Why have BC home prices led the nation over the last decade? Partly because of more people.
Check out this chart from CMHC on net migration into BC. The international migration numbers are especially interesting. (Click to enlarge)
More people = more housing demand, and usually higher prices.
Mind you, BC home prices have been coming down steadily. Who knows when demand will reappear and support BC’s market once again.
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For an entirely different view of home prices, here’s the Plunge-O-Meter from CRE Price Charts. The annualized price declines illustrated here may be a little scary to those who just got 100% financing…
BC has a long history of booms and busts. There’s wild enthusiasm on the ride up, and abject despair on the way down. Guess which phase is in play now?
I look for prices to drop around 40% off peak. The crash can’t come too soon. And let’s hope the BC gov’t wipes that smarmy logo off the license plates. I was born and raised in BC, and I’d be embarrassed to move back. Best place on earth indeed. Get a life, people.
bitter much? I’m happy to see we’re all painted with the same brush. I was also born and raised in BC, moved away for 8 years and couldn’t be happier to be back!
BC is the best based on interprovincial migration. Canadians move to BC when they retire while people in BC never leave after retiring.
“Not in BC Now”, just curious, where are you living now that is so much more desireable to live? Don’t worry, you won’t be embarassed :) Is it Montreal that earn the Broadwalk spot on the new Monopoly board?