How Canada's Rapid Population Growth is Affecting Vancouver Real Estate Prices

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Canada's population continues to grow (and age!) at an alarming rate - how will this affect Vancouver real estate home prices in the mid to longer term?
In this week's video, we look at Canada's aging baby boomer population, its affect on productivity levels, and how this all relates to the future of housing in Vancouver, and across Canada.
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Please Note: The views and thoughts expressed in this video are my own thoughts & opinions, and this video is designed to be educational and insightful in nature. As every person's real estate journey is different, I recommend you connect with your real estate agent and/or mortgage broker of choice to get more specific real estate advice based on your personal situation and goals.

[@micrasystems]

This is true but many don't want to face it. Working in construction project and doing my own research over years the prices will only increase in the long run. Cost of construction, materials, average rates for financing, Skilled Trades, shortage of Trades, union strikes, government fees, lots of juniors in industry learning slowly as boomers retirement continues, high immigration, high demand for housing, etc. Will increase the price of new builds which affects the value of resale homes. Secondly yes for those who own and live in a two bedroom and den 980 to 1300 sq.ft ish condo, myself included, that is the new townhouses. A couple can raise a child there unlike the new micro condos. Im a big fan of buying these older larger units from the early 2000s and renovating to look like a 2020 build. Also when upgrading from the first smaller one bedroom , rent it out and keep ownership again myself included. In 5, 10, 20 years it will become obvious why.

[@josephlim8941]

You're correct on lack of Productivity in Canada. Problem is the 3 million imported in population in two years. But most of them was international students. They don't produce in traditional sense, other than their humongous tuition to questionable institutions/schools. However, they spend as they live here temporary. Rent, food, etc. Not competing to buy homes. Our GDP is just about to hit zero, however, we've had 7 quarters of negative GDP per capita. We've been a recession for over a year. Another point is we actually have an over supply in condos. These condos are unattainable for first time buyers. See how many are underconstuction all around. More to come. And some are being completed now and are empty. Eventually, developers will have to come down and reduce their prices from more than $1 million. GST doesn't help either. I sold my New West 2 bed last summer. I had difficulty selling to first timers, they're capped out at $600k. Eventually, it was a TH downsizer buyer. Another trend I've noticed is, if First time buyer can afford over $1milion from bank of parents, they're by-passing condos and jumping into TH and even detached. There's wealth gap getting wider.

[@vancouver.realestate]

Great insight, and good point on many first-time buyers skipping condos. My last two FTHB had budgets between $900K-$1.1M with significant down payments. Much different than in the past.

[@josephlim8941]

@@vancouver.realestate likely getting some inheritance to make up downpayment

[@vancouver.realestate]

@josephlim8941 yes 💯

[@James-vj5hz]

I'm 28 and downsizing. I bought a rather large townhouse a few years ago, and its just wasted space. The other issue is the comparatively poor location compared to much more central/walkable options. I'll move to a 1br downtown, near the subway/trams, the amount of driving that I will need to endure will be halved, maybe eventually cut to zero. Downsizing is a lifestyle shift for the better. Any cost savings are going to end up in my investment accounts.

[@vancouver.realestate]

Good insight and your plan makes a lot of sense. Many are doing the same even if not in their older years as well.

[@user-mc7lh7fs8j]

Come check in Langley . No one ready to reduce prices . Same asking from last 2 years

[@intrinsicfactor5425]

Great content....seriously have you ever thought of running for Provincial Politics? You would be a wonderful Housing Minister.

[@vancouver.realestate]

Thanks very much, appreciate that! I’ve never considered it, but never say never! :)

[@marcberrenson570]

Excellent long-term analysis. Your comments regarding downsizing over 60 are interesting. At 74, the existence of steps in a townhome or detached home has become a surprisingly important issue for my wife, me, and all of our friends. Some have put in elevators, others are reconstructing staircases (difficult in most homeowner situations). The Trudeau government uses band-aids in situations requiring tourniquets - and I like Trudeau). Why is Canada experiencing a downturn in birth rates? What is the incentive for builders to stop building only luxury condominiums? Are young Canadians leaving Canada, and if so, why? Also see: kzbin.info/www/bejne/hpbIl62Vhaapick

[@_netscapenavigator]

All about supply and demand. When supply is limited and plenty of long term demand, isn't too hard to see what will happen as soon as the quantitative easing cycle gains momentum over the next year

[@billferguson1368]

Immigrants? Still on about them? Meanwhile, YoY MLS sales are down, prices are falling, developer pre-sales are in the ditch and MLS inventories are rising.

[@_netscapenavigator]

All about supply and demand. When supply is limited and plenty of long term demand, isn’t too hard to see what will happen as soon as the quantitative easing cycle gains momentum over the next year

[@billferguson1368]

@@_netscapenavigator Nonsense. If there isn't much to pick and choose from and at the right prices, no one has to buy anything let alone highly-inflated housing stock. You forgot that part.

[@billferguson1368]

FYI, immigrants/migrants won't be putting any kind of "floor" under home prices; they never did in Canada or anywhere else in the past. Just ask the Americans or people in the EU. The only country that ever saw temporary price/supply shocks due to mass immigration was tiny Israel which welcomed 1M+ Soviet Jews during the 1990's aliyah after the collapse of the Soviet Union. That was 20% of Israel's population at the time; Canada is nowhere near 20%. So, quit being played, realtors/the RE industry have tried to float this meme as a means of spooking locals into FOMO-buying; they don't know what the hell they're yammering about. It shows, too.

[@user-mc7lh7fs8j]

Bill Ferguson crash king lol ……. . He want to see only crash . No matter wut 😱

[@billferguson1368]

@@user-mc7lh7fs8j Yet again, you have no idea what you're yammering about so, quit trying to put words in other people's mouths.