Spring Economic Update 2026: A B.C. Perspective

British Columbia’s burgeoning LNG industry, the mining sector and electrification remain the federal government’s central focus in the country’s westernmost province. The Federal Government’s spring economic statement focused heavily on where the economy is growing, and how Ottawa will step in to fill gaps for trades economy. 

The federal government highlighted the four major projects approved in B.C.: Ksi Lisims LNG, LNG Canada Phase 2, the North Coast Transmission Line and the Red Chris Mine. All of these investments will need workers, which is in part why Finance Minister Champagne outlined nearly $6 billion to help young people get into the trades, including new apprenticeships. This money will be allocated over five years and will target to train and hire up to 100,000 workers. This is being billed as a streamlined process to get workers into the trades and to get their Red Seal certificates. Canadians aged 15-30 can join the “Team Canada Strong” program to access the federal funding.  

There is also a focus in the economic statement to expand union training and innovation programs. The apprenticeship training grant will provide further support with a weekly top-up of $400 per-week while attending mandatory in-class technical training, and a one-time, $5,000 bonus for apprentices who obtain certification in a Red Seal trade. 

Ottawa is banking heavily on investment connected to the Liquified Natural Gas sector. Combined with LNG Canada Phase 1, B.C. LNG projects represent potential capital investments of over $150 billion and a potential production capacity of approximately 50 million tonnes per annum of LNG by the early 2030s. But these ‘potential’ investments are not yet secured, with the Federal Government banking on the private sector. There remains concern from industry around uncertainty connected to DRIPA and provincial treaty negotiations with First Nations. There are also concerns from investors around the availability of trained workers. 

The Economic Statement also highlights measures around the slightly cooling housing market. Moderation has been most evident in markets where post-pandemic price increases were most pronounced and affordability challenges most acute, notably Toronto and Vancouver. The document notes “sales-to-new-listings ratio remains below its historical average, with higher inventories improving choices and negotiating conditions for buyers.” 

The housing conditions remain softest in Ontario and British Columbia, where existing home sales are around 30 per cent below their 10-year averages. In these markets, price corrections – particularly in condominium segments – are helping realign prices with underlying demand, following a period of rapid investor-driven expansion. 

Leading indicators suggest condo building will continue to ease, with new home sales in several markets remaining below historical levels and contributing to builders delaying and cancelling projects. This adjustment has weighed on construction employment, resulting in job losses in the skilled trades and construction, with residential construction employment down by 6.2 per cent and 2.6 per cent in Ontario and British Columbia, respectively, in 2025. 

We finally have a dollar figure for security costs for FIFA. The BC Government has been under a lot of pressure on this front and the Feds have allocated $146 million between Vancouver and Toronto. This is short of what is needed, but it is a start. 

Richard Zussman, Burson