Join Cameron McNeill, Executive Director at MLA Canada, as he discusses what is happening in Metro Vancouver and Greater Vancouver's real estate markets with host Hayley Woodin, Executive Editor at BIV. From immigration to supply concerns, listen in as McNeill shares what he believes the real estate markets could expect this Fall and in the long term.
"Immigration is one of the foundational pieces that drives our real estate market. The federal government has increased our targets for immigration, and we expect to see 1.2 to 1.3 million new Canadians coming into Canada over the next 3 years. Historically, that is a very high number - it will be the single largest immigration wave this country has ever seen, and of course everyone is going to need a new home. Quite often, new immigrants into Canada choose the urban centres as their primary choice to live, like Vancouver and Toronto. Therefore, incredible pressure is being felt on the city, and we have zero supply. That's part of the reason why we are seeing prices push up again."