In a recent report by the REBGV, population growth has been forecast for the coming decades. So what does this mean for the real estate market?
By 2041 the Lower Mainland's population is estimated to have grown to 3.4 million, with annual growth of 30,000 new residents each year. Within Metro Vancouver alone an estimated 574,000 housing units will be required. The majority of this population growth will occur in established urban areas, meaning an increased population density in many neighborhoods. This will come in the form of "secondary units and accessory detached housing, ground oriented duplex/ multi- unit structures, row housing, and apartment developments".
Consider where you currently live now. How will this affect the quality of living & infrastructure? Are there investment opportunities for you and your family?
To read the full article by the REBGV click here.
If you have questions about how increased population density can affect property values, present investment opportunities, or impact areas you are interested in moving to, contact me and I will be happy to answer any questions you have.
Image Source: Daily Mail