City of Vernon 2017 Economic Review Name 2014 2015 2016 2017 2016-17 North Okanagan 83,271 84,819 85,402 86,451 0.1% Vernon 39,294 40,724 41,375 42,199 2.0% Unincorporated Areas 18,689 18,581 19,673 18,755 -4.7% Coldstream 10,556 10,855 10,926 11,083 1.4% Spallumcheen 5,176 5,157 5,135 5,120 -0.3% Armstrong 4,894 4,963 4,861 4,876 0.3% Enderby 2,887 2,840 2,806 2,794 -0.4% Lumby 1,775 1,699 1,626 1,624 -0.1% Central Okanagan 190,037 193,980 196,438 199,103 1.4% Kelowna 121,908 124,313 126,115 127,330 1.0% West Kelowna 33,266 33,487 33,351 33,590 0.7% Lake Country 12,635 13,030 12,984 13,294 2.4% Okanagan-Similkameen 81,775 82,662 80,488 87,161 8.3% Penticton 34,070 34,492 32,847 34,935 6.4% Summerland 11,131 11,503 11,326 11,651 2.9% Osoyoos 4,818 4,886 4,852 4,866 0.3% Thompson-Nicola 133,763 135,462 137,183 138,423 0.9% Kamloops 89,733 90,563 91,596 92,317 0.8% British Columbia 4,646,462 4,694,699 4,757,658 4,817,160 1.3% Population Estimates 2016 Census ‐ Demographics 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 ($000) Total Building Permits 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 ($000) Residential Building Permits 600 500 400 300 200 100 0 Total Residential Units 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 ($000) Commercial Permits Building Permit Activity Total Building Permit Value: $130.1 Million Single Family: $ 69.1 Million Commercial: $ 11.5 Million Permits issued: 433 Units created: 382 2017 Neighbourhood Units BP Value (million) Predator Ridge 61 $ 31.1 Foothills 49 $ 13.0 Bella Vista West (A. Bay, C.L.E) 21 $ 9.9 City Centre 62 $ 9.6 Middleton Mountain 31 $ 5.7 Okanagan Hills (The Rise) 14 $ 5.0 South Vernon 29 $ 4.6 Okanagan Landing South (inc. S.H.) 25 $ 4.5 Okanagan Landing North 13 $ 4.4 Okanagan Landing East 12 $ 3.8 Other 65 $ 9.6 Total 382 $101.1 2017 New Units by Location 2017 ‐ North Okanagan Sales Volume steady ‐ 2017 $1.1B ‐ 2016 $1.0B ‐ 2015 $667M Single Family steady ‐2017 $575M ‐ 2016 $570M ‐ 2015 $362M Single Family Dwelling prices increasing ‐ Average SFD $471k (2017) $430k (2016) ‐ Median SFD $433k (2017) $385k (2016) Source: Okanagan Mainline Real Estate Board Vacancy 1.5% (CMHC ‐ Oct 2017) Residential Real Estate • Parkwood Retirement (Regency) 150 units • BX Crossing 86 units • The Hub 57 units • Sparkling Hill (Employee Housing) 21 units • Barnard’s Village 78 lots Residential VSL Computers Commercial Industrial MultiPlex North Institutional Proposed Developments Four Points Sheraton 120 Rooms 6 storey 400 seat Conference Centre Best Western Premier 114 Rooms 6 storey 85 Seat Restaurant Commercial • 3400 Centennial Drive • DVP & DP Approved Jul 17, 2017 • 5 storey on top of parkade • BP Issued Jan 10, 2018 • 60 rental units • Value $9.7 million The Terraces • 5545 27 Avenue • 4 storey apartment • 37 Rental Units • Rezoning received 3rd reading on May 23, 2017 Vernon Native Housing • 4.5 storey • Approximately 48,000 sq ft • 43 rental units • Ironclad Development • DP/DVP – November 3, 2017 1803 31A St • Former Liquidation World • 6 Lease Spaces (19,000 sq ft) • DP November 22, 2017 3301 30 Avenue • Ten Buildings with 28 units • DP Application – June 13, 2017 5705 Heritage Drive • Silver Pines Estates • 15 Lots • Duplex 5350 Silver Star Road • Birdie Lake Drive • Subdivision & DP – December 14, 2017 • 12 Unit Multifamily Predator Ridge • Creekview Heights • Rezoning Application Nov 20, 2017 • DVP – Jan 30, 2018 • Propose to construct three 72 unit apartments • 4 storey 72,696 sq ft buildings • Total of 216 units 5770 Pleasant Valley Rd • 20 Acre