The article focuses on the trend of housing sales boom in the suburban markets of Metro Vancouver and its implications on the future of demand for downtown office space. Due to forced quarantine, work from home practices and limited access to downtown amenities, many people were drawn to the idea of larger homes in the suburbs. A low cost of borrowing and competitive pricing further aided the decision for many Vancouverites to move to the suburban areas.
The City of Surrey saw the highest housing sales growth of 113.7% in June 2020 as compared to May 2020, followed by Fraser Valley / Pitt Meadows (96%) and then Richmond (76%), in comparison Vancouver also saw growth but at a slower rate of 58.7%.
- Statistics Canada data shows that a total of 87,444 people left Toronto, Vancouver, and Montreal, between July 2019 and July 2020, up from an average annual outflow of 72,686 in the previous three years.
- The big question is whether tenants will move to the suburbs to chase talent. It is intriguing what this entails for Office Demand Across Metropolitan Vancouver.