Relocating to Vancouver - A Guide to Vancouver's Economy & Real Estate Market

Vancouver, BC has been named several times overis lauded for its chameleon-like ability to resemble other
as the "Best City in the Americas" by Condélocales. "Hollywood North" as the city is known, is right
Nast Traveler's annual Readers' Choice Awards. Thebehind Los Angeles and New York in terms of film
city also ranked #1 on The Economist's survey of theproduction, which makes this a great place to live if
"World's Most Livable Cities" for six years running, andyou're employed in the creative arts.
in 2008 was voted one of the best places to live byHigh tech firms love Vancouver because of the
Mercer Consulting in their "Quality of Living Surveyavailability of highly skilled graduates and the city's
2008."overall livability. Construction also continues to employ a
Clearly, Vancouver is a very special city. It offerslarge number of people, thanks to the steady demand
residents breathtaking views of the mountains, invitingfor commercial and residential space in the metro area,
beaches, and ample green space. Vancouver hasand also due to the upcoming Olympics.
become a premier destination for real estate buyersIn addition to the city's excellent economic health,
from around the world.Vancouver is also known for its profusion of
For both personal home buyers and real estateeducational opportunities. Vancouver is home to two
investors, an area's economy plays a critical role in theof the country's top universities, Simon Fraser
decision to buy. They're looking for an area that canUniversity and the University of British Columbia. A
provide a solid base for many years to come.number of colleges are also located in the area, as
Vancouver has a strong and varied economy that haswell as the Vancouver Film School and the Emily Carr
proven to be resilient in tough times, leaving residentsUniversity of Art + Design.
feeling secure today, and hopeful for the future. FromFor younger students, there are 18 secondary schools,
major Hollywood film productions to international trade,more than 70 elementary schools, and several private
Vancouver offers its residents employment prospectsschools in the region.
in every sector.In terms of housing, the Vancouver real estate market
Port Metro Vancouver is the nation's largest port, andcontinues to be strong despite a slump in many other
trades more than $75 billion in goods with internationalmarkets around North America.
partners each year. Such a vibrant trade operation hasVancouver is home to some of the most expensive
led to thousands of jobs being created (the number ofhousing in Canada, though prices have been dropping in
port-related jobs that have been created acrossrecent months. While the struggling international
Canada is estimated to be nearly 130,000). In addition,economy does play a role in the slowing down of
the port also welcomes more than half a million visitorsVancouver's housing market, property values are
each year who are embarking on cruises to Alaska.dropping more as a result of an inevitable price
These visitors spend their dollars at local shops andcorrection. Housing prices had been increasing at an
eateries, and pour a great deal of money intoincredible pace for several years, making real estate in
Vancouver's economy.Vancouver inaccessible to a large number of people.
Cruise ships are just one way that visitors come toAccording to the Real Estate Board of Greater
the Greater Vancouver area. With the distinguishedVancouver, the price of detached homes increased by
Vancouver International Airport located about an hour'salmost 70% between 2003 and 2008, while condo
drive from Downtown, tourists from every part of theprices increased by approximately 82%. Over the past
globe find it easy to get to and from the city. There'sseveral months, real estate prices have decreased by
also highway access to/from other parts of theabout 12%. Properties are still holding onto much of
province, as well as border crossings to the Unitedtheir value, which is good news for sellers, yet the
States. With so many visitors travelling to Vancouver,market is becoming more affordable, which is great
the tourism and hospitality industry continues to be onenews for buyers.
of the area's largest employment sectors.To learn about the unique lifestyle that Vancouver can
Vancouver has also become a well-known destinationprovide, check out the continuation of this article:
for Hollywood film and television productions. The city"Relocating to Vancouver: Fresh Urban Living.