Connect with us

Uncategorized

Thompson Okanagan communities receive over $5.5 million in funding to revitalize public spaces and enhance tourism experiences

Thompson Okanagan communities receive over $5.5 million in funding to revitalize public spaces and enhance tourism experiences
Canada NewsWire
PENTICTON, BC, Dec. 7, 2022

The Government of Canada is making investments across British Columbia to ref…

Published

1 year ago

on

Thompson Okanagan communities receive over $5.5 million in funding to revitalize public spaces and enhance tourism experiences

Canada NewsWire

PENTICTON, BC, Dec. 7, 2022

The Government of Canada is making investments across British Columbia to refresh community spaces, attract new visitors, and stimulate local economies

PENTICTON, BC, Dec. 7, 2022 /CNW/ - Safe and inclusive public spaces and dynamic tourism attractions are key to vibrant communities. They bring together people of all ages and abilities, in turn supporting businesses and boosting economic vitality. Throughout the Thompson Okanagan and across British Columbia's Southern Interior, communities are ready to welcome residents and visitors alike to enjoy new and improved public spaces and tourism experiences.

Today, the Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced over $5.5 million in PacifiCan funding for 23 projects throughout the Thompson Okanagan. This includes $3.2 million for nine projects funded through the Canada Community Revitalization Fund and over $2.3 million for 14 projects funded through the Tourism Relief Fund.

The City of Penticton is receiving $950,000 in funding through the Canada Community Revitalization Fund for two projects that will improve public infrastructure in the community. The first project will receive $750,000 for the development of a new lake-to-lake bike route between Okanagan Lake and Skaha Lake that will provide cyclists with safe, easy access across the city. The additional $200,000 will be used to construct two accessible community washrooms at Penticton's Kiwanis Park Safety Village and Riverside Park.

Upgrading existing infrastructure and building new public assets will mean British Columbians will have better access to recreational programs and facilities; these projects will grow economic opportunities, create jobs, and improve community wellness. Communities benefiting from today's announcements include Kelowna, Penticton, Peachland, Golden, Revelstoke, Vernon, Summerland, Keremeos and Osoyoos.

For the full list of projects, please see backgrounder section below.

Today's funding announcement builds on the recent openings of PacifiCan offices in Kelowna and Cranbrook that will help support local economic development for British Columbians in the Southern Interior. With new officers living and providing service in the Southern Interior, PacifiCan will be more accessible to all communities in the region.

Quotes

"These investments demonstrate how the Government of Canada is helping to boost economic development in communities across British Columbia. We are here to support small- and medium-sized businesses on the road to recovery. Investing in shared public spaces and tourism experiences will bring communities together and ensure that the Thompson Okanagan region thrives well into the future."
-        The Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada

"As we move past the acute phase of the pandemic, Canada's tourism sector is showing strong signs of growth. The Government of Canada's investments in tourism over the last two years focused on the survival of our visitor economy. As we move to revival and the growth of the sector, we continue to provide targeted support to tourism businesses so they can keep delivering unforgettable experiences. A fully recovered and robust tourism sector is key to our government's ongoing work in building an economy that works for all Canadians."
-        The Honourable Randy Boissonnault, Minister of Tourism and Associate Minister of Finance

"This is a great example of partnerships that are working to create safer and healthier communities. I am delighted that PacifiCan has come to the table with this grant and is participating in building more active modes of transportation and ensuring accessibility for all. The City of Penticton is committed to being a healthy, active and accessible community and we look forward to co-operating on more projects like these two."
-       Julius Bloomfield, Mayor, City of Penticton

