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ECONOMIC Profile CITY OF PORT MOODY

2016 TABLE of CONTENTS

Labour Introduction Business Demographics Force and and Purpose Profile Employment

Development Income Housing Real Estate Costs and Levels Stock Market Timing

Index of Taxes General Summary Tables and and Fees Information Figures

This report was prepared by City of Port Moody with the assistance of Eric Vance & Associates, Planning and Management Consultants, Port Moody. INTRODUCTION and PURPOSE INTRODUCTION and PURPOSE

1.1 OVERVIEW OF PORT MOODY The City of Port Moody, located at the head of , was the original terminus of the on the west coast of , with the first passenger train arriving on July 4, 1886. Port Moody was incorporated as a municipality in 1913 with a population of just several hundred and has grown to a current population of about 34,000, with much of the growth occurring in the past three decades.

Port Moody was historically an industrial town because of its tidewater location and rail connections, with numerous sawmills, two oil refineries, a deep sea port terminal, a steel pipe plant, a chemical plant, and a natural gas- fired electricity generating plant dotting the waterfront.

99

WEST Buntzen Lake Recreation Area Prov. Park DISTRICT (B.C. Hydro) 1 99 Lake Buntzen Pinecone Burk 1 Indian Arm Prov. Park Sasamat NORTH VANCOUVER Lake 99 PORT MOODY Barnet Hwy H 7A 7A Barnet Hwy VANCOUVER St Johns St 1 7 7 7 99A 7 PITT MAPLE RIDGE 1A MEADOWS 99

1 NEW

F r a s e WESTMINSTER r While heavy industry remains an important R Fraser River i v e r RICHMOND 91A SURREY part of Port Moody’s economy, the community 91 1 LANGLEY 7 99A TOWNSHIP has grown and changed significantly over the

past century, with many new residents and 99 91 DELTA businesses that have transformed the city from 15 10 a mill town to a modern urban community. This 10 99 10 LANGLEY transformation continues, with the Evergreen 10 CITY N Rapid Transit Line scheduled for completion in early 2017 further enhancing economic 17 opportunities for Port Moody, as well as making0 KILOMETRE 99A 0 MILE it an even more attractive community to live WHITE ROCK T Tsawwassen and work. CANADA WASHINGTON USA TO VICTORIA & GULF ISLANDS

Figure 1 - Location of the City of Port Moody 1.2 PURPOSE OF THE ECONOMIC PROFILE An economic profile is one of many tools that local governments and other organizations can develop and use to help support a vibrant local economy.

The purpose of an economic profile is to provide a snapshot of the economic context of an area based on the most up-to-date information available. Economic profiles compile information most relevant from a local economic perspective from various sources and present the information in a single document.

Compiling data into one source helps provide current and prospective businesses and investors in Port Moody with valuable information to support their business decisions. The profile also provides important information to members of the public on Port Moody’s local economy, which is a major contributor to the community’s high quality of life. The information in the profile is also useful for guiding the City in its efforts to support existing local businesses and attract more businesses, jobs and investment to Port Moody.

The profile will be updated regularly by the City as new statistical data and other information on the local economy becomes available. The profile is focused on key economic measures for the City of Port Moody. Those seeking in-depth information on other topics, such as community services and events, parks and recreation, arts and culture, schools and the natural environment, as well as more detailed information on economic information relevant to the Metro Vancouver region and the other Tri-City communities, can consult the following sources: BUSINESS Profile BUSINESS 2.2 NUMBER OF BUSINESSES BY INDUSTRY SECTOR Profile Based on 2014 Statistics Canada data, 2,382 businesses are currently operating in the City of Port Moody. The majority of businesses are in the professional, scientific and technical services sector (21%). 2.1 KEY BUSINESS SECTORS Key business sectors in Port Moody, as Business Sector (as classified by NAICS 2014) # of Businesses categorized by the North American Industry Classification System (NAICS 2012), include: Professional, scientific and technical services 507 Construction 330 • professional, scientific and technical services; • construction; Real estate and rental and leasing 300 • real estate and rental and leasing services; Health care and social assistance 172 • health care and social assistance services; Other services (except public administration) 164 • other services (except public administration); Retail trade 148 • retail trade; and Finance and insurance 126 • finance and insurance Administrative and support, waste management and remediation services 108 Finance and insurance Retail trade Wholesale trade 94 Professional, Other services scientific and Accommodation and food services 75 (except public 5% technical admin) 6% services Management of companies and enterprises 70 7% 21% Information and cultural industries 61 Health care and social Manufacturing 61 assistance 10% Transportation and warehousing 60 13% 27% Real estate Arts, entertainment and recreation 51 and rental 14% Educational services 41 and leasing All other sectors Agriculture, forestry, fishing and hunting 8 Construction combined Mining, quarrying, and oil and gas extraction 3 Utilities 2 Figure 2. Business Sectors in Port Moody; Public administration 1 Statistics Canada, 2014 Total 2,382

Table 1. Business by Sector; Statistics Canada, 2014. In general, the City has observed an increase in the total number of business licenses issued. Between 2011 and 2015, an average of 2,512 licenses were issued annually.

3,500 # of business licences issued Average 3,000 2,903 2,500 2,577 2,738 2,355 2,553 2,000

1,500 # of licenses issued # of licenses 1,000

500

0 2011 2012 2013 2014 2015 Figure 3. Business Licenses Issued; City of Port Moody, 2015

From 2003 to 2014, Port Moody averaged 175 new business incorporations annually.

