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St. Paul’s Hospital real estate deal announced as Canada and B.C. governments cope with record deficits (PHC SPH)

A panoramic view of the St. Paul's Hospital site on Burrard Street. (Photo credit: The Georgia Straight)

Maybe it’s time for a serious discussion about attracting capital from Hong Kong

Like many other countries, Canada has a monumental financial headache. That’s because COVID-19 has blown a huge hole in public treasuries.

The federal government anticipates a $343.2-billion deficit. The Canadian economy is expected to contract by 6.8 percent this year. And the federal debt-to-GDP ratio is forecast to go from 31 percent last year up to 49 percent in the current fiscal year.

This is the backdrop to Providence Health Care’s recent sale of the St. Paul’s Hospital site at 1081 Burrard Street to Concord Pacific for nearly $1 billion.

Click here for the full story on The Georgia Straight.

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