How B.C.’s growing tech industry is affecting Vancouver real estate
Vancouver is on its way to becoming known as the Silicon Valley of the north. People are aware that Vancouver real estate value has been quickly rising for the last few years but the booming technology industry is sure to lead to an even bigger hike in value. If you are thinking of investing in property in and around Vancouver, tech industry workers could well become the people to buy or rent from you. Our legal and notary experience in Vancouver real estate has helped many people close sales in this booming property market.
Three out of five Canadian tech companies worth over $1billion are B.C. based
B.C.’s tech industry is generating $26 billion a year in revenue. It is growing twice as fast as the provincial economy. It is no surprise to hear that three out of five Canadian tech companies worth over $1 billion are based here. As the tech companies see such rapid revenue growth, they must be matching that by growing their workforce. The Lower Mainland’s population growth is exceeding the national population growth. With these extra people coming into B.C., they need homes and as demand increases, so do property prices.
Vancouver ranks second in tax competitiveness and overall business costs
Boston Consulting Group found Vancouver ranked second in tax competitiveness and overall business costs out of 55 major international cities in 2016. Vancouver is specifically where much of the growth is happening. As a downtown Vancouver based notary public, we have noticed the increased number of people around the city. We have seen a rise in clients coming to us for assistance with real estate. As more businesses move into Vancouver, new B.C. residents are keen to quickly buy property before we see the next huge rise in prices.
B.C. has Canada’s largest co-op placement program
When investing in property, you are thinking about the long term gain and the growing tech industry here is likely to help you see long term profit. Whilst the average 18-22 year old isn’t able to buy property, the tech industry here may see younger people begin to buy property. B.C. has Canada’s largest co-op placement program. Young people of BC are being well setup to go into good jobs in the industry upon graduation. B.C. also provides small technology companies the chance to apply for the BC Tech Co-op Grants Program. This gives small businesses money to aid in the recruiting and training of co-op students.
If you have been thinking about buying or selling in Vancouver, our real estate notary public and legal experience means you can hand responsibility over to us, making sure the legal side of the sale is all taken care of. Incorrect or incomplete documents can cause many problems in real estate transfers so let an experienced notary, like Morris Notary, handle this for you.
Call 778.819.8553 or email us at [email protected]