250 # of incorporations Average 230 221 200 211 197

The City became a part of the Tri-Cities Inter- 150 166 166 171 155 163 162 municipal Business License Program (also known 139 as the Mobile Business License Program) in 2013. 100 118 At the end of 2015, a total of 345 inter-municipal licenses have been issued, 52 of which were # of new business incorporations 50 issued by the City of Port Moody. 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Figure 4. New Business Incorporations; Ministry of Finance, prepared by BC Stats, 2014 2.3 LARGEST EMPLOYERS In 2014, Port Moody’s eight largest employers together directly employed 2,492 people1 , which is approximately one-third of the estimated total number of jobs in the City. Those employers also procure a wide range of goods and services locally, which in turn supports additional jobs and businesses in Port Moody. 1 Includes full and part-time employees and contractors.

1,000

927

800

686 600

525

# of employees 400

200

103 75 70 65 0 41 Eagle City of School Mill & BC Hydro Pacific Suncor Imperial Ridge Port District Timber - Burrard Coast Oil Hospital Moody 43 Products Thermal Terminals Plant

Figure 5. Top 8 Employers of Port Moody, 2014; Based on direct contact with employers DEMOGRAPHICS DEMOGRAPHICS Population Growth, 1981 – 2013 Port Moody’s population has more than doubled over the past three decades, with an average annual increase of 611 residents (4.1%), making it one of the fastest growing municipalities in Metro Vancouver in percentage terms over the 3.1 POPULATION GROWTH AND PROJECTIONS period. However, this growth has not been evenly distributed, with the majority of growth occurring 60,000 between 1991 and 2011, which was a period of rapid housing development in the Heritage 50,000 Mountain and Inlet Centre neighbourhoods. The City’s population growth has slowed considerably 40,000 in the last several years.

30,000 It is noted that the Census population numbers

Total population Total 20,000 include a slight adjustment upwards by Statistics Canada from the actual Census results obtained 10,000 in order to account for people who did not take part in the Census. This is known as “undercount”. 0 However, the upward adjustment is only made 1981 1988 1995 2002 2009 2016 2023 2030 2037 to the total population figures, not to any other Census data. As a result, the 2011 population total 1981 1986 1991 1996* 2001 2006 2011 2013** 2021 2031 2041 for Port Moody is shown as 32,975, not 34,141, Actual 14,917 15,754 17,708 20,847 23,816 28,743 34,141 34,479 when referenced throughout the rest of this Projected 39,660 44,820 50,000 profile.

Figure 6. Population Estimates; BC Stats & City of Port Moody, 2013 *Note that 1996 estimate includes the expansion of Port Moody’s boundaries in 1992 to incorporate the Ioco area. ** Note that 2013 population is an approximate estimate not based on census results. Population Projection, 2011 – 2041 Metro Vancouver’s Regional Growth Strategy has set a target population of 50,000 for Port Moody by 2041. Based on this target, the City’s Official Community Plan has projected population growth to be close to 40,000 people by 2021 and 45,000 people by 2031.

Those projections suggest that Port Moody will grow by an average of 529 residents (1.6%) annually, which is a lower rate of growth than over the past three decades. The lower rate is expected given that less land is readily available for new housing in Port Moody than in the past. Also, in all 3.2 POPULATION BY HOUSEHOLD SIZE likelihood the majority of the housing developed in the City in the future will be apartments and, to Two person households account for approximately a lesser degree, townhouses, which have a lower one-third of all private households in Port Moody, 2 people 3 people average number of persons per household than with one person households accounting for the (32% or 4,080) (19% or 2,340) do the single family homes that have traditionally next greatest share (22.3%). The average number dominated Port Moody’s residential development. of persons per household is 2.6, with that average 4 people It is also noted that the projected population of projected to gradually decline due to various factors 1 person (19% or 2,420) 50,000 by 2041 is based on the assumption that all including smaller average family sizes. (22% or 2,820) land available to accommodate new housing units 2011 is fully built out over the next 30 years. As this is unlikely to be the case, the actual average annual Total Number of Persons Living 32,840 rate of population growth in Port Moody is likely to in Private Households 5 people 6+ people (6% or 745) be less than 1.6%. Average Number of Persons per (2% or 225) 2.6 Household Figure 7. Population by Household Size; Table 2. Total Population and Average Number of Persons Statistics Canada, 2011” per Household in Port Moody; Statistics Canada, 2011 3.3 POPULATION BY AGE GROUP AND GENDER Port Moody has a relatively young population, with a median age of 38.4, compared to the median for Metro Vancouver of 40.2. However, as for the region as a whole, the population is gradually aging, with the median age increasing over time.

