Vancouver Housing Demand Set to Rise Amid Population Growth

Pent Up Demand

It’s really important to note that Canada’s population grew by 3.3%. This is much stronger than every other OECD country.

The surge in population growth is primarily from new permanent residents, temporary foreign workers and students. However, the government also wants 500,000 new permanent residents every year for the next 3 years.

This increase in highly qualified, skilled, and employed permanent residents will surely have an impact on demand going forward, not to mention all of the buyers waiting on the sidelines for rates to come down.

I just love this graph below… Share it with your clients because it’s going to continue this way. Vancouver just has too much demand for our supply, and this will continue for the foreseeable (years and years) future.

Lastly, we’re going to have a busy February-July… Check out the chart below. It looks at the share of Canadian home sales for each month of the year. You can see that the winter months are the weakest and they start to improve into February, peaking in May and remaining strong in July/July.

The BoC even said in their monetary policy report today that they expect home sales and home prices to rise as we move through Q1 and Q2 of next year. 

Thank you for reading this far.

And, always remember to get off your computer/TV/phone every so often; it turns you into a zombie. Just look at what 30 seconds does to my two girls… I had to take the ipad away because they were just gluuuued to it. *and no, I don’t let me 1 year old watch screens – she crawled all the way from the other room and stood herself up to watch.