The Vancouver Business Thread

[s211]

Originally Posted by scryer

Lmao. I'll give you keys and look the other way.

[whatnext]

Heat/hot water restored to Langara Gardens.

[Vin]

Originally Posted by WarrenC12

Where to start. It's interesting to see the perspective of somebody who's obviously never lived through or paid attention to a major recession.

1. People selling for less than mortgage/what they paid. Happens all the time in crashes, that's the whole idea.

2. Property Assessments - those are backwards looking and only truly relevant for mill rates and property taxes.

3. NDP are just unwinding the liberal mess, of course there will be impacts. Better than being on this course for the foreseeable future.

4. LNG (and KM2, and Site C) - better invest in some winter clothing. You and your construction buddies will have all the work they can handle in Northern BC.

RE is going to suck for anybody who's been depending on it for a while, but if you haven't seen this coming, I can't have too much sympathy. Reminds me of all of the oil workers in Alberta. There was a fire sale on big trucks, motorcycles and all of the other crap those guys wasted their money on, because the gravy train was never going to stop.

I think only west side and previously hot single family home prices are falling. Condo prices will not, but simply leveling off.

The way I see it, as long as the population of this city is not seeing a drastic decrease in number, the average price would remain stable. However, it really depends on the neighbourhoods too. Who would expect the condo prices of Vancouver's downtown, Lonsdale, Metrotown and Brentwood areas to tank? A major earthquake or economic crisis perhaps, but otherwise highly unlikely.

[WarrenC12]

Originally Posted by Vin

I think only west side and previously hot single family home prices are falling. Condo prices will not, but simply leveling off.

The way I see it, as long as the population of this city is not seeing a drastic decrease in number, the average price would remain stable. However, it really depends on the neighbourhoods too. Who would expect the condo prices of Vancouver's downtown, Lonsdale, Metrotown and Brentwood areas to tank? A major earthquake or economic crisis perhaps, but otherwise highly unlikely.

It depends what you mean by tank. They will be falling by the end of this year. They are already flat and there's nothing to suggest that will turnaround.

[Changing City]

Originally Posted by WarrenC12

It depends what you mean by tank. They will be falling by the end of this year. They are already flat and there's nothing to suggest that will turnaround.

They're already falling.The Greater Vancouver price index from REGV for apartments shows the average apartment sold for $709,200 in June, and had fallen to $687,300 in September. More here. The year-on-year number still shows September 2018 prices higher than September 2017, but if prices keep falling as they have since June, even year-on-year will be flat by the end of this year.

[edit - Vancouver West side condo prices fell even more sharply, from $842,600 in June to $804,100 in September.]

[whatnext]

From today's Bloomberg. And yet we still have people denying the problem, or is Bloomberg not a reputable enough source :
A lengthy but in depth assessment.

The City That Had Too Much Money
Vancouver was the first place to experience the tidal wave of Chinese cash. Now the city is leading efforts to stop it.

...The angst only deepened as neighborhoods emptied of long-term residents and many younger Vancouverites gave up hope of ever affording a home. Rather than the clean, green Pacific hub of its leaders’ dreams, the city came to resemble a rainy Monaco, albeit one with far better dim sum...

... “When I see some of the old-timers in my neighborhood,” <Fairchild Owner Thomas> Fung says, “a lot of them are moving out.” Often, a retiree’s income simply can’t cover the property taxes on a home with an assessed value that’s well into the millions. Fung says he’s stayed out of real estate development for the past half-dozen years, fearing that Vancouver’s economic fundamentals can’t justify the cost of its housing..(bold mine)

https://www.bloomberg.com/news/features/...ing-in-chinese-money?srnd=premium-canada

[djmk]

Fujitsu is setting shop in Vancouver to take advantage of all the AI developers in Vancouver and Burnaby.

[misher]

Originally Posted by Changing City

They're already falling.The Greater Vancouver price index from REGV for apartments shows the average apartment sold for $709,200 in June, and had fallen to $687,300 in September. More here. The year-on-year number still shows September 2018 prices higher than September 2017, but if prices keep falling as they have since June, even year-on-year will be flat by the end of this year.

[edit - Vancouver West side condo prices fell even more sharply, from $842,600 in June to $804,100 in September.]

Its hard to get accurate numbers. Feels like a lot of the higher end stuff is staying off the market for now so lower end stuff is selling. So the average price is less because more lower end units are moving and listed.

Wish they could factor in avg BC Assessment values to help standardize the measurements.

[officedweller]

Apple Corporate Offices coming to 400 West Georgia:

http://dailyhive.com/vancouver/apple-vancouver-office-400-west-georgia-tower


Mastercard Corporate Offices at The Exchange:

http://dailyhive.com/vancouver/mastercard-office-475-howe-street-vancouver-the-exchange

[rofina]

Originally Posted by officedweller

Apple Corporate Offices coming to 400 West Georgia:

http://dailyhive.com/vancouver/apple-vancouver-office-400-west-georgia-tower


Mastercard Corporate Offices at The Exchange:

http://dailyhive.com/vancouver/mastercard-office-475-howe-street-vancouver-the-exchange

The Apple news is extremely exciting - particularly given the location. That Eastern viaduct area around the library is going to turn into quite the tech hub with Amazon, Apple, and I'm sure others set to join.