0-4 yrs 1,120 1,015 5-9 yrs 995 940 10-14 yrs 1,065 965 15-19 yrs 1,140 1,090 20-24 yrs 980 905 25-29 yrs 1,020 1,025 30-34 yrs 1,100 1,205 35-39 yrs 1,350 1,480 40-44 yrs 1,470 1,620 45-49 yrs 1,435 1,550 50-54 yrs 1,345 1,405 55-59 yrs 990 1,085 60-64 yrs 855 815 65-69 yrs 555 600 70-74 yrs 380 420 75-79 yrs 245 265 80-84 yrs 145 175 85+ yrs 70 145

2,000 1,500 1,000 500 0 500 1,000 1,500 2,000

Figure 8. Population by Age & Gender of Port Moody; Statistics Canada, 2011 3.4 POPULATION BY ETHNIC ORIGIN 3.5 POPULATION BY PRIMARY Like many parts of Metro Vancouver, Port Moody’s population is becoming more ethnically LANGUAGE diverse. Almost one-third of the City’s population in 2011 was immigrants from other countries. English is the primary language of over two- The majority of immigrants are from Asia, followed by Europe. thirds of Port Moody residents. Asian languages are the next most dominant mother tongue, 2011 Share (%) including, for example, Chinese, , Non-Immigrants 22,030 68.0 Mandarin and Korean. Immigrants 10,390 32.0 2011 Share (%) Total 32,420 100.0 English 22,725 70.2 Table 3. Population of Port Moody by Ethnic Origin; Statistics Canada, 2011 Other & Multiple Responses 1,780 5.5 Region of Origin for Immigrants: Korean 1,765 5.4 Chinese, Cantonese & Mandarin 1,760 5.4 Europe Persian (Farsi) 905 2.8 (30.2% or Spanish 620 1.9 3,145) Russian 445 1.3 German 370 1.1 Asia French 345 1.1 (51.5% or 5,345) Romanian 335 1.0 Tagalog (Filipino) 280 0.9 Oceania & Italian 260 0.8 Africa other Americas (6% or 1.5% or 155 Polish 255 0.8 (10.8% or 620) 1,125) Japanese 190 0.6 Portuguese 155 0.5 Arabic 120 0.4 Hungarian 110 0.3 Total 32,420 100 Figure 9. Region of Origin for Immigrants; Statistics Canada, 2011 Table 4. Population in Port Moody by Primary Language; Statistics Canada, 2011 3.6 EDUCATION LEVEL Port Moody has a well educated population, with almost two-thirds of residents age 15 and older possessing a post-secondary certificate, diploma or degree. For those Port Moody residents with a post-secondary certificate, diploma or degree, the most dominant fields of study are business, management and public administration, followed by architecture, engineering and related technologies.

Population Aged 15 Years and Older 2011 Share (%) No certificate, diploma or degree 2,565 9.6 High school diploma or equivalent 6,630 24.8 Post-secondary certificate, diploma or degree 17,550 65.7 Business, management & public administration 3,800 14.2 Architecture, engineering & related technologies 3,260 12.2 Health & related fields 2,450 9.2 Social & behavioural sciences and law 2,180 8.2 Education 1,330 5.0 Humanities 915 3.4 Physical & life sciences and technologies 895 3.2 Visual & performing arts and communication technologies 860 3.2 Personal, protective & transportation services 825 3.1 Mathematics, computer & information sciences 720 2.7 Agriculture, natural resources & conservation 315 1.2 Total 26,745 100

Table 5. Education Attainment of Residents in Port Moody; Statistics Canada, 2011 LABOUR FORCE and EMPLOYMENT LABOUR FORCE and EMPLOYMENT

4.1 JOBS IN PORT MOODY Between 2006 and 2011, 850 new jobs were created in the city, representing a 13.1% increase in new jobs during this period. This increase was more than double the 6% increase for Metro Vancouver as a whole.

8,000

7,000

6,000

5,000

# of jobs 4,000 The jobs being created Year # of Jobs cut across a variety of 3,000 1981 2,383 industry sectors, with 1991 4,065 2,000 notable examples 1996 5,455 1,000 being health services (including at Eagle 2001 4,995 0 2006 6,465 1981 1986 1991 1996 2001 2006 2011 Ridge Hospital), retail, food and beverage 2011 7,315 Figure 10. Number of Jobs in Port Moody; Statistics Canada, 2011 and personal services Table 6. Jobs in Port Moody; (a large part of it at Statistics Canada, 2011 Suterbrook Village) and public education (including the opening of a new high school on Heritage Mountain). 4.2 RESIDENT LABOUR FORCE BY INDUSTRY SECTOR There were 18,830 residents of Port Moody active in the labour force in 2011, some of whom work in the community, but many of whom commute elsewhere in the region for work. They are employed in a wide range of industry sectors, the most dominant of which is wholesale and retail trade, followed by professional, technical and scientific services, education and health care and social services.

Industry 2011 Share (%) Wholesale and retail trade 2,835 15.1 Professional, scientific & technical services 2,205 11.6 Health care and social assistance 1,840 9.8 Education 1,810 9.6 Finance, insurance & real estate 1,505 8.0 Public administration 1,305 6.9 Construction 1,295 6.9 Accommodation & food services 1,075 5.7 Information & cultural industries 1,015 5.4 Manufacturing 970 5.2 Other 880 4.7 Management & administrative services 780 4.1 Transportation & warehousing 655 3.5 Arts, entertainment & recreation 340 1.8 Utilities 165 0.9 Primary industries, including agriculture, forestry, mining and oil & gas 155 0.8 Total 18,830 100

Table 7. Resident Labour Force in Port Moody by Industry Sector; Statistics Canada, 2011 4.3 RESIDENTIAL LABOUR FORCE BY OCCUPATION The three dominant occupational categories for Port Moody residents in the labour force are sales and service, followed by business, finance and administration, and then by management. Together, these categories represent just over half (52.3%) of the City’s residential labour force.

