{"id":1515,"date":"2016-04-07T15:15:12","date_gmt":"2016-04-07T22:15:12","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=1515"},"modified":"2016-04-07T10:00:29","modified_gmt":"2016-04-07T17:00:29","slug":"inter-provincial-migration-driving-vancouver-home-prices-up","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/04\/inter-provincial-migration-driving-vancouver-home-prices-up\/","title":{"rendered":"Inter-Provincial Migration Driving Vancouver Home Prices Up"},"content":{"rendered":"<p style=\"text-align: justify;\">As the economy of resource-dependent Alberta flounders, more and more workers are moving to British Columbia, and this will continue to drive up residential real estate prices in Greater Vancouver, according to Royal LePage.<\/p>\n<p style=\"text-align: justify;\">Home prices in the region have already been soaring in the past year. The median sales price of a Greater Vancouver home increased 21.6% year-over-year in 2016\u2019s first quarter to $1,044,750, the realtor announced April 7. In central Vancouver alone, prices increased 25.7% to $1,271,374.<\/p>\n<p style=\"text-align: justify;\">In contrast, prices in Alberta have fallen over the past year. While Edmonton home prices have remained stable, the median price of a home in Calgary fell 0.6% to $466,184. As the number of resource sector jobs is falling in reaction to the slump in oil prices, the redistribution of labour is reinforcing regional housing market disparities, Royal LePage president Phil Soper said in a news release.<\/p>\n<p style=\"text-align: justify;\">\u201cFor the first time in many years, we are witnessing an out-migration trend in [Alberta] as economic conditions and employment prospects dim,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">\u201cWe expect British Columbia, followed by Ontario, to be the top recipients of new household inflows in the coming year, which will further fuel housing demand and price appreciation in Greater Vancouver and the GTA.<\/p>\n<p style=\"text-align: justify;\">\u201cThis is in sharp contrast to the situation from 2011 to 2014 and in the mid 2000s when a booming energy sector attracted families from all over Canada to Alberta.\u201d<\/p>\n<p style=\"text-align: justify;\">In Greater Vancouver, bungalows had the biggest increase in the 12 months to Q1, with a 25.7% jump to $1,116,136. Two-storey homes increased 23.6% to $1,418,231, and condos saw a 9.5% increase to $487,300.<\/p>\n<p style=\"text-align: justify;\">Vancouver suburbs also saw price increases, with the biggest year-over-year growth in all home types found in Richmond (up 26.1% to $914,010), West Vancouver (up 20.4% to $2,959,037) and North Vancouver (up 18.6% to $1,171,083).<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2016\/4\/inter-provincial-migration-driving-vancouver-home-\/\" target=\"_blank\">Inter-Provincial Migration Driving Vancouver Home Prices Up<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the economy of resource-dependent Alberta flounders, more and more workers are moving to British Columbia, and this will continue to drive up residential real estate prices in Greater Vancouver, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/04\/inter-provincial-migration-driving-vancouver-home-prices-up\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-1515","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Inter-Provincial Migration Driving Vancouver Home Prices Up &#8226; 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