Globe and Mail: High rents, tourism reliance will mean Vancouver’s recovery will be slow

May 15, 2020
Colin Wong

[EXCERPT]

But B.C. had far less of its economy shut down than provinces such as Ontario and Quebec, where there were more restrictive rules about construction, manufacturing and non-essential businesses.

Because of that, many expected less of a downturn.

“We’ve gotten pounded on the job losses. Even we are surprised at the magnitude,” said Jock Finlayson, executive vice-president and chief policy officer of the Business Council of B.C. “Tourism is in the meat grinder and it’s one our top-three export industries.”

And, he said, B.C. has more people proportionally working in personal-care services – such as massage therapy, physiotherapy, spas, yoga studios, nail salons – than elsewhere in Canada, while its manufacturing, financial services and head-office-type sectors are smaller than in Ontario and Quebec.

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