What a exciting time for Vancouver - next 5 years will be a game changer for the maturity of the business scene here.

I feel thrilled to be a part of it - the City really is starting to mature and come into its own.

Love it.

[SpongeG]

Justin Trudeau announces funding to build nuclear medicine hub in Vancouver

PM says initiative will help Canada stay a leader in medical isotope research

The Canadian Press · Posted: Nov 01, 2018

Prime Minister Justin Trudeau has announced federal funding to build a hub for nuclear medicine at TRIUMF, Canada's national particle accelerator.

Trudeau made the announcement after meeting employees and touring the site, which is a joint venture of a consortium of universities and is based in Vancouver.

He says the Institute for Advanced Medical Isotopes will provide a first-of-its-kind facility in Canada where scientists and industry partners will work together to advance research including drug development and cancer therapy.

The new 2,500-square-metre building will house a particle accelerator, research facilities and laboratories.

Trudeau says it will help Canada stay a leader in medical isotope research.

Medical isotopes are safe radioactive substances used to diagnose and treat conditions of the heart, circulatory system and organs, allowing scientists to see what is happening inside the body in a non-invasive way.

...

https://www.cbc.ca/news/canada/british-c...lear-medicine-hub-in-vancouver-1.4888675

[SpongeG]

Is Apple coming to Vancouver to set up a corporate office—or not?

by Charlie Smith on November 1st, 2018

The world's most valuable publicly traded company has never had a corporate presence in Vancouver.

News of Apple arriving in Vancouver was triggered by a third-quarter NAI Commercial office-leasing report.

The iphoneincanada.ca website even included screen shot from the real-estate report of "significant transactions", which mentioned the deal that supposedly involving Apple.

But a curious thing happened when the Straight tried to verify the report.

That section mentioning Apple's transaction no longer appears in the online NAI Commercial document.

The Straight reached out to the real-estate brokerage seeking an explanation.

As of this writing, there's been no response.

Our best guess? Apple will be coming to Vancouver, but this won't be formally announced until all the important politicians and Apple executives (Tim Cook?) can synchronize their schedules.

Come to think of it—it might be best for Apple to delay any public statements until after the U.S. midterm elections, given President Donald Trump's oft-stated hostility to U.S. corporations exporting jobs to foreign countries. These elections take place on Tuesday (November 6).

https://www.straight.com/life/1159391/apple-coming-vancouver-set-corporate-office-or-not

[rofina]

Probably saving this for another Trudeau fly in photo op... couldn't make it in time for this go round with mayors.

And in all fairness, the announcements lately in Vancouver have been very exciting.

[Vin]

Originally Posted by rofina

The Apple news is extremely exciting - particularly given the location. That Eastern viaduct area around the library is going to turn into quite the tech hub with Amazon, Apple, and I'm sure others set to join.

What a exciting time for Vancouver - next 5 years will be a game changer for the maturity of the business scene here.

I feel thrilled to be a part of it - the City really is starting to mature and come into its own.

Love it.

Even better if they allow an 80-storey tech tower, with a huge podium for tech-related retail shops, innovation or conference to be built in the vicinity. That's not going to happen though.

[PaperTiger]

Apple already has a corporate presence in Vancouver. My neighbour works there.

They have jobs listed. Example: https://jobs.apple.com/en-ca/details/114...s-commerce-engineer-vancouver?team=SFTWR

Its not a secret lab or anything.

[whatnext]

Originally Posted by zahav

Sorry for the late post, but the November jobs report came out last week. Continuing postive reports. Year over year, BC had the fastest labour force growth (+2.4%), largest gain in employment (+3.8%), largest decrease in unemployment (-19.6%), and lowest unemployment rate amongest the provinces (4.8%). Canada as a whole has shown great numbers, especially the last 6 months, but BC has definitely stood out. Will be interessting to see what 2017 year end GDP #s are, they are predicting Alberta to the largest % growth (coming off two years of recession), with BC 2nd. But BC could still come out on top. Alberta's employment #s, retail sales, building permits & starts, homes sales, etc have been lower than BCs all year, so if they still do come out on top for GDP growth, it will really show how important oil prices are to their figures. Oil prices have risen this year compared to last, so likely that is why economists are expecting high GDP numbers, because the reality on the ground with all the other economic measures mentioned above are still lukewarm

Great job John Horgan and the BC NDP!

