Vancouver I Fraser Valley I West Coast I 2022 Major Economic Boom

(October 25, 2021 )

Is Metro Vancouver, the Fraser Valley and by default the Sea to Sky corridor, Vancouver Island and the rest of the province poised for a new phase of growth, development and real estate expansion? Recent research shows low unemployment and high job creation could transition the GVRD and region from a protracted period of recovery into a new phase of economic growth.

Reports state that in addition to low unemployment and abundant jobs, the province has attracted more than 30,000 new British Columbians from other parts of Canada (on a net basis) over the past year, a whopping five hundred percent more than the second-most popular destination, Nova Scotia. That analysis does not include the truly massive amount of offshore immigration to Vancouver and surrounding communities over the next several years which will have dramatic increases in demand for housing of all kinds.

Researchers also noted public and private debt have expanded in Canada since the pandemic began, but thanks to low interest rates the cost to service these ballooning debts remains manageable.

According to reports, a lack of supply (a thirty year low for home listings) is a critical feature of the entire south west coasts housing market, with robust sales activity depleting the number of homes available for purchase.
 
According to senior economists, Metro Vancouver’s labour market shows strong performance given the pandemic context and compared to other metro regions in Canada. “Though a relatively high proportion of jobs remain unfilled due to skills shortages, it’s clear that immigrants, temporary workers, international students, and domestic migrants are flooding back.”

This recovering economy, along with record household savings, historically-low interest rates, the trillions of global dollars in wealth shifting from boomers to millennials and ballooning public and private debt, all have implications for the housing market, reports state.

The fact is that Vancouver and British Columbia’s southwest coast are global Crown Jewels for real estate investors and offshore immigrants. 

If you or anyone you know are considering the purchase or sale of your home or any real estate don’t hesitate to contact our team at The BC Home Hunter Group of Companies, 604-767-6736.

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