James Schouw, of James Schouw and Associates Inc., Vancouver developer of the fabulous "The Grace" apartment on Richard Street recently wrote an article in Business in Vancouver.
A few key notes: and I quote,
BC's population grows by nore than 70,000 per year, governed largely by the rate of the rate of entry clearance granted to the queue of immigrantes. That means we need housing for about 1,500 more people every week at least half in Metro Vancouver BC is not at risk of loosing immigrants to other provinces and hasn't been since our relative "have not" status during the 1990's.
By 2010, Vancouver will likely face a real shortage of homes to go around. Some buyers will miss important opportunities because they mistake our real estate market for a shadow of others, notably U.S. "bubble" markets.
Interest rates, which have dropped to extremely low levels, have becoune a market catalytst. For those seeking a new mortgage, the above prime posted rates are far better than anything available in recent history, making home ownership more affordable to more people.