Real Estate Boom in British Columbia

If you’re thinking about buying a new house or condo in British Columbia, this is the time. The real estate market in BC is going strong as it is driven by the constantly increasing population in Vancouver and the lower mainland. This population increase is due to the strong economic growth; the notable consumer confidence is creating an accelerating market which in turn puts upward pressure on property values. Buying now will allow you to be part of this increase in property value and reap the benefits of this thriving economy. The Real Estate Board of Greater Vancouver posted high sales levels for 2005 and these increases are expected to continue through 2006 and into 2007.

These accelerating market conditions have been ongoing since 2004 and are predicted to generally last throughout 2007 and possibly beyond although it is not expected that we will see double digit increases. Property values will likely rise during the first half of 2006 and although summer normally brings a slight relaxing in the market, with increased migration, this may not be the case this year. This accelerated situation will be supported by higher family income coupled with low unemployment as well as the high level of consumer confidence and optimism. Because of these conditions, British Columbia has become the new hot-spot for business capital and talent. Provincial and international migration is expected to increase, forcing the real estate market into an even greater position. The keys to BC’s economic future will be the continued surge of talented young and creative professionals to drive the high tech information and knowledge industry and contribute to the population and job growth as well as increased productivity.

Construction and tourism will continue to be greatly stimulated by Vancouver’s hosting the 2010 Olympics and is providing an excellent base for predicted future growth. By putting Vancouver and the surrounding areas of British Columbia in the global spotlight, leverage will be given to these growing areas and the markets within them. Demand is being, increased by first time buyers entering the market in the lower sections, supported by investors, increasing re-sales and further stimulating demand all across the board.

Housing starts in British Columbia currently lead the country with an 18% jump in the first two months of 2006 compared to 2005. Single-family starts saw a 22% increase and multiple starts were up 14% in that same period. An increased stream of workers coming west is not surprising given the higher rates of pay and milder weather conditions compared to other areas of Canada. It is estimated that between 6,000 and 7,000 Canadians moved to British Columbia during the first three quarters of last year; this increase in population is directly related to the demand on new housing.

Whether it’s a growing economy you’re after, a booming real estate market, or a wide range of outdoor activities, beautiful scenery and mild weather, British Columbia has a wealth of opportunity to offer and is well worth looking into, especially while the market is in such favourable conditions.

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