{"id":359,"date":"2015-12-10T10:07:35","date_gmt":"2015-12-10T18:07:35","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=359"},"modified":"2015-12-10T10:11:54","modified_gmt":"2015-12-10T18:11:54","slug":"housing-in-metro-vancouver-is-bcs-biggest-industry","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2015\/12\/housing-in-metro-vancouver-is-bcs-biggest-industry\/","title":{"rendered":"Housing in Metro Vancouver is BC\u2019s Biggest Industry"},"content":{"rendered":"<p style=\"text-align: justify;\">Buying and selling older houses in Metro Vancouver is now worth more to the provincial economy than the BC forestry, natural gas and mining industries combined.<\/p>\n<p style=\"text-align: justify;\">Projected dollar volume of residential resales in 2015 through the Real Estate Board of Greater Vancouver is pegged at $38.6 billion, up 41% from a year ago, according to the BC Real Estate Association. Sales of detached houses alone in the region are worth $24.9 billion. In the Fraser Valley, total residential sales will tally $11.4 billion in 2015, 11.4% higher than in 2014.<\/p>\n<p style=\"text-align: justify;\">In comparison, the total GDP of the B.C. forestry industry this year will be $1.8 billion, the oil and gas industry will be worth $6.9 billion and the mining industry will ring at $4 billion, according to forecasts from Central 1 Credit Union. Together these traditional BC industries will generate a GDP of\u00a0 $12.7 billion in 2015, or about three months worth of housing resales in the Vancouver region.<\/p>\n<p style=\"text-align: justify;\">Province wide, resales of homes will total $64. 5 billion in 2015, equal to nearly 40% of BC\u2019s total industrial GDP, said BCREA economist Brendon Ogmundson,<\/p>\n<p style=\"text-align: justify;\">Bryan Yu, senior economist with Central I cautioned that industrial GDP is the measurement of new production, while resale housing sales \u201cdoesn\u2019t really add any value. It is not a direct comparison.\u201d<\/p>\n<p style=\"text-align: justify;\">However, Yu noted that residential construction in BC this year will reach a GDP of $21.2 billion, up 8% from a year ago, and worth more than 10% of the entire industrial gross domestic product in the province.<\/p>\n<p style=\"text-align: justify;\">\u201cOverall, housing is a huge economic driver for BC,\u201d Yu said.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2015\/12\/housing-metro-vancouver-bcs-biggest-industry\/\" target=\"_blank\">Housing in Metro Vancouver is BC\u2019s Biggest Industry<\/a> by Frank O&#8217;Brien | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buying and selling older houses in Metro Vancouver is now worth more to the provincial economy than the BC forestry, natural gas and mining industries combined. Projected dollar volume of &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2015\/12\/housing-in-metro-vancouver-is-bcs-biggest-industry\/\">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":[13],"tags":[],"class_list":["post-359","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Housing in Metro Vancouver is BC\u2019s Biggest Industry &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2015\/12\/housing-in-metro-vancouver-is-bcs-biggest-industry\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Housing in Metro Vancouver is BC\u2019s Biggest Industry &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Buying and selling older houses in Metro Vancouver is now worth more to the provincial economy than the BC forestry, natural gas and mining industries combined. 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