Industry 2011 Share (%) Sales and service 3,535 18.7 Business, finance and administration 3,245 17.2 Management 3,085 16.4 Education, law and social, community and government services 2,635 14.0 Trades, transport and equipment operation 1,990 10.6 Natural and applied sciences 1,790 9.5 Health 1,200 6.4 Arts, culture, recreation and sport 920 4.9 Manufacturing and utilities 335 1.8 Natural resources, agriculture and related production 95 0.5 Total 18,830 100

Table 8. Resident Labour Force by Occupation in Port Moody; Statistics Canada, 2011 4.4 COMMUTING PATTERNS In 2011, approximately 10% of Port Moody's residents who are in the labour force worked within Port Moody. Almost one-third commute out of the community to work in Vancouver. Approximately 20% commute to Burnaby. The Tri-Cities area, comprised of Port Moody, Coquitlam and Port Coquitlam, employs approximately 30% of Port Moody residents who are in the labour force.

Other parts of the 2% 18% 4.5 TRAVEL MODES AND MEDIAN 2% Other 0% Burnaby Coquitlam COMMUTING TIME Walk Bike 21% 15% The vast majority of Port Moody residents who 10% commute to work do so by private vehicle, 16% with only a modest share using public transit. A Public Vancouver very small percentage of Port Moody residents Transit 31% commute by walking, likely in part because of the city’s hilly terrain. In 2011, the median Port commute time for Port Moody residents Coquitlam 80% 5% was approximately 30 minutes according to Private vehicle Statistics Canada. This median is expected to Figure 11. Area of Work of Port Moody Residents; Statistics Canada, 2011 decline starting in mid-2016 with the opening of the Evergreen Rapid Transit Line.

Figure 12. Travel Modes of Port Moody Residents; Statistics Canada, 2011 INCOME Levels INCOME Levels

5.1 FAMILY AND EMPLOYMENT INCOME 5.2 INCOME BY SOURCE The vast majority of income earned by Port THE AVERAGE FAMILY INCOME IN PORT MOODY IS $111,592 Moody residents in 2010 was market income, of which employment was the dominant source. Port Moody residents generally have higher incomes than residents in Metro Vancouver as a whole. In 2010, the median employment income for individuals working full-time and median family income Composition of Total Income of Share were 17.7% and 16.4% higher, respectively, in Port Moody compared to the rest of the region. Individuals (age > 15) (%) Market Income 93.2 Individual (Full-time, age>15) Family Income Employment 84.2 2010 Median Average Median Average Investment 3.4 Port Moody $58,885 $73,895 $93,142 $111,592 Retirement pensions & annuities 4.3 Metro Vancouver $50,016 $61,416 $80,006 $99,723 Other 1.3 Government Transfer Payments 6.8 Table 9. 2010 Family and Employment Income of Port Moody & Metro Vancouver; Statistics Canada, 2011 (e.g., CPP, OAP, EI) Total 100

Table 10. Composition of Income by Source of Port Moody Residents; Statistics Canada, 2011 HOUSING Stock HOUSING Stock

6.1 HOUSING BY TYPE AND PROJECTIONS Port Moody’s housing stock grew by 5,310 units (73%) over the 15-year period of 1996 to 2011, which equates to an average annual increase of 354 units (4.9%). Most of the new housing stock was developed in the Heritage Mountain and Inlet Centre neighbourhoods.

25,000

20,000

15,000 The housing mix changed significantly over 10,000 the period. In 1996, the housing stock was 82% ground-oriented and 18% apartments. # of residential units # of residential 5,000 By 2011, the mix was 64% ground-oriented and 36% apartments. It is anticipated that 0 the vast majority of new housing stock created in Port Moody in the coming years 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 will be apartments.

1996 2001 2006 2011 2021 2031 2041 The regional target of 50,000 people in Apartment 1,285 1,940 2,565 4,585 Port Moody by 2041 would mean that the Ground-Oriented 6,025 6,595 7,565 8,035 number of private dwelling units would Total Dwelling Units 7,310 8,535 10,130 12,620 need to double over the next three decades. Total Dwelling Units Projected 18,027 20,372 22,727 That would represent an average annual increase of 337 units (2.7%), which is unlikely to be achieved given land supply limits and

Figure 13. Existing & Projected Housing Types in Port Moody; real estate market cycles. Statistics Canada & City of Port Moody, 2011 REAL ESTATE Market REAL ESTATE 7.2 HOUSING STARTS Market The number of housing starts in Port Moody over the past ten years has varied considerably. The largest number of starts was in 2007, which had over 1,000 starts. The lowest number of starts, seven, was in 2009. Overall, the number of housing starts in the City has slowed considerably in recent years. Over the past ten years, apartments have accounted for 71% of the starts and that share is anticipated to increase in the future.

1,200 $180

Single Detached Semi-Detached $160 1,000 Building Permit Values ($ millions) Row Apartment $140

800 $120 Building Permit Value (Residential) $100 600 $80

7.1 BUILDING PERMIT VALUES # of Housing Starts 400 $60 The value of the building permits issued $40 200 annually by the City has fluctuated considerably $20 over the past 10 years, from a high of $114.0 million in 2004 to a low of $7.0 million in 2009. 0 $0 The average annual value over that period is 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 $54.2 million. The residential sector accounted for the vast majority (89%) of the total value of Figure 14. Residential Building Permit Values & Housing Starts; Statistics Canada, BC Stats & CMHC, 2015 building permits. 7.3 HOUSING PRICE TRENDS The greatest increase in housing prices in Port Moody over the past five years has been for single- detached homes, which reflects the growing scarcity of supply. On the other hand, apartment prices have remained relatively flat due to the large number of units that have been completed and brought to market, with supply generally meeting demand. This trend is expected to continue for the foreseeable future given that Port Moody is anticipated to accommodate significantly more apartment development.

