. The criticism stems from a misconception that a price collapse is essential for restoring affordability. Article content Nothing could be more disastrous for the economy than a plunge in housing prices. A significant correction would wreak havoc on household finances, savings and both short- and long-term consumption. Article content Let's unpack this puzzle. First, a large price decline due to an imbalance in demand and supply is highly unlikely. Given Canada's immigration-driven population growth, demand for housing is expected to remain stable over the long term. Canada is also unlikely to overbuild housing to the extent that it would inadvertently exceed demand. Article content Article content Further, urban economists anticipate housing supply will struggle even with moderate population growth. Therefore, only a sudden shock to the economy — such as a recession, pandemic or war — could lead to a drastic fall in housing prices. Article content Article content The economic and social conditions following a massive collapse of asset values would erode market confidence, deplete the savings of vulnerable households and push aspiring homeowners farther from their goals. When prices fall, sales plummet (not surge) and listings linger on the market for months, awaiting elusive buyers. Article content Unlike other financial markets where a decline in asset values often presents a buying opportunity, aspiring homebuyers hesitate to bid when prices are falling. They are wise enough not to purchase a depreciating asset that will likely be worth less by the time the transaction closes. Securing financing during a price drop is even more difficult due to inflated loan-to-value (LTV) ratios. If prices continue to fall in the months between signing a purchase agreement and closing, the lender may adjust the valuation and ask the buyer for a larger down payment to keep their LTV below the required 80 per cent.
