At Abana Capital, one of the reasons we believe so strongly in investing in BC real estate and development is because of the province’s global attractiveness. A strong economy, growing job market and plenty of access to natural resources are just some of the reasons people are choosing to live and work in beautiful Vancouver – and BC as a whole – at higher rates than ever.
Recent immigration reports support this, with population growth remaining steady throughout the first quarter of this year. As of April 2018, records show that 4.86 million people reside here, up 1.4% from one year prior.
Interestingly, BC is attracting fewer residents from within Canada and decidedly more from international locations. In 2018’s first quarter, interprovincial migration sat at 796 people, the lowest Q1 performance since 2013. This is likely due to higher home prices and economic recovery in neighbouring regions, such as Calgary, AB. In contrast, international immigration rates saw a steady rise, clocking in at more than double the same quarter in 2017 (including those with work and study permits).
And, with Canada set to welcome nearly one million immigrants within the next three years, this is a positive sign for both the economy and liveability of BC. Not only does immigration encourage real estate activity and investment, but it contributes greatly to our skilled labour force. More than half of BC’s immigrants hold a bachelor’s degree or higher, while over 16 percent hold a master’s degree or doctorate.
Though BC’s population growth as a whole slowed slightly from 1.6% in the previous quarter, the numbers are expected to remain solid, particularly as metropolitan centers like Vancouver welcome larger companies, add jobs and propose new housing initiatives. It’s a great time to invest in BC.