Pattullo Bridge replacement is one of a group of major construction projects due to begin in B.C. (Black Press Media)

Big construction projects to drive big migration to B.C. in 2020

Forestry, housing to slow growth, says credit union forecast

Pipelines, LNG Canada, the Pattullo Bridge replacement and a new Vancouver subway are all set to drive a big increase in interprovincial migration to B.C. starting next year, Central 1 Credit Union says in its latest economic forecast.

Coupled with Site C dam construction that is reaching its peak, these major projects are expected to help push interprovincial migration into B.C. from 3,400 people this year to more than 12,000 in 2020, says the organization representing credit unions in B.C. and Ontario.

B.C.’s economic growth is leading the country, and the pace of growth is expected to slow from 2.7 per cent in 2019 to near one per cent by 2020, according to the forecast.

While internal signs for B.C. are strong, global economic conditions continue to cast a shadow. A U.S.-China trade war with Canada entangled, American trade actions against softwood lumber and turmoil in the European Union with the impending exit of Britain are risk factors in the coming years.

Housing construction continues at a fast pace, with a record second quarter for B.C. housing starts, but that is mainly a result of pre-sale condos in earlier years, said Bryan Yu, deputy chief economist for Central 1.

“Home ownership demand, owing to federal mortgage stress tests and provincial government tax measures, has dragged the resale market into recession-like conditions since early 2018, with price levels adjusting lower accordingly, says B.C. Economic Outlook 2019-2022. “Metro Vancouver is at the centre of the market correction, with sales trending at 2012 levels and price declines nearly 10 per cent from peak.”

RELATED: B.C. housing market slows, prices fall in 2019

RELATED: B.C. mayors call for federal forest industry aid

Other limiting factors are the ongoing slump in the B.C. forest industry and the availability of skilled labour as people retire in greater numbers. The unemployment rate is forecast to decline to four per cent in the coming years.

Are there going to be enough skilled people in the rest of Canada to move to B.C. for jobs? Yu says there are.

“The economic conditions are relatively slower in Alberta at the current time, and with these major projects we do see a strong labour market in B.C.,” Yu said in an interview with Black Press. “There are always concerns about affordability issues in the [urban] region.”

Workers and their families are part of a wider trend in B.C. population growth, with international immigrants being the main source. From 2019 to 2021, B.C. is forecast to grow by an average of 60,000 people annually, driving significant demand in retail consumption and housing.


@tomfletcherbc
tfletcher@blackpress.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Kootenay-Columbia candidate cautious after getting threats

Trev Miller of the Animal Protection Party carries on campaigning under shadow of threats, abusive emails

Buck Stops Here: Why the name of Cranbrook’s new team is a good one

It’s not just because my nickname in high school was ‘Buck’ that… Continue reading

Feud with Canada Post causes post office to close its doors

Grasmere Post Office will close Oct. 31, building owners unable to reach agreement with Canada Post

Kootenay-Columbia riding candidates have Canada’s highest expense limit

Facebook data also shows who is buying ads on the social media website

Former Liberal candidate endorses Greens in Kootenay-Columbia

Don Johnston says he’ll be voting for Abra Brynne on Oct. 21

ELECTION 2019: Have Justin Trudeau’s Liberals really cut middle-class taxes?

Conservative Andrew Scheer vows to cut bottom bracket, NDP’s Jagmeet Singh targets wealth tax

‘Sky didn’t fall:’ Police, lawyers still adjusting after pot legalization

Statistics Canada says 541 people were charged under the federal Cannabis Act between Oct. 17, 2018 and the end of the year

Fewer people prescribed opioids in B.C., but other provinces lack data: doctors

Patients who began taking opioids were prescribed smaller doses for shorter duration

Electric cello, stolen from vehicle in Williams Lake, returned to U.S. owner

Rita Rice of Texas said she and her husband had given up hope of ever seeing it again

Drop, cover and hold on: Thousands of British Columbians to take part in earthquake drill

This year’s drill comes as scientists announce discovery of ‘stormquakes,’ an earthquake and hurricane

Woman, 24, faces life-altering injuries after being dragged 4 blocks by vehicle in Vancouver

A gofundme account says the woman will have to undergo multiple complex surgeries

Frustration and pride in Canada after a year of legal pot

It’s one year into Canada’s experiment in legal marijuana, and hundreds of legal pot shops have opened

West Kelowna business facing charges after six bears killed over littering

A West Kelowna business has been charged for leaving garbage around Lake Okanagan Resort

Most Read