Benchmark Price Index 1 Month 6 Months 1 Year 3 Year 5 Year All types (residential) $651,700 180.2 2.0 11.2 19.5 29.9 34.0 Detached $1,120,900 207.0 2.5 11.5 22.3 36.9 46.5 Townhouse $503,600 170.2 2.1 12.6 17.1 23.2 24.2 Apartment $390,500 162.7 1.6 10.0 17.0 25.3 26.3

Table 11. Housing Prices in Port Moody; Real Estate Board of , 2015

7.4 APARTMENT RENTS Average apartment rents in the Tri-Cities have gradually increased over the past $1,400 five years, but the increase has been $1,200 moderated by the significant supply of $1,000 new apartment units which have come $800 onto the market. It is noted that the $600 average rents include a large number $400 of older apartment units, while rents in $200 the newer neighbourhoods tend to be $0 considerably higher.

2011 2012 2013 2014 2015 Very little purpose-built rental housing has Bachelor $675 $677 $702 $712 $712 been developed in Port Moody in recent years, as is the case throughout most of 1 Bedroom $785 $794 $807 $823 $862 Metro Vancouver. 2 Bedroom $978 $989 $993 $1,027 $1,086 3 Bedroom $1,209 $1,169 $1,170 $1,184 $1,212 Figure 15. Apartment Rents by Type in the Tri-Cities; CHMC, 2015 7.6 COMMERCIAL RENTS Commercial rents vary considerably in Port Moody depending on location, age of building and other factors. In the Inlet Centre 7.5 COMMERCIAL, INDUSTRIAL & INSTITUTIONAL PERMITS neighborhood, retail floor space generally leases at $28-34 per sq. ft. and above grade The number of non-residential building permits issued has fluctuated over the past 5 years. However, office floor space at $20-22 per sq. ft. In the building permit value received from commercial, industrial, and institutional building permits has Moody Centre, retail floor space leases in increased in recent years. the range of $18-22 per sq. ft. Lease rates $25 40 in Spring Street and Murrary Street light industrial area is in the range of $9-13 per 35 sq. ft (Tullis Realty, Coquitlam). $20 30

$15 25

20 $10 15 # of permits issued

10

Building Permit Values ($ million) Values Building Permit $5 5

$0 0 2011 2012 2013 2014 2015

Commercial Building Permit Value Industrial Building Permit Value Institutional Building Permit Value

# of Commercial, Institutional and Industrial Building Permits Issued

Figure 16. Commercial, Industrial & Institutional Permit Values, 2011-2015; BC Stats and City of Port Moody, 2016 7.7 LAND USE AND SUPPLY

Parks and open space is the largest single land use in Port Moody, accounting for almost half of the City’s land area. This includes a portion of Belcarra Regional Park, the majority of which falls within Port Moody’s boundaries, as well as undeveloped land, which will likely be retained overtime as most future growth is anticipated to be accommodated through redevelopment, notably in the Moody Centre OCP Designation Land Area (ha) Share % neighbourhood. Parks and Open Space 1,186.3 46.5 While historically an industrial town, a number of Single Family Low Density 527.7 20.7 the City’s industrial sites have been redeveloped for General Industrial 433.3 17.0 other uses over the past several decades. This trend Multi-Family Residential 175.0 6.9 is anticipated to continue although the users that currently occupy the majority of industrial land, such Public and Institutional 74.9 2.9 as Imperial Oil, Pacific Coast Terminals and Suncor, Mixed Use - Inlet Centre 36.3 1.4 are expected to remain in place for the foreseeable Mixed Use - Moody Centre 36.0 1.4 future. Light industrial land is in scarce supply in Port Mixed Use - Marina 20.8 0.8 Moody and most of what is available is located along Section 286 Agreement Area 16.2 0.6 Murray Street and Spring Street. However, these areas are both expected to gradually redevelop for Oceanfront District 13.0 0.5 other uses given proximity to the Evergreen Rapid Industrial Business 12.7 0.5 Transit Line and new . Moody Centre Transit Oriented Development 9.2 0.4 Mixed Employment 6.3 0.2 Neighbourhood Commercial 1.1 0.0 Total 2,548.7 100.0

Table 12. Port Moody’s Land Area by OCP Designation; City of Port Moody, 2014 *Note: Excludes certain undesignated areas (e.g. CPR Right-of-Way and parts of marina) DEVELOPMENT COSTS and TIMING DEVELOPMENT COSTS and TIMING

8.1 DEVELOPMENT COST CHARGES 8.2 DEVELOPMENT COSTS The City of Port Moody’s development cost charges are relatively low compared to many The Metro Vancouver Chapter of the other growing communities in Metro Vancouver. Commercial Real Estate Development School District No. 43’s School Site Acquisition Charges are relatively high. This is because Port Association (NAIOP) undertakes an annual Moody is part of a school district with rapidly increasing enrollments and a need to acquire a survey of the costs and timelines for development review and approval in 20 number of sites to accommodate new schools. None of the new sites are, however, within Port municipalities using a theoretical development Moody, which is well served by existing schools, some of which are nearly new. application. The 2012 survey was for a proposed two-storey 50,000 sq. ft. office building on 2.5 acres of land. The costs of all municipal permits, fees and charges were then totaled for each of the 20 municipalities and compared.

