Western sells stake in Port Alberni forestry operation
Western Forest Products has sold a stake in a Port Alberni forest operation to the Huu-ay-aht First Nations.
The company has sold a seven per cent stake in the operation, which includes Tree Farm Licence 44, for $7.2 million.
“The announcement is a positive step toward increasing First Nations participation in the forest sector, which will benefit the Nation, local communities, Western and our employees,” said Western chief executive Don Demens.
The company and the Huu-ay-aht have entered into a framework for reconciliation and revitalization of the Alberni Valley forest sector that is designed to offer opportunities for increased participation of Indigenous people through ownership and employment.
“We are excited with today’s announcement and look forward to continuing to explore opportunities with Western, including aligning our interests in manufacturing and potentially involving other First Nations in a shared vision for forestry over the next several years,” said Huu-ay-aht chief councillor Robert J. Dennis Sr.
First-time home buyers getting to be a rare breed, report says
The pool of first-time home buyers on Vancouver Island is starting to dry up, according to numbers released recently by the B.C. Notaries Association.
In its annual real estate report, the organization noted that 43 per cent of its surveyed members reported seeing fewer first-time buyers last year compared with 2017. Across the province, 53 per cent reported seeing fewer first-timers entering the market.
“Increased restrictions and the potential for higher interest rates is making some cautious or decide to wait on the sidelines to amass more of a down payment,” said Daniel Boisvert, president of the B.C. Notaries.
The report noted 86 per cent of its members said on the Island they saw a significant increase in the number of first-time buyers getting help with their downpayments. Across the province, that number was 83 per cent.
The report also pointed out increased mortgage restrictions, rising interest rates and a lack of housing supply were having the biggest impact on real estate on the Island.
New headquarters for Saanich builder
MAC Renovations has built itself new company digs in Saanich.
The Ranch at 5285 West Saanich Rd. will house the company’s design-build showroom where clients can see and feel the materials that will be used to renovate their space.
“The new location gives us a central location to bring our projects together. Our designers, project managers, and production team are all in one place, bringing everyone together to maximize efficiency for our clients,” said owner Blaise McDonald.
MAC is currently interviewing carpenters interested in joining its team. For more information, see its website: macreno.com
Tourism conference starts this month
The second annual IMPACT Sustainability Travel & Tourism Conference will be held Jan. 20-23 at the Victoria Conference Centre.
The conference, which drives the discussion around tourism’s role in ensuring a more sustainable future for Canada, is expected to draw 130 people from across the country to discuss issues such as reducing carbon footprints, over-tourism, labour issues, managing climate change and natural disasters.