[trofirhen]

Originally Posted by SpongeG

Justin Trudeau announces funding to build nuclear medicine hub in Vancouver

PM says initiative will help Canada stay a leader in medical isotope research

The Canadian Press · Posted: Nov 01, 2018

Prime Minister Justin Trudeau has announced federal funding to build a hub for nuclear medicine at TRIUMF, Canada's national particle accelerator.

Trudeau made the announcement after meeting employees and touring the site, which is a joint venture of a consortium of universities and is based in Vancouver.

He says the Institute for Advanced Medical Isotopes will provide a first-of-its-kind facility in Canada where scientists and industry partners will work together to advance research including drug development and cancer therapy.

The new 2,500-square-metre building will house a particle accelerator, research facilities and laboratories.

Trudeau says it will help Canada stay a leader in medical isotope research.

Medical isotopes are safe radioactive substances used to diagnose and treat conditions of the heart, circulatory system and organs, allowing scientists to see what is happening inside the body in a non-invasive way.

...

https://www.cbc.ca/news/canada/british-c...lear-medicine-hub-in-vancouver-1.4888675

Is there any chance that this could provide a starting point for Vancouver as a medical research centre for a wider range of illness, and potentially, a pharmaceutical industry.
The economy here doesn't seem diverse enough, and a project such as this - IMHO - could be a catalyst for developing Vancouver into a more impiortant health care centre.
This, of course, would include the development, and attraction of, pharmaceutical industries, and already-existing pharmaceutical and medical industries, as spin-off.
Maybe I'm whistling (naïvely) in the dark, but everything starts with an idea, and with enough people pushing the same idea, often turns to reality.
Just as numerous cities in North America are high-tech IT centres, prhaps Vancouver could evolve into a major medical research, treatment, and pharmeceutical manufacturing centre.
It would add a whole new dimension to the economy of the city. // Or is this this just wishful thinking?

[rofina]

Originally Posted by trofirhen

Is there any chance that this could provide a starting point for Vancouver as a medical research centre for a wider range of illness, and potentially, a pharmaceutical industry.
The economy here doesn't seem diverse enough, and a project such as this - IMHO - could be a catalyst for developing Vancouver into a more impiortant health care centre.
This, of course, would include the development, and attraction of, pharmaceutical industries, and already-existing pharmaceutical and medical industries, as spin-off.
Maybe I'm whistling (naïvely) in the dark, but everything starts with an idea, and with enough people pushing the same idea, often turns to reality.
Just as numerous cities in North America are high-tech IT centres, prhaps Vancouver could evolve into a major medical research, treatment, and pharmeceutical manufacturing centre.
It would add a whole new dimension to the economy of the city. // Or is this this just wishful thinking?

Its not too far fetched, we already have some very exciting bio tech companies that started here.

I can definitely see this in the future, the talent has always been here, the issue has always been retaining the brilliant minds that come through our post secondary education.

They get siphoned off to the US or back home. With Trump, global unrest, and Canada's relative status as a beacon of stability, I can definitely see a future where a multitude of industries allocate resources to set up shop in Metro region.

Boring is extremely underrated. I think the unprecedented length of global stability, post war, has made people complacent and under appreciate how twisted things can get in a hurry.

Trump has been the best thing that has happened to Canada, it made the US multinationals realise that Cities like Vancouver, Montreal, and Toronto are excellent, near by, affordable, hedges against instability.

Presidents come and go, I'm sure after Trump you'll get someone left of Obama. Whats scary is how polarised this cycle will get 4,8,12 years down the road.

Is it far fetched to now imagine someone right of Trump?

[s211]

Originally Posted by trofirhen

Is there any chance that this could provide a starting point for Vancouver as a medical research centre for a wider range of illness, and potentially, a pharmaceutical industry.

Montreal has a huge leg up on Vancouver as it relates to the pharma industry. For a long time now, it has extensive operations that have connections to major European drug firms. While a few have subsequently shifted to Toronto, Montreal still has a big pharma presence.

At least that's my read from prior market research.

[Changing City]

Originally Posted by trofirhen

Is there any chance that this could provide a starting point for Vancouver as a medical research centre for a wider range of illness, and potentially, a pharmaceutical industry.

There's already a fairly significant group of companies involved in biotech and medical research, some of them with pharmaceuticals. This database lists 38 in the City of Vancouver, and 21 others in the rest of Metro Vancouver (mostly in Burnaby and Richmond). They tend to be headquarters offices, with the research either happening in hospitals (including VGH) or through UBC. Companies like QLT and Angiotech started out manufacturing in the city, but have ended up as part of something larger (although still based in Vancouver) with the production of their products happening all over the world.

One of our biggest research operations is Stemcell Technologies, but they tend to operate very quietly. They have over 900 employees here, and plan to open a manufacturing element with over 600 more jobs; they got Federal and Provincial support earlier this year.

There are already research and spin-off elements of VGH, and more are planned. The idea of the new St Paul's campus is partly to allow a similar group of related but independent operations to allow synergy between the hospital operation, and medical research.