Quick Facts

  • PacifiCan is the federal economic development agency dedicated to British Columbians. PacifiCan works with partners who are building innovative businesses, creating quality jobs, and supporting inclusive growth throughout British Columbia.
  • PacifiCan opened new offices in Kelowna and Cranbrook, B.C. on November 16, 2022 to better serve businesses and communities across the Southern Interior of B.C.
  • The Canada Community Revitalization Fund and Tourism Relief Fund programs launched in the summer of 2021.
  • The Canada Community Revitalization Fund provides $500 million over two years to help communities build and improve infrastructure, making public spaces safer, greener and more accessible.
  • The Canada Community Revitalization Fund supports two major streams of activity:
    • adapt community spaces and assets so that they may be used safely in accordance with local public-health guidelines, and
    • build or improve community spaces to encourage Canadians to re-engage in and explore their communities and regions.
  • The Tourism Relief Fund provides $500 million over two years to help tourism businesses and organizations with adapting their operations to meet public health requirements, while investing in products and services to facilitate future growth.
  • The Tourism Relief Fund helps position Canada as a destination of choice as domestic and international travel rebounds by:
    • empowering tourism businesses to create new or enhance existing tourism experiences and products to attract more local and domestic visitors, and
    • helping the sector reposition itself to welcome international visitors, by providing the best Canadian tourism experiences we have to offer the world.

Associated Links:

Stay connected
Follow PacifiCan on Twitter and LinkedIn

Toll-Free Number: 1-888-338-9378
TTY (telecommunications device for the hearing impaired): 1-877-303-3388

Backgrounder: Thompson Okanagan communities receive over $5.5 million in funding to revitalize public spaces and enhance tourism experiences

Today, the Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced over $5.5 million in PacifiCan funding for 23 projects throughout the Thompson Okanagan. This includes $3.2 million for nine projects funded through the Canada Community Revitalization Fund and over $2.3 million for 14 projects funded through the Tourism Relief Fund.

The projects announced today include:

Canada Community Revitalization Fund

City of Kelowna
$750,000
Funding will go towards adding accessibility features to Pandosy Waterfront Park in Kelowna, including a floating dock, pedestrian lighting, wayfinding signage, and mobile infrastructure.

City of Penticton
$750,000
Funding will go towards building a new lake-to-lake bike route between Okanagan Lake and Skaha Lake. The safe and dedicated cycling route and pedestrian sidewalk will allow easy public access across the city.

$200,000
Funding will go towards the construction of two accessible community washrooms at Penticton's Kiwanis Park Safety Village and Riverside Park.

City of Vernon
$639,000
Funding will be used for the continued development of Civic Memorial Park. Project activities include upgrading an existing building to improve energy efficiency and the creation of accessible public washrooms and a community meeting space.

City of West Kelowna
$416,250
Funding will go towards revitalizing four community parks in West Kelowna: Beechnut, Pritchard, Paula and Shetler Park. Upgrades include landscape and parking enhancements, and the installation of new playground equipment, volleyball courts and picnic areas.

District of Peachland
$53,188
Funding will be used to expand and improve the accessibility of multi-use pathways that link Heritage Park to downtown Peachland. Project activities include installing new streetlights, expanding the parking lot, and adding safe trail connections and crosswalks.

Golden Off Road Motorcycle Association
$30,000
Funding will go towards building a new recreational site at the trailhead of the Association's new off-road motorcycle trail system. The campground will include 20 campsites and serve as a staging area for snowmobile activities in the winter.

O'Keefe Ranch and interior Heritage Society
$94,915
Funding will help create ten glamping accommodation units at the O'Keefe Ranch Historic Site in Vernon. The project will leverage green technology and improve accessibility for persons with disabilities.

Osoyoos Museum Society
$310,530
Funding will go towards redeveloping the lower level of the Osoyoos Museum to include cultural artifact displays and multi-purpose work rooms to host community gatherings and events.

Tourism Relief Fund

1375647 Alberta Ltd.
$99,999
Funding will help Alpha Mountain Lodging establish a cabin retreat and backcountry guide business in Revelstoke. Work includes building four cabins for all-season tourism use.

Argus Properties Ltd.
$99,999
Funding will help build a floating platform and ramp extension for Hotel Eldorado's marina dock on Okanagan Lake. Improvements will expand existing floatplane services, bringing visitors from Vancouver to Kelowna.

British Columbia Snowmobile Federation
$500,000
Funding will go towards creating a recreational snowmobile trail program, which will support snowmobile clubs in the province and enhance tourism offerings.

Carpe Diem Tours Ltd.
$85,000
Funding will go towards purchasing a new vehicle and facilitate further development of winery tours targeted to francophone and other visitors to the Okanagan.

