Tuesday, May 27, 2008

. . . . and even more Construction - Vancouver

Here is a listing of all major projects in the City of Vancouver as of March 2008 according to the BC Major Projects Inventory. The projects listed on this page represent over 5% of the GDP of British Columbia. I was amazed at how many of these projects are government money. One could say that the intervention of government project funding has caused the labour shortage that is often talked about here.

Ecole Secondaire Francophone de Vancouver
Status: Construction started Start: Jun 2007
Est. Cost ($ million): 25 Finish: Fall 2008

UBC Renew - Building Renovation Program
Status: Construction started Start: 2003
Est. Cost ($ million): 120 Finish: 2011

Patina Condominium Tower
Status: Construction started Start: Mar 2008
Est. Cost ($ million): 35 Finish: Feb 2011

Coast Coal Harbour Hotel
Status: Construction started Start: Fall 2007
Est. Cost ($ million): 60 Finish: Fall 2009

Vancouver Social Housing
Status: Construction started Start: Early 2008
Est. Cost ($ million): 80 Finish: 2009

Atelier on Robson Highrise Condominiums
Status: Construction started Start: Spring 2008
Est. Cost ($ million): 140 Finish: Fall 2009

Killarney and Trout Lake Arena Reconstruction
Status: Construction started Start: Dec 2007
Est. Cost ($ million): 30 Finish: Feb 2009

Renaissance Hotel Renovation
Status: Construction started Start: Jan 2008
Est. Cost ($ million): 20 Finish: 2009

The Zone Condominium Development
Status: Construction started Start: Jul 2007
Est. Cost ($ million): 20 Finish: Late 2008

UBC - Wesbrook Place Residential Development
Status: Construction started Start: Early 2007
Est. Cost ($ million): 200 Finish: 2015

Cross Roads Mixed-use Development
Status: Construction started Start: Summer 2006
Est. Cost ($ million): 30 Finish: Fall 2008

Espana Condominiums
Status: Construction started Start: Spring 2007
Est. Cost ($ million): 65 Finish: 2009

Foundry Residential Development
Status: Construction started Start: Summer 2007
Est. Cost ($ million): 20 Finish: Summer 2008

Pacific Boulevard Improvements
Status: Construction started Start: Sep 2006
Est. Cost ($ million): 20 Finish: Early 2011

Residential Development - 5951 Balsam Street
Status: Construction started Start: Early 2008
Est. Cost ($ million): 20 Finish: Fall 2009

Residential Development
Status: Construction started Start: Jun 2007
Est. Cost ($ million): 25 Finish: Late 2009

Vancouver Aquarium Expansion and Revitalization
Status: Construction started Start: Nov 2007
Est. Cost ($ million): 80 Finish: 2009

1022 Seymour Street Residential Tower
Status: Construction started Start: Summer 2007
Est. Cost ($ million): 30 Finish: Late 2008

Secondary School
Status: Construction started Start: Early 2007
Est. Cost ($ million): 22 Finish: Jul 2008

The Donovan High Rise Condominium
Status: Construction started Start: Fall 2007
Est. Cost ($ million): 20 Finish: Late 2009

The Keystone Residential Development
Status: Construction started Start: Early 2007
Est. Cost ($ million): 20 Finish: Summer 2008

The Vita Residential Development
Status: Construction started Start: Apr 2007
Est. Cost ($ million): 40 Finish: 2009

Camera Residential Development
Status: Construction started Start: Jun 2007
Est. Cost ($ million): 20 Finish: Late 2008

Capitol Residences
Status: Construction started Start: Feb 2007
Est. Cost ($ million): 40 Finish: Late 2008

Cambie and Second Avenue Shopping Center
Status: Construction started Start: Sep 2005
Est. Cost ($ million): 29 Finish: Nov 2009

Raffles on Robson Residential Tower
Status: Construction started Start: Jan 2006
Est. Cost ($ million): 35 Finish: Jun 2008

Stella Residential Development
Status: Construction started Start: Summer 2006
Est. Cost ($ million): 25 Finish: Fall 2008

Canadian Broadcasting Corporation Studio Renovation
Status: Construction started Start: Aug 2006
Est. Cost ($ million): 20 Finish: Fall 2009

Homer and Helmcken Residential Tower
Status: Construction started Start: Spring 2006
Est. Cost ($ million): 30 Finish: Fall 2008

Queen Elizabeth Theatre Renovation
Status: Construction started Start: Summer 2006
Est. Cost ($ million): 35 Finish: 2009

Ritz-Carlton Hotel and Residential Development
Status: Construction started Start: Summer 2007
Est. Cost ($ million): 500 Finish: 2009

The Rise Development
Status: Construction started Start: Spring 2005
Est. Cost ($ million): 62 Finish: Spring 2008

TV Tower and TV Tower Two
Status: Construction started Start: Early 2007
Est. Cost ($ million): 80 Finish: Dec 2008

UBC - Museum of Anthropology Renewal Project
Status: Construction started Start: Jun 2006
Est. Cost ($ million): 52 Finish: Spring 2009

