British Columbia Real Estate
Coming off the heels of the Global economic meltdown of 2008 and the continuing European sovereign debt crisis, the classic mantra for buying real estate “location, location, location” has now been replaced with “jobs, jobs, jobs.” Savvy investors such a Mortimer Zuckerman and Jorge Perez figured this out early in their careers, building thousands of apartment buildings and office towers in the path of job growth. Both investors are currently on Forbes list of richest real estate billionaires.
Astute buyers have always known the key to amassing enormous financial wealth through real estate acquisitions is to purchase properties that provide a positive cash flow, have the potential for property value appreciation, provide investment safety and retirement security. The million dollar question is where do you find these lucrative investment properties? The answer is actually quite simple: in areas that possess strong job growth accompanied by a stable economy.
Canada's northern resources, mainly oil and gas, are expeditiously turning Canada into a Global economic powerhouse. British Columbia is a shining beacon within Canada, leading Canada’s job growth with 51,700 new jobs created in 2012 alone. A booming economy is almost always followed by an increase in population growth which creates a demand for housing. A shortage of housing supply combined with a high population growth results in housing prices being driven upwards as you can’t create more raw land (unless you live in Dubai). British Columbia's natural gas industry alone has the potential to create $1.5 Trillion of economic activity over the next 30 years.
In addition to being a solid investment, British Columbia offers a higher quality of life than average. With its temperate climate (mild winters and hot summers), miles of beaches, vineyards and orchards, British Columbia has long been favored as an international hot spot destination. British Columbia is the most active and environmentally rich province. It has Canada’s lowest personal provincial income tax rates, an abundance of natural resources and offers diverse recreational activities – set between the Pacific Ocean in the west and the Rocky Mountains in the east, British Columbians have the option of camping, hiking, fishing, boating, beachcombing, golfing, skiing, etc. British Columbia has over 280 communities across the province, from close-knit small towns to larger urban centres like Vancouver. Whatever you are looking for, British Columbia has it. British Columbia even boasts Canada’s highest overall education levels and highest life expectancy.
With recent changes to skilled worker immigration programs, there are more options available for overseas people wishing to immigrate to Canada. Skilled trades are highly sought out and generously compensated in Canada in comparison to average pay levels for the same jobs offered overseas. Skilled workers are selected as permanent residents based on their education, work experience, knowledge of English and/or French, and other criteria that have been shown to help them become economically established in Canada. Immigrating is a lengthy process but the rewards and future security are well worth the investment.
Real estate investments have created more wealth than any other financial instrument in history. With its abundance of natural resources, strong currency, stable economy and rapid job growth, there has never been a better time to call British Columbia home!
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