The latest BCREA Market Intelligence: COVID-19: Population Growth and Housing Demand examines how the sharp drop in immigration this year due to the global pandemic has impacted the BC housing market.
• Immigration is the most important driver of population growth in BC, with a growing share within the prime working-age and household-forming demographic.
• The global pandemic has resulted in a sharp drop in immigration and consequently BC reporting one of the lowest quarterly increases in population growth since 2011.
• In the short term, the impact of lower population growth will weigh most significantly on the rental market due to a significant reduction in international students and new permanent residents.
Here to read the full report:
For more information, please contact: Gino Pezzani.