Vancouver: The 2016 Metropolitan Economic and Housing Outlook

The Conference Board of Canada, April 12, 2016
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Things are looking good for Vancouver in 2016. For the second year in a row, Vancouver is expected to be the fastest growing metro area in Canada among those covered in The Conference Board’s Metropolitan Outlook. Real GDP grew by 3.9 per cent last year – the largest gain since 2005 – and is forecast to rise by a further 3.3 per cent in 2016. What’s causing this growth?

The construction sector is expected to lead the way thanks to steady new home construction and numerous non-residential and mixed-use projects. Meanwhile, manufacturing will continue to shine thanks to the federal government’s $8 billion shipbuilding contract, a weak Canadian dollar, and a healthy U.S. economy. But will this boom continue? And for how long?

The housing market continues to soar, both in starts and in sales. Year-over-year price growth hit about 30 per cent in Vancouver and the Fraser Valley in February. Housing starts grew by an strong 5.3 per cent in 2015, and are expected to grow by another 2 per cent this year. Developers are focusing on building higher-density condominium and mixed-use properties across the region, but affordability remains a significant and growing concern.

Webinar Highlights

Join Alan Arcand from the Conference Board’s Centre for Municipal Studies as he provides expert analysis of why Vancouver is expected to perform well in the year ahead. In this 60 minute session, Alan will discuss economic indicators including:

  • real GDP growth
  • employment
  • the housing market
  • population growth
  • migration flows
  • personal income
  • retail spending.

Don’t miss this chance to learn what the future has in store for Vancouver, and hear the analysis you need to make informed decisions about your business in the year ahead. This session will be of particular interest to business planners and strategists, economists, controllers, financial forecasters and business analysts, market and industry analysts, marketing and sales professionals, and policymakers.

About Alan

Photo of Alan ArcandAlan Arcand oversees the Centre’s forecasts of 28 Canadian census metropolitan areas. As well, he conducts customized studies measuring the fiscal capacity of cities, economic impact analyses, and the development of customized macroeconomic models. Alan joined the Conference Board in 2000. He obtained his M.A. in economics from Queen’s University and his B.A. in international relations from the University of Windsor.

About Robin

Photo of Robin WiebeRobin Wiebe is a Senior Economist in the Centre for Municipal Studies. He is a contributor to the regular municipal forecasts and co-authors housing reports for external clients. Before joining the Conference Board, Robin was a market analyst with the Canada Mortgage and Housing Corporation for 18 years, serving in Thunder Bay, Windsor, Ontario and Ottawa. His expertise on the housing market was well-respected by both internal and external clients. Robin holds a B.A. in Economics from Wilfrid Laurier University and a M.A. Economics from the University of Guelph.

About the Centre for Municipal Studies

Since 1997, The Centre for Municipal Studies has produced quarterly forecast for Canada’s Census Metropolitan Areas. In recent years, the Centre has expanded beyond its days as an economic forecasting group. While keeping a strong economic component, the Centre now encompasses all the socio-economic factors necessary to enable a city to become dynamic, prosperous and attractive to new business opportunities and a skilled workforce.

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