Vancouver Construction Industry Slowing?

Vansanity at vancouvercondo.info March 23rd, 2011 at 10:36 pm“My buddy works for a company that specializes in a particular component of building material used in all construction. They had been busy recently, he was working 6 days a week. Well, that industry can be feast or famine and he’s being laid off as of April 3. He’s been with the company 15 years. In my opinion companies like his are the equivalent of canaries in the mine shaft and it shows that a slow down is coming. I think a lot of construction jobs are going to start getting lost. The fortunate ones will be able to get onto ongoing projects and the rest will ride some EI and maybe look at moving away eventually if nothing turns up over the next 12 months.
In my employment I deal with a lot of developers, contractors and the like, a lot. Many of the ones you all know by name. Recently, I’ve noticed a shift of their focus on redeeming lines of credit and payments that are outstanding… I can sense that for some of them the purse strings are starting to tighten. Again, this is another sign for me that construction is going to start winding down.”

4 responses to “Vancouver Construction Industry Slowing?

  1. For contractors the noose tightens further mid-April when HELOCs are no longer insurable through CMHC, both for them and their customers.

  2. As someone that works in construction, I can testify to the fact that things are slowing down. I got laid off from my previous job and managed to score something else but at a loss in income. The new wages being offered by employers these days has dropped for most non union tradesmen. I can think of 3 other individuals, off the top of my head, who are laid off and who are now collecting EI after some condo projects wrapped up recently.

    • Have you looked at Burnaby? Developers congregate in the vicinity of Kingsway include, Adera Antem Boffo Bosa ConcordPacific Intracorp Onni Polygon, et al. The lists of new projects shall wet the appetite of flippers migrating to higher ground.

  3. Lol I really wish there was a way to edit posts. That’s what happens when using a device small enough to fit through the eye of a needle. Oh well…
    [Relax. Editing pixies have done their job. All the best with your work. -ed.]

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