PRINCE GEORGE, British Columbia, Feb. 24, 2021 (GLOBE NEWSWIRE) — According to BC Check-Up: Invest, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on investment trends across the province, the number of housing units that began construction in the Cariboo region increased by 8.0 per cent in 2020 compared to the number started in 2019.
“While the Cariboo’s economy has not been immune from the COVID-19 pandemic, some investment data indicate the region has held up reasonably well, particularly compared to other regions,” said Stan Mitchell, CPA, CA, partner at KPMG. “In fact, one key investment metric, the number of housing units started, actually increased in 2020 in the region’s largest municipalities.”
The number of housing units started in Williams Lake, Prince George, and Quesnel stood at 498 in 2020, up from the 461 in 2019. This was entirely due to an increase in the number of attached starts, such as condos and townhomes. In 2020, 277 attached units began construction, up nearly a third (31.9 per cent) compared to 2019. Conversely, detached starts stood at 221 in 2020, down by 12.0 per cent.
“While overall starts did increase, gains in attached unit starts offset a slowdown in detached units,” continued Mitchell. “That being said, the region fared much better compared to the nearly twenty per cent decline in housing starts across the province as a whole. The region also benefited from a significant increase in major project activity.”
Total capital allocated to major capital projects – defined as those with a capital cost over $15,000,000 – in the Cariboo increased by 46.2 per cent in Q3 2020 compared to Q3 2019. The total value of all major projects in the region stood at $15.3 billion in Q3 2020, with nearly 30 per cent under active construction. Of the four major projects currently under construction, by far the largest is the $4.5 billion economic activity expected from Trans Mountain Pipeline Expansion.
“June 2020 marked the official start of construction in the region on the Trans Mountain Pipeline. Given the timing, the project helped provide the region some insulation from the economic disruption resulting from the pandemic,” said Mitchell. “The construction is continuing and will provide jobs and investment for the region in 2021.”
The Cariboo also has 24 major projects in the proposal stage with an estimated cost of $10.4 billion, including several expected to begin construction in 2021.
“The Cariboo is fortunate to have major projects expected to come online in the short-term, including billions of capital allocated for gold, ethanol, and hemp projects. These investments will drive our region’s recovery,” concluded Mitchell. “They have also helped Prince George continue to attract record levels of economic activity, with the value of building permits near the all-time high set in 2019 despite the pandemic. Going forward, large natural resource projects will be a major story as the region emerges from the crisis.”
About CPA British Columbia The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 37,000 CPA members and 5,500 CPA students. CPABC carries out its primary mission to protect the public by enforcing the highest professional and ethical standards and contributing to the advancement of public policy. CPAs are recognized internationally for bringing superior financial expertise, strategic thinking, business insight, and leadership to organizations.
For more information:
Vivian Tse, Manager, Communications
604.488.2647
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.