The Vancouver Business Thread

[Vin]

Originally Posted by zahav

StatsCan released the July 1st population numbers, and showed BC is booming. A few highlights:

BC had by far the highest net interprovincial migration of any province. In fact, it was the largest Q2 net inflow in history, and the largest single net inflow since Q3 of 1992. Combining both international and interprovincial migration, BC gained more people than any other province (+28,344), even higher than Ontario in raw numbers (24,429). Manitoba, Saskatchewan, and Alberta actually lost population due to migration (immigration has traditionally been able to offset the interprovincial losses, but now both numbers are bad so they all slipped into negative growth). The only thing keeping their population up is natural increase. Year-over-year, BC was the 2nd fastest growing province overall in Canada (PEI was 1st).

Numbers like this are very important for economics, this type of high growth is driving the economy. Not only does a strong economy draw people in, but it also creates a strong economy in itself, with lots of spin offs. When BC's economy is good, it is a magnet for people. The lifestyle and desirability are always there, so combining that with a strong economy results in this.

I was too young to really remember the super boom years of the early 90s, and what the City was like during it. But I can only imagine, since it really drives a dynamic cityscape. All of the suburban development really shows this, even moreso than Vancouver. StatsCan doesn't publish breakdown of the components of growth by region, but BC Stats does, it will be release early next year I believe. I'd wager most regions of BC had interprovincial gains, but especially Okanagan and Island ones.

This is a counter-point:

Douglas Todd: People are moving from other provinces to B.C., but avoiding Metro Vancouver
https://vancouversun.com/opinion/columni...nces-to-b-c-but-avoiding-metro-vancouver

Places like Nanaimo and Greater Victoria, however, are booming!

[Changing City]

Originally Posted by Vin

This is a counter-point:

Douglas Todd: People are moving from other provinces to B.C., but avoiding Metro Vancouver
https://vancouversun.com/opinion/columni...nces-to-b-c-but-avoiding-metro-vancouver

Places like Nanaimo and Greater Victoria, however, are booming!

That's bullshit; it would appear Doug Todd can't count. Here's the BC Stats population estimates that he presumably didn't look at.

In the past five year The City of Nanaimo has added an estimated 9,200 people (11,129 in Greater Nanaimo).
The City of Victoria Victoria added 5,945 (32,619 in Greater Victoria).
The City of Vancouver added 38,648, (Greater Vancouver added an estimated 199,328)

[LeftCoaster]

His point still holds true though (I believe) which is that interprovincial migrants tend to favour non-metro Vancouver locations, which is not to say that Metro Vancouver is not growing, just primarily through international migration, not interprovincial.

Either way, it's great to see secondary cities in BC grow, the province is too unipolar right now and having multiple desirable centres to live in would be great.

[FarmerHaight]

Originally Posted by LeftCoaster

His point still holds true though (I believe) which is that interprovincial migrants tend to favour non-metro Vancouver locations, which is not to say that Metro Vancouver is not growing, just primarily through international migration, not interprovincial.

We have no idea who these people are. If a retiree moves to BC, I'm not surprised that they pick Kelowna, Victoria, or Nanaimo over metro Van.

A stat I would be interested in seeing is BC's (and Vancouver's) ability to retain graduates from local universities and attract students from other regions. I could care less about whether our population is growing as a whole. I care a lot more about whether our tax base and talent pool is increasing.

[LeftCoaster]

Just track employment, it's growing rapidly.

[Changing City]

Originally Posted by LeftCoaster

His point still holds true though (I believe) which is that interprovincial migrants tend to favour non-metro Vancouver locations, which is not to say that Metro Vancouver is not growing, just primarily through international migration, not interprovincial.

Either way, it's great to see secondary cities in BC grow, the province is too unipolar right now and having multiple desirable centres to live in would be great.

Until we get some 2021 census data, we don't really know. There's no recent data showing interprovincial migration in terms of where in the Province they move to. What the data shows is that Greater Vancouver's population is estimated to have grown by over 30,000 in the past year, especially in Surrey, but also in the City of Vancouver by around 5,000. The growth pattern in the Capital Region was quite different - almost all the growth was in Saanich and Langford - the population in the City of Victoria actually fell very slightly. It's worth noting that BC Stats estimates aren't great when they're a long way out from an actual count (i.e. the census), and as the last was 2016 they could be quite a bit off.

[WarrenC12]

Originally Posted by LeftCoaster

Just track employment, it's growing rapidly.

That's a great metric. Would that include people that WFH in Vancouver for say, a US company?

[Klazu]

Originally Posted by LeftCoaster

Just track employment, it's growing rapidly.

Employment rate in Metro Vancouver is currently behind rest of the province. Not by much but behind. Other locales are booming more, it seems.

[Changing City]

Originally Posted by Klazu

Employment rate in Metro Vancouver is currently behind rest of the province. Not by much but behind. Other locales are booming more, it seems.

During the pandemic, jobs have apparently grown outside metropolitan areas more than in them. Of the metropolitan areas, Vancouver has grown the most, especially this year. Although metro Vancouver lost 50,000 jobs in 2020, it has added 79,000 this year and now has 29,000 more jobs than in January 2020. Kelowna added nearly 5,000 jobs in 2020, but has lost 3,000 jobs this year so is only up 2,000 in the same period. Abbotsford/Mission lost 1,000 jobs in 2020, and added them back this year, so no change overall, and Victoria lost 7,000 jobs in 2020, and has only got, 2,000 back this year, so is still down 5,000 since the start of 2020.

