The Impact of Pandemic Demographic Fluctuations on North Vancouver Real Estate Whether you are buying or selling a home in North Vancouver, you may have noticed that despite a worldwide pandemic, the real estate market has been reasonably stable. In fact, in many communities (North Vancouver included) housing prices and sales through the summer of 2020 outpaced previous years’ averages.
As you may expect with restrictions on travel, immigration to British Columbia and its most sought after cities and neighbourhoods will likely decline. Nevertheless, experts are predicting some factors that are likely to mitigate the impact on the local real estate market in North Vancouver – namely, Canadians are choosing to return home or to stay here. Let’s take a closer look.
As far as Canadians living overseas, it seems that there has been a dramatic increase in the number of Canadians returning home. Perhaps to be close to their families, to access better health care, or simply to be in a country where COVID numbers are relatively well controlled, returning Canadians are creating demand for the real estate market.
Additionally, one of the long-standing challenges to the labour force in Canada, and particularly Vancouver and its surrounding metro regions, is the “brain drain.” Better pay south of the border has been a compelling draw for many professionals in Canada – but as the pandemic rages seemingly wildly out of control in the United States, more of these professionals are choosing to stay home.
Unfortunately, we don’t keep clear records of the numbers of Canadians living abroad nor the numbers returning, Statistics Canada certainly attempts to estimate these numbers. Ultimately, from an economic point of view, it is important to understand these movements because of the impact on population growth, employment, and ultimately housing. Still, while we don’t seem to have exact figures, it is clear that the demographics in North Vancouver are changing and this may be part of the reason that we see the real estate market in the city continues to thrive.
What does this mean for buying and selling homes in North Vancouver today and into the future? It’s hard to predict.
However, by analyzing recent trends, there is certainly reason to be optimistic. With sales and housing prices rising, we may be seeing in real time the effects of changing demographics. While the number of buyers from other countries may be on the decline, we have not experienced a similar decline in North Vancouver real estate market trends. Additionally, if you consider the transient nature of the pandemic – case counts will ebb and flow, but eventually we’ll return to a more normal way of living – we may also predict that there will be more changes in demographics in the future. As demographics change, homes are likely to be bought and sold.
There is still so much more to learn about this pandemic and the eventual impacts it has on the economy, but it certainly seems that North Vancouver real estate is buoyed by a certain je ne sais quoi. The quality of living offered by this community that is nestled between the mountains and the sea is likely the driving factor behind buying and selling homes in North Vancouver. Excellent schools and amenities, unparalleled outdoor living, and world class entertainment and health care are likely to keep North Vancouver real estate among the most desirable in the world.