Elevation Outdoors Experiential Programs Association
$219,600
Funding will go towards expanding operations at Kelowna Bike Rentals, including the purchase of 92 new bikes including adaptive e-bikes, mountain and city bikes, and cycling accessories.

ERTCU Travel Group Ltd
$99,999
Funding will help develop and market a series of new RV tours across rural British Columbia, targeting the international market. 

Extreme Yeti Adventures Ltd.
$96,000
Funding will go towards purchasing state-of-the-art avionics equipment, parachutes and additional aircraft to offer customers a safer and improved skydiving experience in Golden.

Iconoclast Developments Ltd.
$99,999
Funding will go towards renovating and improving Sorcerer Lodge's on-mountain lodge facilities and infrastructure near Golden.

Renedian Adventures Ltd.
$99,999
Funding will go towards purchasing four motorcycles, a van and trailer and hiring additional staff to increase motorcycle tour services in Kelowna.

Revelstoke Accommodation Association
$135,000
Funding will help Tourism Revelstoke develop a Destination Management Plan in collaboration with tourism stakeholders in the region. The plan will be a guiding document for Revelstoke's tourism vision.

Revelstoke Mountain Resort
$99,999
Funding will go towards building a mountain bike skills park, which will extend the ski resort's tourism seasons.

Thompson Okanagan Tourism Association
$500,000
Funding will go towards conducting sustainability assessments for rural tourism businesses in British Columbia to help them adopt and implement sustainable and environmentally responsible operational practices.

Vernon Winter Carnival Society
$125,000
Funding will go towards new activities that expand the Vernon Winter Carnival, a 10-day winter festival featuring over 100 local events.

Wine Country Studios
$56,960
Funding will go towards expanding and promoting unique Metis art workshops and classes to tourists visiting West Kelowna.

SOURCE Pacific Economic Development Canada

Read More

Related Topics:
Continue Reading

Uncategorized

Homes listed for sale in early June sell for $7,700 more

New Zillow research suggests the spring home shopping season may see a second wave this summer if mortgage rates fall
The post Homes listed for sale in…

Published

5 hours ago

on

March 11, 2024

By

  • A Zillow analysis of 2023 home sales finds homes listed in the first two weeks of June sold for 2.3% more. 
  • The best time to list a home for sale is a month later than it was in 2019, likely driven by mortgage rates.
  • The best time to list can be as early as the second half of February in San Francisco, and as late as the first half of July in New York and Philadelphia. 

Spring home sellers looking to maximize their sale price may want to wait it out and list their home for sale in the first half of June. A new Zillow® analysis of 2023 sales found that homes listed in the first two weeks of June sold for 2.3% more, a $7,700 boost on a typical U.S. home.  

The best time to list consistently had been early May in the years leading up to the pandemic. The shift to June suggests mortgage rates are strongly influencing demand on top of the usual seasonality that brings buyers to the market in the spring. This home-shopping season is poised to follow a similar pattern as that in 2023, with the potential for a second wave if the Federal Reserve lowers interest rates midyear or later. 

The 2.3% sale price premium registered last June followed the first spring in more than 15 years with mortgage rates over 6% on a 30-year fixed-rate loan. The high rates put home buyers on the back foot, and as rates continued upward through May, they were still reassessing and less likely to bid boldly. In June, however, rates pulled back a little from 6.79% to 6.67%, which likely presented an opportunity for determined buyers heading into summer. More buyers understood their market position and could afford to transact, boosting competition and sale prices.

The old logic was that sellers could earn a premium by listing in late spring, when search activity hit its peak. Now, with persistently low inventory, mortgage rate fluctuations make their own seasonality. First-time home buyers who are on the edge of qualifying for a home loan may dip in and out of the market, depending on what’s happening with rates. It is almost certain the Federal Reserve will push back any interest-rate cuts to mid-2024 at the earliest. If mortgage rates follow, that could bring another surge of buyers later this year.

Mortgage rates have been impacting affordability and sale prices since they began rising rapidly two years ago. In 2022, sellers nationwide saw the highest sale premium when they listed their home in late March, right before rates barreled past 5% and continued climbing. 

