One of the reasons to start investing in commercial properties in Vancouver is its vibrant economy. It continues its growth streak within the last five years with an annual rate of 4%. Along with the rest of British Columbia, it is the fastest-growing provinces in the country.
Smart investing, however, involves an understanding of a more realistic growth in 2018 and beyond. Here’s what you can expect from the area in the next few years.
Tempered Growth, Strong Local Support
Analysts tend to agree that for this year and in the coming months, the growth of Vancouver and BC will slow down. In fact, its pace may be no more than 3% in 2018. Many factors will contribute to this, including a cooling housing market.
Home sales have been slow over the last few months. In March 2018, only 2,500 homes have been sold, which was almost 30% less than the previous year. Many homeowners may be worried about buying a house due to the high prices, interest rates on the mortgage, and new taxes. Home selections are also few.
Fortunately, the city and the territory receive an excellent support from its government. It initiated the Housing and Homelessness Strategy, which is a program that will last for 10 years. The primary goal is to remove homeless individuals from stress and provide affordable properties to low-income families. It has already earmarked $125 million for its capital plan and more than $200 million to spend on over 15 different housing sites.
Vancouver has also established itself as a destination for tech companies, as well as film productions. However, from 2017 to 2021, it aims to attract more major sporting events to further stimulate its already diverse economy.
The city, in particular, and BC, in general, is one of the most livable places in Canada. One of the reasons is its public transportation. In an effort to improve its sustainability and offer more options to commuters, Transportation 2040 project will involve enhancing cycling and walking areas. A big infrastructure project is the development of Arbutus Greenway. It is a huge acre of land that covers around nine kilometers. Besides walking and biking paths, the government is set in adding a light rail transit.
The future of Vancouver is not without challenges, but as long as the government remains forward thinking and proactive, it can thrive.