Savings result from purchase of new office space

On October 17, 2011, the College made an historic move to newly purchased premises at 669 Howe Street—seven floors at the Offices at Hotel Georgia in downtown Vancouver. Before making the decision to purchase, the Board conducted a comprehensive assessment on the benefits of purchasing versus renting in Vancouver. In total, 24 buildings and land properties were evaluated before the final selection was made. The Class AAA building complies with energy efficiency standards of BC Hydro’s PowerSmart program, and is easily accessible to all modes of public transport and other amenities.

This was a very significant move both in terms of providing the College room for growth as well as securing the College’s long-term financial health. The Board’s direction at the time was to purchase a building that cost no more than an additional $500,000 per year to operate. In fact, in the first year alone, the College’s new office space cost $790,000 less to operate than the previously leased premises. These savings will be realized for at least the next three years, and are likely understated due to significant increases in leasing costs. This investment has been prudent. The money saved is being thoughtfully reinvested into important quality assurance programs, information management systems and qualified people who deliver on the College’s mandate of patient safety.

Registrants are encouraged to review the College’s audited financial reports, which are published in June of each year on the College website.