Port Moody’s development costs were third lowest out of the 20 municipalities at $174,049. The lowest was Burnaby at $148,228 and the highest was Vancouver at $732,401. On the basis of these findings, NAIOP jointly awarded Port Moody, along with Surrey, the “Most Improved Municipality”. City of Port Moody Development Cost Charges Highway Facilities Residential For each self-contained dwelling unit $1,796 Commercial For each 214 sq m and portion thereof of gross floor area $1,796 Industrial For each 450 sq m and portion thereof of area of the parcel to be subdivided and built upon $1,796 Water Residential For each self-contained dwelling unit $544 Commercial For each 214 sq m and portion thereof of gross floor area $544 Industrial For each 450 sq m and portion thereof of area of the parcel to be subdivided and built upon $544 Public Open Space Residential For each self-contained dwelling unit $1,119 Drainage Residential For each self-contained dwelling unit $201 Commercial For each 214 sq m and portion thereof of gross floor area $201 Metro Vancouver Sewer and Drainage District Development Cost Charges Single Family Residential For each self-contained dwelling unit $1,731 Townhouse Residential For each self-contained dwelling unit $1,515 Apartment Residential For each self-contained dwelling unit $1,082 Non-Residential For each sq ft of building $0.81 School District No. 43 School Site Acquisition Charges Low Density Residential For each self-contained dwelling unit, less than 21 units / gross ha $726 Medium Low Density Residential For each self-contained dwelling unit, 21 - 50 units / gross ha $654 Medium Density Residential For each self-contained dwelling unit, 51 - 125 units / gross ha $581 Medium High Density Residential For each self-contained dwelling unit, 126 - 200 units / gross ha $508 High Density Residential For each self-contained dwelling unit, greater than 200 units / gross ha $436

Table 13. Port Moody’s Development Cost Charges; City of Port Moody, 2015 8.3 DEVELOPMENT TIMING

The 2012 NAIOP survey discussed in section 8.2 ranked Port Moody eighth (tied with four other municipalities) on the length of time to receive all approvals, from rezoning to building permit, at 180 days. The fastest municipalities were found to be and Abbotsford at 90 days, while the slowest were , Vancouver and at 270 days. TAXES and FEES TAXES 9.2 AVERAGE BUSINESS UTILITY RATES and FEES Utilities costs vary from business to business depending on the type of business and usage. A small number of businesses in the City have metered water and sewer services. For metered service, water rates are $2.45 per 100ft3 (minimum quarterly charge of $342) and sewer rates are $1.95 per 100ft3 (minimum quarterly charge of $272).

While some commercial properties are metered, the majority of properties in Port Moody pay an annual flat rate. On average, businesses pay approximately $1,897 in utility fees.

2015 Commercial Utilities 9.1 AVERAGE BUSINESS TAX Storm Drainage $268 Water (average) $585 The average business property in Port Moody paid Offices & Stores $371 $9,683 in property taxes in 2015. This represents Restaurants, Cafes and Coffee Shops $800 an approximate 4.4% increase from 2014. Service Stations and Garages $800 2015 Commercial Taxes Private Clubs $795 General Government $6,256 Salon, Spa, Barber-shop $371 Police $2,766 Warehouses $371 Sewer (average) $526 Asset Renewal Levy $525 Offices & Stores $337 Fire Hall #1 Replacement Levy $136 Restaurants, Cafes and Coffee Shops $578 Total $9,683 Service Stations and Garages $579 Table 14. Port Moody’s Average Business Private Clubs $986 Tax 2015; City of Port Moody Salon, Spa, Barber-shop $337 Note: Average Assessed Business: $1,002,132 (Class 6 – Business/Other) Warehouses $337 Garbage & Recycling (average) $519 Total (average) $1,897

Table 15. Port Moody’s Commercial Utility Rates; City of Port Moody, 2015 9.3 AVERAGE RESIDENTIAL TAX AND UTILITY FEES

The average residential property in Port Moody paid approximately, $1,900 and $1,000 in municipal property taxes and utility fees, respectively, in 2015. This represents a 3.1% increase from 2014.

2015 Municipal Residential Taxes 2015 Residential Utilities General Government $1,230 Storm Drainage $58 Police $550 Water $371 Asset Renewal Levy $102 Sanitary Sewer $313 Fire Hall #1 Replacement Levy $26 Garbage & Recycling (average) $304 Total $1,908 Total (average) $1,046

Table 16. Port Moody’s Average Residential Taxes; City Table 17. Port Moody’s Average Residential Utility Rates; of Port Moody, 2015. Note: Average Assessed Household: City of Port Moody, 2015. Note: Average Assessed House- $566,700 (Class 1 - Residential) hold: $566,700 (Class 1 – Residential) 9.4 COMPOSITION OF TAX REVENUE AND ASSESSMENT

The net taxable value of properties in Port Moody was close to $7.36 billion for 2015, of which the vast majority is residential. Residential also paid the majority (67.8%) of the property tax.

