Business
Unprecedented construction needed in B.C. to offset record immigration: Report
Vancouver – Houses and townhouses are seen in an aerial view in Langley, B.C., on Wednesday May 16, 2018. A new report says home construction in British Columbia will need to quickly rise to unprecedented levels to offset the impact of record immigration on the housing market.THE CANADIAN PRESS/Darryl Dyck
A new report says home construction in British Columbia will need to rise to unprecedented levels to offset the impact of record immigration on the housing market.
The B.C. Real Estate Association says the province must build 25 per cent more new homes than usual for the next five years to address deteriorating housing affordability.
It says construction needs to be ramped up to a record 43,000 housing completions a year for the next five years to counteract rapid population growth.
Brendon Ogmundson, chief economist with the association, says lowering price growth so incomes can catch up to prices is integral to improving housing affordability in B.C.
He says increasing supply would ease the upward pressure on housing prices from an immigration-driven demand shock and if sustained, help improve overall affordability.
The report says B.C. is expected to welcome an estimated 217,500 new permanent residents from 2023 to 2025, nearly double the historical average immigration levels.
This report by The Canadian Press was first published March 28, 2023.
Suncor Energy Inc. says it is cutting 1,500 jobs by the end of the year in an effort to reduce costs and improve the company’s lagging performance.
The Calgary-based energy company says employees were informed in an email this afternoon.
More coming.
The Canadian Press
Business
Peavey Industries LP, the Red Deer-based retailer, has announced the acquisition of long-term partner and fellow Red Deer stalwart, Guy’s Freightways.
News release from Peavey Industries
Guy’s Freightways, a leading logistics and transport company established in 1975 by Bernie Schwartz, began its journey as a single truck operation delivering products to just six Peavey Mart stores. Today, with 16 full-time trucks and 43 trailers, Guy’s has evolved alongside Peavey Mart, now part of Peavey Industries LP, to service their vast retail network across in Canada.
National Farmway Stores, founded in 1967 and later rebranded as Peavey Mart in 1975- has grown exponentially over the decades. Today, Peavey Industries LP (Red Deer, Alberta) has more than 160 retail locations with its brands Peavey Mart, ACE Canada & MainStreet Hardware, with Guy’s Freightways being instrumental in ensuring reliable product delivery to many of these stores in Canada.
The acquisition will see Guy’s Freightways operate as a subsidiary of Peavey Industries LP. This strategic move solidifies an already close relationship that has endured for nearly 50 years. Peavey Industries LP recognizes the enormous value that Guy’s Freightways has brought to their operations, having played a pivotal role in their expansive growth over the years.
‘We’ve had a great relationship with Peavey for 48 years, so it was only natural to have Peavey continue the Guy’s legacy. I’m thrilled for our people to be able to continue being a part of the Peavey family’ said Todd Schwartz, Guy’s Freightways.
‘Today marks a historic moment for both Peavey Industries LP and Guy’s Freightways,’ said Doug Anderson, CEO of Peavey Industries LP. ‘By formalizing this symbiotic relationship, we are enhancing our operational efficiency while preserving Guy’s Freightways’ legacy. We look forward to continuing our growth journey together.’
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Peavey Industries LP, the Red Deer-based retailer, has announced the acquisition of long-term partner and fellow Red Deer stalwart, Guy’s Freightways.
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