Zillow’s research finds the best time to list can vary widely by metropolitan area. In 2023, it was as early as the second half of February in San Francisco, and as late as the first half of July in New York. Thirty of the top 35 largest metro areas saw for-sale listings command the highest sale prices between May and early July last year. 

Zillow also found a wide range in the sale price premiums associated with homes listed during those peak periods. At the hottest time of the year in San Jose, homes sold for 5.5% more, a $88,000 boost on a typical home. Meanwhile, homes in San Antonio sold for 1.9% more during that same time period.  

 

Metropolitan Area Best Time to List Price Premium Dollar Boost
United States First half of June 2.3% $7,700
New York, NY First half of July 2.4% $15,500
Los Angeles, CA First half of May 4.1% $39,300
Chicago, IL First half of June 2.8% $8,800
Dallas, TX First half of June 2.5% $9,200
Houston, TX Second half of April 2.0% $6,200
Washington, DC Second half of June 2.2% $12,700
Philadelphia, PA First half of July 2.4% $8,200
Miami, FL First half of June 2.3% $12,900
Atlanta, GA Second half of June 2.3% $8,700
Boston, MA Second half of May 3.5% $23,600
Phoenix, AZ First half of June 3.2% $14,700
San Francisco, CA Second half of February 4.2% $50,300
Riverside, CA First half of May 2.7% $15,600
Detroit, MI First half of July 3.3% $7,900
Seattle, WA First half of June 4.3% $31,500
Minneapolis, MN Second half of May 3.7% $13,400
San Diego, CA Second half of April 3.1% $29,600
Tampa, FL Second half of June 2.1% $8,000
Denver, CO Second half of May 2.9% $16,900
Baltimore, MD First half of July 2.2% $8,200
St. Louis, MO First half of June 2.9% $7,000
Orlando, FL First half of June 2.2% $8,700
Charlotte, NC Second half of May 3.0% $11,000
San Antonio, TX First half of June 1.9% $5,400
Portland, OR Second half of April 2.6% $14,300
Sacramento, CA First half of June 3.2% $17,900
Pittsburgh, PA Second half of June 2.3% $4,700
Cincinnati, OH Second half of April 2.7% $7,500
Austin, TX Second half of May 2.8% $12,600
Las Vegas, NV First half of June 3.4% $14,600
Kansas City, MO Second half of May 2.5% $7,300
Columbus, OH Second half of June 3.3% $10,400
Indianapolis, IN First half of July 3.0% $8,100
Cleveland, OH First half of July  3.4% $7,400
San Jose, CA First half of June 5.5% $88,400

 

The post Homes listed for sale in early June sell for $7,700 more appeared first on Zillow Research.

Read More

Continue Reading

Uncategorized

February Employment Situation

By Paul Gomme and Peter Rupert The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000…

Published

2 days ago

on

March 9, 2024

By

By Paul Gomme and Peter Rupert

The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000 average over the previous 12 months. The payroll data for January and December were revised down by a total of 167,000. The private sector added 223,000 new jobs, the largest gain since May of last year.

Temporary help services employment continues a steep decline after a sharp post-pandemic rise.

Average hours of work increased from 34.2 to 34.3. The increase, along with the 223,000 private employment increase led to a hefty increase in total hours of 5.6% at an annualized rate, also the largest increase since May of last year.

The establishment report, once again, beat “expectations;” the WSJ survey of economists was 198,000. Other than the downward revisions, mentioned above, another bit of negative news was a smallish increase in wage growth, from $34.52 to $34.57.

The household survey shows that the labor force increased 150,000, a drop in employment of 184,000 and an increase in the number of unemployed persons of 334,000. The labor force participation rate held steady at 62.5, the employment to population ratio decreased from 60.2 to 60.1 and the unemployment rate increased from 3.66 to 3.86. Remember that the unemployment rate is the number of unemployed relative to the labor force (the number employed plus the number unemployed). Consequently, the unemployment rate can go up if the number of unemployed rises holding fixed the labor force, or if the labor force shrinks holding the number unemployed unchanged. An increase in the unemployment rate is not necessarily a bad thing: it may reflect a strong labor market drawing “marginally attached” individuals from outside the labor force. Indeed, there was a 96,000 decline in those workers.

