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Population Growth Takes Off

The Lower Mainland

In the Lower Mainland, our population is forecast to grow by 30,000 new residents each year or 1.2 million residents by 2041 for a total population of 3.4 million, according to Metro Vancouver’sMetro 2040 Residential Growth Projections report. 

Where will new residents find homes?
Metro Vancouver estimates new residents will require 574,000 additional housing units to be built from now until 2041.

Newly developing and planned urban areas have capacity for about 250,000 residents, or about 20% of the region’s total projected growth to 2040, according to Metro Vancouver.

The vast majority – 80% – of Metro growth will occur through strategic infill and intensification of established urban areas. This will include secondary suites and accessory units with single detached housing, ground oriented duplex/multi-unit structures, row housing and apartment developments.

Metro 2040 targets about 68% of future residential growth within designated Urban Centres and along transit corridors – in areas like Richmond, Burnaby, New Westminster, the Tri-Cities and Surrey.

The province

From 2011 to 2013, an average of 51,000 BC residents left our province for greener pastures each year.  The lure of high-paying jobs made Alberta a key destination.

This all changed in the first quarter of 2014, according to BC Real Estate Association.

“The flow of interprovincial migration seems to be reversing course and population is trending higher,” said Cameron Muir, chief economist.

Muir forecasts growth in the BC economy will pick up speed for this year and next, helping our labour market compete with Alberta and convincing BC residents to stay home. It will also be a magnet pulling other Canadians westward. 

“As population growth in BC accelerates, housing demand is expected to follow,” said Muir.

 

Graph source: BC Real Estate Association

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