Pacific Metropolis

Vancouver Housing Supply

Figures from the most recent national Census show that there were 758,715 separate dwelling units in the Vancouver Metropolitan Area as of 2001 (1.64 million in all of BC). The five largest categories of dwelling units in the Vancouver region are broken down as follows:

• Single detached house - 330,740 units
• Apartment (building fewer than 5 storeys) - 191,045 units
• Apartment (building more than 5 storeys) -  89,515 units
• Apartment (detached duplex) - 65,605 units
• Row house - 56,265 units

According to the CMHC, another 47,900 units have been added to Vancouver's housing supply since 2001, while an estimated 37,900 units will be built in 2005 and 2006.

• 2002: 12,844 units
• 2003: 15,626 units
• 2004: 19,430 units
• 2005: 19,400 units E
• 2006: 18,500 units E

Of the 19,400 units that should be completed in 2005, the CMHC predicts that 14,600 will be multiple housing units (apartments, etc.).

For a fuller breakdown of Vancouver region housing starts, by municipality, from 1961 to 2004, click here.

Net In-Migration to British Columbia 2004-2007

According to an April 2005 report by the Credit Union Central of British Columbia, net in-migration to BC totaled 35,566 persons during 2004. Approximately 28,400 of those newcomers came from outside of Canada, while the remaining 7,100 people came from other provinces, with the greatest number coming from Ontario.

Looking ahead to the next three years, the CUCBC predicts the following net in-migration numbers for the entire province:

• 2005: 44,000
• 2006: 57,000
• 2007: 66,000

Among the factors contributing to net in-migration flows are the improving BC economy, which is attracting a growing number of Canadians from other provinces, compared to previous years. As the CUCBC has also noted, 2004 was the first year since 1996 that BC has seen a net gain of people coming from Alberta.

Other significant reasons behind the growing interprovincial migration to BC include people who are moving closer to other family members, and retirees.

Vancouver's Most Expensive Condos

According to the Vancouver Sun, two condos are currently duking it out to become the most expensive apartment ever sold in the city.

In the one corner, we have a 5,200 square foot suite located on the top floor of the Shangri-La, listed at $7.4 million. In the other, we have a 5,800 square foot penthouse (plus deck) atop Two Harbour Green, listed at $7.25 million.

Vancouver's current record holder is the 41st floor of the Shaw Tower, which sold last summer for $6.9 million.

Other past champions include the penthouse suite of the Shaw Tower, which sold for $5.45 million back in 2002, the Edgewater which was snapped up this past March for $4.53 million, and the Penthouse at 1717 Bayshore Drive, which went for $4.5 million in June 2002.

Before we get all high and mighty, however, it's worthwhile to note that the average price for an apartment in New York City is currently $1.21 million (USD). Rupert Murdoch recently set a record there, with his purchase of a $44 million (USD) pad located on Fifth Avenue. (Monthly maintenance fee - $21,469).

Sort of makes our record holders seem like relative bargains.

Link to the Vancouver Sun article is here.