Marcus & Millichap

Vancouver Local Apartment Report

Second Quarter 2019

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Overheated Housing Market Holds Rental Demand Elevated, Supporting New Builds

Canada’s Digital Technology Supercluster was launched last year. It is an industry-led collaboration aimed at driving economic growth for the nation and creating a globally competitive tech sector centered in Vancouver. The federal government will invest $153 million into the British Columbia-based supercluster, providing funding for projects that will grow a strong innovation ecosystem, creating digitally skilled jobs and attracting new firms to the metro. Tech talent and a welcoming approach to immigration motivated Microsoft and Amazon to announce they will be expanding operations in Vancouver over the next several years, hiring thousands of workers and fueling demand for housing. Job growth so far this year has already been robust with the creation of 24,900 positions, resulting in more than 57,000 jobs being created over the past four quarters, a 4.0 percent expansion.  Employment increased by 3.6 percent one year ago.

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