"Canada's Economic Trends Affecting Asset Management" is the title of the webinar held on September 25, hosted by the Association of Asset Management Professionals (AMP).
To understand how market trends are affecting asset management and what the most effective responses to these changes look like, the Canada AMP Chapter hosted the webinar “Canada’s Economic Trends Affecting Asset Management,” led by Civil Engineer and industry expert Charles Allen, Principal Asset Management at SLBC, on September 23rd. The session was coordinated by the Association of Asset Management Professionals (AMP) and hosted by the chapter through Jeffrey Ibbitson, Director of Asset Management at Omni Quality Living and Canada Chapter Co-Leader.
Maura Abad, AMP Global Chapter Leader, joined the webinar to thank the AMP Canada Chapter for its continued efforts in promoting knowledge-sharing and a deeper understanding of what asset management truly means for organizations and professionals in terms of safety, operational excellence, and financial outcomes.
In his presentation, Charles Allen explained that economic trends have impacted asset management in Canada in a number of ways, for example, the cost of replacing parts, components, and entire assets, as well as construction costs, has risen far more than anticipated.
These economic shifts are forcing organizations to rethink the entire planning process behind their asset management programs. Annual cost increases once hovered around 2%, but over the past 10 years, those same annual increases have climbed to 22%, while construction costs have risen by 65%. All of this data directly impacts long-term capital plans and asset management strategies. “We need to be clear that these prices are not coming back down, and economic uncertainty could keep driving them even higher, prices can shift quarter to quarter. Solid planning is essential,” the expert said.
Other factors: labor, materials, supply chains, tariffs, and market uncertainty, add further complexity to planning and financing, both of which are critical pillars of asset management. “You can’t control the market. You can control the decision,” Allen noted.
To explore the solutions discussed in this webinar, watch the full recording here:
