The city of Vancouver and the surrounding areas in British Columbia have been experiencing rapid population growth in recent years. This has led to an increasing demand for housing units and prices (although many other policies have been implicated as a reason for the reducing affordability). One of the solutions many Canadians are pushing for is to build more attached dwellings (condos and townhomes) faster, providing much-needed densification to accommodate the rising population.
Factors Driving Population Increase And Housing Demand in The Lower Mainland And Metro Vancouver
There are several key factors contributing to the surge in housing demand in Vancouver and the Lower Mainland. We’ll explore the reason behind these demands from many levels, and why we believe the demand for more housing in these areas won’t slow down anytime soon.
Overall Population in BC And Canada Continues To Increase
As Canada’s population continues to grow, more people require housing. According to Statistics Canada, the population of British Columbia increased by 1.4% between 2021 and 2022, surpassing 5.2 million people (Statistics Canada, 2022). This has a direct impact on demand in major urban centres like Vancouver. While immigration had been slowed down during the COVID19 pandemic era, immigration into Canada is forecasted to be well over 1 million between 2023 and 2024 (Immigration, Refugees and Citizenship Canada, 2023).
With overall increases in population, it is most likely inevitable that some of the most popular and active urban cores across Canada will not be exempt from experiencing the influx of new residents, and Vancouver’s metropolitan cores have always been one of the most popular destinations to live in.
West Is Best – The Westward Migration Trend Across Canada
Canadians are increasingly choosing to move to the western provinces, such as Alberta and British Columbia, instead of the eastern provinces. Data from the Canadian Census revealed that British Columbia experienced a net migration of 85,558 people from other provinces between 2017 to 2022. This trend further intensifies the demand for housing in popular cities like Vancouver.
Expansion of Ports For Trade and Offices For Tech Across The Lower Mainland
The growth of ports and office spaces across Vancouver has created more job opportunities, attracting new residents and increasing the need for housing. The Port of Vancouver has several projects underway to increase the capacity of the said ports to sustain the demand for goods by Canadians. The Centerm expansion project is forecasted to be finished by the end of 2023, and the Roberts Bank Terminal 2 Project has just been approved by the Federal Government. Deloitte Summit, a new 24 storey office tower by Westbank has just completed in 2022 with office workers buzzing, and The Post by Quadreal is on track for its 2023 opening and will house Amazon’s Vancouver team as well as a Loblaw’s City Market, along with many other businesses in what used to be one of the most prominent Canada Post outlets.
Municipalities Are Responding To The Forecasted Increase in Demand With Densification Initiatives
To accommodate the growing demand for housing, municipalities in Vancouver and the Lower Mainland have developed several key densification plans. These plans are designed to create a favourable environment for more condos and townhomes to be built quicker with less red tape, especially near transit hubs to increase accessibility and decrease the dependency on personal vehicle ownership.
Skytrain-Adjacent Development Plans By The City of Vancouver
The Broadway Plan is an ambitious initiative by the City of Vancouver to create a vibrant, transit-oriented corridor spanning across Mount Pleasant, False Creek Flats, Fairview, Kitsilano, and Point Grey. The plan aims to accommodate the city’s growing population by addressing the need for new housing and public spaces along the new Millennium Line Broadway Extension Skytrain. Several new developments have been approved along Broadway already:
These projects will help to increase the density of the area, providing more housing opportunities for those who wish to live close to transit options.
On top of the dozens of new condo towers and townhome developments already built in the past decade, more developments are being approved along the Canada Line (Cambie) SkyTrain, further increasing housing options and density in the area. Here are some of the most prominent builds to look out for along the Canada Line are located in the Oakridge area:
As the population of Vancouver and the Lower Mainland continues to grow, and the business & commercial activities increase, the demand for housing will follow suit. By implementing key densification plans surrounding the new Skytrain stations, the COV is creating a favourable environment for new housing options to be built and sold. The future of Vancouver’s housing market lies in embracing these strategies to increase the supply of convenient and sustainable living spaces.
New development permits and construction, the presale offerings of the condo & townhome units built offer great opportunities for new residents and investors to participate in the growth of Vancouver. Working with an experienced team of presale specialists can give you great leverage to help navigate among a sea of new build offerings. Contact us now to discuss some great opportunities to own in Vancouver!