Cameron McNeill and Jason Craik of MAC
Province
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We have all heard the term “housing bubble.” Do you believe homebuyers in the Lower Mainland need to worry about a potential sudden downturn in the value of residential real estate?
Western Canada is enjoying unprecedented economic growth. We need to always remind ourselves of this region’s long-term fundamentals, such as continued population and economic growth, high employment levels, low interest rates, and the upcoming 2010 Olympics. We live in a beautiful, safe, world-class livable city and the real estate market and part of our recent real estate boom are simply playing catch up after several years of a depressed economy.
Is the softening housing market in some parts of the United States expected to have an impact on home sales in the Lower Mainland?
Yes, but only minimally. Recent negative press about North American markets has somewhat lessened the local market enthu siasm, but due to the strong long-term economic drivers mentioned above, the real estate market remains relatively strong and will outperform most other regions.
What communities in the Lower Mainland are current hot spots and what regions are poised to become very popular?
Imagine Vancouver in the year 2020. Our population will have surpassed three mil–lion. Our transportation infrastructure
cannot keep up with this tremendous growth and as a result, the Vancouver core will always remain highly desirable. In addition, there will be growth in nodes where people can live, work and play, such as Port Moody, South Surrey, Pitt Meadows, Squamish, South False Creek and Burnaby. Access to transit and community amenities will become increasingly important.
What can local governments do to promote housing affordability and choice?
Our region leads North America in progressive urban concepts and yet further zoning changes, such as encouraging more density in some areas, will help to provide new housing opportunities.
What are the three most pressing challenges facing the homebuilding industry today?
We continue to experience a serious short age of skilled labour and professional building talent. Secondly, the declining availability of developable land is prevent ing homebuilders from keeping up with demand and will ultimately result in higher prices for homebuyers. Lastly, the municipal approval process is somewhat lengthy and difficult and could be improved upon.