Site • Proposed to include attainable and affordable units • Designated small lot residential • www.engagevernon.ca McMechan Lands Regional • Announced on Nov 21, 2016 • $6.21 Million Project • 13,450 sq ft • Accommodate approximately 150 students • Trades shops • Aboriginal Trades Training • Carpentry • Electrical • Plumbing & Pipefitting • Residential Construction • Welding • Women in Trades Training New Trades Building • 9622 Hill Drive, Coldstream • 1969 to 2008 • 448,796 sq ft Warehouse: 274,560 Factory: 148,340 Office: 11,296 Others: 14,600 • Property is 96.1 acres 73.7 acres 21 acres 1.4 acres • Announced on October 5, 2016 • Proposed 150‐200 new jobs Restoration Lands • Announced January 2, 2018 that it is purchasing 40‐acre site in Lumby • Working through Health Canada approval process • Plan to build 16,000 sq ft grow facility and 9,000 office/packaging. • 25‐30 employees to start • Potential to build up to 1 million sq ft True Leaf Microbiology and • Announced $60 M investment in Coldstream Quality Control • 700 acres of land including 70‐75,000 sq ft facility Technician • Brand: Fresh Attitude! Agronomist • Over 150 Jobs Machine Electromechanical Operations Team Leader Harvest Operator Technician Engineer Shipping/Receiving Supervisor Veg Pro International Technology Total Room Revenue Year Amount % Change 2016 $ 34,662,787 12.4% 2015 $ 30,831,063 15.1% $750,000 2014 $ 26,787,344 22.2% $693,255.73 $700,000 2013 $ 21,924,750 7.8% $616,621.27 $650,000 2012 $ 20,338,437 16.8% $600,000 2011 $ 17,407,869 21.3% $535,756.89 $550,000 2010 $ 14,349,711 $500,000 $438,495.00 $450,000 $406,768.75 $400,000 $348,157.38 $350,000 $286,994.22 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 2010 2011 2012 2013 2014 2015 2016 Hotel Tax Revenue MONTH Room Revenue 2% MRDT % Change (16/17) January $1,133,690 $ 22,674 28.9% February $1,703,298 $ 34,066 ‐19.0% March $2,078,411 $ 41,568 10.8% April $2,451,556 $ 49,031 ‐8.6% May $3,275,105 $ 65,502 30.1% June $4,445,793 $ 88,916 25.7% July $5,634,118 $112,682 1.8% August $4,854,401 $ 97,088 ‐16.6% September $4,419,028 $ 88,381 23.4% October $2,637,021 $ 52,740 7.8% November $2,106,212 $ 41,124 32.6% YTD $34,738,630 $694,773 6.7% 2017 ‐ Hotel Tax Sparkling Hill Resort O’Keefe Ranch Gray Monk Estate Oyama Ziplines Filmed: June 9‐13, 2017 Aired: September 13, 2017 Marilyn Denis Show Economic Development Activity (2014 to 17) ‐ Building Permits – 34% increase ‐ 1,109 new units approved ‐ Population – 7.4% increase ‐ Room Revenue – 36% increase (est) ‐ $9.7 million in media City Centre ‐ Over $42 million in Building Permits issued ‐ Over 100 new businesses in primary BIA area Council Strategic Plan Events & Activities • January 18, 2018 • Over 100 people registered • Presentations: • Structure/Economic Impact • Marketing Opportunities • Visitor Services • What makes Vernon, Vernon? Tourism Vernon Open House • International Council of Shopping Centres • January 28‐30, 2018 • Okanagan Valley Booth 2018 ICSC February 13, 2018 – Nominee Luncheon March 9, 2018 ‐ Awards Night 2018 Manufacturer of the Year Past Winners: 2017 – Heluts Sausage Kitchen 2016 – Universal Packaging 2015 – Piscine Energetics* 2014 – Creative Connectors 2013 – Kingfisher Boats* 2012 – Tolko Industries* 2018 Business Excellence 2018 Vernon Job Fair April 10, 2018 • Over $35,000 in prizes • Awards & Tradeshow April 12, 2018 • 2017 Winner ‐ Jolly Good Spudz (NOW OPEN) 2018 Enterprize Challenge Kevin Poole Manager, Economic Development & Tourism City of Vernon Tel: 250-550-3249 [email protected] Questions?.