Vancouver, officially the City of Vancouver, is a coastal seaport city on the mainland of British Columbia, Canada, and the most populous city in the province.
The 2011 census recorded 603,502 people in the city, making it the eighth largest Canadian municipality. The Greater Vancouver area of around 2.4 million inhabitants is the third most populous metropolitan area in the country, Vancouver is one of the most ethnically and linguistically diverse cities in Canada; 52% of its residents have a first language other than English. Vancouver is classed as a Beta global city. The City of Vancouver encompasses a land area of about 114 square km, giving it a population density of about 5,249 people per square km (13,590 per square mi). Vancouver is the most densely populated Canadian municipality with over 250,000 residents, and the fourth most densely populated such city in North America behind New York City, San Francisco, and Mexico City.
Why Invest in Vancouver?
Why Vancouver? Why not! British Columbia’s economic growth is expected to outpace all Canadian provinces again in 2016. “British Columbia posted the strongest economic growth last year and, thanks to widespread gains, is expected to lead the provincial growth rankings over the next two years,” said Marie-Christine Bernard, the Associate Director of Provincial Forecast for the Conference Board of Canada. Earlier this month, a separate report by the Conference Board of Canada forecasted that Vancouver will be the fastest growing metropolitan economy in Canada in 2016 with a growth of 3.3%. The current vacancy rate is almost at 0%. The demand is there and the supply can not keep up fast enough! Get in while you can!
Even with the latest legislation changes in BC for foreign buyers, the Vancouver market, although not as hot as was previously is still strong, and one of the strongest in the world. If you are able to find a property in this market that cashflows, buy it! Working with one of our qualified Realtors will help!
Vancouver Market Facts (Summer/Fall 2016):
- 2016 Vacancy Rate: 0.9%
- Average MLS residential sale price: $1,579,000
- Average MLS Days on Market (DOM): 37
- Total Market Listings (MLS): 9350
- Average weekly earnings (BC): $910
- Average 2 bedroom rent: $1144
- Unemployment Rate: 5.5%
The 2011 census recorded more than 603,000 people in the city, making it the eighth largest among Canadian cities. More specifically, Vancouver is the fourth largest in Western Canada after Calgary,Edmonton and Winnipeg. The metropolitan area referred to as Greater Vancouver, with more than 2.4 million residents, is the third most populous metropolitan area in the country and the most populous in Western Canada. The larger Lower Mainland-Southwest economic region (which includes also the Squamish-Lillooet, Fraser Valley, and Sunshine Coast Regional District) has a population of over 2.93 million. With 5,249 people per square km (13,590 per sq mi), the City of Vancouver is the most densely populated of Canadian municipalities having more than 5,000 residents. Approximately 74 percent of the people living in Metro Vancouver live outside the city.