[urbancanadian]

Changing City, I wanted to thank you for always providing statistics, and accurate information in every thread I read.

I don't contribute anymore on this site because a few posters have made this place pretty unbearable. Don't underestimate the value you are providing to a large audience that often times will read someone's opinion and think the city is on the verge of collapse. Countering that constant doom-and-gloom with numbers, reports, and context is refreshing. So thanks.

[officedweller]

'It is insanity' — Asian grocery stores slammed by Port of Vancouver backlogs
https://financialpost.com/news/retail-ma...fecting-asian-grocers-across-the-country

Amazon’s B.C. footprint tops 10k workers
https://biv.com/article/2021/11/amazons-bc-footprint-tops-10k-workers-now

[Klazu]

Amazon opening up another distribution center, this time in Burnaby. Is this already the fourth such building in Vancouver?

https://www.burnabynow.com/local-news/th...ng-burnaby-mega-distribution-hub-4886591

[jollyburger]

Originally Posted by Klazu

Amazon opening up another distribution center, this time in Burnaby. Is this already the fourth such building in Vancouver?

https://www.burnabynow.com/local-news/th...ng-burnaby-mega-distribution-hub-4886591

It was discussed in the Industrial Land Shortage thread but there's quite a few but at least one of them is getting torn down soon for redevelopment. There's different kinds of buildings some are courier pickup points and then these larger warehouses.

[GeeCee]

Originally Posted by jollyburger

It was discussed in the Industrial Land Shortage thread but there's quite a few but at least one of them is getting torn down soon for redevelopment. There's different kinds of buildings some are courier pickup points and then these larger warehouses.

It's the one in New West that doesn't have long left - it's part of the Sapperton Green project, though they've been running into some issues getting that approved, so who knows when Amazon will be leaving New West: https://www.newwestrecord.ca/local-news/...munity-centre-at-sapperton-green-4516763

Not sure how many Metro Vancouver area warehouses are up now, but the Langley sort center mentioned in this article is numbered YVR7: https://dailyhive.com/vancouver/amazon-vancouver-fulfillment-distribution-centre-expansion

The Burnaby one sounds pretty massive.

[jollyburger]

Originally Posted by GeeCee

It's the new in New West that doesn't have long left - it's part of the Sapperton Green project, though they've been running into some issues getting that approved, so who knows when Amazon will be leaving New West: https://www.newwestrecord.ca/local-news/...munity-centre-at-sapperton-green-4516763

Not sure how many Metro Vancouver area warehouses are up now, but the Langley sort center mentioned in this article is numbered YVR7: https://dailyhive.com/vancouver/amazon-vancouver-fulfillment-distribution-centre-expansion

The Burnaby one sounds pretty massive.

Their IT offices downtown also use YVR## so it's not just warehouses. And the new automated Richmond warehouse is Amazon YXX2

They are opening a 115K warehouse at Victoria airport, it was originally going to be 500K sq feet. Another multi-level warehouse



https://vancouverisland.ctvnews.ca/amazo...ia-international-airport-lands-1.5551979

[officedweller]

Top 10 Land Deals of 2021
https://vancouvermarket.ca/2022/01/05/top-10-land-deals-of-2021/

Note:
- the corner site at Hornby & Drake was sold (PoMo-ish tower designed by Merrick proposed) was sold
- a site in Burnaby Brentwood bordering the entrance to the rail tunnel was sold to Polygon.

++++++

'Pass it off to the customer,' billionaire Jim Pattison says of rising business costs
https://www.bnnbloomberg.ca/pass-it-off-...-says-of-rising-business-costs-1.1707303

[Changing City]

Originally Posted by officedweller

Note:
- the corner site at Hornby & Drake was sold (PoMo-ish tower designed by Merrick proposed) was sold

The sale was for $45m to Wall Financial, so presumably it's now more likely to be built. The rezoning still hasn't gone to a public hearing, so it's possible Wall may choose to change it. They could also switch it to rental rather than condo, as they did on the last Richards St tower they developed.

[officedweller]

Thanks.
Hopefully the design will be changed.

[SpongeG]

Vancouver ranks No. 7 tech city in world amid hunt for educated workers
Rankings based on earnings, number of startups and pedigree of local universities
By Tyler Orton | January 28, 2022,


Centre for Digital Media on Great Northern Way in Vancouver | Chung Chow, BIV

Access to top-tier universities is helping Vancouver edge out other cities as a global tech hub.

Vancouver ranks as the No. 7 tech city in the world, higher than any other city outside the U.S., according to British price-comparison website Money.co.uk.

Rankings are based on job earnings, the number of successful startups to come from the city and the pedigree of local universities. Denver; Washington, D.C.; and New York City top the list in that respective order.

“It’s not just potential employment in the tech sector that might draw people to a particular city but also education,” the Jan. 25 report stated.

...

https://biv.com/article/2022/01/vancouver-ranks-no-7-tech-city-world-amid-hunt-educated-workers

[jollyburger]

I missed this but ILM is opening a StageCraft (virtual set using LED background screens) this spring in Vancouver

https://www.hollywoodreporter.com/business/digital/ilm-vancouver-expansion-stagecraft-1235048877/