Earlier in the week, the BLS announced JOLTS (Job Openings and Labor Turnover Survey) data for January. There isn’t much to report here as the job openings changed little at 8.9 million, the number of hires and total separations were little changed at 5.7 million and 5.3 million, respectively.

As has been the case for the last couple of years, the number of job openings remains higher than the number of unemployed persons.

Also earlier in the week the BLS announced that productivity increased 3.2% in the 4th quarter with output rising 3.5% and hours of work rising 0.3%.

The bottom line is that the labor market continues its surprisingly (to some) strong performance, once again proving stronger than many had expected. This strength makes it difficult to justify any interest rate cuts soon, particularly given the recent inflation spike.

Read More

Continue Reading

Uncategorized

Mortgage rates fall as labor market normalizes

Jobless claims show an expanding economy. We will only be in a recession once jobless claims exceed 323,000 on a four-week moving average.

Published

3 days ago

on

March 8, 2024

By

Everyone was waiting to see if this week’s jobs report would send mortgage rates higher, which is what happened last month. Instead, the 10-year yield had a muted response after the headline number beat estimates, but we have negative job revisions from previous months. The Federal Reserve’s fear of wage growth spiraling out of control hasn’t materialized for over two years now and the unemployment rate ticked up to 3.9%. For now, we can say the labor market isn’t tight anymore, but it’s also not breaking.

The key labor data line in this expansion is the weekly jobless claims report. Jobless claims show an expanding economy that has not lost jobs yet. We will only be in a recession once jobless claims exceed 323,000 on a four-week moving average.

From the Fed: In the week ended March 2, initial claims for unemployment insurance benefits were flat, at 217,000. The four-week moving average declined slightly by 750, to 212,250


Below is an explanation of how we got here with the labor market, which all started during COVID-19.

1. I wrote the COVID-19 recovery model on April 7, 2020, and retired it on Dec. 9, 2020. By that time, the upfront recovery phase was done, and I needed to model out when we would get the jobs lost back.

2. Early in the labor market recovery, when we saw weaker job reports, I doubled and tripled down on my assertion that job openings would get to 10 million in this recovery. Job openings rose as high as to 12 million and are currently over 9 million. Even with the massive miss on a job report in May 2021, I didn’t waver.

Currently, the jobs openings, quit percentage and hires data are below pre-COVID-19 levels, which means the labor market isn’t as tight as it once was, and this is why the employment cost index has been slowing data to move along the quits percentage.  

2-US_Job_Quits_Rate-1-2

3. I wrote that we should get back all the jobs lost to COVID-19 by September of 2022. At the time this would be a speedy labor market recovery, and it happened on schedule, too

Total employment data

4. This is the key one for right now: If COVID-19 hadn’t happened, we would have between 157 million and 159 million jobs today, which would have been in line with the job growth rate in February 2020. Today, we are at 157,808,000. This is important because job growth should be cooling down now. We are more in line with where the labor market should be when averaging 140K-165K monthly. So for now, the fact that we aren’t trending between 140K-165K means we still have a bit more recovery kick left before we get down to those levels. 




From BLS: Total nonfarm payroll employment rose by 275,000 in February, and the unemployment rate increased to 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, in government, in food services and drinking places, in social assistance, and in transportation and warehousing.

Here are the jobs that were created and lost in the previous month:

IMG_5092

In this jobs report, the unemployment rate for education levels looks like this:

  • Less than a high school diploma: 6.1%
  • High school graduate and no college: 4.2%
  • Some college or associate degree: 3.1%
  • Bachelor’s degree or higher: 2.2%
IMG_5093_320f22

Today’s report has continued the trend of the labor data beating my expectations, only because I am looking for the jobs data to slow down to a level of 140K-165K, which hasn’t happened yet. I wouldn’t categorize the labor market as being tight anymore because of the quits ratio and the hires data in the job openings report. This also shows itself in the employment cost index as well. These are key data lines for the Fed and the reason we are going to see three rate cuts this year.

Read More

Continue Reading

Trending