Vandusen Garden Renovation Project
Status: Construction started Start: Spring 2005
Est. Cost ($ million): 20 Finish: 2010

The Sapphire Residential Development
Status: Construction started Start: Mar 2006
Est. Cost ($ million): 60 Finish: May 2008

Coopers Quay Residential Development
Status: Construction started Start: Nov 2004
Est. Cost ($ million): 500 Finish: Summer 2008

Flatiron Residential/ Commercial Development 1277 Melville
Status: Construction started Start: Summer 2006
Est. Cost ($ million): 30 Finish: Early 2009

Jameson House
Status: Construction started Start: Early 2008
Est. Cost ($ million): 180 Finish: 2010

Metro Residential Tower
Status: Construction started Start: Late 2006
Est. Cost ($ million): 25 Finish: Spring 2008

ICORD Spinal Cord Research Centre
Status: Construction started Start: Summer 2006
Est. Cost ($ million): 47 Finish: Summer 2008

Grosvenor Retail and Residential Development - 485 West Eight Ave.
Status: Construction started Start: Summer 2004
Est. Cost ($ million): 50 Finish: Spring 2008

Mode Residential Development
Status: Construction started Start: Spring 2007
Est. Cost ($ million): 30 Finish: Early 2009

Shangri-La Hotel and Condominium Development
Status: Construction started Start: Mar 2005
Est. Cost ($ million): 350 Finish: Late 2009

The Ritz Residential Tower
Status: Construction started Start: Late 2005
Est. Cost ($ million): 50 Finish: Spring 2008

728 Pacific Boulevard Residential Towers
Status: Construction started Start: Mar 2005
Est. Cost ($ million): 150 Finish: 2009

Vancouver Community College Expansion - King Edward Campus
Status: Construction started Start: Early 2007
Est. Cost ($ million): 56 Finish: Fall 2008

Beulah Gardens - 2075 Cassiar Street
Status: Construction started Start: Sep 2004
Est. Cost ($ million): 38 Finish: Early 2008

Providence Legacy - Assisted Care Facility
Status: Construction started Start: Nov 2006
Est. Cost ($ million): 21 Finish: Jun 2008

UBC - University Town
Status: Construction started Start: 1999
Est. Cost ($ million): 350 Finish: Summer 2015

Beach Crescent Neighbourhood - False Creek North Shore
Status: Construction started Start: 2002
Est. Cost ($ million): 3000 Finish: Late 2008

Mount Pleasant Community Centre - 1 Kingsway
Status: Construction started Start: Summer 2005
Est. Cost ($ million): 26 Finish: Sep 2008

Beaty Biodiversity Research Centre
Status: Construction started Start: Summer 2006
Est. Cost ($ million): 40 Finish: Nov 2008

Olympic Games - Hillcrest/ Nat Bailey Park Stadium Park
Status: Construction started Start: Feb 2007
Est. Cost ($ million): 38 Finish: Dec 2008

Olympic Games—University of British Columbia Thunderbird Sports Centre
Status: Construction started Start: Summer 2006
Est. Cost ($ million): 49 Finish: Apr 2008

Olympic Games - Vancouver Olympic Village
Status: Construction started Start: May 2007
Est. Cost ($ million): 315 Finish: Sep 2009

Simon Fraser University—School for the Contemporary Arts Building
Status: Construction started Start: Fall 2006
Est. Cost ($ million): 71 Finish: Fall 2008

UBC—Marine Drive Student Housing
Status: Construction started Start: Sep 2004
Est. Cost ($ million): 136 Finish: Sep 2008

955 and 969 Burrard Street—Residential Tower and New YMCA
Status: Construction started Start: Early 2007
Est. Cost ($ million): 120 Finish: 2009

Fairmont Pacific Rim Vancouver Hotel
Status: Construction started Start: Sep 2005
Est. Cost ($ million): 420 Finish: Summer 2009

Vancouver Convention Centre Expansion
Status: Construction started Start: Fall 2007
Est. Cost ($ million): 700 Finish: 2010

Broadway Tech Centre
Status: Construction started Start: 2002
Est. Cost ($ million): 80 Finish: 2012

Coal Harbour Redevelopment
Status: Construction started Start: 1992
Est. Cost ($ million): 1000 Finish: Fall 2008

International Village Phase 2
Status: Construction started Start: Fall 2004
Est. Cost ($ million): 150 Finish: Spring 2008

Woodward’s Building Redevelopment
Status: Construction started Start: May 2007
Est. Cost ($ million): 300 Finish: Dec 2009

Total number of major projects in the City of Vancouver: 66
Total value of all major projects in the City of Vancouver: $10,432,000,000
Majority of work is complete by late 2008 through early 2009.

You may ask where the YVR expansion and Canada Line are and they are categorized under Richmond for an additional $3,775,000,000 in development costs. Both those major projects complete in 2009.

What happens when all those projects finish, all the money is spent and all the workers go home?

9 comments:

mohican said...

