As we're all well aware the Borders to Canada, British Columbia and our beautiful area of the World have been closed for almost 10 months. Covid has affected everything from seeing family to the World economy and the full effects and aftermath are yet to be determined.
As a Local Realtor we have seen the market completely halt in the initial stages of Covid locally and once our footing and 'new normal' was established the Market rebounded fairly quickly with all the pent-up demand from the last few years of correction and market stabilizing. Quickly becoming sellers market in most area's and property types across Metro Vancouver and throughout BC.
Foreign Buyers, Immigration and everything else under the Sun has long been blamed for Real Estate affordability here. There has been no Immigration over the last 10 months, no Tourism and the tiny percentage of the market that was affected by Foreign money has not been not been a issue but the market and pricing continue to defy the odds. Covid is changing a lot of behaviours and one of them seems to be increased Migration into BC and the Metro Vancouver area from within Canada. U-Haul has released their migration patterns for Canada, it's shows us small sample of what's happening. Once the borders and travel open back up whether it's a year, two or more away I feel the demand and housing situation will be like we've never seen before. The region’s increasing population is projected to grow by about 35,000 per year, housing and real estate will need to respond to new growth. So as a region we are adding approximately 1.3% + every year. Looking into the future the projections show a increase of population of 1 million new residents by 2050 meaning we will need 400,000 new homes added. The Desire to be in Metro Vancouver, BC is here to stay as far as I can tell. It's something everyone looking to eventually get into and invest in the housing market should account and prepare for.
As many know and I've said for years with the dwindling land supply in the Metro Vancouver region prices will always trend upward. Doesn't matter what taxes or polices the government throws at it. It's a simple economic supply and demand situation and long term you can not go wrong with land. We all wish we bought more of it 5 years ago, the same will be said next year and the next and so on. I'll leave you with one of my favorite quotes "Buy land, they're not making it anymore." - Mark Twain.
