Real Estate Market Updates - Dec 2023
  1.  Challenges in BC's New Housing Density Legislation: British Columbia's new housing density legislation, including Bills 44 and 47, is designed to spur housing development but faces challenges. High costs, interest rates, and workforce needs question the feasibility of building the desired number of units.
  2.  Unprecedented Immigration Impact on Canada's Housing and Employment: Canada's recent immigration surge, the largest in 70 years, has led to significant population growth, with 430,635 newcomers in just three months of 2023. This influx, largely non-permanent residents, is straining the housing market and job sector.
  3.  Rethinking Canada's Housing Strategy: Canada's government, seeking solutions for the housing crisis, is revisiting strategies used after World War II, proposing a catalogue of pre-approved building designs to expedite construction.
  4.  Record Emigration Amid Canada's Population Growth: While Canada's population grows rapidly, the country also faces a significant emigration rate. Statistics Canada reports that in the third quarter of 2023, over 32,000 people left Canada. 
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Teresa Chan PREC*
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