The local economy will contract severely once these projects complete. Despite all the announcements of new projects there just isn't enough to replace the frenzied level of activity that is occurring right now.

jesse said...

"What happens when all those projects finish, all the money is spent and all the workers go home?"

I brought it up in a previous post but the proposed construction spending is moving away from the Lower Mainland into other regions of the province. Workers will need to migrate to these areas if they want to maintain their jobs and this does not bode well for the local property/rental market. We're talking about tens of thousands of jobs, adding up to a few % of LM's workforce. At the margins this is huge.

They can always join the volunteer workforce for the 2010 Olympics!

dailydose4u said...

Thought I'd share this story. Admittedly, there is only a slight connection to housing in it (the guy has been beating himself up for not getting into the housing spree four years ago), but I think there is much to be gained in reading it. I hope you agree. That said, if you think it's inappropriate, mohican, delete this post--I will not be offended.

dailydose4u said...

Sorry. Link to the post is here.

M- said...

Mohican, that is a jaw-dropping list!

Perhaps to illustrate the point more clearly, is it possible to rearrange it so that projects are listed by their completion year? Or rather, list any projects finishing in 2010 and beyond after the 2008/09 projects? That would help to show the lack of projected work beyond 2010...

Jesse, I agree with you entirely about infrastructure projects going elsewhere in the province after 2010. The government has been putting a ton of money into the lower mainland, and deferring infrastructure requirements off into the future elsewhere. After the 2010 projects are finished, as you've noted, that money is getting shifted to other parts of the province.

Ron S said...

http://njrereport.com/index.php/2008/04/09/tracking-realtor-spin/?ref=patrick.net

1. “There’s no question there is a strong demand for housing from a growing population.” - David Lereah, NAR Chief Economist

2. “For the foreseeable future, the demand for homes will continue to outstrip supply” - Al Mansell, NAR President

3. “We’ve been expecting sales to remain at historically high levels, but this performance underscores the value of housing as an investment and the importance of homeownership in fulfilling the American dream.” - David Lereah, NAR Chief Economist

4. “We are returning to more balanced markets between home buyers and sellers… We feel confident that housing is landing softly as rates continue to rise.” - David Lereah, NAR Chief Economist

5. “This is part of the market adjustment we’ve been discussing, with a soft landing in sight for the housing sector. The level of home sales activity is now at a sustainable level. Overall fundamentals remain solid…” - David Lereah, NAR Chief Economist

6. “Higher interest rates are slowing home sales, but we see this as another sign of a soft landing for the housing sector which remains at historically high levels.” - David Lereah, NAR Chief Economist

“After five years of booming sales, we are now experiencing normal market conditions across most of the country… most owners can expect steadier gains in home values for the foreseeable future.” - Thomas M. Stevens, NAR President

7. “Over the last three months home sales have held in a narrow range, easing to a level that is near our annual projection, which tells us the market is stabilizing” - David Lereah, NAR Chief Economist

8. “Now sellers in many areas of the country are pricing to reflect current market realities. As a result, there could be some lift to home sales, but it’ll likely take some months for price appreciation to rise.” - David Lereah, NAR Chief Economist

9. Existing-home sales stabilized at a sustainable pace in August - NAR

10. “…the worst is behind us as far as a market correction — this is likely the trough for sales. When consumers recognize that home sales are stabilizing, we’ll see the buyers who’ve been on the sidelines get back into the market” - David Lereah, NAR Chief Economist

11. “It looks like we’re moving beyond the low for the housing cycle last fall, and buyers are responding to historically low interest rates and competitive pricing by home sellers. In addition, a tightening inventory of homes on the market is supporting prices.” - David Lereah, NAR Chief Economist

12. “Fundamentals have improved in the housing market and buyers see a window now with historically-low mortgage interest rates and competitive pricing by sellers,” - David Lereah, NAR Chief Economist

13. “We also may be seeing some losses as a result of the subprime fallout. However, this is masking improved fundamentals in the housing market, with lower mortgage interest rates and motivated sellers.” - David Lereah, NAR Chief Economist

14. “Buyers who’ve been on the sidelines may want to take a closer look at current conditions in their area – if they wait for sales to rise, their choices and negotiating position won’t be as good as they are now.” - Pat V. Combs, NAR President

scoop said...

To get a sense of how the construction bulge has skewed our economy, check out this table. Construction jobs are basically flat at between 110-120K from 1996-2003, then take off and gain 77K in four years. My guess is that when the building flurry slows down, most or all of those added jobs disappear again. And now run through the other categories and consider the ripple effect on other sectors.

Jordan said...

What I'd like to know is can you anonymously report a construction worker for tax fraud to the CRA?

I know of a sub-contracting sole proprietor construction worker who has taken business income and spent it all personally and never paid any tax or cpp for 4+ years, bastard.

Of course his wife claims full benefits for their child and probably qualifies for additional assistance with their low income.

M- said...

Jordan: if you select your city from CRA's enforcement division, it'll give you contact info on how to make a disclosure.