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Continued population growth in Metro Vancouver is one of the key factors supporting the city’s hot real estate market, according to the Urban Development Institute’s latest State of the Market report for 2014’s third quarter.
The report said: “One of the positive economic highlights last quarter was the continued population growth in Metro Vancouver.
Metro Vancouver’s population has increased by 11,700 residents over the past quarter, which the UDI said was the third-highest recorded total in the past three years and 27 per cent above the three-year average.
The chart in the image gallery above shows Metro Vancouver’s population growth relative to housing starts.
The UDI said that the current ratio of 2.6 new residents per housing start is within the range deemed to be healthy for stable market conditions (between two and three). This is down from the 3.2 of the previous quarter, which is considered to be favourable for sellers and landlords.
The report added, “Key economic factors in Metro Vancouver remained positive in Q3 2014 . The most recent Statistics Canada update shows Metro Vancouver’s unemployment rate at 5.8 per cent, which is down from the same period last year (6.8%).
“Year to date, new multifamily home sales (10,535) are up 39 per cent compared to 2013 YTD totals.”
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