Prince George can celebrate its standing in a top 10 list released this week by the Real Estate
Investment Network (REIN).
REIN has named the city No. 10 for Top B.C. Investment Towns.
The Top British Columbia Investment Towns 2011 report analyzes the current and future prospects for real estate investment
opportunities in the province and identifies the top regions that will outperform in the coming decade.
"This is a good indication that the economy is on the move here and we're seeing it in terms of the number of capital projects that have been making inquiries at our office over the last few months," said Tim McEwen, Initiatives Prince
George CEO.
"The capital projects tally well into the multiple billions of dollars, whether it's forestry, mining or the energy sector, so the city is very well positioned in the resource-based economy, which is thriving at the present time."
The service and supply activity out of Prince George to the mines and the energy sector is strong across Northern British Columbia.
"We can look at the liquified natural gas opportunities worth several billion dollars, the BC Hydro Site C Clean Energy Project, which is the new dam on the Peace River worth $7.9 billion and that's two or three years away," said McEwan.
"In the immediate sense, there's Thompson Creek Metals Mt. Milligan Mine, which is a $1.3 billion capital spend just to the north west of us. We also have contractors servicing that and also servicing the Rio Tinto Alcan expansion of their Kitimat smelter for $3.3 billion and the list just goes on and on."
The transportation hub of Prince George is really beginning to take shape, he added.
"The CN Rail container terminal has doubled its capacity from about 400 containers to 750 to 800 containers in January.
"You can see the growth when you look at it. What that means is the amount of lumber going into China has increased dramatically, and is taking hold -- and that's before the U.S. housing market comes back, which it will in a year or two."
The city is also well positioned on the short-supply route from Prince Rupert to Prince George and down into the U.S. heartland markets beyond Chicago, McEwan added.
"At the same time we will continue to thrive as a city that is positioned on that supply route to provide exports into China and the United States but we've also got some regional opportunity on the horizon in mining and energy particularly moving forward in this decade. So things are going really well here. We're not in a boom yet but if things keep going as they have in the past year, we can expect to be in the next year or two."
P.G. surpasses Vancouver
The findings of the Top British Columbia Investment Towns 2011 report are based on extensive research, including analysis of the latest statistics, economic and social trends and on-the-ground reports from REIN's research staff and members, including organizations like Canadian Mortgage and Housing Corporation (CMHC), Statistics Canada, Multiple Listing Service (MLS), Canadian Home Builders Association, city and regional real estate boards and local economic development offices.
The top 11 cities listed in the report in order are Surrey, Maple Ridge and Pitt Meadows, Kamloops, Abbotsford, Fort St. John, Dawson Creek, Kelowna, Comox Valley, Penticton, Prince George and Vancouver.
"It's not surprising to me that Prince George is ranked ahead of Vancouver given their overpriced real estate market," said McEwan.
"Much of their economy is based on domestic demand so we have much more in common with the resource based industries in Alberta and Saskatchewan and northern British Columbia, which are booming, than we do with the southwest corner of the province."
