The latest Canadian Census of 2011 has just been released. In the Province of British Columbia we saw an increase of almost 300,000 people over the last 5 years. This amounts to about 60,000 new residents each year and our province now boasts 4.4 million residents. It is worthy to note that the Greater Vancouver area captured two-thirds of the growth, or 200,000 residents. Such continued growth is expected at least for the next 25 years.
What does that mean to the province? There will be a need for more services, infrastructure, and housing. People need a place to live, whether they buy or rent. We have seen and heard of many stories about “housing bubbles” around the world. I would suggest that supply and demand will dictate the market. While British Columbia is not immune from the global economy, the population growth should keep us in good health. While there are cycles in every market, investing in your home is a sound advice. How many prominent people do you know where their long term wealth was not built on real estate?