The Future of BC Real Estate – 2010 and Beyond

Vancouver and the province of British Columbia, Canada, have the economic indicators, quality of life, and regulatory provisions in place to provide international property investors with a safe environment for their money. In addition to the safe investment potential, the quality of life factor weighs heavily in favour of acquiring property on Vancouver Island and the Gulf Islands.
Local people express wonder at prices of several hundred dollars per square foot. But, compared to several thousand dollars per square foot in many areas around this planet, we are still in virgin territory. Apparently we are just getting started here on BC’s west coast.
The real estate market is becoming increasingly international, with investment across national borders. In British Columbia, the growth of the Pacific Rim economies and the exponential Residential Real Estate Types rise in China’s fortunes are having a significant effect, particularly in Vancouver. The spill over to the gulf islands like Gabriola is already having its impact in 2010.
It is plain that these buyers measure and assess real estate values by international benchmarks. While Vancouverites express wonder over prices exceeding $750 per square foot for residential property the price is small potatoes by comparison to Central London where $3 – 4,000 is now routine. A host of other international cities have prices almost as demanding as London’s.
Of course, Gabriola Island prices are extremely low compared to the big cities. However it is important to keep the premise of “global property market” in the right perspective because it still applies here in a scaled down model. There is still time to buy here and beat the escalating prices for a few months yet.
Very simply, here is what’s happening.
Value is being measured by International Standards. And property on British Columbia’s Gulf Real Estate Purchase Agreement California Islands is extremely undervalued compared to similar properties in other countries.
To add fuel to the fire, there are 79 million baby boomers starting to retire in North America this year (8 million in Canada). There is a good chance many of them will be heading west to find a better climate and more relaxed retirement. In fact, many of them have already anticipated retirement and have invested in BC coastal real estate. Expect them to show up on our doorstep in ever increasing numbers.

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