Property Class Folio Count Tax Rate per $1,000 Net Taxable Values ($) Revenue ($) Share (%) Ratio 1 - Residential 11,891 3.4682 $6,738,121,022 $23,369,151 67.75% 1.0000 2 - Utility 29 38.5675 $2,799,390 $107,965 0.31% 11.1203 4 - Major Industry 10 71.3002 $66,451,600 $4,738,012 13.74% 20.5583 4 - Major Industry - Ports Property 1 27.5000 $31,133,158 $856,162 2.48% 7.9292 4 - Major Industry - Ports (New Investment) - 22.5000 $1,740,842 $39,169 0.11% 6.4875 5 - Light Industry 30 18.5073 $32,827,200 $607,543 1.76% 5.3363 6 - Business/Other 475 9.9577 $476,012,906 $4,739,994 13.74% 2.8711 8 - Recreation/Non-Profit 151 2.9166 $11,468,700 $33,450 0.10% 0.8410 Total 12,587 $7,360,554,818 $34,491,446 100.00%

Table 18. Port Moody’s Composition of Tax Revenue; City of Port Moody, 2015 9.5 TAX RATES BY CLASS

Each class of property in Port Moody has a different tax rate, as is common for most municipalities in BC.

Property Class (Tax Rate per $1,000 of Assessed Value) 4 5 6 8 1 2 Major Light Business/ Recreation/ Residential Utility Industry Industry Other Non-Profit School 1.7184 13.6000 2.3200 5.8000 5.8000 3.3000 Hospital 0.1196 0.7130 0.7070 0.3719 0.3149 0.1196 Transit 0.3173 2.6073 2.0016 1.6166 1.3669 0.2885 Municipal Levy 3.4682 38.5675 71.3002 18.5073 9.9577 2.9166 Total 5.6235 55.4878 76.3288 26.2958 17.4395 6.6247 Class Ratios on Municipal Levy 1.0000 11.1203 20.5583 5.3363 2.8711 0.8410

Table 19. Port Moody’s Tax Rates by Class; City of Port Moody, 2015

When comparing business tax rates, the City of Port Moody’s 2014 rate (9.96%) is above the average in Metro Vancouver (8.30%). It is important to note that the average business tax rate in Metro Vancouver is likely lower due to significantly lower rates in some municipalities (e.g., Anmore at 1.73% and at 2.55%). As such, the City of Port Moody remains competitive when compared to other major municipalities in the Lower Mainland. In 2014, the City of Port Moody’s tax class multiple (2.87) was slightly below the average tax class multiple (2.89) across the municipalities throughout Metro Vancouver. 16.00 5.00 Average Business Tax Rate Average Tax Class Multiple 4.50 14.00 4.00 12.00 3.50 10.00 3.00 8.00 2.50 2.00

6.00 Class Multiple Tax Tax Rate (%) Rate Tax 1.50 4.00 1.00 2.00 0.50 0.00 0.00 Delta Delta Surrey Surrey Anmore Belcarra Anmore Burnaby Belcarra Burnaby Lions Bay Coquitlam Richmond Vancouver Richmond Coquitlam Vancouver White Rock White Rock Maple Ridge Maple Ridge Bowen Island Bowen Port Moody Bowen Island Bowen Pitt Langley (City) Langley Pitt Meadows Pitt Langley (City) Langley Port Moody Port Coquitlam Port Coquitlam West Vancouver West North Van (City) North Van West Vancouver West North Van (City) North Van Langley (District)Langley New Westminster Langley (District)Langley New Westminster North Van (District)North Van North Van (District)North Van

Figure 17. Municipal Tax Rates for Businesses in Figure 18. Municipal Tax Class Multiple for Businesses in Metro Vancouver; Province of British Columbia, 2015 Metro Vancouver; Province of British Columbia, 2015 GENERAL Information GENERAL 10.1 PUBLIC TRANSIT Information Port Moody has an extensive network of bus service connecting all neighbourhoods within the City, as well as connecting the community to other parts of the region. In addition, the commuter train directly connects Port Moody with downtown Vancouver, running five one-way peak trains downtown in the morning and back in the afternoon, Monday to Friday. As the last stop before Vancouver in the morning and the first stop back in the afternoon, the trip to downtown Vancouver takes approximately 35 minutes for Port Moody commuters.

Of major importance to Port Moody’s future is the scheduled completion of the Evergreen Rapid Transit Line in early 2017. This will create even stronger connections between Port Moody and the rest of the region. There will be two stations located in Port Moody: Moody Centre and Inlet Centre. This new transportation investment is anticipated to create significant residential and commercial redevelopment opportunities, as well as benefitting many existing businesses. Figure 19. Future Rapid Transit Network in Metro Vancouver; TransLink, 2008 10.3 COMMUNITY SAFETY – CRIME RATE

The crime rate in Port Moody has been steadily declining in recent years. Over the 10-year period of 2005 to 2014, the number of criminal code offences dropped by 44.6%. During that same period, the number of criminal code offences for BC as a whole declined by 28.4%, meaning that the crime rate in Port Moody has declined faster than that of the provincial average.

2,500

2,000

1,500

1,000 # of criminal code offences # of criminal code

500

10.2 BUSINESS INFRASTRUCTURE 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Port Moody has high quality infrastructure, including water, sewer and power systems, to Figure 20. Criminal Code Offences; BC Ministry of Justice, 2015 support the needs of a wide variety of businesses. The City’s telecommunication services include access to high speed fibre optic networks through Q-Net, Shaw, Telus and other providers. 10.5 QUALITY OF LIFE

Port Moody provides exceptional quality of life through arts and cultural experiences, a beautiful and rich natural environment, walkable neighbourhoods of unique character and a thriving core. The 2014 City of Port Moody Citizen Survey found that 98% of responders rated their quality of life as “very good” or “good”.

As the City of the Arts, Port Moody is home to several galleries and museums, including the Inlet Theatre, the Port Moody Arts Centre and the Museum. Port Moody also offers a variety of recreational services, including multiple outdoor pools, a large youth centre, a multi- purpose Recreation Complex, and various natural trails and parks, such as the Rocky Point Park and the Shoreline Trail.

10.4 MAJOR EDUCATIONAL INSTITUTIONS & PUBLIC SCHOOLS There are two major post-secondary education institutions in close proximity to Port Moody, including in Burnaby and in Coquitlam. Port Moody has seven elementary schools, one and two high schools within its boundaries. There are also schools in close proximity to Port Moody that serve some of the City’s student population, including a nearby high school in Coquitlam and a new middle school in Anmore. Located at the eastern edge of Burrard Inlet, 40% the City of Port Moody has a rich natural environment. As part of the larger Georgia 35% 37% 35% 35% Basin region, Burrard Inlet is a significant 30% component of one of Canada’s more productive marine and terrestrial ecosystems. 25% 28% 25% 25% The City has over 19km of shoreline and 24% 20% approximately 40 streams, including salmon 21% spawning creeks, flowing through the City and 15% 17% % of green space % of green entering Burrard Inlet. Wetlands and forested areas are also significant components of 10%

Port Moody’s natural environment. Amongst 5% neighboring municipalities, Port Moody has one of the highest percentages of green space 0% Coquitlam Port North Van West Pitt Port Burnaby Maple City of per total land area in Metro Vancouver. Moody District Vancouver Meadows Coquitlam Ridge Vancouver

Figure 21. Green Space Per Total Land Area (%) Rankings, Statistics Canada, 2011 SUMMARY SUMMARY

This Economic Profile serves to provide information about economic conditions and trends for the City of Port Moody. The main purpose of the Economic Profile is to provide current and useful information to aid in the development of Port Moody’s existing businesses, help attract new investment and support various economic development initiatives.

Key conditions and trends highlighted in this report include:

• Port Moody has a wide range of businesses • Approximately 30% of Port Moody’s labour across multiple sectors, including professional force works in the Tri-Cities area, with 10% services, construction, retail, health care, food employed in Port Moody; services and arts and entertainment; • Port Moody’s eight largest employers together • The total number of businesses in Port Moody directly employ approximately one-third of is increasing, with new businesses being the total number of jobs in the City; attracted to the City every year; • Port Moody’s has a diverse and well-educated • Port Moody’s current population of about population, with a wide range of skills and 34,000 is projected to grow by an average of training; 1.6% annually over the next three decades; • Port Moody has competitive development • The completion of the Evergreen Rapid Transit costs, utility fees, property taxes and Line in early 2017, with two stations in Port commercial lease rates; and Moody, will benefit many local businesses and attract new investment; • Port Moody is a safe and livable community, with a wide variety of cultural, recreational and natural amenities. INDEX of TABLES & FIGURES Tables Figures

Table 1. Business Licenses Issued by Sector Figure 1. Location of the City of Port Moody Table 2. Total Population & Average Number of Persons per Port Moody Household Figure 2. Business Sectors in Port Moody Table 3. Population of Port Moody by Ethnic Origin Figure 3. Business Licenses Issued Table 4. Population in Port Moody by Primary Language Figure 4. New Business Incorporations Table 5. Education Attainment of Residents in Port Moody Figure 5. Top 8 Employers of Port Moody Table 6. Jobs in Port Moody Figure 6. Population Estimates Table 7. Resident Labour Force in Port Moody by Industry Sector Figure 7. Population by Household Sizes Table 8. Resident Labour Force by Occupation in Port Moody Figure 8. Population by Age & Gender of Port Moody Table 9. Family and Employment Income of Port Moody Residents Figure 9. Region of Origin for Immigrants Table 10. Composition of Income by Source of Port Moody Residents Figure 10. Number of Jobs in Port Moody Table 11. Housing Prices in Port Moody Figure 11. Area of Work of Port Moody Residents Table 12. Port Moody’s Land Area by OCP Designation Figure 12. Travel Modes of Port Moody Residents Table 13. Port Moody’s Development Cost Charges Figure 13. Existing & Projected Housing Types in Port Moody Table 14. Port Moody’s Average Business Tax, 2014 Figure 14. Residential Building Permit Values & Housing Starts Table 15. Port Moody’s Commercial Utility Rates Figure 15. Apartment Rents by Type in Port Moody Table 16. Port Moody’s Average Residential Taxes Figure 16. Commercial, Industrial & Institutional Permit Values Table 17. Port Moody’s Average Residential Utility Rates Figure 17. Municipal Tax Rates for Businesses in Metro Vancouver Table 18. Port Moody’s Composition of Tax Revenue Figure 18. Municipal Tax Class Multiples for Businesses in Metro Vancouver Table 19. Port Moody’s Tax Rates by Class Figure 19. Future Rapid Transit Network in Metro Vancouver Figure 20. Criminal Code Offenses; BC Ministry of Justice Figure 21. Green Space per Total Land Area